Gyftr (Formerly LKP Finance): ₹380 Cr Revenue, ₹21.8 Cr Profit, Identity Crisis on Display

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1. At a Glance

A Non-Banking Financial Company surrendered its licence in March 2026 and pivoted to gift vouchers and rewards.

The numbers tell the story: FY26 reported revenue of ₹380.26 Cr (up from ₹14.19 Cr in FY25, a 2,580% jump) and net profit of ₹21.81 Cr, but the bulk of this landed in “other income”—a ₹64.57 Cr gain. Strip that out, and the core gift-voucher business barely broke even on actual sales.

The market pays 62x annualised earnings. Peers in financial services sit between 29x–33x. An auditor’s qualified opinion flags a decade-old loan liability that was written off and unresolved litigation over a ₹25 Cr garnishee order.

The company shuffled its promoter structure, executed a 4:1 bonus, and renamed itself mid-year. On paper, a resurrection. In the numbers, a company between identities.

2. Introduction

LKP Finance Limited lived as a brokerage and NBFC for 40+ years. It held securities licences, ran capital market operations across 200+ cities, and offered pensions, mutual funds, and debt placements.

In October 2025, it applied to surrender its NBFC certificate. The RBI approved the withdrawal on 20 March 2026. Effective that date, it ceased all financing activities and rebranded as Gyftr Limited.

The stated new business: digital gift vouchers, corporate rewards, loyalty programmes, and (as of June 2026) a payment aggregator. In May 2026, the Board approved the MOA amendments to formalize this shift and changed the company name.

Parallel to this, the company executed a 4:1 bonus in March 2026, expanding share count from 1.53 Cr to 7.68 Cr. The current price sits at ₹176 (referenced mid-June 2026), giving a market cap of ₹1,353 Cr.

A Company Secretary resigned in May 2026; a successor was appointed effective June 2026. The auditor issued a qualified opinion citing two unresolved matters: a ₹3,596.65 Lakhs loan written off after 12+ years of non-payment, and a ₹2,500 Lakhs garnishee order from a Debt Recovery Tribunal (contested, with ₹1,126.22 Lakhs deposited under protest).

3. Business Model: WTF Do They Even Do?

Until March 2026: brokerage services across equities, F&O, currencies, commodities, and GIFT City segments. Merchant banking for debt placements. Institutional and retail equity distribution. Mutual fund and insurance distribution. PF advisory, research, depository services.

Revenue came primarily from interest income (~53% in FY23), fair value gains on securities holdings (~45%), and dividends (~2%).

From March 2026 onward: the company is repositioning as a digital marketplace for pre-loaded gift cards and corporate rewards. Think e-gift vouchers, employee incentive platforms, loyalty programme backends. The auditor’s notes clarify that former NBFC income (interest, financing gains) is now reclassified as “other income” under the new Chart of Accounts, not operating revenue.

FY26’s ₹380.26 Cr top line includes ₹300.77 Cr in “purchase of stock-in-trade”—the cost of acquiring gift cards and vouchers to resell. The margin (after COGS, employee costs, depreciation, and interest) was negligible. Other income of ₹64.57 Cr (largely the loan write-off and fair value adjustments on legacy investment holdings) propped up the year.

Geographic footprint: it still mentions 200+ cities, but no current revenue breakdown by region or customer segment is disclosed. The company’s own investor communications have not yet detailed client wins, GMV, or transaction volumes for the new model.

4. Financials Overview

Figures are consolidated, in ₹ crore.

For FY26 (Year ended 31 March 2026):

Revenue erupted, primarily from the hand-off of gift-voucher inventory. Depreciation spiked as the company capitalized software, brand, and other intangibles linked to the new business. Interest expense collapsed as it repaid or reclassified old NBFC borrowings.

Net profit swung to ₹21.81 Cr, but ₹64.57 Cr of other income included the ₹14.74 Cr write-off of the stale loan and fair value movements on equity holdings. Core operating profit (revenue minus operating expenses and depreciation) was around ₹2–3 Cr—a thin margin on ₹380 Cr sales.

Annualised EPS (for P/E calculation): Taking FY26’s full-year net profit of ₹21.81 Cr and dividing by current shares of 7.68 Cr, EPS = ₹2.84 per share (full year, no annualisation needed).

Balance Sheet at 31 March 2026 (consolidated):

Assets hold ₹26,367 Lakhs in investments (legacy securities and mutual fund holdings). Cash stands at ₹301 Lakhs. Borrowings (current + non-current) total ₹1,247 Lakhs, down sharply from prior years. A ₹1,126.22 Cr deposit under protest is tied up in the DRT litigation.

5. Market Expectations & Historical Multiples

This section describes how the market is currently pricing the company and how that compares with its own history and peer group. It is descriptive, not predictive.

The market currently pays 62x annualised earnings here, against a peer median of 29x. The company’s own five-year average P/E was 5.51x, suggesting the current multiple incorporates a reset to the new business model (rewards/loyalty platforms