Fynx Capital - Fynx Capital

📊 BSE: 507962 🏢 Non Banking Financial Company (NBFC) 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations was INR 0.2474 Cr (Rs. 24.74 Lakhs) in FY 2024-25, primarily generated through interest income. Specific percentage growth by segment is not disclosed, but the company is pivoting towards Supply Chain Finance (SCF) and personal finance solutions.

Geographic Revenue Split

100% of operations are confined to the domestic Indian market, which the company identifies as a weakness compared to global competitors.

Profitability Margins

Net Profit Ratio deteriorated significantly from -1996% in FY 2023-24 to -14817% in FY 2024-25. The company recorded a Net Loss of INR 2.49 Cr (Rs. 249.11 Lakhs) in FY 2024-25, a 99.1% increase in loss compared to INR 1.25 Cr (Rs. 125.12 Lakhs) in the previous year.

EBITDA Margin

Core profitability as measured by Return on Capital Employed (ROCE) improved from -25.87% in FY 2023-24 to -10.57% in FY 2024-25, although it remains negative. Return on Equity (ROE) also improved from -22% to -13% YoY.

Credit Rating & Borrowing

Debt-Equity Ratio decreased from 0.08 in FY 2023-24 to 0.00 in FY 2024-25, indicating the company has eliminated its long-term debt. Specific credit ratings and borrowing cost percentages are not disclosed.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company is a Non-Banking Financial Company (NBFC). The primary 'raw material' is capital/funding.

Import Sources

Not applicable.

Key Suppliers

Not applicable. The company relies on traditional banking channels and is looking to diversify funding sources to reduce reliance on them.

Capacity Expansion

Not applicable for financial services. However, the company is expanding its product portfolio to include unsecured loans and insurance packages.

Raw Material Costs

Not applicable. Interest expenses are the primary cost, though specific YoY changes in borrowing costs are not provided.

Manufacturing Efficiency

Not applicable. Net Capital Turnover Ratio decreased from 1.45% in FY 2023-24 to 0.09% in FY 2024-25, indicating lower efficiency in utilizing capital to generate revenue.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

15-17%

Growth Strategy

Growth will be driven by digital transformation, including AI-driven credit assessments and mobile-based engagement. The company plans to expand its product portfolio into unsecured loans, insurance, and working capital solutions while targeting underpenetrated segments like Gig Workers and MSMEs.

Products & Services

Supply Chain Finance (SCF) lending, personal finance solutions, MSME financing, Loans Against Property (LAP), and used vehicle financing.

Brand Portfolio

FynX Capital (formerly Rajath Finance Limited).

New Products/Services

Unsecured loans, comprehensive insurance packages, and dynamic working capital solutions are planned to enrich revenue streams.

Market Expansion

Targeting underpenetrated Gig Worker segments and expanding MSME financing across India.

Market Share & Ranking

Not disclosed. The company is not among the top 1000 entities by market capitalization.

Strategic Alliances

Co-lending partnerships with banks and fintech collaborations to optimize customer acquisition.

🌍 External Factors

Industry Trends

The NBFC sector AUM growth is expected to moderate to 15-17% in FY25-26 from 23% in FY24. The industry is shifting toward scale-based regulation by the RBI and increasing digitalization via fintech and AI.

Competitive Landscape

Intense competition from traditional banks, digital lenders, and fintech players which pressures margins and market share.

Competitive Moat

The company's moat is built on a technology-driven lending setup specifically for SCF and personal finance, combined with a customer-centric model. Sustainability depends on its ability to adapt to RBI's evolving regulatory framework and compete with fintech players.

Macro Economic Sensitivity

Highly sensitive to MSME sector health and interest rate cycles. A broad economic slowdown would lead to higher NPAs in transportation and MSME verticals.

Consumer Behavior

Increasing digitalization of MSMEs and demand for quick, mobile-based financial solutions are driving the shift toward digital lending platforms.

Geopolitical Risks

External risks include rising tariff barriers and geopolitical tensions affecting global trade, which indirectly impacts the Indian MSME export sector.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI scale-based regulations for NBFCs and SEBI Listing Obligations and Disclosure Requirements (LODR). The company became compliant with Regulation 17 to 27 of SEBI LODR w.e.f. March 25, 2025, after its paid-up capital exceeded INR 10 Cr.

Environmental Compliance

Not disclosed.

Taxation Policy Impact

Not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Credit risk and NPA management in a turbulent economic climate (high impact), regulatory changes by RBI (medium-high impact), and interest rate volatility (medium impact).