Finbud Financial Services Limited (FINBUD)
FINBUD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the FINBUD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 81.16%. That is higher than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average.
Delivery in the last 5 sessions: 71.4% · 84.6% · 91.7% · 83.3% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Finbud Financial Services Limited has scheduled its 14th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 02:30 p.m. IST via Video Conferencing. The company has released the format of the communication sent by post to shareholders whose email addresses were not registered as of the cut-off date of September 4, 2026. This communication provides direct web-links to the FY 2025-26 Annual Report and AGM Notice pursuant to Regulation 36(1)(b) of the SEBI Listing Regulations. It also reminds physical mode shareholders to update mandatory KYC details including PAN, bank, and nomination details per SEBI mandates.
- 14th Annual General Meeting scheduled for Wednesday, September 30, 2026, at 02:30 p.m. IST via Video Conferencing.
- Cut-off date determining unregistered email recipients was September 4, 2026.
- Letter dispatched in compliance with SEBI Listing Regulations Regulation 36(1)(b) and SEBI KYC Master Circular dated May 7, 2024.
- Reminds investors that physical folios lacking updated KYC are restricted to electronic-only corporate benefit payments since April 1, 2024.
Finbud Financial Services Limited has issued the notice for its 14th Annual General Meeting scheduled for September 30, 2026, via Video Conferencing. Key agenda items include adopting the FY26 audited standalone and consolidated financial statements, and the re-appointment of retiring director Mr. Vivek Bhatia. Additionally, the company proposes appointing M/s Anubhuti Akshay & Associates as Secretarial Auditors through FY 2029-30 at an annual fee of INR 1,50,000 plus taxes.
- 14th AGM scheduled for September 30, 2026, at 02:30 P.M. IST via VC/OAVM
- Adoption of Audited Standalone and Consolidated Financial Statements for FY ended March 31, 2026
- Re-appointment of Mr. Vivek Bhatia as Director liable to retire by rotation (last drawn remuneration: INR 29,76,600)
- Proposed appointment of M/s Anubhuti Akshay & Associates as Secretarial Auditors up to FY 2029-30 at INR 1,50,000 p.a.
Finbud Financial Services Limited has informed the exchange that it will participate in the GIA BFSI/Fintech Analyst Meet on Thursday, August 20, 2026. The interaction is scheduled as a virtual group meeting between 2:00 PM and 5:00 PM IST. The company confirmed that only publicly available information will be shared with investors and analysts, with no unpublished price-sensitive information discussed.
- Meeting date: Thursday, August 20, 2026
- Meeting time: 2:00 PM to 5:00 PM IST
- Event format: Virtual group meeting at the GIA BFSI/Fintech Analyst Meet
- Compliance: Only public domain information to be discussed with no UPSI shared
Finbud Financial Services reported a strong Q1 FY26-27 with total revenue reaching ₹83.2 cr, a 39% increase year-on-year. The growth was primarily driven by the digital business (ZAP), which saw revenue jump 116% to ₹15.7 cr and disbursals grow 245% to ₹714 cr. The agent business remains the largest contributor at ₹67.5 cr revenue (29% growth) with a network of 1,776 agents. The company's NBFC arm, Equall, reached a loan book of ₹15.9 cr and secured its first debt funding of ₹2 cr from Northern Arc.
- Total revenue grew 39% y-o-y to ₹83.2 cr in Q1 FY26-27 compared to ₹59.7 cr in Q1 FY25-26
- Digital business (ZAP) disbursals surged 245% to ₹714 cr, increasing its revenue contribution to 19% from 12% y-o-y
- Gold loan disbursals reached ₹360 cr in Q1, a category that was non-existent until Q2 FY25-26
- Agent network expanded by 17% y-o-y to 1,776 master agents, including the addition of Akiko Global Services Ltd
- Equall NBFC achieved a loan book of ₹15.9 cr with an average ROI of 25% and is targeting break-even by year-end
Financial Performance
Revenue Growth by Segment
Total revenue grew 36% YoY to INR 139.1 Cr in H1 FY26. Segment mix: Personal Loans (86.06%), Business Loans (11.45%), Home Loans (1.78%), and Others (0.71%). Channel mix: Agent channel (84.41%) and Digital channel (15.59%).
Geographic Revenue Split
Pan-India presence across 30+ states and union territories, covering 19,000 pin codes via 2,500+ master agents.
Profitability Margins
EBITDA margin remained stable at 6.5% in H1 FY26. PAT margin was 3.6% (INR 5.12 Cr), growing 34% YoY. Digital segment achieves ~16% EBITDA margin compared to ~6% for the agent-led segment.
EBITDA Margin
6.5% in H1 FY26, representing INR 9.1 Cr in absolute EBITDA, a 37% YoY increase.
Capital Expenditure
INR 71 Cr raised via IPO in November 2025 to fund technology, customer insights, analytics, and growth.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company maintains an RBI-licensed NBFC (LTCV Credit) with capital sufficient to meet regulatory guidelines.
Operational Drivers
Raw Materials
Customer leads (85% sourced via agent network) and lending capital/products from 100+ partner banks and NBFCs.
Import Sources
Sourced domestically across 19,000 pin codes in India.
Key Suppliers
100+ lending partners including HDFC Bank, ICICI Bank, Bajaj Finance, Tata Capital, KreditBee, and Navi.
Capacity Expansion
H1 FY26 disbursals reached INR 4,247 Cr; company targets INR 9,700 Cr in total disbursals for FY26, representing a 35% YoY growth.
Raw Material Costs
Agent payouts represent the primary cost, with 90% of revenue shared with agents in the physical distribution segment.
Manufacturing Efficiency
Funnel efficiency metrics: 31% of applications meet risk criteria; 26% of potential funnel results in soft approvals.
Logistics & Distribution
Distribution is managed via a network of 2,500+ master agents and 50,000+ last-mile agents.
Strategic Growth
Expected Growth Rate
35%
Growth Strategy
Achieving growth through a 'Flywheel' effect: leveraging agent-led data to power high-margin digital conversions; scaling the digital channel to improve overall EBITDA margins from 6.5% toward the 16% digital segment benchmark; and expanding the product suite to include insurance (wellness scaled to INR 50L premium/month) and credit cards.
Products & Services
Personal Loans, Business Loans, Home Loans, Insurance policies, and Credit Cards.
Brand Portfolio
Finance Buddha, LTCV Credit (NBFC arm).
New Products/Services
Wellness insurance (INR 50L monthly premium), credit card cross-selling, and strategic use of the NBFC arm for funnel optimization.
Market Expansion
Expansion into Tier 2 and Tier 3 cities; added 350 new master agents in H1 FY26 to strengthen last-mile reach.
Market Share & Ranking
Currently holds <1% market share in the estimated $10 trillion consumer credit market.
Strategic Alliances
Partnerships with 100+ financial institutions including major banks (HDFC, ICICI) and fintechs (KreditBee, Navi).
External Factors
Industry Trends
Shift from pure physical agent models to hybrid digital platforms; retail credit in India reached INR 82 trillion in FY25 with increasing digital penetration.
Competitive Landscape
Competes with large platforms like Andromeda (INR 1,500 Cr revenue) and smaller players like MyMudra (1/3 the size of Finbud).
Competitive Moat
Sustainable moat built on a 4.5 Cr+ customer data lake ('Borrower Graph') which reduces Digital CAC and improves conversion rates through predictive behavioral signatures.
Macro Economic Sensitivity
Highly sensitive to RBI monetary policy and regulatory changes regarding unsecured retail credit.
Consumer Behavior
Increasing demand for multi-lender choice and digital-first fulfillment journeys.
Geopolitical Risks
Minimal, as the business model is focused on the Indian domestic credit market.
Regulatory & Governance
Industry Regulations
Subject to RBI regulations on NBFC capital adequacy and digital lending guidelines; recent RBI tightening on unsecured loans has impacted industry growth rates.
Taxation Policy Impact
Effective tax rate of approximately 28% (INR 2.0 Cr tax on INR 7.12 Cr PBT in H1 FY26).
Risk Analysis
Key Uncertainties
Regulatory shocks in the unsecured lending space (86% of revenue) and high revenue share (90%) to agents limiting margin expansion in the physical segment.
Geographic Concentration Risk
Low; diversified across 30+ states and 19,000 pin codes.
Third Party Dependencies
High dependency on 100+ lending partners, specifically the top 5 who provide 70% of disbursal capacity.
Technology Obsolescence Risk
Risk of digital platforms being outpaced by AI-driven competitors; mitigated by INR 71 Cr investment in tech and analytics.
Credit & Counterparty Risk
Zero credit risk for the aggregator business; NBFC arm carries minimal risk as it is currently used primarily for funnel optimization.
