Akme Fintrade (India) Limited (AFIL) share price

₹8.92 on NSE as of 2026-09-11. -0.22% on the day. market cap ₹381 Cr. P/E 8.6. 52-week range ₹4.88 to ₹10.91. Financial Services.

What the company does

Udaipur based, Akme Fintrade India Limited (AFIL) was incorporated in 1996 as a non-deposit taking non-banking finance company (NBFC). The company is engaged in financing of two wheelers, four wheelers, commercial vehicles and loan against property (LAP) towards SME borrower base. AFIL is promoted by Mr. Nirmal Kumar Jain. The company presently operates across Rajasthan, Madhya Pradesh, Maharashtra, Gujarat as on March 31, 2025, with majority of their operations in Rajasthan.

Filed by Acuité Ratings, page 2.

Akme Fintrade Q1 FY27: ₹41.77 Cr of Revenue, ₹503 Cr of Borrowings, and a Warrant Machine That Never Stops

At a glance

Udaipur's own NBFC filed its June 2026 quarter and the headline is a clean one: revenue ₹41.77 Cr, PAT ₹11.57 Cr, up 20.4% on the year. Management's press release put AUM at ₹965.07 Cr. Acuité, in April, upgraded the long-term rating from BBB+ to A- and assigned fresh ratings across ₹855 Cr of instruments.

But the numbers that actually explain the last eighteen months of this company aren't in the P&L at all — they're in the share register. Warrants at ₹111. Warrants at ₹7. A ten-for-one split that turned 8.20 lakh warrants into 82 lakh shares. A second tranche of 12.25 crore warrants in May 2026. By the end of June, paid-up capital stood at 44,79,49,960 shares of ₹1 each, and the promoter holding had drifted from 41.57% two years ago to 39.02%.

Meanwhile borrowings went from ₹281.77 Cr to ₹503.36 Cr in a single financial year, and operating cash flow ran at negative ₹166.61 Cr in FY26 — the third consecutive year of the money going out faster than it comes in, which for a lender that's growing its book is arithmetic rather than mystery.

Also, on 1 August 2026, SIDBI sanctioned a ₹20 crore term loan. The board has asked shareholders for a borrowing limit of ₹1,200 Cr. Somebody in Udaipur is planning something.

Introduction

Akme Fintrade (India) Ltd was incorporated in 1996 and provides specialized retail financing to lower-income and middle-income groups. It is an RBI-registered non-deposit-taking NBFC, headquartered in Udaipur, Rajasthan, promoted by Mr. Nirmal Kumar Jain — a Chartered Accountant with over two decades in financial services who, per Acuité, actively manages day-to-day activities.

The company operates 27 branches across Rajasthan, Maharashtra, Gujarat, Madhya Pradesh and Haryana, with a digital presence across 40 locations, serving over 2.25 lakh customers. Acuité's April 2026 report notes ~61% of the on-book portfolio as on 31 December 2025 originated in Rajasthan, and flags this geographical concentration as a weakness alongside moderate asset quality.

The last two years have been busy in ways that have little to do with lending. There was an IPO in FY25. There was a preferential warrant issue in February 2025 at ₹111 per warrant. Then a share split from ₹10 face value to ₹1. Then, in May and June 2026, allotments of 12.25 crore fresh warrants at ₹7 apiece, proceeds earmarked for working capital. On 29 June 2026 the board allotted 1.3 crore shares on conversion; on 29 July it allotted another 82 lakh to Nirmal Kumar Jain and Anitha Arun Jain at ₹11.10 each.

The same July board meeting appointed Mr. Dipesh Jain — eight years in financial services — as Chief Operating Officer, and took note of the company's transition from NBFC-Base Layer to NBFC-Middle Layer under the RBI's Scale Based Regulation framework. The 30th AGM on 4 August 2026 seeks approval to raise authorised capital from ₹50 Cr to ₹60 Cr and the borrowing limit to ₹1,200 Cr.

Business model

They lend money to people banks find inconvenient, and they charge accordingly.

Two engines. **Vehicle Finance** covers two-wheelers, three-wheelers, passenger vehicles and LCVs/HCVs for transport operators, small businesses, the self-employed, the salaried, and fleet operators. **Business Finance** covers SME loans for traders, manufacturers and self-employed professionals. Beneath those sit ten separately branded products: Farm Equipment Finance, Working Capital Loan, Business Loan, Saral Udhyog Loan, LAP, Corporate Loan, Mahila Udhyog Loan, Solar Loan, Gold Loan, and vehicle loans across 2/3/4 wheelers.

Ten products, 27 branches. That is roughly one product line for every 2.7 offices, which is either impressive range or a very full brochure.

The interesting bit is that the two halves of the business disagree about which one is bigger, depending on which number you look at. By FY26 disbursement, vehicle loans were ~57% and business/LAP ~43% — an inversion from FY25's ~39/61. By FY26 AUM, SME/LAP is ~79% and vehicle ~21%. Both are true: vehicle loans amortise fast, LAP sits on the books for years. The company is writing mostly vehicle paper into a book that is mostly property-backed.

Revenue is refreshingly unglamorous: ~93% interest income on customer loans, ~3% interest from investments, ~2% gain on derecognition of financial assets, ~2% fee and commission, ~1% recovery of written-off loans. No fintech app monetisation, no cross-sell fantasy — though on 1 August 2026 the company did announce a tie-up with Shriram General Insurance to distribute general insurance through branches.

The funding side reads like a wedding invitation list: SBI, MAS Financial, Hinduja Leyland, Shriram Transport, AU SFB, HDFC Bank, Capri Global, World Business Capital and more. FY26 funding mix: term loans 34%, NCDs 18%, cash credit/working capital 2%. Top 10 borrowings fell to 56% of total borrowings from 88% in FY25.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Akme Fintrade (India) Limited.

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