Finkurve Financial Services Limited has received credit rating reaffirmation and enhancement from Crisil Ratings Limited, strengthening its position in the non-banking financial company sector. The development was communicated to stock exchanges under Regulation 30 of SEBI listing requirements.

Credit Rating Details

Crisil Ratings has taken comprehensive rating actions across the company's debt instruments and banking facilities:

The rating agency assigned its 'Crisil BBB/Stable' rating to Rs.100 crore non convertible debentures while reaffirming the same rating on existing long-term bank facilities and non convertible debentures. This brings the total rated NCD amount to Rs.300 crore.

Company Profile and Operations

Finkurve Financial Services, operating under the Arvog brand, was established in 1984 as Sanjay Leasing Ltd and received its NBFC license from the Reserve Bank of India in 1998. The company was acquired by Mr. Ketan Kothari in 2010, who brings over two decades of experience in precious metals and finance industry.

The company's assets under management stood at Rs.671 crore as on September 30, 2025, with a diversified portfolio composition:

Finkurve operates through a network of 92 branches as on September 30, 2025, and maintains average ticket sizes of Rs.1,33,000 for gold loans and Rs.96,000 for retail loans.

Financial Performance and Capitalisation

The company demonstrates adequate capitalisation with networth of Rs.329 crore and gearing of 1.1 times as on September 30, 2025. This represents significant growth from Rs.206 crore networth as on March 31, 2025, following equity infusion of Rs.111.5 crore during the first quarter of fiscal 2026.

Rating Strengths and Considerations

Crisil Ratings highlighted several key strengths supporting the rating, including adequate capitalisation backed by comfortable earnings profile and strong promoter credentials. The promoter group held 56.3% stake as on September 30, 2025, with experienced management including Mr. Naveen Kottala as CEO and Mr. Aakash Jain as CFO.

However, the rating also considers challenges such as small scale of operations compared to industry size and limited seasoning of the portfolio. The company's outstanding borrowings of Rs.375 crore as on September 30, 2025 comprised NCDs (21%), term loans (41%), cash credit facilities (7%) and inter-corporate deposits (31%).

Market Position and Outlook

Finkurve is part of the Augmont group, India's premier bullion trading entity, which provides comprehensive gold ecosystem spanning importing, refining and distribution. The stable outlook reflects Crisil's belief that the company will continue benefiting from extensive promoter and management experience along with adequate capitalisation.

The rating agency expects the company to maintain steady state gearing below 3 times over the medium term, with capital position supported by strong promoter holding and steady accretion to reserves.

Finkurve Financial Services Limited has reached a significant milestone with the commencement of its 100th tech-enabled gold loan branch on January 29, 2026. This achievement underscores the company's rapid expansion in the retail secured lending space and marks a pivotal moment in its growth journey.

Remarkable Growth Trajectory

The company's expansion story demonstrates exceptional scaling capabilities in the gold loan segment. The growth metrics highlight the success of Finkurve's strategic approach:

This rapid transformation from approximately 4 branches in 2021 to a robust network of 100 branches today reflects the effectiveness of the company's deliberate expansion strategy.

Technology-Driven Operations

Finkurve has leveraged advanced technology to scale its gold loan operations efficiently. The company's tech-first approach encompasses several key areas:

• Digital underwriting processes for faster decision-making
• Centralized risk management frameworks ensuring consistent standards
• Technology-driven processes enhancing operational efficiency
• Faster turnaround times improving customer satisfaction

These technological capabilities have enabled the company to maintain quality standards while rapidly expanding its physical presence across markets.

Leadership Perspective

Mr. Naveen Kottala, Chief Executive Officer, expressed pride in the achievement, stating that the milestone reflects the strength of the business model and disciplined execution. He acknowledged the contributions of various stakeholders, including customers, partners, lenders, investors, and employees, emphasizing their role in enabling responsible scaling.

The CEO highlighted the company's commitment to disciplined execution, institutional resilience, and creating sustainable value for all stakeholders as it continues to grow in the gold loan segment.

Strategic Positioning

Finkurve Financial Services Limited, also known by its brand name Arvog, operates as a non-banking financial company registered with the Reserve Bank of India. The company's focus areas include:

The company has established itself as a leading gold loan NBFC while maintaining its commitment to providing accessible, technology-driven financial services to a broad customer base across India.