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Viji Finance Limited (VIJIFIN)

₹16.66 +1.96% last close, 16 Oct

📊 NSE: VIJIFIN 🏢 Finance & Investments 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

Viji Finance Limited reported Q2 FY27 results on 14 Oct 2026: net interest income ₹2.7 Cr (+548.4% year on year, +274.6% on the previous quarter), and net profit ₹1.5 Cr (against a loss a year earlier).

Q2 FY27 (₹ Cr)	Value	YoY vs Q2 FY26	QoQ
Net interest income	₹2.7	+548.4%	+274.6%
Operating profit	₹2.0	—	+32.0%
Net profit	₹1.5	from loss	+32.9%
EPS (₹)	0.07	from loss	+0.0%

Turnaround: profit against a loss a year ago

Share price since the results: +7.0% (close before the filing to the latest close).

Full quarterly financials → Margins & quality of profit → All Q2 FY27 results → Results calendar →

VIJIFIN bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 7 sessions in about the last 20. 4 bulk or block deals were reported in VIJIFIN in the last 60 days: ₹4 Cr bought and ₹2 Cr sold.

₹16.66NSE close · +1.96%

Date	Side	Counterparty	Value	Price	Quantity	Type
24 Sep	Buy	Anil Kumar Jain	₹1.92 Cr	₹16.06	1,196,145	Bulk
24 Sep	Sell	Neo Apex Share Broking Services Llp	₹1.60 Cr	₹16.00	1,000,000	Bulk
24 Sep	Buy	Neo Apex Share Broking Services Llp	₹0.18 Cr	₹15.62	117,127	Bulk
18 Sep	Buy	Neo Apex Share Broking Services Llp	₹1.55 Cr	₹14.45	1,071,699	Bulk

Circuit stocks →All bulk and block deals →

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

Viji Finance Secures Trading Approval for 1 Cr Shares from Warrant Conversion

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 15 Oct 2026, 06:16 PM

Viji Finance Limited has received trading approvals from BSE and NSE for 1,00,00,000 equity shares of face value Re. 1 issued at a premium of Rs. 1.80 per share (total price of Rs. 2.80 each, aggregating to Rs. 2.80 crore). These shares were allotted to non-promoters on a preferential basis pursuant to the conversion of warrants. The equity shares are admitted for trading starting October 16, 2026. All 1,00,00,000 shares carry a lock-in period until April 18, 2027.

Trading approvals received from BSE and NSE for 1,00,00,000 equity shares of Re. 1 face value.
Shares issued at an issue price of Rs. 2.80 per share (face value Re. 1 plus Rs. 1.80 premium) aggregating Rs. 2.80 crore.
Trading effective from Friday, October 16, 2026.
All 1,00,00,000 shares are under lock-in until April 18, 2027.

💡 Monitor how the capital raised is deployed into the company's loan book in upcoming quarterly results, alongside observing changes in shareholding patterns following this non-promoter dilution.

Viji Finance Q2 FY27 PAT Jumps to ₹1.51 Cr; Board Approves New Statutory Auditor

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Oct 2026, 08:13 PM

Viji Finance reported a net profit of ₹151.10 Lakhs (₹1.51 Cr) for Q2 ended September 30, 2026, compared to a net loss of ₹9.69 Lakhs in Q2 FY26. Total revenue from operations surged to ₹276.54 Lakhs from ₹57.58 Lakhs year-on-year, driven by higher interest income (₹121.54 Lakhs) and fee/commission income (₹155.00 Lakhs). For H1 FY27, net profit stood at ₹264.81 Lakhs against a loss of ₹42.69 Lakhs in H1 FY26. Additionally, the board approved a postal ballot notice to appoint M/s. DDS & Associates as Statutory Auditors following the resignation of M/s. Dharmendra K. Agarwal & Co.

Q2 revenue from operations rose nearly 4.8x YoY to ₹276.54 Lakhs vs ₹57.58 Lakhs in Q2 FY26
Net profit turned around to ₹151.10 Lakhs in Q2 compared to a net loss of ₹9.69 Lakhs in Q2 FY26
H1 FY27 net profit reached ₹264.81 Lakhs vs net loss of ₹42.69 Lakhs in H1 FY26
Auditor change initiated: M/s. DDS & Associates proposed to replace resigning auditor M/s. Dharmendra K. Agarwal & Co.

💡 Track the upcoming shareholder postal ballot approval for the new statutory auditor and assess if the surge in fee/commission income is sustainable in future quarters.

Viji Finance Secures Listing Approval for 1 Cr Shares from Warrant Conversion

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 09 Oct 2026, 07:24 PM

Viji Finance Limited has received listing approvals from both BSE and NSE on October 9, 2026, for 1,00,00,000 equity shares of face value Re. 1 each. The shares were issued at a premium of Rs. 1.80 per share (issue price of Rs. 2.80) to non-promoter/public investors pursuant to warrant conversion. This expands the equity base and raises approximately Rs. 2.8 crore in total gross proceeds. Trading approvals will follow upon depository credit confirmations and procedural compliance within seven working days.

Listing approval secured from BSE and NSE on October 9, 2026, for 1,00,00,000 equity shares
Shares issued at face value of Re. 1 plus a premium of Rs. 1.80 per share (total issue price Rs. 2.80)
Allotment made to non-promoter/public category following conversion of warrants
Distinctive share numbers run from 221000001 to 231000000

💡 Track the upcoming exchange notice for final trading approval and subsequent credit to beneficiary accounts, as well as the updated shareholding pattern reflecting dilution.

Viji Finance Submits Regulation 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 05:58 PM

Viji Finance Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate from Registrar and Transfer Agent Ankit Consultancy Private Limited confirms that security certificates received for dematerialization were processed, accepted/rejected, and mutilated within the mandated 15 days. The filing is a standard regulatory submission with no financial or operational impact.

Quarter ended: 30th September, 2026
Compliance timeline: Demat certificates verified and processed within 15 days
Issued by RTA: Ankit Consultancy Private Limited on 06th October, 2026

💡 No action is required. Investors should focus on upcoming quarterly financial results for business performance updates.

Trading Approval Received for 2.95 Cr Equity Shares Issued on Warrant Conversion

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 28 Sep 2026, 06:53 PM

Viji Finance has received trading approvals from BSE and NSE for 2,95,00,000 equity shares of face value Re. 1 each. These shares were issued to non-promoters on a preferential basis pursuant to the conversion of warrants at an issue price of Rs. 2.80 per share (including a premium of Rs. 1.80 per share). Trading will be effective from September 29, 2026. The entire lot of 2.95 crore shares is subject to lock-in requirements expiring between March 30, 2027, and March 31, 2027.

Trading approvals received from BSE and NSE for 2,95,00,000 equity shares
Shares issued at face value of Re. 1/- with a premium of Rs. 1.80/- per share
Trading effective from Tuesday, September 29, 2026
Lock-in period on all 2,95,00,000 shares extends until March 30/31, 2027

💡 Track the upcoming quarterly shareholding patterns to assess the extent of equity dilution and its impact on promoter holding, which recently fell to 30.86%.

Viji Finance Gets BSE & NSE Approval to List 2.95 Cr Equity Shares from Warrant Conversion

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 12 Sep 2026, 02:03 PM

Viji Finance Limited has received listing approval from BSE and NSE for 2,95,00,000 equity shares following the conversion of warrants issued on a preferential basis to non-promoter/public investors. The shares have a face value of Re 1 each and were issued at an issue price of Rs 2.80 (face value Re 1 plus a premium of Rs 1.80 per share). This conversion represents an aggregate equity issue of Rs 8.26 crore, substantial relative to the company's TTM revenue of Rs 2 crore and net worth of Rs 23 crore. The company must now obtain depository credit confirmation and apply for trading approval within seven working days.

Listing approval received for 2,95,00,000 equity shares from BSE and NSE dated September 11, 2026
Shares issued at Re 1 face value at a premium of Rs 1.80 each (total issue price Rs 2.80 per share)
Total value of the converted equity shares stands at Rs 8.26 crore
Allotted exclusively to non-promoters/public category pursuant to warrant conversion
Trading approval application required within 7 working days post-listing approval

💡 Track the receipt of trading approval and the subsequent filing of the updated shareholding pattern to monitor the exact dilution in promoter stake, which was 30.86% as of August 2026.

Viji Finance Commences Operations at New BKC Mumbai Corporate Office

🟡 NEUTRAL ⭐ 3/10

EXPANSION 📅 04 Sep 2026, 07:10 PM

Viji Finance Limited has established and commenced operations from a new Corporate Office at One BKC, Bandra Kurla Complex, Mumbai, effective September 4, 2026. The company stated this office will support its operational activities and geographical expansion plans beyond its Indore base. For a micro-cap NBFC with TTM revenue of Rs 2 Cr and net worth of Rs 23 Cr, establishing a presence in Mumbai's financial hub aims to strengthen corporate loan origination.

Commenced operations at new Corporate Office in One BKC, Bandra Kurla Complex, Mumbai on September 04, 2026
Office unit located at Unit no. 1120, 11th Floor, C Wing, G Block, BKC
Company is expanding footprint beyond its registered office base in Indore, Madhya Pradesh
Move comes against a TTM revenue base of Rs 2 Cr and net worth of Rs 23 Cr

💡 Track upcoming quarterly financial statements to verify if operational presence in Mumbai translates into loan asset expansion and revenue growth.

Viji Finance Recommends DDS & Associates as Statutory Auditors Following Auditor Resignation

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 02 Sep 2026, 07:08 PM

Viji Finance Limited announced that its Board of Directors approved the appointment of M/s. DDS & Associates, Chartered Accountants (FRN: 120362W), as Statutory Auditors on September 02, 2026. This appointment fills a casual vacancy created by the resignation of M/s. Dharmendra K Agarwal & Co. (FRN: 025525C). The appointment is subject to approval from shareholders within a 3-month statutory window under Section 139(8) of the Companies Act, 2013, and will last until the conclusion of the next AGM.

Board approved appointment of M/s. DDS & Associates (FRN: 120362W) as Statutory Auditors on September 02, 2026
Casual vacancy caused by the resignation of existing Statutory Auditors M/s. Dharmendra K Agarwal & Co. (FRN: 025525C)
Appointment is subject to shareholder approval within 3 months pursuant to Section 139(8) of the Companies Act, 2013
Tenure of the new statutory auditor will run from appointment date until the conclusion of the next Annual General Meeting

💡 Track the detailed SEBI Annexure filings to review reasons provided for the outgoing auditor's resignation, as well as the shareholder voting outcome within 3 months.

Viji Finance Appoints DDS & Associates as Statutory Auditor After Predecessor Resigns

🔵 WATCH ⭐ 5/10

MANAGEMENT 📅 02 Sep 2026, 07:06 PM

Viji Finance Limited's Board of Directors has recommended the appointment of M/s. DDS & Associates, Chartered Accountants (FRN: 120362W), as the Statutory Auditor of the company on September 2, 2026. This appointment fills the casual vacancy created by the resignation of the existing auditor, M/s. Dharmendra K Agarwal & Co. (FRN: 025525C). The tenure runs until the conclusion of the next Annual General Meeting, subject to approval by shareholders under Section 139(8) of the Companies Act, 2013.

Board approved appointment of M/s. DDS & Associates on September 2, 2026
Casual vacancy caused by the resignation of previous auditor M/s. Dharmendra K Agarwal & Co.
New auditor will hold office until the conclusion of the next Annual General Meeting
Appointment is subject to shareholder approval under Section 139(8) of the Companies Act, 2013

💡 Monitor shareholder voting on the appointment and check subsequent disclosures or filings for detailed reasons behind the outgoing auditor's resignation.

Viji Finance Allots 1 Cr Shares on Warrant Conversion, Receives Balance ₹2.10 Cr

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 26 Aug 2026, 06:42 PM

Viji Finance has approved the allotment of 1,00,00,000 equity shares of face value Re. 1 each at an issue price of ₹2.80 per share upon the conversion of warrants to a non-promoter investor. The company received the final 75% tranche amounting to ₹2.10 crore, completing the conversion of the entire 8.85 crore preferential warrant issuance initiated in June 2026. Following this allotment, the paid-up share capital increased from ₹22.10 crore to ₹23.10 crore.

Allotted 1,00,00,000 equity shares of Re. 1 face value at an issue price of ₹2.80 per share
Received balance 75% payment of ₹2.10 per warrant, aggregating to ₹2.10 crore
All 8,85,00,000 preferential warrants issued on June 16, 2026, are now fully converted into equity shares
Total paid-up equity share capital expanded to ₹23.10 crore (23,10,00,000 shares)
Allottee Manoj Chhaganlal Rathod now holds a 4.33% post-allotment equity stake

💡 Track listing and trading approvals for the 1 crore newly allotted shares, alongside updates on the deployment of preferential issue proceeds in quarterly filings.

Viji Finance Allots 1 Cr Equity Shares on Warrant Conversion; Receives ₹2.10 Cr

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 26 Aug 2026, 06:37 PM

Viji Finance has approved the allotment of 1,00,00,000 equity shares of face value Re 1 each at an issue price of ₹2.80 per share upon the conversion of warrants. The allotment was made to non-promoter investor Manoj Chhaganlal Rathod following the receipt of the balance 75% consideration aggregating ₹2.10 crore (which compares to TTM revenue of ₹2 crore). With this allotment, all 8,85,00,000 preferential warrants issued previously stand fully converted into equity shares. Consequently, the company's paid-up share capital increased from ₹22.10 crore to ₹23.10 crore.

Allotted 1,00,00,000 equity shares of face value Re 1 at an issue price of ₹2.80 per share (premium of ₹1.80 per share).
Received balance 75% payment of ₹2.10 per warrant, aggregating ₹2,10,00,000 from one non-promoter warrant holder.
All 8,85,00,000 preferential warrants issued on June 16, 2026, are now fully converted with zero warrants outstanding.
Total paid-up equity share capital expanded from ₹22.10 crore to ₹23.10 crore (23,10,00,000 equity shares).

💡 Track the receipt of listing and trading approvals from BSE and NSE for the newly issued shares, and monitor fund deployment in subsequent quarterly balance sheets.

Viji Finance Statutory Auditor Resigns Citing Distance and Resource Constraints

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 24 Aug 2026, 08:52 PM

Viji Finance Limited has disclosed the resignation of its statutory auditor, Dharmendra K Agarwal & Co., effective 22nd August 2026. The auditor was originally appointed at the 30th AGM on 30th September 2024 for a five-year term ending in 2029. The resignation was attributed to the company's business expansion combined with geographical distance between the auditor's office in Gwalior and company operations, creating resource constraints. The auditor completed the limited review for the quarter ended 30th June 2026 prior to stepping down.

Dharmendra K Agarwal & Co. resigned as Statutory Auditor effective 22nd August 2026
Auditor was appointed on 30th September 2024 for a 5-year term through the 35th AGM (FY29)
Latest limited review for the quarter ended 30th June 2026 was submitted on 14th July 2026
Reason cited includes geographic distance (Gwalior to operations) and resource bandwidth

💡 Track the appointment of the new statutory auditor to fill the casual vacancy and monitor upcoming quarterly financial disclosures for audit continuity.

Viji Finance Secures Trading Approval for 4.90 Cr Equity Shares Converted from Warrants

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 20 Aug 2026, 12:26 PM

Viji Finance Limited has received trading approvals from BSE and NSE for 4,90,00,000 equity shares of face value Re. 1/- each, issued at a premium of Rs. 1.80/- per share (issue price of Rs. 2.80 per share). These shares were allotted to non-promoter investors upon conversion of warrants. The shares are admitted for trading with effect from August 20, 2026, and carry lock-in restrictions until February 27-28, 2027.

Received BSE and NSE trading approval for 4,90,00,000 equity shares effective August 20, 2026
Shares issued at Re. 1 face value plus Rs. 1.80 premium (total issue price Rs. 2.80 per share, aggregate value ~Rs. 13.72 Cr)
Issued to non-promoters pursuant to conversion of warrants
Lock-in provisions apply to all 4.90 Cr shares through February 27-28, 2027

💡 Track the upcoming shareholding pattern and quarterly financial results to see how the fresh capital infusion of ~Rs. 13.72 Cr affects loan book expansion and interest income.

Viji Finance Expands Footprint with 2 New Branches in Jodhpur and Ahmedabad

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 14 Aug 2026, 05:09 PM

Viji Finance Limited has operationalized two new branch offices in Jodhpur (Rajasthan) and Ahmedabad (Gujarat) as of July 1 and August 10, 2026, respectively. This expansion is part of a board-approved plan from June 24, 2026, to establish a presence in five cities including Mumbai, Surat, and Indore. Given the company's small TTM revenue of Rs 2 Cr, these new locations represent a significant effort to scale its lending operations beyond its Indore base. Investors should monitor the impact on operating costs and loan book growth in upcoming quarters.

Opened Jodhpur branch in Rajasthan on July 1, 2026
Opened Ahmedabad branch in Gujarat on August 10, 2026
Expansion follows a June 24, 2026 board approval for 5 new locations
Company is scaling from a very small base of Rs 2 Cr TTM revenue
Promoter holding has recently decreased from 39.31% in June to 30.86% in August 2026

💡 Monitor the next two quarterly results to see if the new branches translate into higher interest income and whether the company proceeds with the remaining approved branches in Mumbai and Surat.

Rs 75 Cr Authorized Capital: Viji Finance Approves 150% Increase and Board Appointments

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 13 Aug 2026, 07:54 PM

Viji Finance has received shareholder approval to increase its authorized share capital from Rs 30 crore to Rs 75 crore, a 150% expansion. This structural change provides the necessary headroom for future equity issuances, following a rights issue mentioned in previous filings. The board also confirmed the appointment of Aryaman Kothari, son of the CMD, as a Whole-Time Director for a three-year term. Additionally, two independent directors were appointed/re-appointed for five-year terms to ensure board continuity.

Authorized share capital increased from Rs 30,00,00,000 to Rs 75,00,00,000
Creation of 45,00,00,000 additional equity shares of Re 1 each ranking pari passu
Aryaman Kothari (25 years old) appointed as Whole-Time Director for a 3-year term until July 2029
Prakash Muksiya appointed as Independent Director for a 5-year term until June 2031
Sakshi Chourasiya re-appointed as Independent Director for a second 5-year term starting October 2026

💡 Investors should monitor for subsequent announcements regarding a specific fundraise (such as a Rights Issue or Preferential Allotment) that would utilize this newly created capital headroom.

View All VIJIFIN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates 100% in the Finance Services segment. Historical total income grew 43.75% from INR 1.6 Cr in 2017 to INR 2.3 Cr in 2018. For FY 2024-25, operating profit increased due to higher revenue, though exact segment revenue figures were not disclosed.

Geographic Revenue Split

Primarily concentrated in Indore, Madhya Pradesh, which represents the core regional market for its corporate lending operations.

Profitability Margins

Operating profit margin was 23.30% in FY 2024-25. Net profit margin stood at 5.76% for the same period, showing an increase in net profit compared to the previous year.

EBITDA Margin

Operating profit margin of 23.30% reflects core profitability before interest and taxes, showing improvement due to higher revenue and better liability management.

Capital Expenditure

Not disclosed in available documents as the company is a financial services provider with low physical asset requirements.

Credit Rating & Borrowing

CRISIL assigned a 'CRISIL B+/Stable' rating to INR 5 Cr bank debt in June 2018, which was subsequently withdrawn in August 2018 at the company's request. Borrowing costs are influenced by the debt-equity ratio of 0.59.

⚙️ Operational Drivers

Raw Materials

Capital and debt funds represent 100% of the 'raw material' for lending operations.

Import Sources

Domestic sourcing from Indian banks and financial institutions.

Key Suppliers

Banks and financial institutions providing credit lines and shareholders providing equity through rights issues.

Capacity Expansion

Not applicable for financial services; however, authorized share capital was increased from INR 18.00 Cr to support larger loan disbursements.

Raw Material Costs

Cost of funds is the primary expense. Interest coverage ratio improved from 1.02 in FY 2023-24 to 1.47 in FY 2024-25, indicating better management of interest costs relative to profits.

📈 Strategic Growth

Growth Strategy

Growth will be achieved through expanding geographic presence into new regions, digitalization to enhance customer experience, and product diversification to meet evolving needs. A significant rights issue in FY 2024-25 increased shareholder equity to fund this expansion.

Products & Services

Working capital requirement loans and unsecured corporate loans.

Brand Portfolio

Viji Finance

New Products/Services

Introduction of new financial products and services is planned to cater to evolving customer needs, though specific revenue contributions are not disclosed.

Market Expansion

Entering new geographic markets and regions to increase reach beyond the current Indore base.

Market Share & Ranking

Small-scale NBFC with regional concentration in Madhya Pradesh.

🌍 External Factors

Industry Trends

The NBFC sector is facing increased regulatory vigil from the RBI, focusing on contagion risk and scale-based regulations. NBFCs are adopting bank-like practices in governance and risk management to ensure stability.

Competitive Landscape

Competes with other regional NBFCs, fintech lenders, and banks providing corporate working capital.

Competitive Moat

Moat is based on promoter familiarity with borrowers and moderate capitalization. This is sustainable for niche corporate lending but faces challenges from fintech disruption.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles and RBI monetary policy changes.

Consumer Behavior

Increasing demand for customized financial assistance among corporates and individuals.

Geopolitical Risks

Low direct impact as operations are domestic and regional.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI scale-based regulations, liquidity ratio maintenance, and asset-liability management (ALM) practices. RBI has recently intensified scrutiny to address governance and risk management issues.

Legal Contingencies

The Board reviews major litigation and legal developments; however, specific pending case values in INR were not disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Credit risk from loan defaults and regulatory changes by the RBI are the primary uncertainties, with potential impact on margins and capital adequacy.