Finkurve loans reach Rs 1,225 crore as debt mix shifts

Finkurve Financial Services Limited reported loans of Rs 1,225.0886 crore at September 30, 2026, up Rs 155.7504 crore from March 31, while borrowings through debt securities increased Rs 227.6654 crore to Rs 520.915 crore and other borrowings declined Rs 139.8254 crore. The balance-sheet movement coincided with Rs 18.0348 crore of half-year profit after tax.

How much did Finkurve’s loan book grow?

Finkurve’s loan book grew by Rs 155.7504 crore during the six months ended September 30, 2026, reaching Rs 1,225.0886 crore from Rs 1,069.3382 crore at March 31, 2026. This increase exceeded the Rs 128.477 crore growth in total assets, which rose to Rs 1,361.5184 crore from Rs 1,233.0414 crore over the same period. Cash and cash equivalents declined Rs 17.8855 crore to Rs 84.2364 crore, while other financial assets fell Rs 10.5133 crore to Rs 14.4318 crore.

Finkurve reported one business segment, financial services, with operations located in India. Its disclosures also list two co-lending arrangements in gold loans, where Finkurve acts as the originating regulated entity. Loans outstanding under these arrangements were Rs 19.5846 crore at September 30, 2026, the weighted average annual interest rate was 19.18%, and net non-performing assets, or NPAs, were Rs 18.35 lakh.

How did Finkurve’s borrowing mix change?

Finkurve moved its reported funding mix towards debt securities in the half year. Borrowings classified as debt securities rose to Rs 520.915 crore at September 30, 2026 from Rs 293.2496 crore at March 31, while borrowings other than debt securities declined to Rs 402.8577 crore from Rs 542.6831 crore. Combined borrowings increased Rs 87.84 crore to Rs 923.7727 crore, with the increase in debt securities more than offsetting the decline in other borrowings.

The six-month cash-flow statement records net proceeds of Rs 227.6654 crore from debt securities, compared with Rs 20.6314 crore in the six months ended September 30, 2025. It also records a net repayment of Rs 139.8253 crore in other borrowings, against net proceeds of Rs 117.0923 crore in the prior-year period. Separately, Finkurve said its secured listed non-convertible debentures aggregated Rs 521.1103 crore at September 30, 2026 and that it had maintained the requisite full security cover under the relevant debt documents.

What does Finkurve’s cash flow show about loan expansion?

Finkurve used Rs 47.2271 crore in operating activities during the six months ended September 30, 2026, compared with an operating cash outflow of Rs 206.3509 crore in the corresponding 2025 period. The cash-flow statement attributes Rs 156.6983 crore to the increase in loans given in the current period, lower than the Rs 241.7055 crore increase in loans given a year earlier. The reported cash-flow comparison therefore shows a smaller loan-related outflow than in the prior-year half.

Operating profit before working-capital changes rose to Rs 86.5439 crore from Rs 41.6429 crore, while profit before tax increased to Rs 24.1593 crore from Rs 14.2253 crore. Finance cost on borrowings in the operating reconciliation was Rs 56.6639 crore, versus Rs 14.9164 crore a year earlier, and interest paid on borrowings was Rs 56.5639 crore. Financing activities generated net cash of Rs 30.0412 crore, compared with Rs 232.3221 crore in the prior-year half, leaving cash and cash equivalents at Rs 84.2364 crore.

What do Finkurve’s earnings and asset-quality figures show?

Finkurve reported profit after tax of Rs 18.0348 crore for the half year ended September 30, 2026, compared with Rs 11.01 crore in the corresponding 2025 period. Total income increased to Rs 166.213 crore from Rs 88.1784 crore, led by interest income of Rs 163.5918 crore against Rs 87.129 crore a year earlier. Finance costs rose to Rs 57.2936 crore from Rs 15.5252 crore, alongside the increase in total borrowings and debt-security funding.

Finkurve reported gross NPAs of Rs 32.449 crore at September 30, 2026, representing a gross NPA ratio of 2.63%. Net NPAs were Rs 29.1806 crore and the net NPA ratio was 2.37%, while the provision coverage ratio was 10.07%. The filing also reported a debt-equity ratio of 2.53, a capital to risk-weighted assets ratio of 28.74%, and net worth of Rs 364.5224 crore at the reporting date.

Conclusion

Finkurve’s half-year balance sheet shows loan growth of Rs 155.7504 crore to Rs 1,225.0886 crore, funded alongside a Rs 227.6654 crore increase in debt-security borrowings and a Rs 139.8254 crore reduction in other borrowings. Income rose to Rs 166.213 crore and profit after tax to Rs 18.0348 crore, while operating cash flow remained negative at Rs 47.2271 crore because of loan growth and other working-capital movements.

The next reported measures to watch are the carrying amount of debt-security borrowings, which was Rs 520.915 crore at September 30, 2026, and the gross NPA ratio of 2.63%. Finkurve also disclosed two gold-loan co-lending arrangements with Rs 19.5846 crore outstanding, and a default-loss guarantee described as 5% of disbursed amount by one party, making their future reported performance a specific item to monitor.