💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 36% YoY to INR 139.1 Cr in H1 FY26. Segment mix: Personal Loans (86.06%), Business Loans (11.45%), Home Loans (1.78%), and Others (0.71%). Channel mix: Agent channel (84.41%) and Digital channel (15.59%).

Geographic Revenue Split

Pan-India presence across 30+ states and union territories, covering 19,000 pin codes via 2,500+ master agents.

Profitability Margins

EBITDA margin remained stable at 6.5% in H1 FY26. PAT margin was 3.6% (INR 5.12 Cr), growing 34% YoY. Digital segment achieves ~16% EBITDA margin compared to ~6% for the agent-led segment.

EBITDA Margin

6.5% in H1 FY26, representing INR 9.1 Cr in absolute EBITDA, a 37% YoY increase.

Capital Expenditure

INR 71 Cr raised via IPO in November 2025 to fund technology, customer insights, analytics, and growth.

Credit Rating & Borrowing

Not disclosed in available documents; however, the company maintains an RBI-licensed NBFC (LTCV Credit) with capital sufficient to meet regulatory guidelines.

⚙️ Operational Drivers

Raw Materials

Customer leads (85% sourced via agent network) and lending capital/products from 100+ partner banks and NBFCs.

Import Sources

Sourced domestically across 19,000 pin codes in India.

Key Suppliers

100+ lending partners including HDFC Bank, ICICI Bank, Bajaj Finance, Tata Capital, KreditBee, and Navi.

Capacity Expansion

H1 FY26 disbursals reached INR 4,247 Cr; company targets INR 9,700 Cr in total disbursals for FY26, representing a 35% YoY growth.

Raw Material Costs

Agent payouts represent the primary cost, with 90% of revenue shared with agents in the physical distribution segment.

Manufacturing Efficiency

Funnel efficiency metrics: 31% of applications meet risk criteria; 26% of potential funnel results in soft approvals.

Logistics & Distribution

Distribution is managed via a network of 2,500+ master agents and 50,000+ last-mile agents.

📈 Strategic Growth

Expected Growth Rate

35%

Growth Strategy

Achieving growth through a 'Flywheel' effect: leveraging agent-led data to power high-margin digital conversions; scaling the digital channel to improve overall EBITDA margins from 6.5% toward the 16% digital segment benchmark; and expanding the product suite to include insurance (wellness scaled to INR 50L premium/month) and credit cards.

Products & Services

Personal Loans, Business Loans, Home Loans, Insurance policies, and Credit Cards.

Brand Portfolio

Finance Buddha, LTCV Credit (NBFC arm).

New Products/Services

Wellness insurance (INR 50L monthly premium), credit card cross-selling, and strategic use of the NBFC arm for funnel optimization.

Market Expansion

Expansion into Tier 2 and Tier 3 cities; added 350 new master agents in H1 FY26 to strengthen last-mile reach.

Market Share & Ranking

Currently holds <1% market share in the estimated $10 trillion consumer credit market.

Strategic Alliances

Partnerships with 100+ financial institutions including major banks (HDFC, ICICI) and fintechs (KreditBee, Navi).

🌍 External Factors

Industry Trends

Shift from pure physical agent models to hybrid digital platforms; retail credit in India reached INR 82 trillion in FY25 with increasing digital penetration.

Competitive Landscape

Competes with large platforms like Andromeda (INR 1,500 Cr revenue) and smaller players like MyMudra (1/3 the size of Finbud).

Competitive Moat

Sustainable moat built on a 4.5 Cr+ customer data lake ('Borrower Graph') which reduces Digital CAC and improves conversion rates through predictive behavioral signatures.

Macro Economic Sensitivity

Highly sensitive to RBI monetary policy and regulatory changes regarding unsecured retail credit.

Consumer Behavior

Increasing demand for multi-lender choice and digital-first fulfillment journeys.

Geopolitical Risks

Minimal, as the business model is focused on the Indian domestic credit market.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI regulations on NBFC capital adequacy and digital lending guidelines; recent RBI tightening on unsecured loans has impacted industry growth rates.

Environmental Compliance

Not applicable for a financial services aggregator.

Taxation Policy Impact

Effective tax rate of approximately 28% (INR 2.0 Cr tax on INR 7.12 Cr PBT in H1 FY26).

⚠️ Risk Analysis

Key Uncertainties

Regulatory shocks in the unsecured lending space (86% of revenue) and high revenue share (90%) to agents limiting margin expansion in the physical segment.

Geographic Concentration Risk

Low; diversified across 30+ states and 19,000 pin codes.

Third Party Dependencies

High dependency on 100+ lending partners, specifically the top 5 who provide 70% of disbursal capacity.

Technology Obsolescence Risk

Risk of digital platforms being outpaced by AI-driven competitors; mitigated by INR 71 Cr investment in tech and analytics.

Credit & Counterparty Risk

Zero credit risk for the aggregator business; NBFC arm carries minimal risk as it is currently used primarily for funnel optimization.