Aye Finance Ltd
We are a non-banking financial company-middle layer ("NBFC ML") focused on providing loans to micro scale MSMEs across India for their working capital and business expansion needs. We have been granted a certificate of registration dated November 27, 2015 by the Reserve Bank of India for registration as a non-banking financial company without accepting public deposits under Section 45-IA of the Reserve Bank of India Act, 1943. We offer small-ticket business loans with an average ticket size on disbursement of Rs. 0.18 million to customers across manufacturing, trading, service and allied agriculture sectors. We are among the leading NBFCs providing business loans to the largely undeserved micro scale enterprises in India, with 586,825 active unique customers and with assets under management ("AUM") of Rs. 60,276.22 million, as of September 30, 2025 (Source: CRISIL Report). As of September 30, 2025, we served our customers through a pan-India network of 568 branches. Our product offerings comprise mortgage loans, `Saral' Property Loans, secured hypothecation loans and unsecured hypothecation loans. Our target customers are micro scale business with annual turnovers ranging from Rs. 2.00 million to Rs. 10.00 million, predominantly located in semi-urban areas.
Timeline
Subscription
Reports
Offer Details
Terms
Application Sizes
Managers & Registrar
Ownership & Proceeds
Offer for Sale
Objects of the Issue
- To utilize the net proceeds towards augmenting its capital base to meet its company
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 623 | 1,040 | 1,460 | 1,815 | 1,950 |
| Operating ProfitCr | 63 | 211 | 202 | 225 | 351 |
| OPM% | 10.1 | 20.3 | 13.8 | 12.4 | 18.0 |
| PBTCr | 71 | 228 | 225 | 247 | 378 |
| PATCr | 54 | 161 | 171 | 194 | 290 |
| EPS | 17 | 10 | 9 | 10 | 13 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 4 | 4 | 38 | 49 | 49 |
| ReservesCr | 738 | 1,196 | 1,621 | 2,484 | 2,646 |
| BorrowingsCr | 2,296 | 3,499 | 4,526 | 5,018 | 5,858 |
| Fixed AssetsCr | - | 35 | 45 | 62 | 61 |
| Total AssetsCr | 3,140 | 4,873 | 6,338 | 7,773 | 8,774 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -720 | -1,323 | -812 | -1,355 | - |
| Investing Cash FlowCr | 78 | 83 | -39 | -125 | - |
| Financing Cash FlowCr | 762 | 1,494 | 1,255 | 1,169 | - |
| Net Cash FlowCr | 120 | 254 | 405 | -311 | - |
Strengths & Risks
- Leading small-ticket lender in MSME ecosystem with focus on serving large and untapped market of micro enterprises.
- Comprehensive portfolio of lending products for micro enterprises resulting in high customer retention.
- Strong underwriting method.
- Robust multi-tiered collections capabilities.
- Building resilience through technological prowess.
- Access to diversified lender base and cost-effective financing.
- Increasing AUM per branch by increased penetration in our target segment.
- Growing our Mortgage Loan Portfolio.
- Leveraging Technology and Data Sciences for Improving Productivity and Scalability.
- Improving Operating Leverage.
- Optimizing Borrowing Costs and Diversifying Lender Base.
- The company is subject to the risk of non-payment or default by the company's borrowers which may adversely affect its business, results of operations and financial condition. The company's Gross NPA ratio has increased from 2.49% as of March 31, 2023 to 4.21% as of March 31, 2025, and was 4.85% as of September 30, 2025.
- The company's operations depends on the accuracy and completeness of information provided by its customers and certain third party service providers and the company's reliance on any erroneous or misleading information may affect the company's judgement of their creditworthiness, as well as the value of and title to the collateral.
- If the company is unable to control the level of Gross Non-Performing Assets / Stage 3 Assets / Net NPAs in the company's portfolio effectively, or if the company is unable to maintain adequate provisioning coverage, or if there is any change in regulatorily mandated provisioning requirements, the company's financial condition and results of operations may be adversely affected.
- In the six months ended September 30, 2025 and September 30, 2024 and Fiscals 2025, 2024 and 2023, unsecured loans comprised 37.97%, 41.47%, 39.68%, 37.91% and 30.26% of the company's total assets under management, respectively. If the company is unable to recover such receivables in a timely manner or at all, the company's business, results of operations, cash flows and financial condition may be adversely affected.
- The company has experienced negative cash flows from operating activities in the past. Any negative cash flows in the future would adversely affect its cash flow requirements, which may adversely affect the company's ability to operate its business and implement the company's growth plans, thereby affecting its financial condition.
- The company's business is vulnerable to interest rate risk. In the six months ended September 30, 2025 and September 30, 2024 and in Fiscals 2025, 2024 and 2023, the company's interest income accounted for 85.03%, 89.29%, 88.10%, 88.52% and 88.05% of its total income, respectively. Volatility in interest rates could have an adverse effect on the company's net interest income and net interest margin, thereby affecting its results of operations and cash flows.