Business Highlights: Q2 FY27

  • Asset under Management (AUM) grew by 95.4% YoY from ₹671 Cr to ₹1,312 Cr (including off-book AUM of ₹78 Cr)
  • Branch network increased from 92 to 122 branches YoY, representing 32.6% growth
  • Number of active gold loan customers as of September 30, 2026 stood at 33,019
  • Average gold loan per branch increased to ₹10.4 Cr from ₹6.6 Cr YoY, representing 58.0% growth
  • Co-lending contribution increased to 6% in Q2 FY27 from 1.6% in Q2 FY26

Financial Performance: Q2 FY27 (YoY Comparison)

  • Total income: ₹90 Cr vs ₹48 Cr in Q2 FY26, up 87.8%
  • Profit Before Tax (PBT): ₹13 Cr vs ₹7 Cr in Q2 FY26, up 75.3%
  • Profit After Tax (PAT): ₹10 Cr vs ₹6 Cr in Q2 FY26, up 62.2%
  • Basic EPS: ₹0.68 vs ₹0.42 in Q2 FY26, up 61.9%

Financial Performance: Q2 FY27 (QoQ Comparison)

  • Total income: ₹90 Cr vs ₹76 Cr in Q1 FY27, up 19.2%
  • Profit Before Tax (PBT): ₹13 Cr vs ₹11 Cr in Q1 FY27, up 15.7%
  • Profit After Tax (PAT): ₹10 Cr vs ₹8 Cr in Q1 FY27, up 13.8%
  • Basic EPS: ₹0.68 vs ₹0.60 in Q1 FY27, up 13.3%

H1 FY27 Performance (YoY Comparison)

  • Total income: ₹166 Cr vs ₹88 Cr in H1 FY26, up 88.5%
  • Profit Before Tax (PBT): ₹24 Cr vs ₹14 Cr in H1 FY26, up 69.9%
  • Profit After Tax (PAT): ₹18 Cr vs ₹11 Cr in H1 FY26, up 63.9%
  • Basic EPS: ₹1.29 vs ₹0.81 in H1 FY26, up 59.3%

Key Financial Metrics: Q2 FY27

  • Gross NPA: 2.63%
  • Net NPA: 2.37%
  • Capital adequacy ratio: 28.74%
  • Return on Average Loan assets: 3.0% (vs 3.9% in Q2 FY26)
  • Return on Average Equity: 10.7% (vs 7.3% in Q2 FY26)
  • Debt to Equity Ratio: 2.53 (vs 1.14 in Q2 FY26)

Corporate Developments

  • Successfully completed 2nd tranche with Franklin Templeton through NCD issuance aggregating ₹50 crore
  • This marks the company's first-ever AIF investment
  • Appointment of Mr. Rajendran Chinna Veerappan as Additional Director (Non-Executive, Non-Independent)
  • Expansion of leadership team with appointment of Mr. Raju Shah as Chief Risk Officer and Mr. Husain Pittalwala as Chief Compliance Officer

Management Commentary

Executive Director Mr. Priyank Kothari stated that Q2 FY27 marks another quarter of steady progress with focus on expanding branch network while maintaining disciplined approach to risk and capital management. The company aims to deepen presence in gold loan market, strengthen technology-led operating model, and drive higher branch productivity in H2 FY27.

Company Background

Finkurve Financial Services Limited (brand name Arvog) is an RBI-registered non-deposit taking, Middle-layer NBFC established in 1984 as Sanjay Leasing Ltd. The company obtained NBFC license in 1998 and was acquired by current promoters in 2010. Primary business is gold loans, with additional personal loans through fintech partnerships. Has strategic tie-up with Augmont Goldtech.