Finkurve Financial Services Limited Stock Analysis

NCDs are secured by first ranking charge over identified receivables with 1.10x security cover maintained from allotment date, providing downside protection to debenture holders / Issue is rated and listed on BSE Limited, ensuring third-party credit assessment and secondary market liquidity for investors / 24-month tenure with bullet repayment structure provides the company with medium-term stable funding without interim cash flow pressure from principal repayments / Security creation is structured upfront with charge filing within 30 days, demonstrating commitment to timely collateral perfection and regulatory compliance

12% coupon rate is notably high for a secured instrument, suggesting either elevated credit risk perception or tight liquidity conditions that could pressure profitability / Bullet payment structure concentrating Rs. 50 crores principal plus 24 months accrued interest (approximately Rs. 12 crores) on February 26, 2028 creates significant refinancing or liquidity risk / Security cover of only 1.10x provides limited cushion—if receivables deteriorate by just 10%, coverage falls below par, exposing investors to potential losses / 2% penalty rate for delays beyond 3 months indicates the company acknowledges potential payment stress scenarios, raising concerns about cash flow predictability / Dependence on receivables quality as sole security exposes investors to asset quality deterioration risk in the underlying loan book without visibility into current NPA levels or collection efficiency