Moneyboxx Finance Ltd Q2 FY26 – From Micro Loans to Macro Ambitions, But Profit Is Still on a Tea Break

1. At a Glance

Welcome toMoneyboxx Finance Ltd(MBFL) — the small-town lender with big-city dreams and an even bigger debt pile. As of November 2025, the company trades at ₹138, having dropped 42.6% in one year — the financial equivalent of eating a vada pav before a marathon. With amarket cap of ₹449 crore, anAUM of ₹730 crore, and an operating margin that deserves applause (36.8%), MBFL looks like that overachiever kid who keeps topping in class but still never gets pocket money.

The Q2 FY26 results, however, remind investors that scaling rural lending is not all halwa and happiness. Sales grew to ₹55 crore, but profit stood at a microscopic ₹0.28 crore — down 86% quarter-on-quarter. Ouch. Still, promoters are hanging on to44.6% stake, and despite rising borrowings of ₹639 crore, the NBFC has managed to cut itsGNPA to 3.26%as of September 2025, proving they can recover money better than most of us can recover from a bad breakup.

2. Introduction

Moneyboxx Finance Ltd is that overambitious friend from a Tier-3 town who moved to Mumbai to “make it big.” Founded in 1994, the company provides small-ticket business loans ranging from ₹1–10 lakh to micro and small enterprises — essentially, the mom-and-pop stores, dairy owners, and tailors who are the backbone of rural India’s economy.

They call themselves aNon-Systemically Important Non-Deposit Taking NBFC, which is fancy talk for “we don’t take deposits, but yes, we take your EMI very seriously.” The company currently operates across 8 states with100+ branches, and if you’re wondering how they plan to grow, they’ve already announced that they’ll be raising ₹150 crore in equity and expanding to175 branches by March 2025.

But let’s get real — NBFCs in India are like street food vendors. Everyone’s selling the same chaat (credit), but the ones who survive are those with spice, hygiene, and loyal customers. For Moneyboxx, that spice lies in servingunbanked and underbankedclients. Their average unsecured loan is ₹1.5 lakh, while the secured ones hover around ₹3.25 lakh. The spread looks great, but the real challenge is managing collections — because a missed EMI in rural India often means someone’s buffalo is sick or the monsoon forgot to show up.

3. Business Model – WTF Do They Even Do?

Moneyboxx Finance operates in the micro-lending space, and its entire business model can be summed up as:borrow big, lend small, and pray people pay back.

They offer three main services:

1. Vyapaar Loans (Unsecured):These form 76% of their AUM — short-term, high-yield loans given to small shop owners and self-employed folks. Average ticket size: ₹1.5 lakh. Tenor: 1–3 years.
2. Vyapaar Loans (Secured):These are collateral-based loans (land, property, or gold) with an average size of ₹3.25 lakh and a tenor of up to 7 years.
3. Saral Mortgage Loans:For customers with little or no credit history. It’s like saying “No CIBIL, no problem!” — but in a more compliant way.
4. Sikka Digital Gold:A bonus fintech twist — the company also allows customers to buy digital gold via its “Sikka” platform, because why not add a little bling to your balance sheet?

The secret sauce? Everything — from sourcing to collections — is donein-house. This gives them control but also raises costs. Think of it like running your own wedding without hiring an event planner — it’s personal, but exhausting.

Theirfocus on rural entrepreneurs and women borrowershas helped them carve a niche, but it’s also made them vulnerable to seasonal shocks. Still, their lending relationships with32 financial partners— including SBI, HDFC Bank, IDFC First Bank, and