Finance Buddha FY26: Building a full-stack retail credit franchise

Consolidated total income was INR 317.9 crore in FY26, EBITDA was INR 19.9 crore and PAT was INR 11.6 crore, as per the audited consolidated P&L in the investor presentation.

The presentation states an 86% to 14% revenue mix between the agent business and digital in FY26, and also states agent business FY26 turnover of INR 273 crore and Zap revenue of INR 41 crore.

Zap targets INR 300 crore revenue and INR 75 crore EBITDA by FY30, with EBITDA margin improving from 14% (FY26) to 25% (FY30), according to the FY30 targets slide.

Equall is the group’s RBI-approved NBFC. The presentation’s Apr 1, 2026 snapshot reports ~18,567 applications, 2,563 hard BPE approves, ~394 disbursals totaling ~INR 6 crore and on-book AUM of ~INR 5.3 crore.

Management stated revenue from operations grew to INR 160 crore in FY26 (from INR 91 crore in FY25), EBITDA to INR 23 crore (from INR 14 crore) and PAT to INR 14 crore (from INR 9.5 crore).

Management guided FY27 top line of around INR 200 to 250 crore and said operating margins should be almost the same as FY26.