Whalesbook
Aage ki baat karein toh, OnEMI Technology Solutions, jo Kissht naam se jaani jaati hai, uska Rs 926 crore ka IPO 30 April 2026 ko launch ho raha hai.
Upper price band Rs 171 par company ki valuation lagbhag Rs 2,881 crore hai. Jabki fintech sector average P/E 52.32x hai, Kissht ka post-IPO P/E sirf 10.84x hai, aur P/B ratio 0.91x hai. Matlab company apni book value se bhi kam price pe offer ho rahi hai.
Promoters, Ranvir Singh aur Krishnan Vishwanathan, ne toh full trust dikhaya hai. Unhone Rs 201 per share ke rate se lagbhag Rs 40 crore invest kiye hain, jo IPO band se bhi upar hai. Yeh sab investors ka confidence badhane ke liye hai.
Company ne apna Assets Under Management (AUM) Rs 1,267 crore (FY23) se badha kar Rs 5,955 crore (9MFY26) kar liya hai. Lekin iss growth ke saath financial challenges bhi aaye hain. FY25 mein company ka revenue 20% se zyada gir gaya, Rs 1,337.46 crore ho gaya FY24 ke Rs 1,674.44 crore se. Net profit bhi 18.6% kam ho kar Rs 160.6 crore ho gaya. Finance costs toh double se bhi zyada ho gaye, Rs 164.4 crore tak pahunch gaye FY25 mein. Loan book bhi badla hai, ab 95% long-term products pe hai jo pehle 65% tha.
Sabse badi chinta iss company ki asset quality hai. Gross NPAs 0.05% (FY23) se badh kar 0.79% (FY24) aur phir 2.89% (FY25) ho gaye hain. Aur company ka lagbhag 94% AUM unsecured loans hai, matlab guarantee nahi hai. Provision coverage bhi Rs 91.48% pe aa gaya hai.
Company pe financial pressure bhi dikh raha hai. Debt-to-equity ratio 1.63 hai. Borrowings Rs 388 crore (FY23) se badh kar Rs 2,048 crore (9MFY26) ho gaye. Operating cash flow bhi negative mein hai, Rs 661 crore (9MFY26) aur Rs 825 crore (FY25) mein. Contingent liabilities Rs 1,279 crore hain aur working capital days Rs 509 din ho gaye hain.
Aur haan, Indian fintech market bhi change ho raha hai. Ab investors secured lending platforms ko zyada pasand kar rahe hain aur profitability pe focus hai, sirf growth pe nahi. NBFC Fintechs par regulatory action bhi chal rahi hai. Aise mein Kissht ka unsecured lending par reliance aur recent financial declines uske liye challenges bade kar sakte hain.