Finkurve Financial Services Ltd

₹ 69.5 -1.75%

24 Apr 4:01 p.m.

About

Incorporated in 1984, Finkurve Financials Services Ltd operates in Financing and
other activities^[1]

Key Points

Business Overview:^[1]^[2]
Finkurve Financial Services Ltd (Arvog), erstwhile Sanjay Leasing Limited, is a technology-enabled, next-generation, non-systematically important, non-deposit-taking Base Layer Non-Banking Financial Company (NBFC). It is Part of the Augmont Group, it primarily offers Gold Loans (asset-backed secured credit) and cash-flow based unsecured personal loans.
It operates a co-lending model with banks and NBFCs, leveraging Augmont's gold ecosystem for retail gold lending. It's ecosystem gives us a unique structural advantage, particularly in areas such as gold handling expertise, process design and institutional understanding of this asset.

Website BSE NSE

Market Cap ₹ 974 Cr.
Current Price ₹ 69.5
High / Low ₹ 141 / 48.0
Stock P/E 44.5
Book Value ₹ 23.5
Dividend Yield 0.00 %
ROCE 11.4 %
ROE 8.81 %
Face Value ₹ 1.00

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 34.0% CAGR over last 5 years
Company's median sales growth is 23.5% of last 10 years

Cons

Stock is trading at 2.96 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Company has a low return on equity of 8.80% over last 3 years.
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Finance Non Banking Financial Company (NBFC)

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	14.06	17.29	19.99	23.06	23.64	23.35	28.43	31.90	39.87	40.28	39.88	48.05	51.96
Interest	1.46	1.49	1.57	1.17	1.65	1.78	2.49	3.90	4.33	5.62	7.08	8.36	13.60
	6.84	12.16	15.75	16.30	15.31	15.04	20.04	23.41	27.54	29.06	25.38	31.64	28.34
Financing Profit	5.76	3.64	2.67	5.59	6.68	6.53	5.90	4.59	8.00	5.60	7.42	8.05	10.02
Financing Margin %	40.97%	21.05%	13.36%	24.24%	28.26%	27.97%	20.75%	14.39%	20.07%	13.90%	18.61%	16.75%	19.28%
	0.00	0.06	0.04	0.04	0.07	0.08	0.08	0.23	0.13	0.14	0.16	0.09	0.51
Depreciation	0.13	0.16	0.12	0.12	0.12	0.12	0.08	0.16	0.32	0.50	0.75	0.75	0.59
Profit before tax	5.63	3.54	2.59	5.51	6.63	6.49	5.90	4.66	7.81	5.24	6.83	7.39	9.94
Tax %	22.38%	36.16%	26.25%	20.87%	25.79%	24.65%	25.59%	25.54%	27.91%	25.38%	25.48%	19.89%	29.88%
	4.37	2.26	1.90	4.36	4.91	4.89	4.39	3.47	5.64	3.91	5.09	5.92	6.98
EPS in Rs	0.34	0.18	0.15	0.34	0.39	0.39	0.35	0.27	0.44	0.31	0.36	0.42	0.50
Gross NPA %
Net NPA %
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	0	2	9	10	12	15	16	20	44	50	90	141	180
Interest	0	2	8	9	8	12	8	7	3	5	6	17	35
	0	0	0	0	2	2	3	7	13	26	62	99	114
Financing Profit	-0	0	1	1	3	1	5	6	27	20	22	25	31
Financing Margin %	-123%	9%	9%	8%	21%	8%	33%	31%	63%	39%	24%	17%	17%
	0	0	0	0	0	0	0	0	0	0	0	0	1
Depreciation	0	0	0	0	0	0	0	0	0	0	0	1	3
Profit before tax	-0	0	1	1	3	1	5	6	27	20	21	24	29
Tax %	-27%	18%	30%	32%	32%	33%	25%	26%	20%	27%	24%	26%
	-0	0	1	1	2	1	4	5	22	14	16	17	22
EPS in Rs	-0.03	0.01	0.05	0.06	0.19	0.08	0.32	0.36	1.70	1.13	1.27	1.37	1.59
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	53%
5 Years:	54%
3 Years:	48%
TTM:	46%

Compounded Profit Growth
10 Years:	62%
5 Years:	34%
3 Years:	53%
TTM:	19%

Stock Price CAGR
10 Years:	13%
5 Years:	9%
3 Years:	-9%
1 Year:	-52%

Return on Equity
10 Years:	7%
5 Years:	7%
3 Years:	9%
Last Year:	9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	10	10	10	10	10	10	13	13	13	13	13	13	14
Reserves	1	1	1	2	4	4	119	123	145	160	176	194	315
Borrowing	4	30	72	75	110	93	73	76	24	52	75	241	382
	0	0	1	7	3	0	1	3	4	10	20	29	31
Total Liabilities	14	41	83	93	127	107	206	215	186	235	284	477	741
	0	0	0	0	0	0	0	0	1	1	1	8	11
CWIP	0	0	0	0	0	0	0	0	0	0	0	8	9
Investments	10	10	10	10	10	10	11	13	5	4	3	5	5
	4	31	73	83	117	97	195	202	180	229	279	456	716
Total Assets	14	41	83	93	127	107	206	215	186	235	284	477	741

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-4	-24	-33	8	-30	30	-84	6	29	-20	-7	-134
	0	-0	-0	-0	-0	-0	-1	-1	28	-1	-6	-5
	3	25	33	-6	28	-29	85	-4	-56	23	18	145
Net Cash Flow	0	1	0	2	-3	1	-0	1	1	2	4	7
Free Cash Flow	-4	-24	-33	8	-30	30	-84	6	28	-21	-14	-138
CFO/OP	35,900%	-1,357%	-349%	89%	-276%	234%	-622%	63%	115%	-66%	-12%	-308%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
ROE %	-3%	1%	5%	5%	14%	6%	6%	3%	3%	9%	9%	9%

Insights

In beta

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Assets Under Management (AUM)
INR Cr

xxx.xx	xx.xx		xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx
			x	xx	xx	xx	xx
				xxx.xx	xxx.xx	x,xxx.xx	x,xxx.xx
				xx.xx	xx.xx	xxx.xx	xxx.xx
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					xxx.xx	xxx.xx	xxx.xx
					xx	xx	xx
					xxx,xxx	xxx,xxx	xxx,xxx
	xx.xx	xxx.xx

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Number of Branches
Count

Annual Disbursements
INR Cr

Gold Loan AUM
INR Cr

Collection Efficiency
%

Gold Holdings
Kg

Gold Loan as % of AUM
%

Gold Loan Average Ticket Size
INR

Total Loan Book (Historical)
INR Cr

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	54.60%	54.60%	54.60%	58.99%	58.99%	58.99%	61.70%	62.07%	62.07%	56.26%	56.24%	56.24%
	5.84%	5.84%	5.84%	5.84%	5.84%	5.84%	5.84%	5.89%	6.61%	6.71%	6.70%	7.02%
	39.56%	39.56%	39.55%	35.17%	35.17%	35.16%	32.45%	32.05%	31.32%	37.04%	37.05%	36.74%
No. of Shareholders	1,319	1,399	1,881	2,299	2,102	1,883	2,744	2,888	2,724	2,788	2,976	3,356

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	72.70%	72.70%	72.70%	55.36%	52.86%	52.86%	54.60%	58.99%	62.07%	56.24%
	0.00%	0.00%	0.07%	0.00%	0.00%	5.84%	5.84%	5.84%	5.89%	7.02%
	27.30%	27.30%	27.23%	44.64%	47.14%	41.29%	39.56%	35.17%	32.05%	36.74%
No. of Shareholders	309	312	337	1,035	1,130	1,300	1,371	2,299	2,888	3,356

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Finkurve Financial Services Ltd

Finkurve Financial Services Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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