Baid Finserv Q3 FY26: ₹24.63 Cr Revenue, ₹4.75 Cr PAT, 22.8% Financing Margin — Tiny NBFC With 107x Oversubscribed Rights Issue Drama
1. At a Glance – The ₹172 Cr Micro-Lender With Big Ambitions
Baid Finserv Ltd is currently priced at ₹11.4 with a market cap of just ₹172 Cr. On paper, it looks like a modest Rajasthan-based NBFC. In reality? It just pulled off a ₹30.02 crore rights issue that was oversubscribed 107.84 times. Yes, you read that correctly.
Q3 FY26 revenue stands at ₹24.63 Cr with PAT of ₹4.75 Cr. Annualised EPS based on Q3 (average of Q1, Q2, Q3 × 4 rule applied) comes around ₹1.19, while TTM EPS is ₹1.13. The stock trades at a P/E of 10.2 versus an industry median near 20.
Book value? ₹12.7. Price to book? 0.90. Debt to equity? 1.43. ROE? 7.75%. Interest coverage? 1.73.
Promoters increased their holding sharply to 45.71% in Dec 2025 from 36.25% earlier. That’s not a small move.
So here’s the question: Is this a sleepy desert lender… or a quietly compounding smallcap?
Let’s investigate.
2. Introduction – The Rajasthan Money Machine
Baid Finserv isn’t your typical flashy fintech app promising “loan in 5 minutes.” This is old-school asset-backed lending. Mostly Loan Against Property. Mostly small borrowers. Mostly Rajasthan.
92% of revenue comes from mortgage loans. Just 7% from vehicle loans. Insurance is 1%. This isn’t diversification. This is concentration with confidence.
Their Assets Under Management (9MFY24) stood at ₹336 Cr. Borrowings ₹176 Cr. GNPA 2.6%. NNPA 0.4%. Collection efficiency 95%.
For a small NBFC, that’s not bad at all.
Loan book grew from around ₹260 Cr in FY22 to ₹300 Cr in FY23. Now balance sheet borrowings are ₹272 Cr as of Sep 2025.
They operate 40+ branches across Rajasthan and Madhya Pradesh. Plan? 75 branches by FY25 and 100 by March 2026. Maharashtra expansion incoming.
Ambition? ₹500 Cr AUM by FY25 and ₹600 Cr by FY26.
The stock, however, hasn’t exactly rewarded long-term holders. 3-year return is -29.7%. One-year return -5.43%. Short term 3-month return 6.89%.
Is the market asleep? Or is it cautious?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
Baid Finserv lends against property. That’s it. That’s the main game.
If you’re a small business owner in Rajasthan and need ₹15–25 lakhs, you walk into their branch, mortgage your property, and get funds.
Their revenue breakup (9MFY24):
Mortgage loans – 92%
Vehicle loans – 7%
Insurance – 1%
So forget fancy BNPL apps. This is brick-and-mortar lending.
Ticket sizes are small:
Car loans up to ₹10 lakh
Loan Against Property up to ₹25 lakh
Why is this interesting?
Because small-ticket secured lending has relatively controlled risk — if underwriting is disciplined.
They have tie-ups with SBI, ICICI Bank, UCO Bank, AU Small Finance Bank, IDFC First Bank and others. Funding diversification matters in NBFC land.
But here’s the real spice.
They just did a ₹30.02 crore rights issue at ₹10 per share. 3,00,17,075 shares allotted. Oversubscribed 107.84x.
That’s not normal.
Either investors are extremely optimistic… or extremely opportunistic.
What do you think?
4. Financials Overview – Numbers Don’t Lie (But They Do Whisper)
