Sangam Finserv FY26: A ₹15 Cr Lender Whose Investment Book Ate the Whole Year
Spotted a factual error — a wrong number, date, or fact? Tell us and we will check the source.
General information and entertainment, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Consult a registered adviser before acting.
1. At a Glance
Here is a lending business that spent FY26 mostly not lending. Full-year revenue landed at ₹15.49 Cr, down from ₹17.01 Cr, while net profit halved to ₹3.26 Cr from ₹6.60 Cr — a 50.6% drop. The number that jumps out sits in the fourth quarter: revenue of negative ₹1.03 Cr and a net loss of ₹5.48 Cr. A revenue line that turns negative is not a typo; it happens when a lender books investments at fair value and those values fall. Per the audited results, a net loss on fair value changes of ₹5.82 Cr in the March quarter pulled the top line below zero.
Underneath, the core lending held its shape — interest income for the year was ₹16.66 Cr, per the filing, roughly flat. So the story isn’t that borrowers stopped paying. It’s that a small NBFC parked a growing pile in investments and the market marked those down at year-end.
The market pays 58x here against an industry 22.7x. A single soft quarter can distort any multiple, but a ₹189 Cr company priced at 58 times a halved profit is worth sitting with.
Does a steady interest book excuse a year the investment book erased? Read on.
2. Introduction
Incorporated in 1981 as Suchitra Finance & Trading Co Ltd, this is a non-deposit-taking NBFC that renamed itself Sangam Finserv in 2023 after an extraordinary general meeting. Somewhere along the way it also relocated its registered office from Maharashtra to Rajasthan — it now files from Bhilwara.
The recent corporate history reads like a company in constant administrative motion. A whole-time director, Arjun Agal, was appointed in October 2023 and resigned by July 2024. A company secretary, Pushpendra Singh, resigned that December. In February 2025 the board handed shareholders a 4:1 bonus — 3.72 crore new shares — quadrupling the share count. The FY26 audited results, approved 13 May 2026, close out the first full year lived on that expanded base.
The financials arrived with an unmodified — clean — audit opinion from O.P. Dad & Co. The auditors were then reappointed for a second five-year term. A clean opinion on a year this bumpy is itself a data point.
3. Business Model: WTF Do They Even Do?
On paper, a full-service lender. The company offers personal loans to salaried and self-employed borrowers, business loans up to ₹20 Cr for tenures reaching 15 years, mortgage loans against up to 85% of property value, project finance keyed to projected cash flows, and takeover loans that port existing debt over at a lower rate. Five products, the brochure of an institution many times its size.
The reality is smaller. As of the last disclosed employee count, the entire operation ran on 19 people. Revenue in FY22 came entirely from interest income, and interest income remains the engine — ₹16.66 Cr of it in FY26. So the five-product menu is served by a kitchen of nineteen, and the gross loan book has been shrinking rather than sprawling: from the FY19 peak it has drifted down to roughly ₹141 Cr in the last insight year.
What changed the character of the business in FY26 isn’t on the lending brochure at all. It’s the investment book — which brings us to the numbers.
4. Financials Overview
Figures are consolidated, in ₹ crore. Latest period: quarter ended March 2026.
Metric
Latest Q (Mar’26)
YoY (Mar’25)
QoQ (Dec’25)
Revenue
−1.03
0.91
4.41
Operating Profit
−3.23
−1.10
2.65
PAT
−5.48
−1.71
1.29
EPS (₹)
−1.18
−0.37
0.28
Two of the last two March quarters printed losses. This isn’t a one-off wobble — the fourth quarter is where this company’s year-end investment marks get settled, and both years the mark went against it. The December quarter, by contrast, was ordinary and profitable. Per the audited results, the last quarter’s figures are the balancing entry between the full-year audit and the reviewed nine-month numbers, so the year-end adjustments concentrate here.
