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Finkurve Financial Services Limited (FINKURVE)

₹61.60 -2.56% today, as of 13:34 IST · NSE, refreshed every 5 minutes while the market is open

📊 NSE: FINKURVE 🏢 Non Banking Financial Company (NBFC) 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 13 Nov 2025

FINKURVE delivery percentage

NSE end-of-day data for Thu, 22 Oct 2026

On Thu, 22 Oct 2026, 57.25% of the FINKURVE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.39%. That is close to its usual level. Turnover was only ₹6 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.

57.25%Delivery, 22 Oct

57.39%Own 20-session average

0.1×Volume vs its average

₹63.22NSE close · -0.08%

Delivery in the last 5 sessions: 43.6% · 80.4% · 79.4% · 53.0% · 57.2%

Delivery across the market →

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

Finkurve Pays ₹50.86 Lakh Monthly Interest on ₹60 Cr NCDs

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Oct 2026, 06:38 PM

Finkurve Financial Services has submitted a compliance report under Regulation 57 confirming timely interest servicing on its Non-Convertible Debentures (NCDs) under ISIN INE734I07073. The total issue size is ₹60 crore. A net monthly interest amount of ₹50,86,254.08 was paid on its due date of October 12, 2026. The record date for the payment was September 27, 2026.

Monthly interest payment of ₹50,86,254.08 completed on October 12, 2026
Pertains to NCD issue size of Rs. 60,00,00,000/- (ISIN INE734I07073)
Interest payment record date was September 27, 2026
Previous interest payment was made on September 12, 2026

💡 Track the company's subsequent quarterly operational earnings and updates on its gold loan portfolio expansion towards its ₹10,000 Cr AUM target.

Finkurve Submits Q2 FY27 Share Capital Audit; 98.55% Shares Dematerialized

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Oct 2026, 04:27 PM

Finkurve Financial Services has submitted its Reconciliation of Share Capital Audit Report under Regulation 76 of SEBI Regulations for the quarter and half year ended September 30, 2026. The total issued and listed capital stands unchanged at 14,01,43,988 equity shares of face value Re. 1 each. Of the total shares, 84.47% are held with CDSL, 14.08% with NSDL, and 1.45% remain in physical form. There were no changes in share capital or discrepancies reported between issued and listed shares during the quarter.

Total issued and listed capital confirmed at 14,01,43,988 shares of Re. 1 face value
CDSL holds 11,83,84,439 shares representing 84.47% of total capital
NSDL holds 1,97,26,049 shares representing 14.08% of total capital
Physical holdings stand at 20,33,500 shares or 1.45% of total capital
Zero discrepancies reported between issued, listed, and total demat/physical capital

💡 This is a regular quarterly regulatory compliance filing. Investors should monitor the upcoming Q2 FY27 financial results for operational performance.

Finkurve Submits Demat Compliance Certificate for Q2 FY27 Ended September 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Oct 2026, 11:51 AM

Finkurve Financial Services Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter and half-year ended September 30, 2026. The certificate from RTA MUFG Intime India confirms that all security certificates received for dematerialisation during the period were verified, mutilated, and cancelled. Additionally, depository records were updated within prescribed timelines. This is a standard quarterly regulatory compliance filing.

Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarter and half-year period ended September 30, 2026
RTA confirmation issued on October 3, 2026 by MUFG Intime India Private Limited
Company filing submitted to exchanges on October 8, 2026

💡 No action needed. This is a standard procedural compliance document; investors should monitor upcoming Q2 FY27 financial results.

Finkurve Financial Services Disburses ₹29.48 Lakh Monthly NCD Interest Payment

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Oct 2026, 04:30 PM

Finkurve Financial Services has executed its scheduled monthly interest payment of ₹29,48,138.73 (net of TDS) on October 06, 2026. The payment pertains to its ₹35 crore Non-Convertible Debentures (ISIN INE734I07065) against a scheduled due date of October 07, 2026. The record date for the payout was September 22, 2026, and the previous interest payment occurred on September 05, 2026.

Paid ₹29,48,138.73 net interest on ₹35,00,00,000 NCD issue size
Payment executed on October 06, 2026, ahead of the due date of October 07, 2026
Record date for eligible debenture holders was September 22, 2026
Frequency of NCD servicing is monthly, following the prior payment on September 05, 2026

💡 Track ongoing quarterly financial results and future interest payment intimations to verify timely debt servicing and stable liquidity.

Finkurve Appoints Siddharth Purandare as CEO Post Naveen Kottala's Exit; Grants 4.5 Lakh ESOPs

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 01 Oct 2026, 06:25 PM

Finkurve Financial Services announced the resignation of CEO Naveen Kottala effective October 20, 2026, and appointed Siddharth Purandare as the new CEO effective December 13, 2026. The incoming CEO brings over 23 years of financial services experience, having previously worked at Edelweiss Retail Finance and AVANA Companies. Additionally, the Board appointed Hussain Mohammed Pittalwala as Chief Compliance Officer effective October 1, 2026, and granted 4,50,000 ESOPs at an exercise price of Rs 65 per share. The company is also transitioning its Registrar & Transfer Agent (RTA) to Purva Sharegistry from MUFG Intime India.

CEO Naveen Kottala resigns effective close of business hours on October 20, 2026
Siddharth Purandare appointed as new CEO effective December 13, 2026
Grant of 4,50,000 ESOPs at an exercise price of Rs 65 per share under Finkurve ESOP Plan -2018
Hussain Mohammed Pittalwala appointed Chief Compliance Officer effective October 1, 2026
Transition of RTA from MUFG Intime India to Purva Sharegistry approved

💡 Track the leadership handover between October 20 and December 13, 2026, and watch for any strategic commentary from the incoming CEO regarding the gold loan growth target and branch expansion.

Finkurve Appoints Siddharth Purandare as CEO Post Naveen Kottala's Exit; Grants 4.5 Lakh ESOPs

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 01 Oct 2026, 05:43 PM

CEO Naveen Kottala resigns effective close of business hours on October 20, 2026
Siddharth Purandare appointed as new CEO effective December 13, 2026
Grant of 4,50,000 ESOPs at an exercise price of Rs 65 per share under Finkurve ESOP Plan -2018
Hussain Mohammed Pittalwala appointed Chief Compliance Officer effective October 1, 2026
Transition of RTA from MUFG Intime India to Purva Sharegistry approved

💡 Track the leadership handover between October 20 and December 13, 2026, and watch for any strategic commentary from the incoming CEO regarding the gold loan growth target and branch expansion.

Finkurve Appoints Siddharth Purandare as CEO Post Naveen Kottala's Exit; Grants 4.5 Lakh ESOPs

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 01 Oct 2026, 05:42 PM

CEO Naveen Kottala resigns effective close of business hours on October 20, 2026
Siddharth Purandare appointed as new CEO effective December 13, 2026
Grant of 4,50,000 ESOPs at an exercise price of Rs 65 per share under Finkurve ESOP Plan -2018
Hussain Mohammed Pittalwala appointed Chief Compliance Officer effective October 1, 2026
Transition of RTA from MUFG Intime India to Purva Sharegistry approved

💡 Track the leadership handover between October 20 and December 13, 2026, and watch for any strategic commentary from the incoming CEO regarding the gold loan growth target and branch expansion.

Finkurve Appoints Siddharth Purandare as CEO; Grants 4.5 Lakh ESOPs at Rs 65

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 01 Oct 2026, 05:40 PM

Finkurve Financial Services announced a leadership transition with the resignation of CEO Naveen Kottala effective October 20, 2026, and the appointment of Siddharth Purandare as CEO effective December 13, 2026. The Board also appointed Hussain Mohammed Pittalwala as Chief Compliance Officer effective October 1, 2026, complying with RBI directions. Additionally, the company approved the grant of 4,50,000 ESOPs at an exercise price of Rs 65 per share under its 2018 plan. The company is also changing its Registrar and Transfer Agent to Purva Sharegistry (India) Private Limited.

Siddharth Purandare appointed as CEO effective December 13, 2026
Current CEO Naveen Kottala resigns effective October 20, 2026, creating an interim transition period until December 13, 2026
Approved grant of 4,50,000 ESOPs at an exercise price of Rs 65 per share
Hussain Mohammed Pittalwala appointed Chief Compliance Officer effective October 1, 2026
RTA changed from MUFG Intime India to Purva Sharegistry

💡 Track the leadership handover process between October 20 and December 13, 2026, and monitor if strategic execution toward the INR 10,000 Cr loan book target faces any operational friction.

Finkurve Shareholders Approve ₹5,000 Cr Borrowing Limit and NCD Issuance at 42nd AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 01 Oct 2026, 02:35 PM

Finkurve Financial Services has announced the voting results and scrutinizer's report for its 42nd Annual General Meeting held on September 30, 2026. Shareholders approved all resolutions, including a special resolution to borrow funds up to ₹5,000 crore under Section 180(1)(c) of the Companies Act. Additional approvals included the issuance of Non-Convertible Debentures (NCDs) via private placement, increasing investment/loan limits under Section 186, and related-party transactions with Augmont Goldtech. Overall voter participation was 57.08% of total outstanding shares, with resolutions passing near-unanimously.

Approved borrowing power limit up to ₹5,000 Crore pursuant to Section 180(1)(c)
Approved issuance of Non-Convertible Debentures (NCDs) on a private placement basis
Overall 79,988,712 votes polled out of 140,143,988 shares (57.0761% turnout)
Approved material related-party transactions with Augmont Goldtech Private Limited
All 9 resolutions passed with ~100% votes in favour among votes cast

💡 Track subsequent filings for actual NCD issuances, interest rates, and debt-raising tranches against the approved ₹5,000 crore ceiling to fund gold loan growth.

Finkurve Pays Rs 41.73 Lakh Monthly Interest on Rs 50 Cr NCDs

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 06:57 PM

Finkurve Financial Services has completed scheduled monthly interest payments on two tranches of Non-Convertible Debentures (NCDs) totaling Rs 50 crore. For ISIN INE734I07057 (issue size Rs 30 crore), net interest of Rs 24,96,579 was paid. For ISIN INE734I07040 (issue size Rs 20 crore), net interest of Rs 16,76,807.26 was disbursed. The payments were executed on September 30, 2026, ahead of the October 1, 2026 due date.

Monthly interest paid on Rs 30 crore NCD (ISIN INE734I07057) amounting to Rs 24,96,579 net of TDS
Monthly interest paid on Rs 20 crore NCD (ISIN INE734I07040) amounting to Rs 16,76,807.26 net of TDS
Disbursement completed on September 30, 2026, ahead of the scheduled due date of October 01, 2026
Record date for eligible debenture holders was September 16, 2026

💡 This is a routine debt-servicing compliance filing. Investors should monitor quarterly earnings and asset quality metrics in the retail and gold loan segments.

Finkurve Financial 42nd AGM Proposes Borrowing Cap Up to ₹5,000 Cr and NCD Issuance

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 30 Sep 2026, 05:13 PM

Finkurve Financial Services concluded its 42nd Annual General Meeting on September 30, 2026. Shareholders considered key special resolutions including raising the borrowing limit under Section 180(1)(c) up to ₹5,000 Crore and approving the issuance of Non-Convertible Debentures (NCDs) via private placement. Additionally, ordinary resolutions were tabled to approve material related-party transactions with entities including Augmont Goldtech Private Limited for loans and service fees until the 2027 AGM. Voting results are scheduled to be disclosed within two working days.

Proposed borrowing power increase under Section 180(1)(c) up to ₹5,000 Crore
Approval sought for issuance of Non-Convertible Debentures (NCDs) on a private placement basis
Material related-party transactions tabled with Augmont Goldtech Private Limited through AGM 2027
AGM concluded at 3:50 p.m. on September 30, 2026, with voting results due within 2 working days

💡 Track the formal disclosure of scrutiny voting results within two working days to confirm shareholder approval of the ₹5,000 Crore borrowing limit and NCD placement resolutions.

Finkurve Financial Services Pays ₹56.04 Lakh Quarterly NCD Interest

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Sep 2026, 06:57 PM

Finkurve Financial Services Limited announced the timely payment of quarterly interest on its Non-Convertible Debentures (ISIN INE734I07032). The total issue size stands at ₹21.00 crore. The net interest amount paid post-TDS deduction was ₹56,03,722. Payment was executed on September 28, 2026, ahead of the scheduled due date of September 30, 2026.

Net interest payment of ₹56,03,722 made on ₹21.00 crore NCD issue
Paid on September 28, 2026, ahead of the September 30, 2026 due date
Record date for payment was September 15, 2026
Quarterly frequency maintained, with previous payment made on June 29, 2026

💡 Track subsequent quarterly interest and principal servicing disclosures to monitor the NBFC's liquidity and debt-servicing track record.

Finkurve Financial Disburses Rs 1.44 Cr Quarterly NCD Interest Ahead of Due Date

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Sep 2026, 05:23 PM

Finkurve Financial Services has paid Rs 1,43,97,945.21 (net of TDS) in quarterly interest for its Rs 50 crore NCD issuance under ISIN INE734I07123. The actual payment was made on September 25, 2026, ahead of the scheduled due date of September 28, 2026. The record date for this servicing cycle was September 13, 2026. The submission is a standard compliance report under Regulation 57 of SEBI LODR Regulations.

Paid net quarterly interest of Rs 1,43,97,945.21 on Rs 50 crore NCD issue
Serviced on September 25, 2026, ahead of the due date of September 28, 2026
Record date for interest distribution was September 13, 2026
NCD instrument ISIN identified as INE734I07123

💡 Monitor future debt servicing track records and overall borrowing costs as the NBFC scales its loan portfolio towards its multi-year targets.

Finkurve Pays ₹21.87 Lakh Monthly Interest on ₹25 Cr NCDs

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Sep 2026, 03:48 PM

Finkurve Financial Services has serviced its monthly interest obligations ahead of time for its ₹25 crore NCD issue (ISIN INE734I07099). A net interest amount of ₹21,86,931.64 was paid on September 23, 2026, against the scheduled due date of September 26, 2026. The record date for the payout was September 11, 2026. This timely payment demonstrates standard debt servicing compliance.

Monthly interest payment of ₹21,86,931.64 (net of TDS) completed
Underlying NCD issue size stands at ₹25,00,00,000 (ISIN INE734I07099)
Payment completed on September 23, 2026, ahead of the September 26, 2026 due date
Record date for the monthly interest payment was September 11, 2026

💡 Track subsequent scheduled monthly debt servicing disclosures and quarterly earnings updates for ongoing liquidity assessment.

Finkurve Sets October 2026 Record Dates for Monthly and Quarterly NCD Interest Payouts

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Sep 2026, 05:34 PM

Finkurve Financial Services has announced record dates falling in October 2026 for interest payments on six Non-Convertible Debenture (NCD) series under SEBI LODR Regulation 60. The payments include five monthly series with due dates between October 26, 2026, and November 12, 2026, and one quarterly series due on November 14, 2026. This is a routine debt servicing compliance update with no change to the underlying operational performance of the business.

Notified record dates for 6 NCD ISINs scheduled across October 2026
Record dates range from 11-Oct-2026 to 30-Oct-2026
Interest due dates range from 26-Oct-2026 to 14-Nov-2026
Pertains to 5 monthly series and 1 quarterly series (ISIN INE734I07107)

💡 Holders of the relevant NCDs should ensure their demat holdings are updated before the respective record dates; equity shareholders need take no action.

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.