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 made available the audio recording of its Q3 FY26 earnings call held on February 09, 2026. The company released the recording link following its comprehensive investor presentation that showcased strong operational performance and strategic positioning as a technology-enabled NBFC focused on gold-backed lending.

Performance Highlights for Q3 FY26

The company demonstrated robust growth across key operational metrics during the quarter. Assets Under Management reached ₹833.15 crore, marking a significant 119% year-on-year increase from ₹381.08 crore in Q3 FY25.

Financial Performance and Profitability

The company's financial results for Q3 FY26 showed continued growth momentum. Total income increased to ₹52.47 crore compared to ₹40.00 crore in Q3 FY25, representing a 31.19% year-on-year growth. Profit for the period reached ₹6.98 crore, up 23.86% from ₹5.64 crore in the corresponding quarter last year.

Earnings Call Recording Availability

Following the completion of the analyst and institutional investor meet on February 09, 2026, Finkurve Financial Services has provided access to the audio recording of the earnings call. The recording covers discussions on the company's financial performance for the quarter ended December 31, 2025.

Strategic Focus and Market Position

Finkurve Financial Services operates as part of the Augmont Group ecosystem, leveraging over 25 years of gold industry experience. The company has strategically shifted its focus to retail gold loans, which now constitute 93% of its loan book as of Q3 FY26, compared to 39% in FY23. The presentation highlights the company's pan-India presence with 98 branches across four states - Telangana (47 branches), Andhra Pradesh (33 branches), Karnataka (13 branches), and Tamil Nadu (5 branches).

Asset Quality and Risk Management

The company maintained strong asset quality metrics with Net NPA at 0.54% in Q3 FY26, improved from 1.84% in Q3 FY25. Collection efficiency remained robust at 94% for the quarter. The company's conservative approach is reflected in its LTV ratio of 65.8% and diversified funding mix comprising term loans (43.4%), NCDs (29.9%), and overdraft facilities (26.7%).