Finkurve Financial Services Ltd. · NSE:FINKURVE
Finkurve Financial Services — Q2 FY27 Earnings Presentation
39 slides from Finkurve Financial Services's earnings presentation, Nov 5, 2026
Slide 1: Exchange cover letter: presentation for analyst/institutional investor meet
November 5, 2026 To, To, Listing Department The Manager – Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Dalal Street, ‘Exchange Plaza’ Bandra Kurla Complex, Mumbai – 400 001 Bandra (East) Mumbai 400051 Scrip Code: 508954 NSE Symbol: FINKURVE De
Slide 2: Investor Deck – Sept'26 (Q2 & H1 FY27)
Investor Deck –Sept’26 (Q2 & H1 FY27) NBFC License No. 13.00316 Website - www.arvog.com
Slide 3: Augmont Group: Leading Pioneers Of Gold In India
Augmont Group: Leading Pioneers Of Gold In India Scale Of Operations: Among The Largest One Of India’s Largest Gold & Silver SPOT Platform 5 Cr+ 230+ Traded: ~53 Tonnes Of Gold & Customers Partners 1,049 Tonnes Of Silver In FY26 118 900+ Gold For All Centers People Employed Among India’s Leading Gol
Slide 4: Augmont's Journey So Far
Augmont’s AUGMONT ENTERPRISES LTD Gold Refinery & Digital Platform For Gold Journey So Far Products Turnover (H1 FY27): INR 34,781 Cr Listed - FINKURVE FINANCIAL SERVICES LTD Tech Enabled NBFC AUM (H1 FY27): INR 1,312 Cr 2002 2003 2008 2012 2013 2019 2020 2021 2023 2024 2025 2026 Paper Gold Gold SPO
Slide 5: Vision & Mission
Vision & Mission VISION MISSION Becoming India's Most Trusted Technology-led Gold Lending Institution. Delivering Fast, Secure & Responsible Credit Solutions To redefine secured retail lending by combining technology, deep gold expertise and responsible lending practices, making formal Committed to
Slide 6: Entire Gold Ecosystem Under One Roof
We Brings The Entire Gold Ecosystem Under One Roof Making Gold Loans A Cornerstone Of Its End-to-end Gold Offering.
Slide 7: Performance Highlights
Performance Highlights In Rs. crore Metric Q2FY27 Q2FY26 YoY Q1FY27 QoQ Assets Under Management* 1,311.5 671.3 95.4% 1,270.4 3.2% Gold Kgs under 1,162.0 889.1 30.7% 1,167.5 0.5% management Branches 122 92 32.6% 118 3.4% Active Customers (GL) 33,019 22,493 46.8% 31,522 4.7% Leverage 2.53 1.14 121.9%
Slide 8: Strategic Foundation
Strategic Foundation Technology-Led Gold Ecosystem Strength Operating Platform & Promoter Legacy • Proprietary Loan Origination & Management • 100-year leadership in India’s gold industry, System including the first Gold ETF filing • Built in RBI compliant controls and audit trails • India’s leading
Slide 9: What sets Finkurve Apart?
What sets Finkurve Apart? Built on India's Purpose-built Scalable Capital & Proven Execution Largest Gold Ecosystem Gold Intelligence Platform Governance Platform • 100+ years of family legacy in gold • Proprietary Loan Origination & • Strong governance framework • 25+ years of institutional bullion
Slide 10: Promoter Group Legacy
Promoter Group Legacy Over 25+ year of gold industry experience 25 • Build flagship brand “Augmont” over the past 2 and a half decade • Filed worlds first Gold ETF with SEBI • Expanded into India’s largest digital gold platform serving 37+ mn customers India’s lending digital gold ecosystem • Refine
Slide 11: Promoter & Board of Directors
Promoter & Board of Directors Ketan Kothari Priyank Kothari Nishant Himadri Promoter – Director Director Ranka Bhattacharya • Portfolio and risk • CA with over 18 years of management expert with • MBA from Nottingham • Masters in Entrepreneurship, experience in over three decades of University, UK I
Slide 12: Key Managerial Personnel
Key Managerial Personnel Aakash Jain, Kajal Parmar, Chief Financial Officer: Company Secretary: Advisory Board • 12+ years of experience across finance, • ~5 years of experience in secretarial and investment banking and corporate regulatory compliance advisory • Expertise in corporate secretarial ma
Slide 13: Arvog: Journey So Far
Arvog: Journey So Far FY26 INR 111.5 cr raised through From Legacy Leasing To on NSE-listed Retail Financial Force FY25 preferential Partnered issue of equity FY23-24 shares FY22 with RBL Bank Divested Shifted focus for co- Listed on NSE from Arvog on retail loan lending of book and gold loans Trans
Slide 14: Operates within India's Integrated Gold Ecosystem
Operates within India’s Integrated Gold Ecosystem Augmont’s Integrated Gold Ecosystem WIDE ECOSYSTEM REACH Augmont’s deep presence across the gold value chain connects Gold Refining Bullion Digital Gold with millions of customers and Jewellery Import Distribution Gold ETF partners at multiple touchp
Slide 15: From Traditional Gold Lender to Integrated Gold Platform
From Traditional Gold Lender to Integrated Gold Platform Why Finkurve is Structurally Different from Conventional Gold Loan NBFCs Traditional Gold Loan NBFC Finkurve Financial Services Business Model Operates primarily as lender Integrated participant across gold ecosystem Customer Acquisition Origi
Slide 16: Gold Loan Industry: Structural Opportunity in Growing Market
Gold Loan Industry | Structural Opportunity in Growing Market Industry AUM has expanded rapidly, while household gold remains under-monetised through organised lending channel The Underlying Opportunity Gold loan industry AUM | ₹ tn ~28% CAGR ~30.5E ~28k tons ~₹391 tn Estimated household Estimated h
Slide 17: Gold Loans: New Markets Driving Growth
Gold Loans | New Markets Driving Growth The industry is evolving beyond traditional southern concentration, with organised lenders and secured borrowing gaining relevance Market Share (by POS) Growth Drivers Penetration Expansion Shift Towards Organized Lending 18% Only a small portion of household
Slide 18: Shifting focus to Retail Gold Loans
Shifting focus to Retail Gold Loans A decisive strategic transformation moving away from corporate lending toward a retail-first gold loan model that now dominates the loan book. Gold Loan % Corporate Loans Strategic Shift Legacy focus — high-value, A deliberate pivot toward 91% 91% 93% 95% 96% 89%
Slide 19: Key Offerings with Retail Focus
Key Offerings with Retail Focus A dual-engine lending strategy combining the security of physical collateral with the agility of cash-flow underwriting. SECURED UNSECURED Asset-Backed Secured Credit Cash-Flow Based Credit Gold loans secured against physical gold collateral, with loan amounts determi
Slide 20: Gold Loan Strengths
Gold Loan Strengths STRONG CENTRALIZED SYSTEM LOWEST FRAUD LEVELS DUAL-CHECKING MECHANISM All branches operate on a centralized Continuous video monitoring and in-person Maker checker framework ensures that every platform with real-time tracking of loans, verification reduce unauthorized access and
Slide 21: Pan India Presence
Pan India Presence Arvog Gold Loan Branches & Avg. GL AUM (Rs. Cr) Gold Loan states & No of Touchpoints 122 105 73 60 10.4 9.9 31 57 Telangana 17 5.3 44 Andhra Pradesh 13 3.0 2.8 3.2 Karnataka 122 Branches 08 Tamil Nadu FY22 FY23 FY24 FY25 FY26 H1 FY27 Digital presence Branch Avg Gold loan AUM
Slide 22: Expansion Strategy
Expansion Strategy Branch Expansion: • Cluster-led expansion in high gold-ownership Tier-2/3 markets to drive repeat borrowing, operating leverage, and predictable AUM growth. • Expand branches in regions with high household gold holdings to drive secured credit growth. • Enter underbanked locations
Slide 23: Lenders Profile
Lenders Profile NBFCs Banks Co-lending of Gold Loans NCD’s
Slide 24: Co-Lending - Accelerating Growth
Co-Lending - Accelerating Growth BENEFITS TO ARVOG Company has entered a strategic co-lending partnership with Godrej Finance & RBL Bank to jointly offer gold loan products under • Grows AUM without funding the full loan on its own the Reserve Bank of India’s co-lending framework. balance sheet • Fa
Slide 25: Funding Mix & Cost of Borrowing
Funding Mix & Cost of Borrowing Weighted Avg. Cost of borrowing (%) 11.1 11.2 11.2 11.1 11.3 Funding Mix Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 56.6% 7.4% Incremental Cost of borrowing (%) 11.8 11.5 11.2 11.5 11.1 36.0% Term Loans NCD OD/WCDL/ICDs Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Diversified
Slide 26: Overall Portfolio Analysis - Quarterly
Overall Portfolio Analysis - Quarterly Total AUM (INR cr) Collection Efficiency 10 14 21 38 78 93.5% 94.9% 97.9% 98.0% 90.1% 1,270 1,312 1,096 833 671 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Off book AUM included in the over all AUM GNPA (%) NNPA (%) 2.37% 2.63% 1.13% 0
Slide 27: AUM Breakup
AUM Breakup AUM Breakup (Including off book) AUM Composition (%) 6 2.2% 1.0% 9 1.7% 0.7% 0.5% 48 5.0% 3.4% 3.9% 42 6.8% 3.9% 11 42 14 41 14 45 1,219 1,257 93.3% 95.1% 95.8% 95.6% 91.0% 1,043 778 612 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Other Personal Loan Gold Loan O
Slide 28: Segment Wise Loan Yields
Segment Wise Loan Yields Interest Income (in Crs) Interest Income Composition (%) 0.6 1.2% 1.0% 0.7% 0.2% 0.7% 0.1 24.4% 26.7% 23.7 28.1% 30.1% 0.5 40.4% 18.2 0.5 19.9 0.6 14.4 19.3 70.9% 75.5% 72.6% 64.5 69.2% 56.4 58.4% 45.8 36.3 27.9 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27
Slide 29: Gold Loan Analysis - Quarterly
Gold Loan Analysis - Quarterly Gold Loan Gold Holdings (Kg) 1400 20.0% 20.8% 22% 20.9% 1,167 1,162 1200 20.1% 20.1% 1,076 971 1000 20% 889 800 600 18% 400 200 612 778 1,043 1,219 1,257 0 16% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 GL (incl Off book) Yield on Avg book Av
Slide 30: Key Ratios
Key Ratios Capital Adequacy Return on Average Equity 47.1% 10.7% 39.1% 9.4% 9.7% 31.0% 8.4% 26.6% 28.7% 7.3% Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Return on Average Loan Asset Debt to Equity (x) 3.9% 3.7% 3.3% 2.88 3.0% 2.42 2.53 2.9% 1.67 1.15 Q2 FY26 Q3 FY
Slide 31: ROA Tree: Quarterly Comparison
ROA Tree | Quarterly Comparison Particulars Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Interest income / Average AUM 31.1% 27.0% 27.4% 25.3% 27.5% Less: Interest expense / Average AUM (5.5%) (7.2%) (8.2%) (9.0%) (9.5%) Net Interest Margin 25.6% 19.8% 19.2% 16.2% 18.0% Fee & Commission income / Average
Slide 32: Profit & Loss Statement – Q2 FY27
Profit & Loss Statement – Q2 FY27 Particulars (INR Cr) Q2 FY27 Q1 FY27 QoQ (%) Q2 FY26 YoY (%) Revenue From Operations Interest Income 88.80 74.79 47.69 Fees And Commission Income 0.69 0.06 0.22 Net Gain On Fair Value Changes 0.44 0.26 0.14 Total Revenue From Operations 89.93 75.10 19.75% 48.05 87.1
Slide 33: Profit & Loss Statement – H1 FY27
Profit & Loss Statement – H1 FY27 Particulars (INR Cr) H1 FY27 H1 FY26 YOY (%) Revenue From Operations Interest Income 163.59 87.13 Fees And Commission Income 0.75 0.62 Net Gain On Fair Value Changes 0.69 0.18 Total Revenue From Operations 165.04 87.93 87.70% Other Income 1.18 0.25 Total Income 166.
Slide 34: Balance Sheet as on 30th Sept'26
Balance Sheet as on 30th Sept’26 As on 30th As on 31st As on 30th As on 31st Liabilities (INR Cr) Assets (INR Cr) Sep’26 Mar’26 Sep’26 Mar’26 Financial Liabilities Financial Assets Total O/S Dues Of Micro Cash And Cash Equivalents 84.24 102.12 12.79 13.50 Enterprises And Small Enterprises Total O/S
Slide 35: CSR
CSR As part of our ongoing CSR initiatives, we conducted a distribution program at Balasadan in Kamareddy. District Child Protection Officer Smt. Sravanthi and Child Welfare Committee member Smt. Swarnalatha distributed laptops and school bags to the children, reinforcing our continued commitment to
Slide 36: CSR
CSR As part of our CSR initiative, we had the privilege of distributing laptops and school bags to children at Adarsha Foundation for Boys and Girls, Hyderabad, contributing to their educational journey and empowering them with essential learning resources.
Slide 37: CSR
CSR Nizamabad District Collector Smt. Ila Tripathi distributed laptops and school bags to children of Manavatha Sadan orphanage. This initiative was carried out as part of a CSR program. The support will help enhance their learning opportunities. A meaningful step towards empowering underprivileged
Slide 38: Shareholding as on 30th Sept 2026
Shareholding as on 30th Sept 2026 Shareholding (%) BSE Ticker 508954 30.7% NSE Symbol FINKURVE No. of Shares outstanding 14,01,43,988 56.2% No. of Shareholders 3,900+ 13.1% No. of Bondholders 30K + Non Banking Industry Financial Promoters Group (Ketan Kothari & Others) Company Thomas John Muthoot (O
Slide 39: Thank You!
Thank You! For more information please contact: Adfactors PR – Investor Relations Finkurve Financial Services Ltd. Mr. Smit Shah / Ms. Forum Goshar Mr. Aakash Jain Email id – Email id – smit.shah@adfactorspr.com / investorrelations@arvog.com forum.goshar@adfactorspr.com
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