Finkurve Financial Services Limited

Financial Services — Credit Services · NSE

₹68.24+₹0.36 (+0.53%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

The 60-second version of Finkurve Financial Services Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Finkurve Financial Services Limited, a non-banking financial company, provides loans and financial services in India. It offers personal loans; loans against gold jewelry; and other secured and unsecured lending, as well as inter-corporate loans.

IndustryCredit Services

SectorFinancial Services

Employees339

Annual revenue₹205 Cr

How does it make money?

Turns over ₹205 Cr a year. Of every ₹100 of sales, about ₹13 reaches shareholders as profit, with ₹37 left at the operating level before interest, tax and depreciation. Each of its 339 employees supports ₹60.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹60.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, STATE BANK OF INDIA, HDFC BANK LTD, ICICI BANK LTD.. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +308% while net margin moved -55% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+308%

Margin effect-55%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

• P/E of 33.1x already prices in growth

Quality vs. Valuation

Company Quality

72/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

40/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

33.1x

Sector Median

17.0x

median of 4 sector peers

⚠️Against its sector it trades 95% above the peer median of 17.0x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

17.0x median of 4 peers · +95%

vs. generic bands

Fair

15x–35x

EV/EBITDA

22.4x

PEG

1.50

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 11.2% to 4.3% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 watch

🟡Margins are compressingFinancial
EBITDA margin is down 4.6 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 41.6% to 37.0%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
A premium to the sector to defend
It trades 95% above the peer median. That premium needs a reason that persists, or it closes.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 45% a year✓ 59.8% CAGR
Latest reported year was 73.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 35%✓ 37.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 7.5%
For a lender this is the cleanest single read on whether the book is being grown profitably.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 4 neutral · 4 weak

Market Cap

₹956 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

33.1x

Fair

Fairly valued against the generic band

P/B Ratio

2.74x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.06

Profitable

Profitable on a per-share basis

ROE

7.5%

Weak

Weak capital efficiency

ROCE

4.3%

Weak

Low return on total capital employed

Debt/Equity

2.44x

High

High leverage

Revenue Growth (YoY)

73.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

55.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹572 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

22.9%

Good

Healthy core-business profitability

Net Margin

18.4%

Good

Strong bottom-line conversion

Current Ratio

57.46

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.33

Defensive

Steadier than the market

52W Range Position

26%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

69.3 / 70.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

46.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹50 Cr	₹89 Cr	₹139 Cr	₹205 Cr	+59.8%
EBITDA	₹21 Cr	₹43 Cr	₹57 Cr	₹76 Cr	+53.7%
EBITDA Margin	41.6%	48.0%	40.8%	37.0%	—
PAT (Net Profit)	₹14 Cr	₹16 Cr	₹17 Cr	₹26 Cr	+22.0%
ROE	8.3%	8.5%	8.4%	7.5%	—
ROCE	11.2%	10.3%	13.4%	4.3%	—
Total Debt	₹52 Cr	₹75 Cr	₹241 Cr	₹847 Cr	+154.1%
Free Cash Flow	-₹21 Cr	-₹14 Cr	-₹138 Cr	-₹572 Cr	—

🟢 Revenue has grown at 59.8% a year over 3 years.

🟢 EBITDA has grown at 53.7% a year over 3 years.

🔴 EBITDA Margin has fallen from 41.6% to 37.0% over 3 years (-4.6 pts).

🟢 PAT (Net Profit) has grown at 22.0% a year over 3 years.

🟡 ROE has held roughly flat at 7.5% over 3 years.

🔴 ROCE has fallen from 11.2% to 4.3% over 3 years (-6.9 pts).

🔴 Total Debt has grown at 154.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,233 Cr

Total Liabilities

₹888 Cr

Cash & Equivalents

₹102 Cr

Operating Cash Flow

-₹566 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

82.6%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
STATE BANK OF INDIA	10.3x	15.2%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%

Recent News

3 mixed3 general

Finkurve Financial Services Share Price Rises 9.85% Today

Univest, 11 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Finkurve Financial stock tanks over 14% after board approves ₹25 crore fundraise via NCD issue; check details

Upstox, 20 Mar

Finkurve Financial Services Gains 1.01% to ₹70.23: Navigating Key Support and Resistance Levels - Relative Volume

https://www.siam.in/, 03 Sept

Finkurve Financial Services to host analyst meet on Sep 30

scanx.trade, 16 SeptAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Finkurve Financial Services Ltd. Share Price Rises 8.83%

Univest, 20 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

NSE March 19 Top Gainers: Finkurve, GVP Tech, Shyam Telecom, Gujalkali, ITADD Lead Rally

HDFC Sky, 19 Mar

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth

MiddlingProfitability · Valuation · Risk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

1 of 3 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑