Annual reportSep 2026
Sep 2026 · General Updates 8 Sep - 14th AGM on 30 September 2026 via VC/OAVM; annual report 2025-26 shared.
Source: Nse
Finbud Financial Services Ltd. (FINBUD)
SME CapFinancial Services stocks · SME cap · NSE
FinBud Financial Services Ltd. operates an integrated retail-credit franchise across offline distribution, data, digital origination (Zap), and lending (Equall). It leverages a decade-old agent network and a 5 Cr customer data base to drive growth across its multi-layered platform.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 07:54 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -8.6% / mo · MACD +
Stock trend: 39
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
FINBUDD candles · FIT view-7.5%Latest close ₹117.10 on 2026-10-21
Daily history is available from 2025-11-13; the requested 1Y window is partially covered.
Bar
-2.4%
RSI
44
MACD hist
0.59
52W pos
46%
2026-10-21O ₹120.00H ₹120.05L ₹117.10C ₹117.10Vol 20,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
FINBUDNifty Financial ServicesNifty 500
- FINBUD
- -3.3%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- +3.2 pp
Chart stats
21 Oct 2026- From 52W high
- -29.0%
- 52W range position
- 46%
- ATR (14)
- 5.0%
- Volume vs 20D
- 0.84x
- Avg traded value
- ₹0.3 Cr
- 20D price channel
- ₹108 - ₹132.9
₹164.9
₹76 - ₹164.9
₹5.9
Latest completed session
20-session average
78.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model+25.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹177.1 Cr | NDF | NDF |
| EBITDA | ₹9.2 Cr | NDF | +2.4% |
| Operating margin | 5.2% | NDF | -179 bps |
| PAT | ₹6.4 Cr | NDF | NDF |
| PAT margin | 3.6% | NDF | -1 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 20.60
- P/B
- 2.08
- EV/EBITDA
- 13.15
- Market Cap
- 240.00Cr
Profitability
- ROE
- 15.40%
- ROCE
- 18.00%
- ROA
- 7.19%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 33.00%
- EPS 3Y
- 85.00%
Balance Sheet
- Debt/Equity
- 0.20
- Interest Coverage
- 6.00×
- Altman Z
- 6.07
- Book Value
- 60.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -13.00 Cr
- EPS TTM
- 6.12
Shareholding
- Promoter Hold
- 48.25%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 56%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 177+27.4% vs prev
Net Profit
₹ CrLatest: 6.3+27.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 44.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~9.4% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 29% off 52W high · 54% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
49
RS percentile
Stage 1 Base / Transition
1M return
-4.3%
3M return
-4.2%
6M return
-16.0%
1Y return
-
RS 1D
-4
RS 20D
-18
Sector rank
#10
Industry rank
#64
Stage evidence
- Price is within 4.6% of the 30-week proxy.
- The 30-week proxy changed +1.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
lagging
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
231 observations
21 Oct 2026Value 77.47-1.50%
RS vs Nifty 50077
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation5/30
Growth19/25
Quality9/20
Balance Sheet8/15
Cash Flow1/10
Piotroski
5/9 (+3)
Penalties
-3
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 25.0%.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
20.6
PB
2.1
EV/EBITDA
13.2
ROE
15.4%
ROCE
18.0%
FCF Yield
—
Debt/Equity
0.2
MoS
+25.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
42
Previous: 42
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+25.0%
Previous: +23.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
42
42
42
42
42
42
42
42
42
42
42
42
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹91.35
-28.2% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹156.06
+25.0% MoS
PEG
0.56
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
IBLFL
SME
IBL Finance Ltd.
NBFC
match 158
14
60.3
4.1%
-136%
OVERVALUED
DCCL
SME
Dar Credit & Capital Ltd.
NBFC
match 155
52
5.4
11.4%
+79%
FAIR VALUE
BAIDFIN
Small
Baid Finserv Limited
NBFC
match 155
42
11.0
7.3%
+62%
WATCHLIST
CPCAP
Small
CP Capital Limited
NBFC
match 154
60
6.4
7.6%
+75%
UNDERVALUED
HYBRIDFIN
Small
Hybrid Financial Services Limited
NBFC
match 149
50
20.1
6.5%
+27%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-08T07:31:42.809Z
Management commentary snapshot
FY26 saw robust revenue growth of 42.2% YoY to INR 317.9 Cr, with PAT up 39% YoY to INR 11.6 Cr. Total disbursals crossed INR 10,250 Cr, driven by both agent and digital channels, marking a landmark year with IPO and new lending operations.
FinBud's integrated retail-credit franchise, leveraging distribution, data, digital, and now lending, appears to be compounding as claimed. The launch of Equall (NBFC) and scaling of Zap (digital) are key developments, with early metrics for Equall showing positive signals. The FY30 targets are ambitious but align with the stated strategy.
Current business mix
Revenue Mix FY26
Latest issuer-disclosed distribution across 2 reported categories.
Agent86.0%
Digital14.0%
Growth engines
Agent Marketplace
Contributes 86% of group revenue, self-sustaining, cash-generative, and among India's top-5 retail-credit aggregators.
Data Engine
5 Cr funded and non-funded applications across 100+ lenders, forming a bureau-grade base that feeds Zap and Equall.
Digital Origination (Zap)
Higher margin, faster scale, with digital margins already 3x of agent business and targeting 5x at scale.
Lending (Equall)
NBFC live, lending against pre-selected, positively-selected risk from its own funnel, with RBI approval and industry-veteran leadership.
Capacity and execution
NBFC Launch (Equall)
RBI approved, operations live, first term loan approved, with a CEO confirmed by the regulator.
Digital Platform (Zap)
Spun into its own entity with dedicated leadership, consumer app live, and new categories like Gold Loan launched.
Agent Network Expansion
Pan-India network in 19,000+ pincodes, 15+ States, 50+ cities, 1000+ master agents, 50000+ last-mile agents.
Tailwinds
Digital PL Market Growth
India Digital PL disbursal is INR 4 L Cr, with small-ticket PL origination up ~35% over 2 years.
NBFC-Fintech Share Expansion
NBFC-Fintech share of PL outstanding increased from 16% to 19%.
AI-Native Execution
Internal AI-native execution compresses build cycles and cost-to-build, leading to lower technology cost-per-feature.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document presents annual financial results for FY26, making year-over-year comparison the most appropriate basis to assess overall performance and growth trends.
Sector KPIs management disclosed
Total Disbursals FY26
INR 10,250+ Cr
Agent Disbursals FY26
INR 8,500+ Cr
Digital Disbursals FY26
INR 1,700 Cr
Equall FY30 AUM Ambition
INR 2,500+ Cr
Management forward view
FY30 Revenue Ambition
INR 1,000+ Cr total revenue, 3x today's run-rate.
Zap FY30 Targets
7x topline (to INR 300 Cr) and 13x bottom-line (to INR 65 Cr EBITDA), with EBITDA margin of 30%+.
Equall FY30 AUM Ambition
INR 2,500+ Cr AUM, scaled on top of loan aggregation.
Integrated Strategy
Sum of Parts Strategy to create a massively valuable consolidated franchise, with each layer compounding the next.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Zap Digital Market Share | 1.0% of India Digital PL disbursal. | Progress towards FY30 target of 2.5%. |
| Zap Wallet Share | 9.6% across lead pool. | Expansion towards FY30 target of 20% through repeats and lender coverage. |
| Equall AUM Growth | On-book AUM ~INR 5.3 Cr (early stage). | Ramp-up towards FY30 ambition of INR 2,500+ Cr and sustained low delinquency rates. |
| Equall Co-Lender Go-Live | 1st co-lender go-live June (DD complete); 2nd planned Aug/Sept. | Successful execution and expansion of co-lending partnerships to scale the book. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 57th percentile within Financial Services. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Financial Services: 57th pctile, median 62 · SME: 51st pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸OPM spread across recent quarters is 1.8%.
Trust risks
- ▸Operating cash flow is negative at ₹-13 Cr.
- ▸ROCE trend is -15.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Finbud Financial Services Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Copy of Newspaper Publication 9 Sep - Corrupted newspaper-like text; no clear company-specific announcement identified.
Source: Nse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.