Finbud Financial Services Ltd(FINBUD)

NSE: FINBUD

₹ 121+6.14%refreshed 27 Oct, 12:16 pm ISTMarket cap: ₹ 231 crUpdated: 27 Oct 2026

About

Finbud Financial Services is a Bangalore-based retail-credit aggregator that operates financebuddha.com. It sources loans for lenders through an agent marketplace and a digital arm called Zap, and it also runs an NBFC, Equall. Disbursals passed Rs10,250 cr in FY26 and revenue was Rs 316.1 cr. Management describes the agent business as a top-5 retail-credit aggregator in India.^[1][2][3]

Business segments

Reports one segment, Financial Services, which made up 100% of FY26 revenue.^[4]
The agent marketplace brought in 86% of group revenue in FY26. Zap's share was 14%.^[2]
Digital was carved out as a separate entity, Zap, with a co-founder dedicated to it. Zap made Rs41 cr of revenue in FY26.^[2]
Equall NBFC has RBI approval and lends personal loans with an average ticket of about Rs1.5L.^[2]

Products and services

Zap launched gold loans and disbursed Rs500 cr in 6 months, with 35 lenders onboarded (FY26).^[2]
Gold loan partners include Muthoot and DBS. Gold loans were running at about Rs50 cr of monthly disbursals in H1 FY26.^[5]
Zap Health grew from nil to about Rs4 cr of premium in 12 months, with more than 30% attach in the test category (FY26).^[2]
A wellness OPD prepaid-wallet product was bringing in Rs50 lakh of premium a month in H1 FY26, with attach above 50% on digital flows.^[5]

Key operating numbers

Disbursals passed Rs10,250 cr in FY26: about Rs8,500 cr through agents and Rs1,700 cr through digital. H1 FY26 disbursals were ₹4,247 cr.^[2][5]
Digital personal loan disbursals were ₹1,182 cr in FY26, and Zap's wallet share was 9.6%.^[2]
Average commission yield was about 3.3% in H1 FY26: digital earned 3.7-3.8% and the agent business 3.1-3.2%.^[5]
In H1 FY26, digital ran at about a 15% margin versus about 5% gross margin for agents, with approval rates of about 80% versus about 40%.^[5]

Lending book

Equall had on-book AUM of ₹5.3 cr and 30+ DPD of 1% in April 2026. Its gross yield is 24-26%.^[2]
Equall took its first term loan, Rs2 cr, from Northern Arc.^[2]

Distribution

As of FY26, the agent business runs through 1,000+ master agents and 50,000+ last-mile agents.^[2]
350 master agents were added in H1 FY26, taking the network close to 3,000.^[5]
The FY26 annual report lists agent management for South India as a key function.^[1]

Expansion plans

Equall's first co-lender was due to go live in June 2026, with a second planned for August/September.^[2]
Equall targets AUM of Rs2,500+ cr by FY30.^[2]
Zap targets revenue of Rs300 cr by FY30, raising its share of group revenue from 14% to 30%+.^[2]
Zap is evaluating new categories: phygital big-ticket personal loans, credit cards, mortgages and used car loans.^[2]
The group targets revenue of Rs1,000 cr+ and an EBITDA margin of 10%+ by FY30.^[2]

Recent developments

An SME IPO raised about Rs71.7 cr and was subscribed about 4.2x. Rs15 cr is earmarked for the NBFC subsidiary (FY26).^[5]

Market Cap

₹231 Cr

High / Low

₹165 / 76

Stock P/E

20.5

Price / Book

5.8

Book Value

₹61

EPS

₹6.1

No. of Shares

1.9 Cr

ROE

9.5%

Sales

₹316 Cr

Net Profit

₹12 Cr

Promoter holding

48.3%

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