Finkurve Financial Services Limited – Investor Presentation Summary

Key Operational Highlights

  • Assets Under Management: ₹1,270.4 crore (Q1 FY27) including off-book AUM
  • Gold Kgs under management: 1,167.5 kg (Q1 FY27)
  • Branches: 118 (Q1 FY27)
  • Active Gold Loan Customers: 31,522 (Q1 FY27)
  • YoY Growth: AUM ▲134.5%, Gold kgs ▲46.6%, Branches ▲42.2%, Active Customers ▲61.5% (Q1 FY27 vs Q1 FY26)
  • QoQ Growth: AUM ▲15.9%, Gold kgs ▲8.5%, Branches ▲12.4%, Active Customers ▲10.6% (Q1 FY27 vs Q4 FY26)

Key drivers of operational performance: Cluster-led expansion in high gold-ownership Tier-2/3 markets, end-to-end digitized origination and servicing, technology-enabled operating platform.

Segment-wise Performance

  • Retail Gold Loans: 96% of total loan book (Q1 FY27), up from 39% in FY23
  • Corporate Loans: Reduced exposure as part of strategic pivot

Explanation of significant changes in segment performance: Strategic transformation moving away from corporate lending toward retail-first gold loan model that now dominates the loan book with 96% share.

Financial Highlights

Q1 FY27 Performance:

  • Revenue From Operations: ₹75.10 crore
  • Interest Income: ₹74.79 crore
  • Total Income: ₹75.82 crore
  • Profit Before Tax: ₹11.21 crore
  • Profit After Tax: ₹8.44 crore
  • Net Worth: ₹354.4 crore
  • Leverage: 2.88x (Debt to Equity)
  • NNPA: 0.48%

YoY Comparison (Q1 FY27 vs Q1 FY26):

  • Total Revenue From Operations: ▲88.32%
  • Total Income: ▲89.37%
  • Profit Before Tax: ▲64.06%
  • Profit For The Period: ▲65.78%
  • Net Worth: ▲10.0%

QoQ Comparison (Q1 FY27 vs Q4 FY26):

  • Total Revenue From Operations: ▲11.54%
  • Total Income: ▲9.55%
  • Profit Before Tax: ▲7.54%
  • Profit For The Period: ▲4.95%

Annual Performance (FY26 vs FY25):

  • Total Revenue From Operations: ₹207.22 crore, ▲47.48%
  • Total Income: ₹209.86 crore, ▲48.75%
  • Profit Before Tax: ₹34.60 crore, ▲46.31%
  • Profit For The Period: ₹26.03 crore, ▲49.33%

Drivers of financial performance: Higher AUM growth, increased interest income, strategic shift to retail gold loans.

Key Risks: Portfolio quality with NNPA increase from 0.17% to 0.48% YoY, gold price volatility affecting collateral value.

Balance Sheet Snapshot

As on 31st March 2026:

  • Total Assets: ₹1,233.04 crore
  • Loans: ₹1,070.34 crore
  • Cash and Cash Equivalents: ₹102.12 crore
  • Borrowings (Debt Security): ₹293.25 crore
  • Borrowings (Other Than Debt Security): ₹542.68 crore
  • Equity Share Capital: ₹14.01 crore
  • Other Equity: ₹330.90 crore
  • Total Liabilities and Equity: ₹1,233.04 crore

YoY Balance Sheet Growth (Mar'26 vs Mar'25):

  • Total Assets: ▲158.5%
  • Loans: ▲151.2%
  • Cash and Cash Equivalents: ▲560.9%

Financial Health Insights: Strong growth in asset base, increased borrowing to fund AUM growth, healthy cash position.

Capex & Cash Flow Health

  • Capital Expenditure: Not specified in presentation
  • Operating Model: Technology-enabled platform with centralized risk, compliance, and analytics
  • Investment Rationale: Focus on cluster-led expansion in high gold-ownership markets, technology upgrades for digitized origination and servicing

Strategic & R&D Initiatives

  • Technology-Led Operating Platform: Proprietary Loan Origination & Management System with RBI-compliant controls and API-ready architecture
  • Strategic Co-lending: Partnership with Godrej Finance under RBI's co-lending framework to scale gold loan portfolio efficiently
  • Expansion Strategy: Cluster-led expansion in Tier-2/3 markets, targeting regions with high household gold holdings
  • Digital Transformation: End-to-end digitized origination and servicing for faster turnaround and higher throughput

Expected impact on growth: Enables rapid branch rollout (30-45 days from planning to launch), capital-efficient scaling in fragmented markets.

Strategic Rationale: Leveraging unique gold domain expertise and fintech innovation to build differentiated lending franchise in secured retail lending segment.

Industry Trends & Business Environment

  • India's Gold Economy: Vast gold wealth creating multi-decade lending opportunity according to HDFC Securities report
  • Market Position: Augmont Group operates India's largest gold ecosystem with 4 Cr+ customers, 118 Gold For All centers, and 900+ people employed
  • Ecosystem Strength: 100-year leadership in India's gold industry, including first Gold ETF filing with SEBI

Impact on Company: Positioned to leverage gold expertise and ecosystem integration to capture growth in secured retail lending segment.

Management Commentary & Growth Outlook

  • Vision: Becoming India's most trusted technology-led gold lending institution
  • Mission: Delivering fast, secure & responsible credit solutions
  • Strategic Outlook: Redefining secured retail lending by combining technology, deep gold expertise and responsible lending practices
  • Growth Focus: Making formal credit accessible to every household while creating long-term value for customers, partners and shareholders

Risks and Opportunities: Embedded risk management with capital protection across origination and monitoring, continuous portfolio surveillance with early-warning indicators.

Corporate Developments

  • DRHP Status: Received approval for DRHP, signed MOU with NSE for Electronic Gold Receipts (EGRs)
  • Promoter Group: Thomas John Muthoot (on behalf of Muthoot Bankers) listed as stakeholder
  • Shareholding: 3,500+ shareholders, 24,000+ bondholders as of 30th June 2026