Finkurve Financial Services Limited conducted its maiden earnings conference call on February 09, 2026, presenting strong financial results for the quarter ended December 31, 2025. The technology-enabled gold loan NBFC showcased robust growth across key metrics while maintaining disciplined risk management practices.

Strong Financial Performance

The company delivered impressive growth numbers during Q3 FY26, demonstrating the strength of its business model and execution capabilities.

Executive Director Priyank Kothari emphasized the company's positioning as a "next-generation technology-enabled gold-owned NBFC" that leverages technology to improve efficiency and customer experience without compromising risk controls. The integration with the broader Augmont ecosystem provides structural advantages in gold handling expertise and institutional understanding.

Technology-Driven Operations

CEO Naveen Kottala outlined the company's technology-first approach, highlighting three key areas of focus: risk control, customer experience, and operating efficiency. The company has built a completely in-house technology stack, which eliminates incremental tech costs as the branch network expands.

CFO Aakash Jain noted that current financial ratios reflect the company's growth phase, with ROE at 8-9% and ROA at 3.5-4% due to low leverage of 1.67x. The company targets industry-standard leverage of 3-4x in the medium term, which should improve these ratios significantly.

Market Position and Strategy

The management highlighted favorable market conditions with gold prices remaining elevated and the organized gold loan market expanding beyond Rs. 15 lakh crore. The company benefits from shifting borrower behavior toward gold loans as a preferred short-term borrowing option due to ease, transparency, and speed of disbursement.

Expansion Plans and Guidance

Management provided directional guidance for future growth, targeting 40-50% expansion in both AUM and branch network over the next 1-1.5 years. The company plans to add 50-60 branches in the current year, building on the 26 branches added in the previous year.

The growth strategy emphasizes:

• Conservative underwriting standards
• Technology-enabled operational efficiency
• Expansion in Tier-2 and Tier-3 markets
• Maintaining asset quality below industry averages

Financial Structure Optimization

The company is transitioning its personal loan product from a 30-day high-churning model to a 3-6 month EMI structure, which will spread yields more evenly. Co-lending initiatives are being developed with a target of 10-15% of overall AUM through partnerships under the CLM-1 model.

Priyank Kothari concluded by emphasizing the company's commitment to building a trusted gold loan franchise that prioritizes consistency and resilience over headline growth numbers. The management expressed confidence in their foundational systems and processes to support sustainable expansion while maintaining governance standards and risk discipline.

Finkurve Financial Services Limited has submitted its monitoring agency report for the quarter ended December 31, 2025, in compliance with Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report was prepared by CRISIL Ratings Limited and covers the utilization of proceeds from the company's preferential issue of equity shares and share warrants.

Issue Details and Revisions

The preferential issue was conducted between May 21 and May 27, 2025, originally targeting Rs. 157.11 crores. However, due to undersubscription caused by non-participation of some proposed allottees, the issue size was revised to Rs. 141.50 crores.

The revised issue proceeds comprise Rs. 101.50 crores from preferential issue of equity shares and Rs. 40.00 crores from preferential issue of warrants convertible into equity shares.

Proceeds Utilization Status

As of December 31, 2025, the company has utilized Rs. 111.50 crores from the total revised proceeds of Rs. 141.50 crores. The funds were deployed for onward lending, investments, and repayment of borrowings obtained in the ordinary course of business.

No additional utilization occurred during the reported quarter ended December 31, 2025.

Outstanding Warrant Subscriptions

The unutilized amount of Rs. 30.00 crores represents 75% of the warrant issue size that is yet to be received from warrant holders. During the initial quarter ended June 30, 2025, the company received Rs. 10.00 crores as subscription amount, representing 25% of the warrant issue size. According to the EGM notice dated January 08, 2025, warrant holders have the option to convert warrants into equity shares within 18 months from the allotment date.

Regulatory Compliance

The monitoring agency report confirms that all utilization has been in accordance with disclosures made in the offer document. No material deviations were observed, and no unfavorable events affecting the viability of the stated objects were reported. The company's audit committee reviewed the draft monitoring agency report, which was subsequently approved by the board of directors at their meeting held on February 06, 2026.

Company Background

Finkurve Financial Services Limited operates as a Non-Banking Financial Company (NBFC) with promoters including Mrs. Devkumari Manekchand Kothari, Mrs. Kalawati Prithviraj Kothari, Mr. Ketan B Kothari, and Mrs. Mohinidevi Bhanwarlal Kothari. The company's registered office is located at 202/A, 02nd Floor, Trade World, D-Wing, Kamala Mills Compound, S. B. Marg, Lower Parel West, Mumbai, Maharashtra.