Aye Finance Ltd(AYE)

NSE: AYEBSE: 544699

₹ 132-0.90%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,258 crWebsite: www.ayefin.com/Updated: 23 Oct 2026

About

Aye Finance is a non-banking financial company (NBFC) focused on providing formal credit to micro and small enterprises across India, primarily through hypothecation and mortgage loans. The company completed its IPO in February 2026, raising ₹1,010 crore, and reported FY26 revenue of ₹1,814.73 crore. Its AUM reached Rs 7,604 cr in Q2 FY27, serving 6.95 lakh borrowers.^[1][2][3]

Loan book and disbursements

AUM reached Rs 7,604 cr in Q2 FY27, up 26% YoY and 4% QoQ.^[3]
Disbursements were Rs 1,403 cr in Q2 FY27 (+10% YoY) and Rs 2,622 cr in H1 FY27 (+15% YoY).^[3]
Q2 FY27 disbursement growth was moderated deliberately in drought-affected parts of Maharashtra, Karnataka and Madhya Pradesh.^[3]
Full-year FY26 disbursements were ₹5,169 crore, up 20% YoY; AUM ended FY26 at ₹7,044 crore, up 27% YoY.^[4]

Portfolio mix

As of FY26 end, mortgage loans comprised 23% of AUM (up from 12% in FY24), secured hypothecation loans 40%, and unsecured hypothecation loans 37%.^[4]
Mortgage (Saral Property Loans + LAP) stood at 22% of AUM in Q1 FY27; long-term target is 30 - 35% over three years.^[5]
Gold loan and solar-based lending are under market research; management targets ~10% share from such new products over three years, keeping hypothecation at 60 - 70% of AUM.^[5]

Key operating metrics

GNPA was 4.30% in Q2 FY27, down 19 bps QoQ and from 4.85% a year earlier.^[3]
PAR X (1+) was 6.88% in Q2 FY27, down 13 bps QoQ and from 8.03% a year earlier.^[3]
Non-OD collection efficiency was 99.2% and Bucket 1 collection efficiency 52.8% in Q2 FY27.^[3]
NIM (on ATA) was 15.94% in Q1 FY27 (+161 bps YoY), above the FY27 guidance band of 14.25 - 14.75%; portfolio yield was 22.4% in Q1 FY27.^[5]
Weighted cost of borrowing fell to 10.78% in Q1 FY27 (from 10.87% in Q4 FY26); incremental borrowing cost was 10.20% in Q1 FY27.^[5]
Annualised credit cost declined to 4.01% in Q1 FY27 (−29 bps QoQ); full-year FY26 credit cost was 4.8%.^[5]
Capital adequacy ratio was 42.4% in Q1 FY27; Stage 3 provision coverage ratio was 63.80% in Q1 FY27.^[5]

Branch network and borrower reach

Borrowers numbered 6,94,943 in Q2 FY27, up 18% YoY.^[3]
49,150 new borrowers were added in Q2 FY27 (+26% YoY) and 93,886 in H1 FY27 (+32% YoY).^[3]
AUM per employee was Rs 0.67 cr in Q2 FY27, up 17% YoY and flat QoQ, while headcount grew 6%.^[3]
The company operates 571 branches as of Q3 FY26; no new branches were opened in FY26, but 44 existing branches were split.^[6]
In Q3 FY26, 60% of YoY AUM growth came from deepening existing branches, 39% from repeat loans, and 1% from branches added in the prior year.^[6]

Underwriting and technology

Loan approval rate was tightened from ~55% to ~45% of cases logged; a mortgage team of ~1,300 - 1,400 staff operates across 180 primary mortgage branches (Q1 FY27).^[5]
A generative AI underwriting tool using a multimodal LLM with an in-house ML model estimates monthly sales from store images for trading businesses in Tier 2 and beyond cities.^[4]

Capital and funding

IPO completed in February 2026, raising ₹1,010 crore (₹710 crore primary), lifting CAR to 42.2% in Q4 FY26.^[4]
India Ratings upgraded the long-term rating to IND A+ (stable) and commercial paper to A1+ in Q1 FY27.^[5]

Expansion plans

Disbursements in drought-affected regions are expected to return to normal in H2 FY27 if delinquency trends stay stable.^[3]
40 - 50 new branches planned for FY27 (Q2 - Q3), ~10% annual branch growth, focused on deepening existing markets.^[5]
Five-year AUM target of ₹24,000 crore; three-year AUM CAGR target of 28 - 33% to FY29.^[5]
Opex targeted at 8.25 - 8.75% of ATA for FY27 (from 9.6% in FY26), and 7.0 - 7.5% over three years.^[4]

Market Cap

₹3,258 Cr

High / Low

₹198 / 88

Stock P/E

17.8

Price / Book

1.4

Book Value

₹103

EPS

₹7.8

No. of Shares

24.68 Cr

ROE

7.6%

Debt / Equity

1.98

Sales

₹1,815 Cr

Net Profit

₹194 Cr

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