Finkurve Financial Services Limited has filed its mandatory regulatory disclosure under SEBI Takeover Regulations for the financial year ended March 31, 2026. The disclosure pertains to promoter shareholding encumbrances and was submitted to both BSE and NSE on April 02, 2026.

Regulatory Compliance Filing

The company submitted the disclosure under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011. Company Secretary and Compliance Officer Kajal Parmar (Membership No. ACS 65484) filed the necessary documentation with the stock exchanges, ensuring compliance with regulatory requirements.

Promoter Declaration Details

Mr. Ketan Kothari, serving as the company's promoter, provided a comprehensive declaration on behalf of all promoters, promoter group members, and persons acting in concert (PACs). The declaration confirms that no new encumbrances were made on the company's equity shares during the financial year 2025-26, beyond those already disclosed to the stock exchanges.

Promoter Group Structure

The company's promoter and promoter group comprises six individuals across two categories. The promoter category includes Mr. Ketan Kothari, Mrs. Mohinidevi Kothari, Mrs. Kalawati Kothari, and Mrs. Devkumari Kothari. The promoter group category encompasses Mrs. Bhavna Bafna and Mrs. Namita Kothari.

Stock Exchange Submission

The disclosure was simultaneously submitted to both major Indian stock exchanges where the company's shares are listed. BSE Limited received the filing for scrip code 508954, while NSE received it for the equity symbol FINKURVE. This dual submission ensures comprehensive regulatory compliance across both trading platforms.

The filing represents the company's commitment to maintaining transparency in promoter shareholding matters and adhering to SEBI's regulatory framework for substantial acquisition disclosures. The declaration covers all relevant parties including promoters, promoter group members, and persons acting in concert, providing a complete picture of the shareholding structure.

Finkurve Financial Services Limited has received credit ratings from CARE Ratings Limited for its debt instruments, marking a significant milestone in the company's funding diversification strategy. The ratings agency has assigned BBB+ stable ratings to the company's proposed financial instruments totaling ₹450.00 crore.

Rating Details and Instrument Breakdown

CARE Ratings Limited assigned ratings to two key financial instruments through their press release dated March 30, 2026:

The stable outlook reflects expectations that FFSL will continue to grow its loan book with stable asset quality and relatively stable profitability, considering its healthy capitalisation levels.

Financial Performance and Capitalisation

The ratings reflect the company's adequate capitalisation supported by recent equity infusions and internal accruals. In H1FY26, FFSL raised ₹111.5 crore through a preferential allotment to external investors and promoters. The company's tangible net worth improved significantly to ₹335 crore as of December 31, 2025, from ₹206 crore as of March 31, 2025.

The company's total capital adequacy ratio stood comfortable at 39.29%, with Tier I capital adequacy ratio at 39.05% as of December 31, 2025, well above regulatory requirements.

Business Operations and Portfolio Composition

FFSL operates under the brand name Arvog and focuses primarily on gold loans, which constituted 93% of its total AUM of ₹833 crore as of December 31, 2025. The portfolio composition demonstrates the company's strategic focus on secured lending:

Geographically, the company's operations remain concentrated in four southern states, with Telangana accounting for 53%, Andhra Pradesh 28%, Karnataka 11%, and Tamil Nadu 2% of AUM as of December 31, 2025.

Asset Quality and Risk Management

The company maintains moderate asset quality indicators with improving trends. Gross Stage 3 and Net Stage 3 ratios declined to 0.71% and 0.54% respectively as of December 31, 2025, compared to 0.94% and 0.65% as of March 31, 2025. The secured nature of the portfolio, with 95% secured loans, significantly mitigates credit risk as the company can swiftly enforce and liquidate gold collateral in case of defaults.

Rating Sensitivities and Outlook Factors

CARE Ratings outlined specific factors that could influence future rating actions:

Positive Rating Drivers:

• Significant mobilisation of equity capital for business growth
• Sustained improvement in operational scale while maintaining profitability
• Diversification in resource profile at competitive borrowing costs

Negative Rating Factors:

• Gross non-performing asset ratio exceeding 3% on sustained basis
• Return on total assets falling below 2% consistently
• Overall gearing exceeding 4x

The company's weighted average cost of borrowings for outstanding debt stood at 11.54% as of December 31, 2025, with a moderately diversified resource profile across 24 lenders including banks and NBFCs.