1. At a Glance
Apollo Finvest (India) Ltd is that rare creature in Dalal Street zoology: a microcap NBFC that talks like a fintech SaaS founder. Market cap sits around ₹149 crore, the stock is chilling near ₹400, and the last one year return is a painful -46%, reminding everyone that narratives don’t compound—numbers do.
Latest Q3 FY26 numbers?
Revenue dropped to ₹4.58 crore, down 41% YoY, but PAT jumped 29.8% YoY to ₹1.83 crore. Yes, sales collapsed, profits smiled. Operating margin came in at a spicy 48.9%, which is either brilliant operating leverage or simply fee income doing gymnastics.
Balance sheet leverage remains modest with Debt/Equity at 0.30, ROE at 11.4%, and ROCE at 14.7%. The company has disbursed 17+ lakh loans historically, works with 50+ fintechs, and positions itself as a B2B2C digital lending backbone.
So what is Apollo Finvest really? A lender? A software vendor? A fintech enabler? Or all three wearing one blazer? Let’s dig.
2. Introduction
Apollo Finvest was incorporated in 1985, which means it existed long before “fintech” became a LinkedIn buzzword. For decades, it was a plain-vanilla finance company. Then sometime in the last few years, it woke up and decided: “Why lend like an NBFC when you can cosplay as a tech platform?”
Today, Apollo Finvest calls itself a full-stack, technology-based, neutral B2B2C lending platform. Translation for normal humans:
“We provide capital, software, and collections to fintech startups so they can lend money without actually owning an NBFC license.”
This positioning is clever. RBI licenses are hard to get, compliance is painful, and fintech founders would rather build apps than argue with auditors. Apollo steps in as the boring but necessary regulated entity.
But here’s the catch: numbers don’t fully agree with the ambition yet. Revenue volatility is wild, loan disbursements fell sharply in FY23, and growth has been anything but linear.
So the big question:
Is Apollo Finvest early in a powerful platform journey, or is it an
NBFC with fancy PowerPoint slides?
Let’s break it down calmly—no influencer shouting required.
3. Business Model – WTF Do They Even Do?
Apollo Finvest operates as a Non-Systemically Important, Non-Deposit Taking NBFC. That already tells you one thing: it’s small enough to avoid the RBI’s most aggressive microscope—but not invisible.
The Three-Service Buffet
1) Capital-as-a-Service (CaaS)
Apollo provides lending capital to fintech partners, who then originate loans digitally. Apollo sits in the backend as the regulated lender. This is the classic “NBFC-as-a-Platform” model.
2) Software-as-a-Service (SaaS)
Enter Sonic, Apollo’s in-house Loan Management System. This handles origination, disbursement, servicing, compliance, and reporting. In theory, this pushes marginal loan processing cost close to zero.
3) Collection-as-a-Service
Automated collections, reminders, recovery workflows—basically helping fintechs get their money back without hiring an army of callers.
Clients include fintech names like Tala, Razorpay, MoneyTap, OkCredit, Qube Health, etc. On paper, the ecosystem looks impressive.
But here’s a lazy-investor-friendly summary:
Apollo Finvest earns more from fees than interest. In FY23, ~65% revenue came from fees & commissions, while interest income was only ~28%.
That’s unusual for an NBFC—and also explains the high margins.
Now ask yourself:
Is this a lending company pretending to be SaaS, or a SaaS company stuck inside an NBFC body?
4. Financials Overview
Quarterly Comparison Table (₹ Crore)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr (Dec FY25) | Prev Qtr (Sep FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 4.58 | 7.77 | 5.12 | -41.1% | -10.5% |
| EBITDA* | ~2.24 | ~2.37 | ~2.69 | -5.5% | -16.7% |
| PAT | 1.83 | 1.41 | 1.74 | 29.8% | 5.2% |
| EPS (₹) | 4.90 | 3.78 | 4.66 | 29.6% | 5.1% |
