Apollo Finvest India Ltd (512437)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Apollo Finvest's net interest income was ₹8.1 Cr (+84.2% year on year, +50.6% on the previous quarter), and net profit ₹3.4 Cr (+45.0% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹8.1 | +84.2% | +50.6% |
| Operating profit | ₹4.6 | — | — |
| Net profit | ₹3.4 | +45.0% | +213.1% |
| EPS (₹) | 8.97 | +44.9% | +212.5% |
📢 Recent Corporate Announcements
Apollo Finvest has approved an upward revision in the interest rate for its privately placed, unlisted Non-Convertible Debentures (NCDs) worth ₹15 crore. The interest rate increases by 25 bps from 9.75% to 10.0%, effective October 7, 2026, following debenture holder consent. The ₹15 crore NCD issue represents approximately 20.3% of the company's net worth (₹74 crore), leading to a marginal annual pre-tax interest cost increase of ₹3.75 lakh.
- Unlisted NCD issue size is ₹15 crore
- Interest rate revised upwards from 9.75% to 10%
- Rate revision effective from October 7, 2026
- Revision approved pursuant to consent from debenture holder(s)
Apollo Finvest provided an update on the cyber fraud incident originally disclosed on September 24, 2026. The fraud involved an unidentified third party compromising a joint bank account under a partnership arrangement. The total amount has been reconciled at INR 2,92,65,433 (~₹2.93 Cr), which is roughly 87% of Q1 FY27 net profit (₹3.35 Cr). Apollo Finvest confirmed that it has received the full attributable amount from its partner, anticipating zero residual financial loss.
- Cyber fraud amount reconciled at INR 2,92,65,433 in a joint partnership bank account
- Company received the attributable reimbursement in full from the partner
- Management confirms zero residual financial impact on account of the incident
- Follows previous intimation dated 24th September, 2026
Apollo Finvest reported a material cyber fraud incident involving unauthorized fund transfers from a joint bank account under a partnership arrangement. The breach occurred at the partner's end, with Apollo Finvest's proportionate share of the fraud estimated at approximately Rs 2.94 Cr. This represents about 87.6% of the company's Q1 FY27 net profit (Rs 3.35 Cr) and ~4% of its net worth (Rs 74 Cr). The partner has undertaken to bear the entire loss and reimburse Apollo Finvest in full, though the reimbursement is currently pending.
- Cyber fraud led to unauthorized fund transfers from a partnership joint bank account
- Company's proportionate share involved is approximately INR 2.94 Crores
- Incident originated at the partner's end, and partner has agreed to bear 100% of the loss
- Partner undertook to reimburse Apollo Finvest in full, which is currently pending
- Affected account frozen and complaints lodged with Cybercrime Cell and bank fraud units
Apollo Finvest (India) Limited has informed the exchanges regarding the dispatch of physical letters to shareholders whose email addresses are not registered with the Company, RTA, or Depository Participants. The notice contains web links to access the Annual Report for FY 2025-26 and notice for the 40th Annual General Meeting (AGM). The AGM is scheduled to take place virtually on September 17, 2026, at 11:30 AM IST. The dispatch also serves as a reminder for physical shareholders to update mandatory KYC details per SEBI guidelines.
- 40th Annual General Meeting scheduled for September 17, 2026, at 11:30 AM IST via Video Conferencing
- Dispatched letters with web link to Annual Report FY 2025-26 to shareholders without registered email IDs
- Issued reminders for mandatory KYC updates and dematerialisation of physical shares as per SEBI regulations
Apollo Finvest (India) Ltd has submitted its Investor Presentation for the quarter ended June 30, 2026 under Regulation 30 of SEBI Listing Regulations. The company stated that no earnings call was held in connection with these financial results. In Q1 FY27 (quarter ended June 30, 2026), the company posted revenue of Rs 8.69 crore and net profit of Rs 3.35 crore.
- Submitted Investor Presentation for the quarter ended June 30, 2026
- Confirmed no earnings call was conducted for the quarterly results
- Company reported revenue of Rs 8.69 crore and net profit of Rs 3.35 crore in Q1 (Jun 2026)
Apollo Finvest has issued the notice for its 40th Annual General Meeting (AGM) scheduled for September 17, 2026. Key agenda items include the adoption of FY26 financial statements and the re-appointment of Managing Director & CEO Mikhil Innani. The company is also seeking shareholder approval for an enabling resolution to raise up to Rs 100 Cr through Non-Convertible Debentures (NCDs) on a private placement basis within its overall Rs 500 Cr borrowing limit. Additionally, M/s. Pranay D. Vaidya & Co. is proposed as Secretarial Auditor for a 5-year term.
- 40th AGM scheduled for Thursday, September 17, 2026, at 11:30 AM IST via Video Conferencing.
- Seeking special resolution approval to issue NCDs up to Rs 100 Crores within an overall Rs 500 Crores borrowing ceiling.
- Re-appointment of MD & CEO Mikhil Innani (holding 791,864 shares or 21.21% stake; last drawn remuneration Rs 60,00,000) retiring by rotation.
- Proposed appointment of M/s. Pranay D. Vaidya & Co. as Secretarial Auditor for 5 consecutive years (FY 2026-27 to FY 2030-31).
Apollo Finvest has issued the notice for its 40th Annual General Meeting scheduled for September 17, 2026. Key agenda items include an enabling special resolution to issue Non-Convertible Debentures (NCDs) on a private placement basis up to Rs 100 crore within an overall borrowing limit of Rs 500 crore. The meeting will also consider the reappointment of MD & CEO Mikhil Innani (who holds a 21.21% stake) and the appointment of Secretarial Auditors for a five-year term.
- AGM scheduled for September 17, 2026, at 11:30 AM IST via Video Conferencing.
- Seeking shareholder approval for private placement of NCDs up to Rs 100 Crores.
- Overall borrowing limit maintained at Rs 500 Crores as approved in September 2019.
- Proposed reappointment of Managing Director & CEO Mikhil Innani, holding 791,864 shares (21.21%).
- Appointment of M/s. Pranay D. Vaidya & Co. as Secretarial Auditor for 5 financial years (FY 2026-27 to FY 2030-31).
Apollo Finvest (India) Limited has released its Annual Report for FY 2025-26 along with the notice for its 40th Annual General Meeting scheduled for September 17, 2026. In the CEO's address, the company detailed its strategic push into direct consumer lending through its proprietary app 'Apollo Cash', which offers unsecured personal loans up to ₹1 lakh for durations of 3 to 12 months. The shift builds upon its 8-year history of working with over 70 digital lending partners to transition into direct scalable underwriting.
- 40th Annual General Meeting to be held on September 17, 2026, at 11:30 A.M. IST via Video Conferencing.
- Launched proprietary direct lending product 'Apollo Cash' offering small-ticket unsecured loans up to ₹1 lakh for 3 to 12 months.
- Transitioning from an 8-year legacy of partnering with 70+ digital lending platforms to building internal direct lending capability.
- Net worth of ₹74 Cr supporting expansion across retail digital credit.
Apollo Finvest (India) Limited received a formal resignation letter from its Secretarial Auditor, M/s. SGGS & Associates, effective August 14, 2026. The auditor cited a disagreement over commercial terms, noting that secretarial audit fees remained unrevised for the past 3 years despite increasing scope and statutory responsibilities. The auditor was originally appointed by shareholders at the AGM on September 18, 2025. The company will need to appoint a successor secretarial auditor to comply with statutory requirements.
- Secretarial Auditor M/s. SGGS & Associates resigned effective August 14, 2026
- Commercial disagreement cited after audit fees remained unrevised for 3 years
- Firm was originally appointed at the AGM held on September 18, 2025
- Formal resignation follows communications dated August 12 and August 13, 2026
Apollo Finvest reported a 65.7% YoY surge in Q1 total income to ₹8.69 crore and a 45.2% YoY increase in net profit to ₹3.35 crore, delivering a quarterly EPS of ₹8.99. The Board approved a borrowing program to issue unlisted Non-Convertible Debentures (NCDs) up to ₹100 crore on a private placement basis, which equals ~135% of its ₹74 crore net worth. Concurrently, the company appointed M/s. Pranay D. Vaidya & Co. as Secretarial Auditor for 5 years after the previous auditor resigned over commercial fee disagreements.
- Q1 total income expanded 65.7% YoY to ₹8.69 crore from ₹5.25 crore in Q1 FY26
- Q1 Net Profit increased 45.2% YoY to ₹3.35 crore (up 213.6% QoQ from ₹1.07 crore)
- Board approved issuance of unlisted NCDs up to ₹100 crore in one or more tranches with a 3-year tenure
- Co-lending disbursements reached ₹19.91 crore across 14,978 personal loans at a 39.00% weighted average interest rate
- Appointment of M/s. Pranay D. Vaidya & Co. as Secretarial Auditor for 5 years (FY27 to FY31) subject to AGM approval
Apollo Finvest reported strong Q1 FY27 results, with revenue from operations rising 63% YoY to Rs 8.48 Cr and net profit growing 45.2% YoY (up 213.6% QoQ) to Rs 3.35 Cr. The Board also approved borrowing up to Rs 100 Cr via unlisted Non-Convertible Debentures (NCDs) on a private placement basis with a 3-year tenure to expand its lending capital. Additionally, the company appointed M/s Pranay D. Vaidya and Co. as secretarial auditor following the resignation of the incumbent auditor over commercial arrangement disagreements.
- Q1 FY27 net profit reached Rs 3.35 Cr compared to Rs 2.31 Cr in Q1 FY26 and Rs 1.07 Cr in Q4 FY26.
- Total revenue from operations rose 63.0% YoY to Rs 8.48 Cr, driven by interest income of Rs 4.64 Cr and fee income of Rs 3.34 Cr.
- Board approved issuance of unlisted NCDs up to Rs 100 Cr in one or more tranches with a 3-year tenure.
- Co-lending disbursements for the quarter stood at Rs 19.91 Cr across 14,978 loans at a weighted average interest rate of 39.00%.
- Secretarial auditor M/s SGGS & Associates resigned due to commercial fee disagreements; replaced by M/s Pranay D. Vaidya and Co.
Apollo Finvest has approved raising up to ₹100 crore via unlisted Non-Convertible Debentures (NCDs) on a private placement basis with a 3-year tenure. This debt enabling limit is significant, representing ~135% of the company's net worth (₹74 crore) and ~79% of its market capitalization (₹127 crore). Alongside, the company reported strong Q1 FY27 results, with revenue from operations growing 63.0% YoY to ₹8.48 crore and PAT rising 45.2% YoY to ₹3.35 crore. Additionally, secretarial auditor M/s SGGS & Associates resigned due to commercial fee disagreements and was replaced by M/s Pranay D. Vaidya & Co.
- Approved raising up to ₹100 crore via unlisted NCDs in one or more tranches with a 3-year redemption period.
- Q1 FY27 revenue from operations increased 63.0% YoY to ₹8.48 crore (₹847.81 lakhs) from ₹5.20 crore.
- Q1 FY27 net profit rose 45.2% YoY to ₹3.35 crore (₹335.47 lakhs), resulting in a quarterly EPS of ₹8.99.
- Co-lending disbursements stood at ₹19.91 crore across 14,978 loans at a weighted average interest rate of 39.00%.
- Secretarial auditor M/s SGGS & Associates resigned over commercial terms; M/s Pranay D. Vaidya & Co. appointed for a 5-year term.
Apollo Finvest posted strong Q1 FY27 financial performance with net profit rising 45.2% YoY (and 213.6% QoQ) to Rs 3.35 Cr, compared to Rs 2.31 Cr in Q1 FY26. Total revenue from operations grew 63.0% YoY to Rs 8.48 Cr, propelled by strong traction in fee/commission income (Rs 3.35 Cr) and interest income (Rs 4.64 Cr). The Board approved raising up to Rs 100 Cr via unlisted Non-Convertible Debentures (NCDs) on a private placement basis, representing ~135% of its Rs 74 Cr net worth. In its co-lending book, gross outstanding reached Rs 45.63 Cr across 14,978 personal loan disbursements with zero reported NPAs.
- Q1 net profit increased 45.2% YoY to Rs 3.35 Cr (Rs 335.47 lakhs) with basic EPS rising to Rs 8.99 from Rs 6.19
- Revenue from operations grew 63.0% YoY to Rs 8.48 Cr (Rs 847.81 lakhs), aided by fee income surge to Rs 3.35 Cr
- Approved borrowing up to Rs 100 Cr via unlisted 3-year NCDs on private placement basis
- Co-lending personal loan gross outstanding stood at Rs 45.63 Cr at an average interest rate of 39.00% with NIL NPAs
Apollo Finvest reported a strong Q1 (ended June 30, 2026) with net profit growing 45.2% YoY and 213.6% QoQ to Rs 3.35 Cr. Total income rose 65.7% YoY to Rs 8.69 Cr, supported by higher interest and fee income. The Board also approved raising up to Rs 100 Cr via unlisted private placement NCDs, which represents ~135% of its net worth (Rs 74 Cr) and will substantially expand its lending book. Additionally, the company appointed M/s Pranay D. Vaidya and Co. as secretarial auditors following commercial disagreements with the previous auditor.
- Q1 Net Profit increased 45.2% YoY to Rs 3.35 Cr (Rs 335.47 Lakhs) with EPS reaching Rs 8.99 for the quarter.
- Total Income surged 65.7% YoY to Rs 8.69 Cr (Rs 869.18 Lakhs) from Rs 5.25 Cr in the year-ago period.
- Approved borrowing via unlisted Non-Convertible Debentures (NCDs) on private placement up to Rs 100 Cr with a 3-year tenure.
- Co-lending disbursements for the quarter were Rs 19.91 Cr across 14,978 loans at a weighted average interest rate of 39.00%.
Apollo Finvest India Ltd has scheduled a board meeting for August 14, 2026, to review its unaudited financial results for the quarter ended June 30, 2026. Significantly, the board will also consider a proposal to raise capital through the issuance of Non-Convertible Debentures (NCDs) on a private placement basis. This move follows a strong growth phase where AUM expanded by 74.4% to ₹82.20 Cr in FY25. The fundraise is subject to shareholder approval at the upcoming Annual General Meeting.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results
- Proposal for fundraise via Non-Convertible Debentures (NCDs) on a private placement basis
- Trading window for designated persons closed from July 01, 2026, to August 16, 2026
- Company reported TTM revenue of ₹23 Cr and a net worth of ₹74 Cr
- AUM grew 74.4% YoY to ₹82.20 Cr as of March 31, 2025
Financial Performance
Revenue Growth by Segment
Total Income for Q1 FY26 was INR 7.20 Cr. While specific segment growth percentages are not provided, the company is shifting from BC Co-Lending to Warehousing Term Loans, which now drive the top-line expansion.
Geographic Revenue Split
Not disclosed in available documents; however, the company operates as a digital-first NBFC based in Mumbai, Maharashtra.
Profitability Margins
Net Profit Margin stood at 32.08% for Q1 FY26. Profit Before Tax (PBT) grew by 124% quarter-on-quarter to INR 2.94 Cr.
EBITDA Margin
Not explicitly stated as EBITDA, but PBT Margin is approximately 40.8% (INR 2.94 Cr on INR 7.20 Cr income). ROE growth was 115% Q/Q.
Capital Expenditure
The company sold its previous office property for INR 2.00 Cr in Q1 FY26 to redeploy capital into its core lending business. Total Property, Plant and Equipment stood at INR 3.88 Cr as of March 31, 2025.
Credit Rating & Borrowing
Blended cost of capital is sub 12%, with specific borrowing costs ranging between 10% and 14% depending on the source.
Operational Drivers
Raw Materials
Capital (Debt and Equity) represents 100% of the 'raw material' for lending operations. Cost of capital is 10-14%.
Import Sources
Not applicable as the primary input is financial capital sourced from Indian debt and equity markets.
Key Suppliers
Not applicable; the company sources capital from banks and financial institutions (unnamed in documents).
Capacity Expansion
Current Loan Book (AUM) was INR 82.20 Cr as of March 31, 2025, up from INR 47.13 Cr in the previous year, representing a 74.4% expansion in lending capacity.
Raw Material Costs
Cost of capital is sub 12% (blended). Procurement strategy involves maintaining a low debt-to-equity ratio and utilizing internal accruals/property sale proceeds (INR 2 Cr) for lending.
Manufacturing Efficiency
Income per employee is INR 0.28 Cr, reflecting high productivity through automated ML-driven underwriting and lean risk teams.
Logistics & Distribution
Distribution is handled digitally through fintech partner APIs; costs are integrated into the partnership unit economics.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Shifting strategy to partner with mature, profitable fintechs (60-70% of industry now profitable) rather than early-stage ones. Transitioning to 'Warehousing Term Loans' which allow for deeper due diligence and higher XIRR (16-17%+).
Products & Services
Digital loans, Warehousing Term Loans, and technology-enabled lending infrastructure (Sonic).
Brand Portfolio
Apollo Finvest, Sonic (Proprietary Technology Platform).
New Products/Services
Enhanced 'Warehousing Term Loan' structure with integrated escrow controls, expected to be the primary driver of future AUM growth.
Market Expansion
Focusing on deepening distribution across the 'best' fintechs and NBFCs in India; projected AUM split is 70% Retail and 30% Wholesale.
Strategic Alliances
Partnerships with various NBFCs and Fintechs (e.g., historical mentions of Zest Money, LendingCart as industry examples, though current partners are selected based on profitability).
External Factors
Industry Trends
The fintech industry is maturing, with 60-70% of companies now profitable compared to <5% two years ago. This allows Apollo to shift from transactional partnerships to stable, relationship-based term lending.
Competitive Landscape
Competes with other NBFCs and banks providing wholesale capital to fintechs, but differentiates through deep tech integration and 'safety first' underwriting.
Competitive Moat
Moat is built on 8 years of quantitative data in digital lending and the 'Sonic' tech stack which provides real-time visibility into partner portfolios. This is sustainable because it creates high switching costs for partners integrated into Apollo's escrow and API systems.
Macro Economic Sensitivity
Highly sensitive to RBI monetary policy and digital lending guidelines. Changes in interest rates impact the 10-14% borrowing cost.
Consumer Behavior
Shift toward digital-first credit consumption, supporting the 70% retail focus of the projected AUM.
Geopolitical Risks
Minimal direct impact; primary risks are domestic regulatory shifts.
Regulatory & Governance
Industry Regulations
Subject to RBI NBFC regulations and Digital Lending Guidelines. The company monitors partner debt-to-equity ratios (capping at 2.5x) to ensure regulatory resilience.
Taxation Policy Impact
Standard Indian corporate tax rates apply. Q1 FY26 PBT was INR 2.94 Cr; Net Profit was not explicitly stated but margin is 32.08%.
Legal Contingencies
Pending litigations are disclosed in Note 39(B) of the Ind AS financial statements; specific case values in INR were not provided in the summary documents.
Risk Analysis
Key Uncertainties
Regulatory volatility in the fintech space (high impact), partner portfolio deterioration (mitigated by 20-30% FLDG), and liquidity risks at the partner NBFC level.
Geographic Concentration Risk
100% of operations and revenue are concentrated in the Indian market.
Third Party Dependencies
High dependency on fintech partners for loan origination and first-mile collections.
Technology Obsolescence Risk
Low risk due to in-house development of 'Sonic' and API-first architecture, though continuous R&D is required to maintain the edge over traditional lenders.
Credit & Counterparty Risk
Credit exposure is primarily to retail borrowers (70%) and wholesale partners (30%). Receivables quality is managed through real-time tech-driven collection escrows.
