Aye Finance: BSE fine, Q3 FY26 PAT up 87% in 2026

Why Aye Finance is in focus

Aye Finance Limited, a micro-MSME focused NBFC, disclosed that BSE Limited has imposed a monetary penalty for delayed submission of its Q3 FY26 unaudited financial results. The disclosure was made through a regulatory filing dated March 14, 2026, after the company received BSE’s notice on March 13, 2026. The development puts attention on compliance timelines under SEBI’s listing framework, especially for listed debt issuers and entities with ongoing capital market activity.

At the same time, the company’s Q3 FY26 performance disclosures show strong year-on-year growth in key operating metrics. This combination of a compliance fine and improving financial performance shaped investor attention around the stock and the company’s disclosures.

What BSE penalised and when

BSE’s notice relates to delays and missing prescribed disclosures connected to the unaudited financial results for the quarter ended December 31, 2025 (Q3 FY26). The fine was levied under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. According to the disclosure, the penalty amount totals ₹1,48,680.

Aye Finance said the fine covers non-compliances under Regulation 52, Regulation 52(4), and Regulation 54(2). These provisions broadly deal with timely submission of financial results by listed entities with debt securities, specific line-item disclosures that must accompany results, and security cover related disclosures for non-convertible debentures (NCDs).

Fine breakdown and per-day penalty structure

The company provided a breakup of the fine and GST, along with the cited regulations. It also stated the per-day computation approach described in the notice.

As per the company’s note, Regulation 52 violations attract ₹5,000 per day, while Regulation 52(4) and Regulation 54(2) attract ₹1,000 per day each. The filing does not specify the number of days used in the computation, but it links the fine to a delay versus the applicable deadline.

Company’s prior intimation and stated reason for delay

Aye Finance said it had informed BSE in advance about a potential delay on February 11, 2026, which was three days ahead of the February 14, 2026 deadline referenced in the disclosure. The company attributed the delay to its ongoing Initial Public Offering process, stating that this process affected the preparation of financial results for the quarter and nine months ended December 31, 2025.

The company also said that the trading window remained closed for designated persons and their immediate relatives from January 1, 2026 until 48 hours after declaration of results.

Compliance actions required under the notice

BSE’s notice, as summarised in the disclosure, lays out specific steps the company must take to prevent continued penalty computation and to complete the compliance loop. The company stated that it is required to:

• Pay the fine amount within 15 days from March 13, 2026
• Submit required financial disclosures to avoid continued penalty computation
• File any waiver request through the BSE listing portal within 15 days
• Place the matter before the Board of Directors at the next Board meeting

Aye Finance also mentioned administrative payment modes, including electronic transfer to BSE’s designated bank account or payment via cheque, along with documentation requirements such as GST details and compliance officer certification.

Q3 FY26 results: income and profitability snapshot

Separately, Aye Finance disclosed unaudited Q3 FY26 financial results for the quarter ended December 31, 2025, which were reviewed by the Audit Committee and approved by the Board on March 6, 2026. The company also indicated that these financial results were published in Financial Express (English) and Jansatta (Hindi) on March 7, 2026.

Key numbers disclosed across the updates include total income of ₹449 crore in Q3 FY26, up 21.3% year-on-year, and profit after tax (PAT) of ₹43 crore, up 87% year-on-year. A separate results summary also cited operating revenue of ₹442.8 crore, other income of ₹12.2 crore, total income of ₹455 crore, and total expenses of ₹401.1 crore for the quarter.

Asset quality and credit cost indicators

The company highlighted collection efficiency improvements as a key indicator of portfolio health. It reported non-overdue collection efficiency of 99.3% in December 2025 and 99.4% in February 2026. It also reported bucket 1 collection efficiency of 60% in February 2026, compared with 42.8% in April (as stated in the update).

Credit cost was disclosed at ₹83 crore in Q3 FY26, described as 4.67% of AUM, and indicated as declining over four quarters. The results summary also stated credit cost declined 10% to ₹83 crore from ₹86 crore in the preceding September quarter and ₹92 crore in Q3 FY25.

Growth metrics: AUM, disbursements and reach

Aye Finance reported assets under management (AUM) of ₹6,356 crore, up 23.5% year-on-year. Disbursements in Q3 FY26 were disclosed at ₹1,310 crore, up 35% year-on-year, and the company said it added 41,015 new borrowers during the quarter. It also disclosed operating scale indicators including 5.23 lakh loans and a branch network of 527 branches across 18 states.

The company reiterated a full-year FY26 AUM growth guidance of 29% to 30% in its communications.

Earnings call and disclosures linked to Q3 FY26

Aye Finance conducted an earnings conference call on March 6, 2026 from 4:00 PM to 4:53 PM (IST), and stated that the audio recording was made available on its website. The company also referenced the availability of a transcript and an investor presentation on unaudited Q3 FY26 financial results through exchange filings under Regulation 30.

In stock performance data shown alongside the updates, the snapshot reflected +5.21% for 1 day, +14.84% for 5 days, +21.62% for 1 month, and -3.50% for 6 months, 1 year, and 5 years.

IPO context mentioned in the updates

The updates referenced the company’s IPO and its link to the results timeline. Another disclosure note stated the IPO comprised a fresh issue of ₹710 crore and an offer-for-sale (OFS) of ₹300 crore, and that it was subscribed 97%. The company also communicated a net worth figure of ₹1,773 crore (as of December 2025) and linked it to the primary raise of ₹710 crore.

What investors can track next

From a compliance standpoint, the immediate checkpoints are the 15-day window from March 13, 2026 for fine payment, disclosures submission, and any waiver filing through the BSE portal, as described in the notice summary. The company also indicated the matter must be presented to its Board at the next meeting.

From an operating standpoint, the disclosures to monitor are subsequent quarters’ credit cost trajectory, collection efficiency levels, and progress against the 29% to 30% FY26 AUM growth guidance that the company reiterated.

Conclusion

Aye Finance’s filings show two parallel threads: a ₹1,48,680 BSE penalty linked to delayed and incomplete Q3 FY26 disclosures, and a quarter in which it reported ₹449 crore total income and ₹43 crore PAT. The next formal milestones are completion of the compliance actions outlined in the notice and subsequent periodic disclosures that reflect how operating metrics such as collection efficiency and credit cost trend after Q3 FY26.