🔍

FINKURVE - Finkurve Fin.

📊 NSE: FINKURVE 🏢 Non Banking Financial Company (NBFC) 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Finkurve Financial Sets Record Dates for Interest Payments on 6 NCD Series in May 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Apr 2026, 03:52 PM

Finkurve Financial Services has notified the exchanges regarding the record dates for interest payments on six different Non-Convertible Debentures (NCDs). The announcement covers five monthly interest-paying NCDs and one quarterly interest-paying NCD. Record dates are spread across May 2026, specifically on the 11th, 17th, 23rd, and 28th, to determine eligible debenture holders. Corresponding interest payments are scheduled to be disbursed between May 26 and June 12, 2026.

Interest payment schedules announced for 6 specific ISINs including INE734I07073 and INE734I07024
Five NCD series are on a monthly payment cycle, while one series is on a quarterly cycle
Record dates for eligibility determination range from May 11, 2026, to May 28, 2026
Due dates for actual interest disbursements are set between May 26, 2026, and June 12, 2026

💡 NCD holders should ensure their demat account and bank details are updated before the respective record dates to ensure seamless interest credit. Equity investors may view this as routine debt servicing compliance.

Finkurve Financial Confirms Non-Large Corporate Status; Borrowings at Rs 846.11 Crore

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 27 Apr 2026, 02:38 PM

Finkurve Financial Services Limited has filed its initial disclosure for FY 2026-27, confirming it does not qualify as a 'Large Corporate' under SEBI's debt issuance framework. The company reported provisional outstanding borrowings of Rs 846.11 crore as of March 31, 2026. It currently holds credit ratings of BBB/Stable from CRISIL and BBB+/Stable from CARE Ratings. This disclosure is a routine annual compliance requirement for listed entities in India.

Confirmed 'Not a Large Corporate' status for the financial year 2026-27 per SEBI criteria.
Reported provisional outstanding borrowings of Rs 846.11 crore as of March 31, 2026.
Maintains credit ratings of CRISIL BBB/Stable and CARE BBB+/Stable.
The filing is a mandatory disclosure regarding fund raising by issuance of debt securities.

💡 This is a routine regulatory filing with no direct impact on business fundamentals; investors should continue to monitor the company's credit rating and debt levels.

Finkurve Allots 93,500 ESOP Shares and Appoints Former CSB Bank CEO to Board

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 24 Apr 2026, 06:13 PM

Finkurve Financial Services has approved the allotment of 93,500 equity shares under its 2018 ESOP plan at an exercise price of Rs. 27 per share. This allotment increases the company's total paid-up capital to Rs. 14.01 crore. Additionally, the board has appointed Mr. Rajendran Chinna Veerappan, a veteran with over 44 years of experience, as an Additional Director. Mr. Veerappan's background includes serving as the CEO of CSB Bank and Chairman of Andhra Bank, bringing significant institutional expertise to the company.

Allotment of 93,500 equity shares of Re. 1 face value at an exercise price of Rs. 27 per share
Paid-up capital increased from Rs. 14,00,50,488 to Rs. 14,01,43,988
Appointment of Mr. Rajendran Chinna Veerappan as Additional Director effective April 25, 2026
New director previously served as CEO of CSB Bank, Chairman of Andhra Bank, and CEO of AMFI

💡 The addition of a high-profile banking veteran to the board is a positive signal for the company's governance and strategic depth. Investors should view this as a strengthening of the leadership team, which may benefit long-term institutional growth.

Finkurve Financial Services Pays Monthly Interest of ₹23.39 Lakhs on ₹25 Crore NCDs

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 22 Apr 2026, 06:58 PM

Finkurve Financial Services has confirmed the timely payment of monthly interest for its Non-Convertible Debentures (NCDs) under ISIN INE734I07099. The company paid a net interest amount of ₹23,39,190.42 on an issue size of ₹25 crores. The payment was executed on April 22, 2026, which is four days ahead of the scheduled due date of April 26, 2026. This early fulfillment of debt obligations demonstrates the company's stable liquidity position and commitment to its creditors.

Net interest payment of ₹23,39,190.42 successfully disbursed to NCD holders.
The interest pertains to a ₹25 crore NCD issue with a monthly payment frequency.
Actual payment made on April 22, 2026, ahead of the April 26, 2026 deadline.
Record date for the interest payment was April 11, 2026.
Compliance confirmed under Regulation 57 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine debt servicing disclosure. The early payment is a positive indicator of the company's financial discipline and creditworthiness.

Finkurve Promoter Ketan Kothari Releases Pledge on 59.25 Lakh Shares (4.23% Stake)

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 14 Apr 2026, 01:18 PM

Promoter Ketan Kothari has announced the release of a pledge on 59,25,000 equity shares of Finkurve Financial Services, representing 4.23% of the company's total share capital. These shares were previously encumbered in favor of Muthoot Exim Private Limited. Following this release, the promoter's pledged shareholding has been reduced to zero. This reduction in promoter leverage is a positive signal, as it removes the risk of forced liquidation due to margin calls.

Release of pledge on 59,25,000 equity shares by promoter Ketan Kothari.
The released stake accounts for 4.23% of the total paid-up equity capital.
The pledge was released by Muthoot Exim Private Limited on April 13, 2026.
Post-transaction, Ketan Kothari's pledged shareholding stands at 0% of his 18.23% total stake.

💡 The elimination of the promoter's pledged shares is a positive development that reduces financial risk for the company. Investors should view this as a sign of improved promoter liquidity and financial stability.

Finkurve Financial Pays Monthly Interest of ₹51.18 Lakhs on ₹60 Cr NCDs

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 10 Apr 2026, 06:23 PM

Finkurve Financial Services has successfully fulfilled its monthly interest payment obligation for its Non-Convertible Debentures (NCDs) with an issue size of ₹60 crores. The company paid a net interest amount of ₹51.18 lakhs to eligible NCD holders for the period ending April 2026. Notably, the payment was executed on April 9, 2026, which is three days ahead of the scheduled due date of April 12, 2026. This timely servicing of debt obligations demonstrates the company's sound liquidity management and commitment to its creditors.

Monthly interest payment completed for NCDs under ISIN INE734I07073
Total issue size of the debt instrument is ₹60,00,00,000 (Sixty Crores)
Net interest amount of ₹51,18,312.33 paid to debenture holders after TDS
Payment made on April 9, 2026, ahead of the April 12, 2026 due date
Last interest payment was successfully made on March 9, 2026

💡 Investors should take this as a positive indicator of the company's financial discipline and ability to meet its debt obligations. No immediate action is required, but it reinforces confidence in the company's creditworthiness.

Finkurve Promoter Ketan Kothari Releases Pledge on 90.75 Lakh Shares (6.48% Stake)

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 08 Apr 2026, 06:46 PM

Promoter Ketan Bhawarlal Kothari has announced the release of a pledge on 90,75,000 equity shares of Finkurve Financial Services Limited, representing 6.48% of the company's total share capital. These shares were previously encumbered in favor of Muthoot Exim Private Limited. Following this release, the promoter's remaining pledged shares have decreased to 59,25,000, which accounts for 4.23% of the total share capital. This reduction in pledged shares is a positive indicator of the promoter's improved financial flexibility.

Release of pledge on 90,75,000 equity shares, representing 6.48% of the total share capital.
The shares were released by promoter Ketan Bhawarlal Kothari from Muthoot Exim Private Limited.
Post-event, the promoter's encumbered holding has reduced to 59,25,000 shares (4.23% stake).
Ketan Kothari maintains a total shareholding of 2,55,31,337 shares or 18.23% in the company.
The disclosure was made under Regulation 31(1) and 31(2) of SEBI Takeover Regulations.

💡 The reduction in promoter pledge is a positive sign as it lowers the risk of forced selling and indicates better financial health of the promoter. Investors should continue to monitor the remaining 4.23% pledged stake for further releases.

Finkurve Financial Services Reports Outstanding Debt Securities of ₹290 Crores as of March 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 08 Apr 2026, 06:12 PM

Finkurve Financial Services has filed its half-yearly statement of debt securities for the period ending March 31, 2026. The company currently has eight outstanding Non-Convertible Debentures (NCDs) with a total principal amount of ₹290 Crores. These instruments carry relatively high coupon rates ranging from 11.15% to 12.00% per annum, reflecting the borrowing costs for the NBFC. The maturity profile is spread between November 2026 and August 2028, providing a clear view of the company's upcoming repayment obligations.

Total outstanding principal across 8 NCD series stands at ₹290 Crores as of March 31, 2026
Coupon rates for the debt instruments range between 11.15% and 12.00% per annum
The largest single outstanding issuance is ₹60 Crores maturing in November 2026
Debt maturity dates are distributed across late 2026, 2027, and 2028
Interest payment frequencies vary between monthly, quarterly, and bullet payments

💡 Investors should monitor the company's interest coverage ratio and cash flow to ensure it can comfortably service these high-yield debt obligations. No immediate action is required as this is a routine regulatory disclosure.

Finkurve Financial Reports ₹290 Crore Outstanding in Non-Convertible Debentures

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 08 Apr 2026, 02:25 PM

Finkurve Financial Services has submitted its half-yearly statement of debt securities for the period ending March 31, 2026. The company currently has eight active series of Non-Convertible Debentures (NCDs) with a total outstanding principal of ₹290 crores. These instruments carry relatively high coupon rates ranging from 11.15% to 12.00% per annum. The maturity profile of these debts is spread between November 2026 and August 2028, with various interest payment frequencies including monthly and quarterly.

Total outstanding principal amount across eight NCD series stands at ₹290 crores.
Coupon rates are positioned between 11.15% and 12.00%, indicating high-cost borrowing.
The largest single debt instrument is a ₹60 crore NCD maturing in November 2026.
Debt maturity dates are well-distributed, ranging from late 2026 to mid-2028.
Payment structures include monthly, quarterly, and bullet payments across different ISINs.

💡 Investors should monitor the company's interest coverage ratio and cash flow to ensure it can comfortably service these high-interest debt obligations. No immediate action is required as this is a routine regulatory disclosure.

Finkurve Financial Services Pays Monthly Interest on NCDs Worth Rs 50 Crores

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Mar 2026, 06:31 PM

Finkurve Financial Services has successfully completed the monthly interest payments for two series of Non-Convertible Debentures (NCDs) with a total issue size of Rs 50 crores. The company disbursed a total net interest of approximately Rs 43.10 lakhs across ISINs INE734I07040 and INE734I07057. The payments were made on March 31, 2026, which is one day ahead of the scheduled due date. This routine disclosure confirms the company's adherence to its debt repayment schedules and liquidity management.

Interest paid on NCDs with a combined issue size of Rs 50 Crores (Rs 20 Cr and Rs 30 Cr tranches)
Total net interest payment of Rs 43,10,414 successfully completed for the month
Payments were executed on March 31, 2026, ahead of the April 01, 2026 deadline
The interest frequency is monthly, with the previous payment made on February 24, 2026

💡 This is a routine regulatory update confirming timely debt servicing. No action is needed, but it serves as a positive indicator of the company's liquidity and credit discipline.

Finkurve Financial (Arvog) Assigned CARE BBB+; Stable Rating for ₹450 Cr Facilities

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 31 Mar 2026, 11:40 AM

CARE Ratings has assigned a 'CARE BBB+; Stable' rating to Finkurve Financial Services' ₹150 crore NCDs and ₹300 crore bank facilities. The rating highlights the company's adequate capitalization, supported by a Tangible Net Worth of ₹335 crore and a strong Capital Adequacy Ratio of 39.29% as of December 2025. The company's Assets Under Management (AUM) grew significantly to ₹833 crore in December 2025 from ₹440 crore in March 2025, driven primarily by gold loans. While the secured nature of the portfolio is a strength, the company faces risks from geographical concentration in South India and a relatively short operational track record.

Assigned 'CARE BBB+; Stable' rating for ₹150 Cr NCDs and ₹300 Cr long-term bank facilities.
AUM surged to ₹833 Cr as of Dec 31, 2025, representing nearly 90% growth from March 2025 levels.
Maintains a robust Tier I capital adequacy ratio of 39.05% following a ₹111.5 Cr equity infusion in H1FY26.
Asset quality is healthy with Gross Stage 3 (GS3) assets improving to 0.71% as of Dec 2025.
Gold loans account for 93% of the total AUM, providing a highly secured lending base.

💡 The investment-grade rating is a positive milestone that should help the company lower its borrowing costs and scale operations. Investors should monitor the company's progress in diversifying its loan book geographically and maintaining its high return on total assets (ROTA) of 3.39%.

Finkurve Financial Announces Record Dates for April 2026 NCD Interest Payments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Mar 2026, 03:35 PM

Finkurve Financial Services has notified the exchanges of the record dates for monthly interest payments on five Non-Convertible Debenture (NCD) series. The record dates are scheduled between April 11 and April 27, 2026, for various ISINs. Interest disbursements are slated to occur between April 26 and May 12, 2026. This announcement is a standard regulatory requirement ensuring timely information for debt investors regarding their monthly payouts.

Record dates for five distinct NCD ISINs fixed for April 2026
Interest payment due dates range from April 26, 2026, to May 12, 2026
All five NCD instruments follow a monthly interest payout cycle
Compliance filing under Regulation 60 of SEBI (LODR) Regulations, 2015

💡 NCD holders should ensure their holdings are updated in depository records by the respective record dates to receive interest. Equity investors should note this as routine debt servicing compliance.

Finkurve Financial Services Pays Rs 54.77 Lakh Interest on NCDs Ahead of Due Date

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 25 Mar 2026, 04:10 PM

Finkurve Financial Services has successfully fulfilled its quarterly interest payment obligations for its Non-Convertible Debentures (NCDs) with ISIN INE734I07032. The company paid a net interest amount of Rs 54.77 lakh on a total issue size of Rs 21 crore. The payment was executed on March 25, 2026, which is six days ahead of the scheduled due date of March 31, 2026. This timely servicing of debt obligations demonstrates the company's healthy liquidity and commitment to its creditors.

Net interest payment of Rs 54,76,967 completed for the quarter ending March 2026.
The interest pertains to an NCD issue size of Rs 21,00,00,000 (Rs 21 Crores).
Actual payment made on March 25, 2026, ahead of the March 31, 2026 due date.
The payment was made to all concerned NCD holders as per the terms of the Term Sheet.
Last interest payment for this series was previously made on December 26, 2025.

💡 Investors should take this as a positive indicator of the company's financial discipline and liquidity management. No immediate action is required, but it reinforces confidence in the company's ability to service its debt obligations.

Finkurve Financial to Raise ₹25 Crore via NCDs at 11.16% Coupon Rate

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 20 Mar 2026, 12:25 PM

Finkurve Financial Services has approved the issuance of secured Non-Convertible Debentures (NCDs) worth ₹25 crore on a private placement basis. These NCDs carry a coupon rate of 11.16% per annum with monthly interest payments and a tenure of approximately 21 months. The issue is secured by a 1.10x cover on identified receivables, with maturity set for December 26, 2027. Additionally, the company has relocated its registered office within the Kamala Mills compound in Mumbai.

Fundraising of ₹25 crore through 25,000 NCDs with a face value of ₹10,000 each
Coupon rate fixed at 11.16% per annum with a monthly payment frequency
Instrument is secured by a first ranking charge over receivables with 1.10x security cover
Tenure of 21 months and 3 days with a maturity date of December 26, 2027
Registered office shifted to Trade Garden, Kamala Mills, Mumbai effective March 20, 2026

💡 Investors should monitor the company's deployment of these funds into high-yield assets to offset the 11.16% borrowing cost. The secured nature of the NCDs provides some comfort, but the relatively high coupon reflects the company's specific credit risk profile.

Finkurve Financial (Arvog) Crosses ₹1,035 Crore AUM Milestone, Up 10x Since FY23

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 11 Mar 2026, 07:07 PM

Finkurve Financial Services (Arvog) has achieved a major milestone by crossing ₹1,035 crore in Assets Under Management (AUM). This represents a nearly 10-fold increase compared to FY23 levels, highlighting rapid scaling in the gold loan segment. The company now operates over 100 branches across four states with a customer base exceeding 50,000. The growth is supported by a tech-first phygital model and a strategic partnership with Augmont Goldtech.

AUM crossed ₹1,035 crore, marking a 10x surge compared to FY23 figures
Physical footprint expanded to 100+ branches across four Indian states
Customer base reached a milestone of over 50,000+ in the secured retail lending segment
Maintains a tech-first approach with disciplined underwriting and prudent LTV norms
Strategic tie-up with Augmont Goldtech enhances its integrated gold platform offerings

💡 Investors should track the company's ability to maintain asset quality and Net Interest Margins (NIMs) during this phase of hyper-growth. The 10x AUM expansion suggests strong market capture, making it a key player to watch in the niche gold loan NBFC space.

View All FINKURVE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 56.02% YoY to INR 140.48 Cr in FY25. The portfolio is heavily weighted toward Gold Loans, which increased from 88% of the mix in March 2025 to 91% by September 2025. Personal loans and SME loans saw their shares decline to 7% and 2% respectively during the same period.

Geographic Revenue Split

Not disclosed in available documents; however, the company is noted as a single-state NBFC facing 621 compliance requirements specific to its operational structure.

Profitability Margins

Profit for FY25 was INR 17.41 Cr, an 8.31% increase YoY. Return on Managed Assets (RoMA) stood at 4.5% for FY25 but moderated to 3.6% (annualized) in H1 FY26 as the company entered a high-growth phase with elevated operating expenses.

EBITDA Margin

Not explicitly stated as EBITDA, but Profit Before Tax (PBT) grew 11.31% YoY to INR 23.62 Cr in FY25. Q1 FY26 PBT was INR 6.83 Cr, up 15.88% YoY, reflecting steady core profitability despite rising finance costs which jumped to INR 7.08 Cr in Q1 FY26 from INR 2.49 Cr in Q1 FY25.

Capital Expenditure

Not disclosed in traditional industrial terms, but the company infused INR 111.5 Cr of equity in Q1 FY26, raising net worth from INR 206 Cr (March 2025) to INR 329 Cr (September 2025) to fund loan book expansion.

Credit Rating & Borrowing

CRISIL BBB/Stable rating reaffirmed in December 2025. Borrowings totaled INR 375 Cr as of September 2025, with a resource mix of Term Loans (41%), Inter-corporate deposits (31%), NCDs (21%), and Cash Credit (7%).

⚙️ Operational Drivers

Raw Materials

Debt Capital/Funding (Term Loans 41%, ICDs 31%, NCDs 21%, Cash Credit 7%)

Import Sources

Domestic financial markets and institutional lenders within India.

Key Suppliers

Paul Merchants Finance Private Limited, Anand Rathi Global Finance Limited, STCI Finance Limited, and AU Small Finance Bank Limited.

Capacity Expansion

Current network of 92 branches as of September 30, 2025, with plans to further increase branch count in the near-to-medium term to support the target of a INR 10,000 Cr loan book by 2029.

Raw Material Costs

Finance costs as a percentage of total income rose to 17.6% in Q1 FY26 (INR 7.08 Cr) from 8.7% in Q1 FY25 (INR 2.49 Cr), driven by increased borrowing to support a 106% annualized growth in AUM.

Manufacturing Efficiency

AUM per branch and employee productivity are key; AUM grew to INR 671 Cr by September 2025, a 69% growth during fiscal 2025.

Logistics & Distribution

Distribution is driven through 92 physical branches and digital partnerships like 'Augmont Gold For All'.

📈 Strategic Growth

Expected Growth Rate

106%

Growth Strategy

The company aims to reach a INR 10,000 Cr loan book by 2029 by expanding its branch network, leveraging co-lending partnerships (e.g., RBL Bank), and focusing on the gold loan sector. Growth is supported by a recent INR 111.5 Cr equity infusion and a shift toward a 91% secured gold loan portfolio.

Products & Services

Gold Loans, Personal Loans, and SME Loans.

Brand Portfolio

Arvog, Augmont Gold For All (Partner Brand).

New Products/Services

Co-lending of gold loans with RBL Bank and digital gold loan services via the Augmont partnership are expected to drive off-book AUM to INR 2,700 Cr by 2029.

Market Expansion

Expansion of the 92-branch network into underserved regions to capture last-mile credit demand in the gold loan sector.

Market Share & Ranking

Small scale relative to the overall industry, but showing rapid growth with disbursements reaching INR 1,606 Cr in FY25.

Strategic Alliances

Partnerships with RBL Bank for co-lending and 'Augmont Gold For All' for retail gold loan sourcing.

🌍 External Factors

Industry Trends

The NBFC sector is seeing a 16-18% expansion in retail loans, but regulatory tightening on unsecured segments is pushing players like Finkurve to prioritize secured gold loans (now 91% of their book).

Competitive Landscape

Competes with large gold loan NBFCs and banks; Finkurve differentiates through agility, digital partnerships, and a co-lending model.

Competitive Moat

Moat is built on a strong promoter profile (Augmont connection) and an experienced leadership team including ex-bank CEOs. This provides superior sourcing and credit underwriting capabilities in the gold loan niche.

Macro Economic Sensitivity

Highly sensitive to Indian GDP growth (projected at 6.6% for FY25) which drives credit demand, and interest rate cycles which affect borrowing costs.

Consumer Behavior

Increasing consumer acceptance of gold loans as a quick liquidity tool rather than a last resort, supporting the 127% growth in disbursements in FY25.

Geopolitical Risks

Minimal direct impact, though global gold price shifts influenced by geopolitics affect the value of the primary collateral (91% of AUM).

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI's Revised PCA Framework, gold loan guidelines, and PMLA. Compliance burden includes 621 requirements and 35+ registrations for single-state NBFCs.

Taxation Policy Impact

Effective tax rate of approximately 26.3% in FY25 (INR 6.21 Cr tax on INR 23.62 Cr PBT).

Legal Contingencies

The company certified that there are no material instances of significant fraud or transactions in violation of the Code of Conduct for the year ended March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Regulatory changes (e.g., risk weight hikes) and gold price volatility are primary risks. A significant drop in gold prices could impact the recovery value of 91% of the loan book.