Finkurve Financial Services Ltd Q1 FY27 Results

Finkurve Financial Services' standalone total income rose 89.4% YoY (and 9.6% QoQ) to ₹75.82 Cr in Q1 FY27, with reported PAT of ₹8.44 Cr, up 65.8% YoY and 4.9% QoQ. Basic EPS was ₹0.60 versus ₹0.38 a year ago and ₹0.58 last quarter. However, the reported PAT growth is largely an artifact of provisioning: impairment/credit-loss charges fell to just ₹0.20 Cr this quarter from ₹4.78 Cr a year ago (and ₹7.10 Cr in Q4 FY26). Normalizing PBT for that swing puts underlying PBT down roughly 3% YoY and adjusted PAT down roughly 2% YoY — a materially different picture from the headline. Net profit margin (on total income) compressed to 11.13% from 12.72% a year ago and 11.62% last quarter, despite the topline surge.

The revenue growth itself is core-lending-driven: interest income nearly tripled YoY, up 181% to ₹74.79 Cr, consistent with aggressive book scaling. Total revenue growth of 88.3% (on revenue from operations) actually understates this, because fee and commission income — an unusually elevated ₹13.24 Cr in the year-ago quarter — normalized to near-zero (₹0.06 Cr) this quarter, in line with the ₹0.16 Cr run-rate already seen in Q4 FY26. The year-ago base therefore included a one-off fee spike that flatters neither direction cleanly — it inflates the prior-year comparator even as the loan book itself grew sharply.

The stock went into the print at ₹64, down 0% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 5 consecutive quarters.

Management gives no specific quarterly guidance in this filing; the only prior outlook on record is the FY27 target of 40-50% YoY AUM growth and long-term ROE/ROA goals of 17-18%/3.5-4%, none of which can be checked against this filing since AUM is not disclosed here. Asset quality stayed comfortable — gross NPA 0.54%, net NPA 0.48%, CRAR 26.63%, provision coverage 10.45% — consistent with management's stated 'disciplined, risk-adjusted growth' framing from the last call. During the quarter the company raised ₹199 Cr via NCDs (May-June 2026) and confirmed no deviation in use of the ₹141.50 Cr preferential-issue proceeds, of which ₹111.50 Cr has been utilised and ₹30 Cr (pending warrant subscription) is yet to be received; debt-equity stood at 2.88x. No street estimates for this quarter were found (small-cap, no visible analyst coverage), so vsStreet is marked unknown. What it sets up: whether the unusually low provisioning level persists or reverses in coming quarters will determine if the reported PAT growth rate holds once this base effect fades.