Unifinz Capital India Limited (**UCIL**) is a technology-driven **NBFC-Investment & Credit Company (NBFC-ICC)** registered with the **RBI**. Following a strategic pivot and rebranding from Shree Worstex Limited in **December 2022**, the company operates under the digital brand **'Lendingplate'**. UCIL specializes in unsecured, short-term credit solutions for the under-banked salaried population, leveraging a fully automated, end-to-end digital lifecycle. --- ### **Proprietary Digital Ecosystem & Underwriting Engine** UCIL operates as a credit-enabled fintech platform, removing physical intervention from the lending process. The "Digital First" model is designed to serve the **salaried millennial** and **rural/semi-urban** segments underserved by traditional banks. * **The 'Lendingplate' Infrastructure:** Operates via a mobile app available on **Android (launched June 2022)** and **iOS (launched January 2023)**. * **Automated Onboarding:** Features a **"Selfie Platform"** for remote account opening, **Video KYC** fulfillment, and **tab-based** executive onboarding for rapid verification. * **Credit Intelligence:** Uses an in-house digital algorithm and a **"Social Loan Quotient"** for real-time risk assessment. This allows for a **30-minute approval process** by analyzing data points beyond traditional credit scores. * **Payment & Data Stack:** Integrated with major gateways (**Paytm, Razorpay, Cashfree**) and supported by a centralized **Data Mart** for advanced **Loan Management System (LMS)** reporting and analytics. --- ### **Product Portfolio & Target Demographics** The company’s product suite is tailored for high-velocity, short-duration credit needs, primarily focusing on individuals with bureau scores between **500 and 700**. * **Core Product Specs:** Unsecured personal loans ranging from **Rs. 5,000 to Rs. 2.5 lakhs**. * **Tenure Dynamics:** Short-term credit spanning **20 days to 12 months**, with an average tenure of **~2-3 months**. * **Specialized Credit Lines:** * **Emergency:** Medical expense financing and instant cash loans. * **Lifestyle & Assets:** Wedding, travel, home renovation, and education loans. * **Financial Health:** Debt consolidation and credit score rebuilding. * **Diversified Lending:** Beyond personal loans, the company offers **Vehicle Loans, Housing Loans, MSME Financing,** and **Microfinance** to rural entrepreneurs. * **Customer Profile:** **97%** of the portfolio is comprised of salaried individuals, with a high repeat customer rate of **80%**. --- ### **Operational Scale & Geographic Reach** Since its pivot in **March 2022**, UCIL has achieved rapid geographic and operational expansion, covering **22 states** and over **9,000 pincodes**. | Metric | FY 2024 (Actual) | FY 2025 (Actual) | Dec 31, 2025 (9M FY26) | | :--- | :--- | :--- | :--- | | **AUM (Assets Under Management)** | **Rs. 33 crore** | **Rs. 93 crore** | **Rs. 376 crore** | | **Annual Disbursements** | **Rs. 93 crore** | **Rs. 513 crore** | **Rs. 2,071 crore*** | | **Networth** | **Rs. 3.69 crore** | - | **Rs. 145 crore** | | **Gearing Ratio** | - | - | **1.2 times** | | **Geographic Presence** | **224 cities** | **498 cities** | **350+ towns/cities** | *\*Disbursements for the 12-month period ending Dec 31, 2025.* **Regional Distribution (Mid-2025):** * **North:** 132 cities | **West:** 126 cities | **South:** 115 cities | **East:** 125 cities. * **Physical Support:** While digital-first, UCIL maintains offices in **Delhi (HQ), Pune, Kolkata, Hyderabad, Bengaluru, and Chennai**. --- ### **Financial Performance & Earnings Profile** UCIL has transitioned from a loss-making entity in **FY2024** to a high-growth, profitable NBFC. The business model is characterized by exceptionally high yields and significant fee-based income. * **Profitability:** Achieved a **PAT of Rs. 40.86 crore** in **1HFY26**, compared to a loss of **Rs. 1.14 crore** in **FY2024**. * **Yields & Income:** Annualized loan yields reached **164.4%** in **1HFY26**. Processing fees are a major revenue driver, contributing **34.5%** of total income. * **Efficiency Metrics:** **Return on Managed Assets (RoMA)** stood at **35.3%** (9M FY26 annualized), up from **(4.1%)** in FY2024. * **Operating Costs:** **Opex as a % of Avg. Managed Assets** remains high at **59.7%** (9M FY26), reflecting the high-touch digital marketing and collection requirements of the segment. --- ### **Capital Strategy & Fundraising History** To support its aggressive growth and meet **RBI Net Owned Fund (NOF)** requirements of **Rs. 10.00 crore**, UCIL has executed several capital actions: * **Equity Infusions:** Raised **~Rs. 57 crore** from shareholders since inception, with **Rs. 54 crore** infused in **FY2025** alone. * **Preferential & Bonus Issues:** Raised **Rs. 40.02 crore** at **Rs. 420.50/share** in **Jan 2025**. Executed a **4:1 Bonus Issue** in **Dec 2025**, allotting **3,54,14,468** shares. * **Debt Expansion:** Shareholders approved a borrowing limit of **Rs. 450 crore** in **July 2025**. * **NCD Issuances:** In **March 2026**, the board approved raising **Rs. 315 crore** via private placement of NCDs. * **Dividend:** Declared an interim dividend of **5% (Rs. 0.50 per share)** for **F.Y. 2025-26**. --- ### **Risk Management & Asset Quality** Operating in the unsecured, high-yield segment necessitates a rigorous risk and write-off framework. * **Asset Quality Metrics:** **90+ dpd** stood at **2.2%** as of **Dec 31, 2025**. However, including the last 12 months' write-offs, the adjusted **90+ dpd** as a % of AUM is **24.1%**. * **Write-off Policy:** Aggressive recognition of losses—**Short-Term Personal Loans (STPL)** are written off at **90+ dpd**, and **EMI products** at **180+ dpd**. Total write-offs in **FY2025** were **Rs. 29.14 crore**. * **Collection Efficiency:** Improved significantly to **92.5%** (YTD FY2026) from **70.6%** in **FY2025**. * **Credit Costs:** Remained elevated at **7.1%** (9M FY2026 annualized). --- ### **Regulatory Framework & Compliance** UCIL is classified under the **Middle Layer** of the RBI’s **Scale Based Regulation (SBR)** framework. * **Credit Ratings:** Assigned **'CRISIL BBB-/Stable'** and **'IND BBB-/Stable'** for bank facilities and NCDs. * **Statutory Reserves:** Transfers **20% of net profit** annually to a statutory reserve per **Section 45-IC of the RBI Act**. * **Compliance Oversight:** Member of the **Digital Lending Association of India (DLAI)**. The company has addressed previous **RBI** concerns regarding **Capital to Risk Assets Ratio (CRAR)** and software audit trails. * **Governance:** Faced minor **BSE** penalties in **Dec 2025** for delayed compliance with **SEBI LODR Regulation 17(1)**, which management continues to monitor. --- ### **Strategic Outlook & Investor Monitorables** The company is transitioning its portfolio mix from ultra-short-term **STPL** (under 50 days) toward longer-term **EMI loans** (2–12 months) to stabilize the risk-return profile. **Key areas for investor focus:** 1. **Funding Diversification:** Reducing reliance on high-cost NBFC loans (**21% avg. cost**) and Inter-Corporate Deposits. 2. **Leverage Management:** Maintaining a steady-state gearing between **2.5x and 3.0x**. 3. **Regulatory Adaptation:** Navigating **RBI** risk weight adjustments on unsecured lending and strict **Digital Lending Guidelines**. 4. **Talent Retention:** Utilization of the **UCIL ESOP 2025** plan (**50,00,000 options**) to align employee interests with aggressive growth targets.