1. At a Glance – The Plot Twist Nobody Asked For
₹1,502 crore market cap.
₹978 current price.
73.3x P/E.
0.81% ROCE.
1.07% ROE.
Debt-to-equity at 0.10.
And Q3 FY26 (December 2025) sales at ₹90.42 crore — up a wild 793% YoY.
Ladies and gentlemen, welcome to the financial rollercoaster called LKP Finance Ltd.
In Q3 FY26, the company reported PAT of ₹5.91 crore and EPS of ₹3.85. But here’s the masala: ₹2,122.40 lakh (₹21.22 crore) loan write-back got recognised as income. Yes, income. From a disputed borrowing. With a garnishee order of ₹25 crore hanging like a Bollywood suspense scene.
Oh, and they’ve decided to surrender their NBFC licence and rename themselves to Gyftr Limited.
So are we looking at a finance company? A gifting platform? A balance sheet magician? Or a corporate rebranding masterclass?
Let’s investigate.
2. Introduction – From NBFC to Gift Voucher King?
LKP Finance was supposed to be a Non-Banking Financial Company (NBFC). Classic financial services — trading in shares, derivatives, brokerage, capital market activities.
But Q3 FY26 came with a plot twist.
Board approved:
- Name change to Gyftr Limited
- Alteration in object clause
- Surrender of NBFC licence
- 4:1 bonus issue
- ₹125.69 crore rights issue
- Acquisition of 2,40,000 Mufinpay shares at ₹5,000 each (~₹120 crore)
If this were a Netflix series, Season 1 would be “Finance”. Season 2 is “Gift Vouchers & Payment Aggregation”.
The auditor’s review report added more drama:
- Garnishee order of ₹25 crore
- ₹1,126.22 lakh deposited
- ₹622.71 lakh mutual funds attached
- ₹2,122.40 lakh loan written back as income
And management says no present obligation exists.
Auditor says: “We are unable to determine possible effects.”
Investors say: “Bhai, kya ho raha hai?”
Before we judge, let’s understand what the business actually does.
3. Business Model – WTF Do They Even Do?
Officially:
- Finance and trading in shares and securities
- Derivatives, currency, commodity
- Merchant banking (debt placements)
- Institutional and retail brokerage
- Mutual funds and insurance distribution
Revenue breakup FY23:
- Interest income: ~53%
- Fair value gains: ~45%
- Dividend income: ~2%
So basically, they earn from:
- Lending
- Market trading gains
- Financial distribution
But Q3 FY26 results suggest this isn’t a traditional lending NBFC story anymore.
They:
- Raised ₹125.69 crore via rights issue (27,93,027 shares at ₹450)
- Acquired ~₹120 crore worth of Mufinpay shares
- Approved NBFC licence surrender
- Planning shift toward gifting and payment aggregation
So the company is migrating from a finance NBFC to a fintech/gifting entity.
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