General information and education, 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. Always consult a SEBI-registered adviser.
1. At a Glance
Quarterly revenue of ₹180.21 crore against ₹82.99 crore a year earlier — 117% higher — from a company that in FY2022 did ₹2.24 crore of sales for the entire year. That is the sort of growth curve that usually requires a rocket, a bubble, or an NBFC discovering unsecured personal loans.
Operating profit for the June 2026 quarter was ₹47.05 crore, up from ₹26.03 crore. Profit after tax was ₹17.35 crore against ₹16.81 crore — a 3.21% move, which for a business whose top line more than doubled counts as arithmetic worth sitting with. EPS was ₹3.92 against ₹3.79.
Below the topline, the June quarter carried impairment of financial assets of ₹83.21 crore and finance costs of ₹23.48 crore, per the filed results. Total expenses were ₹157.12 crore.
Meanwhile the company spent August 2026 doing three things: reporting results, having its corporate office searched by Bengaluru Cyber Crime Police, and allotting another ₹50 crore of NCDs at 11.75%. Only one of those is a normal Thursday.
The loan book stood at ₹416.88 crore in FY26 against ₹95.06 crore in FY25. FY26 write-offs of outstanding contractual amounts were ₹132.5 crore, against ₹29.1 crore in FY25.
2. Introduction
Unifinz Capital India Limited was incorporated in 1982. For roughly forty of its forty-four years, its financial statements had the metabolic rate of a houseplant: FY2017 revenue ₹0.18 crore, FY2019 ₹1.24 crore, FY2021 ₹1.18 crore. A company that spent four decades quietly existing on a BSE scrip code is the corporate equivalent of a man who takes up marathon running at fifty-eight.
The change came in March 2022, when the RBI-registered NBFC commenced retail lending operations under the Lendingplate brand. Revenue then went ₹2.24 crore (FY22) → ₹9.15 crore (FY23) → ₹29.81 crore (FY24) → ₹122 crore (FY25) → ₹511.73 crore (FY26). Employee count went 50 → 517 across the same window. Compounded sales growth over five years is 237%.
FY26 also rearranged the capital structure. Authorised capital rose in July 2025 from ₹25 crore to ₹90 crore, and paid-up capital reached ₹44.27 crore (4.43 crore shares) as of March 2026 after the issue of 3.54 crore bonus shares in a 4:1 ratio — which is why EPS numbers across FY25 and FY26 are restated, and why comparing them to older ones without that footnote is a trap.
FY26 saw ₹105 crore raised through listed, rated, secured NCDs on private placement. Q1 FY27 saw ₹157.90 crore more, in four tranches across April and May 2026 at a 13% coupon. In August 2026, the Board revised the umbrella NCD borrowing limit to ₹1,000 crore — described in the filing itself, with admirable clarity, as an exercise where “only umbrella resolution limit is revised, no fund-raising resolution is passed.”
The KMP chair was also busy: Ritu Sharma resigned as CFO in Oct’25, Ritu Tomar served as Interim CFO from Jan’26 to Mar’26, and Vijay Kumar Singh was appointed CFO in Mar’26. Three CFO nameplates in one financial year is a lot of nameplates.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
Unifinz is an NBFC–Investment & Credit Company (NBFC-ICC) that lends money to salaried people, digitally, in amounts starting at ₹5,000. That is the whole engine. There is no factory, no inventory, no supply chain — the raw material is borrowed money and the finished product is somebody else’s EMI.
The specifics are where it gets fun. Loan sizes run from ₹5,000 to ₹2.5 lakh. Tenures run from 20 days to 12 months. A twenty-day loan is not a loan in the sentimental sense; it is a favour with a coupon attached. Origination, underwriting and disbursement are end-to-end digital across more than 450 cities and towns, meaning the credit decision is made by software that has never met the borrower and never will.
The product menu reads like a list of reasons Indians need cash quickly: personal, travel, wedding, education, home renovation, medical emergency, debt consolidation, balance transfer, short-term and long-term. There are also specialised offerings segmented by borrower type — salaried employees, self-employed individuals, doctors, chartered accountants, government employees, and women borrowers. Somewhere a product manager has built a lending journey specifically for chartered accountants, who are statistically the hardest people on earth to sell a financial product to.
Scale of the machine, from the disclosed operating data: total disbursements of ₹2,071 crore in FY26 against ₹512.51 crore in FY25. Loans disbursed: 221,430 in FY26 against 42,111 in FY25. Customers served: 43,000. Repeat customers were 80% of disbursements in FY26. Gross loan book (AUM) ₹477.87 crore against ₹95.05 crore.
The disclosed asset-quality series: 90+ DPD as a percentage of AUM reads 22.50% (FY23), 34.40% (FY24), 1.30% (FY25), 0.00% (FY26). FY26 GNPA and NNPA are reported at 0.00%, alongside FY26 write-offs of ₹132.5 crore of outstanding contractual amounts, on which the company states recovery efforts continue as dues remain legally enforceable.
Concentration is minimal: the top 20 borrowers accounted for ₹47.45 crore as of Mar’26, which the annual report puts at
