Rating
The rating of an issuer company reflects its past growth and performance. The rating increases when the company consistently performs well and decreases when it is not performing well.
The rating agency for this Bond is CARE Ratings.
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Finkurve Financial Services Jun '28
₹10,141.29YTM
12.00%Tenure left
22 monthsInterest payout
QuarterlyPrincipal payout
MaturityBond details
Minimum investment₹10,141.29
Date of maturity16 Jun 2028
ISININE734I07115
Bond typeSenior Secured
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About
Finkurve Financial Services Limited (FFSL) is registered with the RBI as a non-deposit-taking Non-Banking Financial Company (NBFC) that operates retail lending under the brand name 'Arvog'. Originally established in 1984 as Sanjay Leasing Limited, it obtained its NBFC license in 1998 and was acquired by the current promoter, Ketan Kothari, in 2010. FFSL initiated its retail lending operations in 2019 and launched its core gold loan business in October 2020. The company is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), with the promoter family holding a 56.24% equity stake as of March 31, 2026. FFSL provides gold loans and unsecured personal loans primarily to customers in Tier-II and Tier-III cities across Southern India.;
Pros and Cons
Pros
Cons
The company possesses an adequate capitalization profile, supported by a tangible net worth of ₹345 crore and a total Capital Adequacy Ratio (CAR) of 31% as of March 31, 2026, which is comfortably above the regulatory requirement.
It demonstrates strong financial backing from promoters and investors, having raised ₹111.5 crore via a preferential allotment in H1FY26 with an additional ₹30 crore expected via share warrants in FY27.
The asset portfolio is heavily secured, as gold loans account for 95% of the total Assets Under Management (AUM), allowing the company to swiftly enforce and liquidate collateral to limit credit losses.
Asset quality metrics are highly comfortable, with Gross Stage 3 (GS3) and Net Stage 3 (NS3) ratios improving significantly to 0.13% and 0.09% respectively as of March 31, 2026, alongside zero write-offs in the gold loan portfolio.
The entity maintains profitable operations with a healthy Return on Total Assets (ROTA) of 3.04% and a profit after tax (PAT) that grew to ₹26 crore in FY26, driven by strong net interest margins and expanded AUM.
Other details
Clean price₹9,970.56
Dirty price₹10,141.29
Current yield11.36%
Security cover1.10X of POS
Issue sizeNA
Original bond tenure24 months
TrusteeCatalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Mode of issueNCD
Listed onNSE
Listing date16 Jun 2026
Coupon rate11.33%
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