Finkurve Financial Services Ltd Q2 FY26 – The ₹5.92 Crore Quarter That Shined Like a Gold Loan in Diwali Season!

1. At a Glance

Finkurve Financial Services Ltd (FFSL) has gone from being an obscure leasing firm in 1984 to an NBFC that now struts on the NSE floor like a startup that just discovered fintech jargon. The share price lounges at ₹107 as of November 21, 2025, giving it a market cap of ₹1,491 crore — small in size, but big in ambitions. The Q2 FY26 results are all about one phrase:AUM explosion. The company’s assets under management surged 97% YoY to ₹671.35 crore, while PAT jumped 71% to ₹5.92 crore.

Sales hit ₹48.05 crore in the September quarter, a 50.6% YoY rise, proving Finkurve is lending like there’s no tomorrow. But here’s the spicy part — the stock P/E stands at a blistering 72.5x, almost as if the market believes gold loans are the next AI. Promoter holding? 56.26%, down by 5.82% — probably the first time promoters sold and still looked proud.

ROE of 8.81% and ROCE of 11.2% may not make your heart race, but in the NBFC universe where most smallcaps are juggling debt like circus clowns, Finkurve is at least staying upright. No dividend, no mercy — all profits go straight back into the loan machine.

2. Introduction

Once upon a time (1984), Finkurve Financial Services was born asSanjay Leasing Ltd. Back then, leasing was the flavor of the season. Fast forward four decades, and the company has transformed into a gold loan and digital lending NBFC — like your friendly neighborhood jeweler who learned how to code.

Today, Finkurve is aBase Layer NBFCunder RBI’s framework, which sounds fancy but essentially means “small, compliant, and still figuring out how to scale.” Their bread and butter is lending — from gold-backed loans to payday microloans, and more recently, co-lending models with fintechs and banks.

The company’s collaboration withRBL Bank and Augmont Goldtechis where the real sparkle lies — offering digital gold loans that mix the glitz of jewelry with the boredom of spreadsheets. The fintech twist has helped the firm build scale quickly, but also brings new challenges: tighter margins, higher competition, and customers who think EMI stands for “Eat More Ice-cream.”

Yet, credit where it’s due — the management has consistently grown the AUM, improved the loan book mix (now ~70% secured), and avoided the curse of overleveraging. Finkurve’s borrowing has shot up, but so has its credibility, at least for now.

So, is this a glittering growth story or a gold-plated illusion? Let’s crack open the numbers.

3. Business Model – WTF Do They Even Do?

Imagine a lending company that doesn’t take deposits, doesn’t run a bank branch, and doesn’t even make money from thin air — that’s Finkurve. It’s anon-deposit-taking NBFCwith a taste forhigh-yield, short-tenureloans.

The product bouquet includes:

• Gold Loans– the desi favorite. Hand over gold, get cash. Default? They’ll sell your bangle faster than a Big Billion Sale.
• Payday Loans– small-ticket, quick-disbursal, the “instant noodles” of finance.
• Co-lending Loans– where Finkurve joins hands with RBL Bank to share the risks and returns, all powered byAugmont Goldtech’sdigital platform.

Retail loans now make up53% of AUM, and management wants to push that higher while trimming corporate exposure to around30%. A clever move, because retail borrowers may delay EMIs but rarely vanish completely.

Finkurve also lends to corporates and educational segments — though these aren’t as profitable. Its loan book grew from₹224 crore in FY23to₹249 crore in 9M FY24, and now sits north of ₹670 crore in FY26. That’s a 3x jump in less than two years — the kind of math that excites investors and terrifies auditors.

But here’s the catch: debt has also ballooned from ₹75 crore in FY24 to ₹382 crore by September 2025. That’s like upgrading from a Splendor to a superbike — fun, but dangerous if you don’t know how to brake.

4. Financials Overview