Apollo Finvest loans rise 44% as operating cash turns negative

Apollo Finvest (India) Limited reported loans of Rs 90.13 crore at September 30, 2026, up 44% from Rs 62.47 crore at March 31, 2026, while its half-year operating cash flow was a Rs 10.44 crore outflow. The cash-flow statement recorded a Rs 29.76 crore increase in loans during the period, exceeding profit after tax of Rs 9.81 crore.

How much did Apollo Finvest’s loan book grow?

Apollo Finvest’s loans increased by Rs 27.66 crore, or about 44%, over the six months ended September 30, 2026. The balance-sheet loan figure reached Rs 90.13 crore, compared with Rs 62.47 crore at March 31, 2026. Loans were the largest financial asset, accounting for Rs 90.13 crore of total financial assets of Rs 117.03 crore at the September reporting date.

The expansion altered the composition of Apollo Finvest’s financial assets. Investments fell to Rs 17.37 crore at September 30 from Rs 29.31 crore at March 31, a reduction of Rs 11.95 crore, while cash and cash equivalents increased by Rs 1.11 crore to Rs 4.59 crore. Other receivables rose to Rs 4.74 crore from Rs 2.00 crore, an increase of Rs 2.74 crore.

Why was Apollo Finvest’s operating cash flow negative?

Apollo Finvest recorded a Rs 10.44 crore net cash outflow from operating activities for the half-year ended September 30, 2026, principally because its cash-flow statement records a Rs 29.76 crore increase in loans. Profit before income tax was Rs 13.34 crore, but operating adjustments and changes in assets and liabilities reduced cash generated from operations to a negative Rs 9.60 crore. Income taxes paid added a further Rs 0.84 crore outflow.

The cash-flow statement distinguishes reported profit from cash absorbed in the period. It included Rs 3.47 crore of impairment on loans and other assets and Rs 0.44 crore of depreciation and amortisation, while deducting Rs 1.36 crore of non-cash interest income and Rs 0.72 crore of fair-value gains on investments. Trade receivables increased by Rs 2.74 crore, whereas increases in other financial liabilities and other non-financial liabilities provided Rs 2.03 crore and Rs 2.91 crore, respectively.

Cash nevertheless increased over the half year. Apollo Finvest reported a Rs 12.55 crore net investing cash inflow, including Rs 12.67 crore from purchases or sales of investments, and a Rs 1.01 crore net financing cash outflow. Those movements resulted in a Rs 1.11 crore increase in cash and cash equivalents, from Rs 3.48 crore at the start of the financial year to Rs 4.59 crore at September 30, 2026.

How did Apollo Finvest’s half-year earnings change?

Apollo Finvest reported profit after tax of Rs 9.81 crore for the half-year ended September 30, 2026, compared with Rs 4.05 crore in the corresponding half-year ended September 30, 2025. Total income rose to Rs 25.49 crore from Rs 10.41 crore. Interest income was Rs 12.35 crore and fee and commission income was Rs 12.18 crore in the 2026 half year.

Expenses rose alongside income during the half year. Impairment on financial instruments increased to Rs 3.47 crore from Rs 0.60 crore a year earlier, while fee and commission expense increased to Rs 4.14 crore from Rs 2.01 crore. Employee benefits expense rose to Rs 2.49 crore from Rs 1.86 crore, and profit before tax reached Rs 13.34 crore versus Rs 5.45 crore in the prior-year half year, which included Rs 1.96 crore of exceptional items.

The September 2026 quarter contributed Rs 6.45 crore of the half-year profit after tax, compared with Rs 3.35 crore in the June 2026 quarter. Quarterly total income was Rs 16.79 crore in September, against Rs 8.70 crore in June, while impairment on financial instruments increased to Rs 2.97 crore from Rs 0.49 crore. Basic earnings per equity share were Rs 26.27 for the half year, compared with Rs 10.86 in the corresponding 2025 period.

What do Apollo Finvest’s liabilities and co-lending disclosures show?

Apollo Finvest’s total assets rose to Rs 121.95 crore at September 30, 2026, from Rs 104.74 crore at March 31, 2026, while total liabilities increased to Rs 37.86 crore from Rs 30.45 crore. Equity rose by Rs 9.80 crore to Rs 84.09 crore, as other equity increased to Rs 80.36 crore from Rs 70.56 crore. Debt securities were unchanged at Rs 15.11 crore and deposits rose by Rs 0.97 crore to Rs 3.18 crore.

Apollo Finvest disclosed co-lending activity in personal loans as a partner regulated entity. It reported 25,175 disbursements in the half year, total disbursements of Rs 36.19 crore and a weighted average annual interest rate of 38.27%. Gross outstanding under the arrangement was Rs 41.93 crore at September 30, including Rs 41.82 crore of standard loans and Rs 0.11 crore of non-performing loans, while half-year write-offs were Rs 0.47 crore.

Apollo Finvest disclosed nil loans transferred or acquired through assignment or novation, and nil stressed loans transferred or acquired, for the half year ended September 30, 2026. It also reported nil co-lending activity as an originating regulated entity. The board approved the unaudited results on November 4, 2026, and the auditor’s review report dated the same day stated that nothing had come to its attention to indicate a material misstatement.

Conclusion

Apollo Finvest’s September 2026 half-year results show a balance-sheet shift towards loans, which increased by Rs 27.66 crore to Rs 90.13 crore as investments declined by Rs 11.95 crore. Profit after tax rose to Rs 9.81 crore, but the Rs 29.76 crore increase in loans shown in the cash-flow statement contributed to a Rs 10.44 crore operating cash outflow.

The next reported period will show whether Apollo Finvest maintains loan growth while impairment changes from the Rs 3.47 crore reported for the half year and co-lending performance develops from Rs 41.93 crore of gross outstanding at September 30, 2026. Management also said it will evaluate any additional effect of the New Labour Codes when related rules or government clarifications are notified; it recorded an estimated incremental gratuity charge of Rs 1.40 lakh for the half year.