Aye Finance Ltd Share Price & Credit Ratings

Quick check

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Compared with its industry

Non Banking Financial Company (NBFC): 293 companies →

Aye Finance Ltd against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

Valuation (P/E)12.8 against a typical 22.1: cheaper than most peers (1st = cheapest).97th of 288
Sales growth+17.6% against a typical +20.7% from a year earlier.139th of 263
Profit growth+148.6% against a typical +20.7% from a year earlier.37th of 216
Share price, 3 months−15.3% against a typical −3.1%.204th of 257
Size₹ 3,577.1 Cr. market value against a typical ₹ 44.1 Cr. (1st = largest).23rd of 273

Latest announcements

Exchange filings and their impact on the company.

29 Oct 2026Analysts/Institutional Investor Meet/Con. Call UpdatesHigh impactVery positivePrice −4% on 30 Oct

Q2 PAT more than doubled on 26% AUM growth with credit costs and NIM already in or ahead of FY27 guidance.

AIAI analysisVery positive for shareholdersHigh impact

Q2 PAT more than doubled on 26% AUM growth with credit costs and NIM already in or ahead of FY27 guidance.

Aye Finance filed the transcript of its October 22 Q2 FY27 earnings call. AUM stood at Rs 7,597 crore, up 26% year-on-year, with Q2 disbursements of Rs 1,403 crore and PAT of Rs 87 crore, up 151% year-on-year. Management said credit cost at 3.82%, NIM at 15.6% and opex ratio at 8.61% keep it on track for FY27 guidance of 25-30% AUM growth, 4-4.5% ROA and no fresh equity for two years.

Why it matters: Q2 FY27 delivered AUM Rs 7597 cr +26% YoY, PAT Rs 87 cr +151% YoY, ROA 4%, NIM 15.6% above 14.25-14.75% guidance, credit cost 3.82% inside 3.5-4% guidance and GNPA down 7 quarters to 4.2%, confirming FY27 guidance and 3-year 28-33% growth plan.

For shareholders: Profit more than doubled with AUM, asset quality, costs and margins all tracking or beating full-year guidance.

Estimated effect over the next 12 months

Estimated effect over the next 12 months
Metric	Now	Estimated change	Confidence
Revenue	₹ 1,815 Cr. FY26 (Mar 2026) yoy_results	▲ +25% to +28% · +₹ 454 Cr. to +₹ 508 Cr. H1 FY27 gross total income Rs 1017 cr +23% YoY, Q2 Rs 527 cr +23% YoY, AUM Rs 7597 cr +26% YoY, FY27 guidance 25-30% AUM growth with 60% disbursements in H2	80%
Operating margin	40.64% TTM as of Oct 2026	▲ +2 pts to +3 pts Q2 PPOP Rs 198 cr +54% YoY, cost-to-income down to 49%, opex ratio 8.61% down 32bps QoQ targeting 8.25-8.75%, operating leverage from AUM per employee +18% YoY to 0.67 cr	70%
Net profit	₹ 194 Cr. FY26 (Mar 2026) yoy_results	▲ +75% to +90% · +₹ 145.5 Cr. to +₹ 174.6 Cr. H1 FY27 PAT Rs 162 cr vs Rs 65 cr +148%, Q2 PAT Rs 87 cr +151% YoY +16% QoQ, ROA 4% in Q2 within 4-4.5% guidance, credit cost 3.82% and NIM 15.6% ahead of guidance	75%
EPS	₹ 7.85 FY26 (Mar 2026) yoy_results	▲ +75% to +90% · +₹ 5.89 to +₹ 7.07 Same profit growth as net_profit with no dilution for 2 years confirmed by management, net worth Rs 2600+ cr and CAR 41% supports growth without fresh equity	75%
Net debt	₹ 5,065 Cr. Mar 2026 balance sheet borrowings as proxy	▲ +25% to +30% · +₹ 1,266 Cr. to +₹ 1,520 Cr. Sep 2026 borrowings already Rs 5905 cr, Q2 fresh borrowing Rs 1200 cr, to fund 25-30% AUM growth with leverage rising toward 4-4.5x, blended cost down to 10.63%	75%
Market cap	₹ 3,227.45 Cr. Oct 22 2026	▲ +25% to +35% · +₹ 806.9 Cr. to +₹ 1,129.6 Cr. PAT more than doubling, ROA 4% and H1 ROE 12.32% trending to high-teens on higher leverage, PE 11.3x, re-rating on 7 quarters of falling credit costs and IND A+ upgrade	50%
Capex	₹ 62 Cr. Mar 2026 fixed assets 62 plus CWIP 0	▲ +30% to +50% · +₹ 18.6 Cr. to +₹ 31 Cr. 30-plus new branches in Q3, 35-40 new plus 30-40 splits in FY27, existing capacity Rs 4000-4500 cr, pilot gold-loan branches absorbed in opex buffer	60%
Net worth	₹ 2,533 Cr. Mar 2026 equity 49 plus reserves 2484	▲ +12% to +14% · +₹ 304 Cr. to +₹ 354.6 Cr. No dividend, no dilution for 2 years, full-year retained profit ~Rs 340-360 cr accreting to Sep 2026 net worth Rs 2695 cr	80%

Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.

Aye Finance filed the transcript of its October 22 Q2 FY27 earnings call. AUM stood at Rs 7,597 crore, up 26% year-on-year, with Q2 disbursements of Rs 1,403 crore and PAT of Rs 87 crore, up 151% year-on-year. Management said credit cost at 3.82%, NIM at 15.6% and opex ratio at 8.61% keep it on track for FY27 guidance of 25-30% AUM growth, 4-4.5% ROA and no fresh equity for two years.

Filing

21 Oct 2026Outcome of Board MeetingMedium impactPositivePrice −2.2% that day

Q2 FY27 results point to continued strong revenue and profit growth for the MSME lender.

AIAI analysisPositive for shareholdersMedium impact

Q2 FY27 results point to continued strong revenue and profit growth for the MSME lender.

Aye Finance's board approved its financial results for the quarter and half-year ended September 30, 2026. The extractable filing text did not include the detailed numbers, but the prior trend was strong with Q1 FY27 revenue of Rs 477 crore and net profit of Rs 74 crore. If Q2 maintains that run-rate, it would replace a weak year-ago quarter and lift trailing revenue and earnings over the next 12 months.

Why it matters: Quarterly financial results reset the TTM base; with Q2 FY26 revenue Rs 437 cr and net profit Rs 35 cr dropping out and a stronger Q2 FY27 expected in line with Q1 FY27, TTM revenue and profit rise materially.

For shareholders: Rolling off a weak year-ago quarter with continued 20%+ growth lifts the 12-month earnings base.

Estimated effect over the next 12 months

Estimated effect over the next 12 months
Metric	Now	Estimated change	Confidence
Revenue	₹ 1,872 Cr. TTM ended Jun 2026	▲ +2.1% to +4.8% · +₹ 40 Cr. to +₹ 90 Cr. TTM revenue Rs 1872 cr includes weak Q2 FY26 (Rs 437 cr); assuming Q2 FY27 repeats Q1 FY27 level of Rs 477 cr with ~20% YoY growth to ~500 cr -> +40 to +90 cr to TTM	32%
Net profit	₹ 238 Cr. TTM ended Jun 2026	▲ +14.7% to +23.1% · +₹ 35 Cr. to +₹ 55 Cr. TTM net profit Rs 238 cr includes weak Q2 FY26 profit Rs 35 cr; assuming Q2 FY27 profit Rs 70-90 cr in line with Q1 FY27 Rs 74 cr vs Rs 35 cr last year -> +35 to +55 cr to TTM	32%
EPS	₹ 10.52 TTM ended Jun 2026	▲ +14.3% to +22.8% · +₹ 1.5 to +₹ 2.4 TTM EPS Rs 10.52 on TTM profit Rs 238 cr; incremental Rs 35-55 cr profit on ~22.6 cr shares -> +Rs 1.5 to +Rs 2.4 to EPS, no dilution assumed	30%
Operating margin	40.64% TTM ended Jun 2026	▲ +0.5 pts to +1.5 pts TTM operating margin 40.64% and financing margin improved to 19% in Jun 2026 vs 9% in Sep 2025; stronger Q2 replacing weak Q2 lifts margin by 0.5-1.5pp	28%

Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.

Aye Finance's board approved its financial results for the quarter and half-year ended September 30, 2026. The extractable filing text did not include the detailed numbers, but the prior trend was strong with Q1 FY27 revenue of Rs 477 crore and net profit of Rs 74 crore. If Q2 maintains that run-rate, it would replace a weak year-ago quarter and lift trailing revenue and earnings over the next 12 months.

Filing

8 Oct 2026UpdatesMedium impactPositivePrice −4.1% that day

Q2 AUM up 26% YoY with improving asset quality and 17% higher productivity.

AIAI analysisPositive for shareholdersMedium impact

Q2 AUM up 26% YoY with improving asset quality and 17% higher productivity.

Aye Finance reported Q2FY27 AUM of Rs 7,604 crore, up 26% year-on-year, with disbursements of Rs 1,403 crore up 10% YoY and 15% quarter-on-quarter. Asset quality improved with PAR over 1 day at 6.88% and GNPA at 4.30%, down 13 bps and 19 bps sequentially, while AUM per employee rose 17% YoY. Management said growth was calibrated due to drought in parts of Maharashtra, Karnataka and Madhya Pradesh, and expects to return to normal disbursements in H2FY27 and deliver on FY27 guidance.

Why it matters: AUM grew 26% YoY to Rs 7604 cr with disbursements up 10% YoY, GNPA improved 19 bps QoQ to 4.30% and productivity up 17% YoY, which together drive higher revenue and profit over the next 12 months.

For shareholders: Strong AUM and disbursement growth combined with sequential improvement in PAR and GNPA points to healthy growth with better asset quality.

Estimated effect over the next 12 months

Estimated effect over the next 12 months
Metric	Now	Estimated change	Confidence
Revenue	₹ 1,815 Cr. FY26 revenue Rs 1815 cr	▲ +19.3% to +24.8% · +₹ 350 Cr. to +₹ 450 Cr. AUM Rs 7604 cr up 26% YoY and H1 disbursements Rs 2622 cr up 15% YoY supports ~20-25% interest income growth over next 12 months	75%
Operating margin	40.64% TTM operating margin 40.64%	▲ +1 pts to +2 pts AUM per employee up 17% YoY to Rs 0.67 cr and stable 99.2% non-OD collection gives operating leverage for 100-200 bps margin expansion	65%
Net profit	₹ 194 Cr. FY26 net profit Rs 194 cr	▲ +25% to +35% · +₹ 48.5 Cr. to +₹ 67.9 Cr. Revenue growth ~20-25% plus lower credit costs from GNPA down to 4.30% from 4.85% YoY and PAR X down to 6.88% from 8.03% YoY drives 25-35% profit growth	70%
EPS	₹ 10.52 TTM EPS Rs 10.52	▲ +20% to +30% · +₹ 2.1 to +₹ 3.2 Net profit up 25-35% partly offset by higher share count after equity capital rise to Rs 49 cr in FY26 implies EPS up 20-30%	68%
Net debt	₹ 4,054 Cr. FY26 net debt ~Rs 4054 cr	▲ +14.8% to +19.7% · +₹ 600 Cr. to +₹ 800 Cr. AUM added Rs 1576 cr YoY will be funded largely by borrowings which were Rs 5065 cr in Mar-26 so debt up 15-20% to fund growth	72%
Market cap	₹ 3,935.28 Cr. Oct-2026 market cap Rs 3935.28 cr	▲ +10% to +20% · +₹ 393 Cr. to +₹ 787 Cr. Sustained 26% AUM growth with improving asset quality and on-track FY27 guidance supports 10-20% market cap appreciation	60%

Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.

Aye Finance reported Q2FY27 AUM of Rs 7,604 crore, up 26% year-on-year, with disbursements of Rs 1,403 crore up 10% YoY and 15% quarter-on-quarter. Asset quality improved with PAR over 1 day at 6.88% and GNPA at 4.30%, down 13 bps and 19 bps sequentially, while AUM per employee rose 17% YoY. Management said growth was calibrated due to drought in parts of Maharashtra, Karnataka and Madhya Pradesh, and expects to return to normal disbursements in H2FY27 and deliver on FY27 guidance.

Filing

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

Adequate safety

Rated A+ by ICRA

A+

DefaultRiskyModerateSafeVery safe

No warnings from the agency.

Agency	Current rating	Outlook	As of
ICRA	[ICRA]A+	Stable	11 Nov 2026
India Ratings	Withdrawn	Stable	11 Sep 2026

Rating

11 Nov 2026

▲ Upgrade

[ICRA]A+

Medium

ICRA

₹ 1,050 Cr.

AIAI analysisPositive for shareholdersMedium impact

Rating details

Rating: [ICRA]A+
Instruments: Non Convertible Debentures; Unallocated limits-Unallocated limits
Source: ICRA rationale

ICRA upgraded Aye Finance to A+ Stable on stronger post-IPO capital and better earnings, trimming future borrowing costs.

ICRA upgraded Aye Finance's Rs 1050 crore bank facilities and debentures to A+ with Stable outlook from A. The agency cited the Rs 710 crore IPO in February 2026 that cut gearing to 2.4 times, AUM of Rs 7597 crore, and profit of Rs 161 crore in the first half of FY27 with better asset quality. The upgrade should modestly lower borrowing costs and help the company keep growing its micro-business loans.

Why it matters: One-notch upgrade to A+ Stable on Rs 1050 cr facilities after Rs 710 cr IPO strengthened capitalisation (gearing 2.4x, CRAR 41%) and H1 FY27 RoMA improved to 3.6%; direct 12-month P&L effect is only 25-35 bps funding-cost saving, but it supports ICRA's 20-25% AUM growth outlook.

For shareholders: Lower funding costs and stronger market confidence support earnings and growth despite monitorable asset quality.

Estimated effect over the next 12 months

Estimated effect over the next 12 months
Metric	Now	Estimated change	Confidence
Net profit	₹ 194 Cr. FY2026	▲ +2% to +4% · +₹ 4 Cr. to +₹ 8 Cr. Rs 5905 cr borrowings Sep 2026; ~Rs 2500 cr to be raised/refinanced in next 12m at ~30 bps lower after A to A+ upgrade -> ~Rs 7.5 cr pre-tax saving -> ~Rs 4-8 cr PAT, ~2-4% on FY26 PAT Rs 194 cr	60%
EPS	₹ 7.85 FY2026	▲ +2% to +4% · +₹ 0.16 to +₹ 0.31 Same Rs 4-8 cr PAT uplift with no new equity dilution -> 2-4% on FY26 EPS Rs 7.85 -> +Rs 0.16 to Rs 0.31	60%
Operating margin	44.14% TTM to Sep 2026	▲ +0.3 pts to +0.6 pts 30-40 bps funding-cost benefit on new/refinanced debt partly flowing through pre-tax margin; 0.3-0.6 pp lift on 44.14% TTM operating margin	55%
Market cap	₹ 3,577.09 Cr. as of 2026-11-05	▲ +3% to +6% · +₹ 107 Cr. to +₹ 215 Cr. One-notch upgrade to A+ Stable typically trims cost of equity 30-50 bps for small-cap NBFC; 3-6% re-rating on Rs 3577 cr market cap	50%

Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.

11 Sep 2026

Withdrawn

was IND A+

—

India Ratings

₹ 9.38 Cr.

21 Jul 2026

Reaffirmed

IND A+

—

India Ratings

₹ 3,309.55 Cr.

23 Mar 2026

▲ Upgrade2 notches

[ICRA]A+(SO) → [ICRA]AA(SO)

—

ICRA

₹ 20.79 Cr.

Board meetings

Results dates and other board meetings. Full calendar

		Details
21 Oct 2026	Financial Results	To consider and approve the financial results for the period ended September 30, 2026
23 Jul 2026	Fund Raising	To consider Fund Raising through issuance of Rated, Senior, Listed, Secured, Transferable, Redeemable, Non-Convertible Debentures
22 Jul 2026	Financial Results/Fund Raising	To consider and approve the financial results for the period ended Jun 30, 2026 and Fund Raising
8 Jun 2026	Fund Raising	To consider Fund Raising through issuance of Senior, Secured, Listed Non-Convertible Debentures
27 Apr 2026	Financial Results	To consider and approve the financial results for the period ended March 31, 2026
6 Mar 2026	Financial Results	To consider and approve the financial results for the period ended December 31, 2025

Share price

1M change −7.38%

1 of 3 filing days came with a big price moveBiggest −2.2% on 21 Oct 2026AI reading matched the move 0 of 1

Volume (shares)Price (₹)

Close priceFiling moves (1)Other filings (1)Volume

Financials

Standalone figures in ₹ crore.

Quarterly results
₹ Cr.	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	361	409	405	437	443	515	477	514
Interest	115	123	126	133	141	135	131	145
Expenses	219	240	242	266	253	279	256	260
Financing Profit	27	46	37	38	49	102	91	110
Financing Margin %	7%	11%	9%	9%	11%	20%	19%	21%
Other Income	9	11	9	10	12	17	12	13
Depreciation	6	6	5	6	7	8	6	6
Profit before tax	30	50	41	42	54	111	97	116
Tax %	25%	19%	25%	17%	21%	23%	23%	25%
Net Profit	23	41	31	35	43	86	74	87
EPS in Rs	1.19	2.12	1.6	1.8	2.22	3.48	3.02	3.51
Gross NPA %	3.8%	—	—	—	—	—	—	—
Net NPA %	1.3%	—	—	—	—	—	—	—

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth

10 Years: —
5 Years: 30%
3 Years: 43%
TTM: 21%

Compounded Profit Growth

10 Years: —
5 Years: 63%
3 Years: 53%
TTM: 125%

Stock Price CAGR

10 Years: —
5 Years: —
3 Years: —
TTM: —

Return on Equity

10 Years: —
5 Years: 9%
3 Years: 12%
TTM: —

Shareholding

Latest: Sep 2026.

FIIs

18.55%

DIIs

23.34%

Public

57.39%

Others

0.72%

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 12.8xEPS (12 months) ₹ 12.24Median P/E 18.2x

P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison

Aye Finance Ltd	₹ 149.80	₹ 3,577 Cr.	12.8x	1.4x	9%	—
Bajaj Finance	₹ 1,087.75	₹ 6,77,228 Cr.	25.1x	5.8x	18.1%	23.7%
Shriram Finance	₹ 961.15	₹ 2,26,157 Cr.	13.9x	3x	16.4%	20.9%
Jio Financial Services	₹ 231.20	₹ 1,58,445 Cr.	95.7x	1.2x	—	49.8%
Tata Capital	₹ 358.05	₹ 1,52,010 Cr.	20.5x	3.3x	12.3%	16%
Power Finance Corporation	₹ 328.80	₹ 1,08,507 Cr.	5.4x	1x	20.7%	29.1%

Management

Gaurav Seth: Chief Financial Officer
Sanjay Sharma: Managing Director, Executive Director