Transwarranty Finance Limited (TFL)
₹12.21 +5.35% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Transwarranty Finance's net interest income was ₹1.7 Cr (-39.6% year on year, -49.0% on the previous quarter), and net profit ₹-0.1 Cr (a smaller loss than a year earlier).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹1.7 | -39.6% | -49.0% |
| Operating profit | ₹0.1 | — | — |
| Net profit | ₹-0.1 | loss narrowed | loss narrowed |
| EPS (₹) | -0.02 | loss narrowed | loss narrowed |
TFL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.47% of the TFL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.72%. That is lower than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 91.3% · 49.5% · 98.6% · 49.5% · 56.5%
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
Transwarranty Finance has approved the private placement of unlisted Non-Convertible Debentures (NCDs) aggregating up to ₹10.00 crore. The issuance comprises up to ₹5.00 crore in secured NCDs and up to ₹5.00 crore in unsecured NCDs. Fixed coupons range from 11.25% to 15.00% per annum across tenures spanning 367 days to 5 years. This planned borrowing represents approximately 71% of TTM revenue (₹14 crore) and 29% of its net worth (₹34 crore), bringing meaningful interest cost obligations to an already loss-making entity.
- Approved private placement of unlisted NCDs aggregating up to ₹10,00,00,000
- Secured NCDs tranche up to ₹5,00,00,000 (500 debentures of ₹1,00,000 face value)
- Unsecured NCDs tranche up to ₹5,00,00,000 (up to 50 debentures of ₹10,00,000 face value)
- Offered coupon rates range from 11.25% p.a. to 15.00% p.a. across various tenures
- Secured portion backed by pari-passu charge on certain current assets of the company
Transwarranty Finance Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms processing of dematerialisation requests within prescribed timelines. Notably, the RTA stated that no dematerialisation requests were received from shareholders during the quarter ended September 30, 2026. This is a recurring statutory compliance filing with no impact on operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI DP Regulations for quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 6, 2026
- Zero dematerialisation requests were received from shareholders during the quarter ended September 30, 2026
Transwarranty Finance Limited submitted the voting results and consolidated scrutinizer's report for its 32nd Annual General Meeting held on September 30, 2026. All resolutions proposed in the AGM notice dated August 25, 2026, were approved by shareholders with the requisite majority. The company, which has a market cap of approximately Rs 65 Cr and reported TTM revenue of Rs 14 Cr with a TTM net loss of Rs 4 Cr, completed the meeting via Video Conferencing.
- 32nd Annual General Meeting concluded on September 30, 2026
- All resolutions approved with requisite majority as per Scrutinizer's Report dated October 1, 2026
- Meeting conducted via Video Conferencing / Other Audio Visual Means pursuant to notice dated August 25, 2026
Transwarranty Finance Limited conducted its 32nd Annual General Meeting on September 30, 2026. Shareholders considered key special resolutions including fund raising via Non-Convertible Debentures (NCDs) on a private placement basis, External Commercial Borrowings (ECBs), and an increase in authorized share capital. In addition, material related party transactions with Vertex Securities and Vertex Commodities, as well as director/KMP NCD lenders, were placed for approval. Final voting results and scrutinizer reports are pending declaration.
- 32nd AGM concluded on September 30, 2026, meeting lasting 34 minutes (04:00 PM to 04:34 PM IST)
- Remote e-voting was conducted from September 26, 2026 to September 29, 2026 with a cut-off date of September 23, 2026
- Resolutions tabled include NCD issuance via private placement and fund raising through External Commercial Borrowings
- Approval sought for material related-party transactions with associates Vertex Securities and Vertex Commodities & Finpro
Transwarranty Finance Limited has announced the closure of its trading window for designated persons and their immediate relatives starting October 01, 2026. The window will remain closed until 48 hours following the declaration of the unaudited financial results for the quarter and half-year ending September 30, 2026. This is a mandatory compliance requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. No date has yet been announced for the board meeting to consider the financial results.
- Trading window closes on October 01, 2026
- Closure applies until 48 hours post declaration of Q2/H1 financial results
- Results pertain to the period ending September 30, 2026
Transwarranty Finance has issued the notice for its 32nd Annual General Meeting scheduled for September 30, 2026. The company is seeking shareholder approval for enabling resolutions to raise up to Rs 100 crore via Non-Convertible Debentures (NCDs) and up to USD 50 million via External Commercial Borrowings/Bonds. Key management resolutions include the re-appointment of Kumar Nair as MD & CEO for three years and the continuation of Ramachandran Unnikrishnan as Executive Director beyond age 70. Additionally, omnibus approval is sought for related-party NCD borrowings up to Rs 10 crore carrying borrowing costs of 12.98%–14.15% p.a.
- AGM scheduled for September 30, 2026 via Video Conferencing.
- Enabling resolution sought to raise up to Rs 100 crore through private placement of NCDs.
- Shareholder approval sought to issue Foreign Currency/Rupee Denominated Bonds up to USD 50 million.
- Proposed related-party borrowing of Rs 10 crore (Rs 1,000 lakhs) in NCDs with coupon rates of 11.25% to 12.00% p.a.
- Re-appointment of Managing Director and CEO Kumar Nair for a 3-year term from September 01.
Transwarranty Finance Limited approved the grant of 2,96,040 stock options to eligible employees under its ESOP Scheme 2019. Each option is convertible into one equity share of face value ₹10 at latest closing market price. The Board also approved an increase in authorized share capital from ₹61.00 crore to ₹65.00 crore, subject to shareholder approval at the ensuing AGM.
- Approved grant of 2,96,040 stock options under ESOP Scheme 2019 convertible into equivalent equity shares of face value ₹10 each
- Proposed increase in Authorized Share Capital from ₹61.00 crore to ₹65.00 crore, pending shareholder approval at the AGM
- Exercise price for options set at the latest available closing market price prior to the Compensation Committee meeting date
- Disclosed cumulative past exercise of 14,41,657 options realizing ₹1.44 crore in proceeds
Transwarranty Finance Limited has informed the exchanges that it has adopted a new corporate logo as part of its branding and identity initiative. The company clarified that the update entails no changes to its legal name, corporate status, or nature of business operations. For a company with a market cap of Rs 62 Cr and TTM revenue of Rs 14 Cr, this is a purely administrative change with no financial impact.
- Adopted a new corporate logo under SEBI Regulation 30
- Zero change to company name, legal status, or business operations
- Corporate update announced on August 20, 2026
Transwarranty Finance Limited (TFL) reported a consolidated net loss of ₹0.12 Cr for the quarter ended June 30, 2026, showing improvement from a ₹0.86 Cr loss in the same period last year. Total consolidated income declined 31.5% year-on-year to ₹2.82 Cr. The board approved a private placement of Non-Convertible Debentures (NCDs) totaling ₹5.74 Cr, which is approximately 9.7% of its current market capitalization. Additionally, the company re-appointed Mr. Kumar Nair as MD & CEO for a 3-year term starting September 2026.
- Consolidated net loss narrowed to ₹0.12 Cr in Q1 FY27 from ₹0.86 Cr in Q1 FY26.
- Total consolidated income fell to ₹2.82 Cr from ₹4.12 Cr in the year-ago quarter.
- Approved issuance of NCDs up to ₹5.74 Cr with fixed coupons ranging from 11.25% to 12.00% p.a.
- Vertex Securities Limited shareholding reduced to 42.43%, resulting in its reclassification from a subsidiary to an associate.
- Standalone operations turned profitable with a net profit of ₹0.05 Cr for the quarter.
Transwarranty Finance Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (DP) Regulations for the period ending June 30, 2026. The certificate, issued by MUFG Intime India Private Limited, confirms that no dematerialization requests were received from shareholders during this quarter. This is a standard procedural filing required by SEBI to ensure the integrity of the share register. There is no financial impact or change in business operations resulting from this announcement.
- Reporting period ended June 30, 2026
- 0 requests received from shareholders for dematerialization during the quarter
- Compliance certificate issued by MUFG Intime India Private Limited on July 6, 2026
Transwarranty Finance Limited (TFL) has approved the issuance of unlisted Non-Convertible Debentures (NCDs) totaling up to Rs 6.51 Crores. The fundraise consists of Rs 1.51 Cr in secured NCDs and Rs 5 Cr in unsecured NCDs, the latter targeting high-ticket investors with a minimum Rs 1 Cr subscription. The coupon rates are relatively high, ranging from 11.25% to 12.00% p.a., reflecting the company's current loss-making status (TTM PAT of Rs -4 Cr). This capital infusion is significant for the company, representing approximately 40.7% of its TTM revenue.
- Total fundraise of up to Rs 6.51 Crores via private placement of unlisted NCDs.
- Coupon rates offered between 11.25% and 12.00% per annum across different tenures.
- Secured NCDs (Type A) have tenures ranging from 13 months to 5 years.
- Unsecured NCDs (Type B) target large investors with a minimum application of Rs 1 Crore for a 367-day tenure.
- Secured NCDs will be backed by a pari-passu charge on certain current assets of the company.
Transwarranty Finance Limited (TFL) has announced the closure of its trading window starting July 01, 2026, in compliance with SEBI Insider Trading Regulations. This closure is a standard procedure preceding the declaration of the company's unaudited standalone and consolidated financial results for the quarter ending June 30, 2026. The restriction applies to all designated persons and their immediate relatives. The trading window will reopen 48 hours after the financial results are officially disclosed to the stock exchanges.
- Trading window closure commences on July 01, 2026.
- Closure pertains to the financial results for the quarter ending June 30, 2026.
- Restriction applies to all Designated Persons and their immediate relatives/dependents.
- Window will remain closed until 48 hours after the declaration of financial results.
Transwarranty Finance Limited (TFL) promoter Kumar Nair has submitted the annual disclosure under SEBI SAST Regulations for the period ending March 31, 2026. The filing confirms that no new encumbrances were created on promoter shares during the financial year, aside from those previously disclosed. Specifically, 1,40,33,381 equity shares remain pledged to IDFC First Bank Ltd, a transaction dated December 23, 2025. This transparency is a routine regulatory requirement for promoters to declare their pledge status.
- Annual declaration under Regulation 31(4) of SEBI SAST Regulations for FY 2025-26.
- Promoter Kumar Nair has 1,40,33,381 equity shares pledged.
- The pledge is held by IDFC First Bank Ltd and was initiated on December 23, 2025.
- Confirmation that no additional encumbrances were made by the promoter group during the fiscal year.
Transwarranty Finance Limited (TFL) has issued a clarification regarding the appointment of its Internal Auditors for the financial year 2026-27. The company noted that the name was inadvertently recorded as M/s. Girish Buthra & Co in a previous filing dated May 13, 2026. The correct firm re-appointed is M/s. Anil Bhutra & Co., Chartered Accountants. This update is a procedural correction to ensure accurate regulatory reporting and does not affect the company's financial standing.
- Re-appointment of M/s. Anil Bhutra & Co. as Internal Auditors for the financial year 2026-27
- Correction of a clerical error in the previous Board Meeting outcome disclosure
- The appointed firm is a Mumbai-based entity specializing in accounting, taxation, and auditing
- Disclosure submitted in compliance with Regulation 30 of SEBI Listing Regulations
Transwarranty Finance Limited (TFL) achieved a financial turnaround in Q4FY26, reporting a PAT of ₹0.07 crore compared to a loss of ₹1.63 crore in the same quarter last year. The company's strategic pivot to digital lending via its 'Oroboro' platform is yielding results, with FY26 disbursements growing 61% YoY to ₹36.51 crore. Asset quality has improved significantly, with GNPA reducing to 2.88% and NNPA reaching 0% due to full provisioning. Management has issued an aggressive outlook, targeting a 3x growth in AUM for FY2027.
- Turnaround to profitability in Q4FY26 with PAT of ₹0.07 crore vs loss of ₹1.63 crore in Q4FY25.
- Quarterly disbursements surged 116% YoY to ₹15.65 crore, aided by a ₹15 crore facility from IDFC First Bank.
- GNPA improved to 2.88% from 3.72% YoY, with Net NPA at 0% and a 100% provision coverage ratio.
- Net Interest Margin (NIM) including fees remains robust at 20.37% for Q4FY26.
- Digital lending AUM grew 61% YoY to ₹19.17 crore as the company exited its wholesale business vertical.
Financial Performance
Revenue Growth by Segment
Total Revenue from Operations grew 11.39% YoY to INR 13.83 Cr in FY 2024-25 from INR 12.42 Cr. Segmental revenue includes Interest Income of INR 2.71 Cr (19.6% of revenue), Fees and Commission Income of INR 1.18 Cr (8.5%), and Net Gain on Fair Value Changes of INR 10.64 Cr (76.9%).
Profitability Margins
Net Profit Margin significantly declined from 67.65% in FY 2023-24 to 9.26% in FY 2024-25. Operating Profit Margin also dropped from 67.65% to 18.33% over the same period, primarily due to a 101.9% increase in employee benefit expenses.
EBITDA Margin
The Interest Service Coverage Ratio (EBIDTA/Interest) decreased from 14.22 in FY 2023-24 to 6.19 in FY 2024-25, indicating a reduction in core profitability relative to interest obligations.
Credit Rating & Borrowing
The Debt-Equity Ratio improved slightly from 0.75 in FY 2023-24 to 0.73 in FY 2024-25. Finance costs for the period were INR 1.91 Cr, representing 13.8% of total revenue.
Operational Drivers
Raw Materials
As a financial services company, the primary 'raw material' is capital/funding. Finance costs (cost of borrowing) were INR 1.91 Cr in FY 2024-25.
Key Suppliers
Not applicable; however, the company maintains associations with over 500 SME/MSMEs for its lending and syndication business.
Capacity Expansion
Not applicable for NBFC; however, the company is focusing on the scalability of its digital lending business and wealth management services.
Raw Material Costs
Finance costs (cost of funds) accounted for 13.8% of total revenue in FY 2024-25, decreasing slightly from INR 2.00 Cr in the previous year.
Manufacturing Efficiency
Not applicable; however, the company maintains a lean workforce of 37 employees as of March 31, 2025.
Strategic Growth
Growth Strategy
Growth is targeted through the scalability of the digital lending business, leveraging technology for operational ease, expanding the distribution of third-party financial products, and entering wealth management.
Products & Services
Trade Finance Syndication (USD 5 bn track record), IB/CF Syndication (USD 100 mn), Personal Loans (Oroboro), Merchant Banking, and Stock/Commodity/Currency Broking.
Brand Portfolio
Transwarranty Finance Limited (TFL), Vertex Securities Limited (VSL), and Oroboro (Personal Loans).
New Products/Services
Expansion into digital lending and wealth management is expected to diversify revenue streams, though specific contribution percentages are not provided.
Market Expansion
Focusing on Tier III and IV cities in India to capture demand driven by digitalization and rising income levels.
Strategic Alliances
Strong business associations with large corporates and over 500 SME/MSMEs; subsidiary Vertex Securities Ltd provides merchant banking and broking services.
External Factors
Industry Trends
The Indian financial sector is evolving through digitalization and proactive government policies. NBFCs are gaining prominence due to stable governance and manufacturing growth.
Competitive Landscape
Competes with commercial banks, other NBFCs, and fintech lenders in the niche social impact and digital lending segments.
Competitive Moat
Sustainable moat derived from 28+ years of trade pedigree, 25 years of market reputation, and a strong technological base. These factors support long-term relationships with 500+ SME/MSMEs.
Macro Economic Sensitivity
Highly sensitive to GDP growth and manufacturing trends, which drive the demand for trade finance and MSME lending.
Consumer Behavior
Increasing demand for digital lending and financial services in Tier III and IV cities due to rising digitalization.
Geopolitical Risks
Exposed to systemic risks and economic risks that could impact the trade finance and syndication markets.
Regulatory & Governance
Industry Regulations
Operations are governed by RBI (NBFC license) and SEBI (Merchant Banking and Broking licenses for subsidiary VSL). Compliance includes adherence to SEBI Listing Regulations and Regulation 24A.
Taxation Policy Impact
The company reported a tax expense of INR 0.60 Cr for the period, with MAT credit entitlements noted in financial statements.
Legal Contingencies
The Audit Committee is tasked with looking into reasons for any substantial defaults to depositors, debenture holders, or creditors, though no specific pending case values were disclosed.
Risk Analysis
Key Uncertainties
Interest rate volatility and economic cycles pose significant risks to the INR 13.83 Cr revenue base. Limitations in capital raising could hinder the planned scaling of the digital lending business.
Geographic Concentration Risk
Not disclosed, though the company targets Tier III and IV cities for future growth.
Third Party Dependencies
Dependency on channel partners for product distribution and basic funding availability.
Technology Obsolescence Risk
The company mitigates this by maintaining a strong technological base and focusing on digital lending scalability.
Credit & Counterparty Risk
Exposed to credit risk peculiar to the lending business; mitigated through a strong collection field force and risk management systems.
