KLM Axiva Finvest Ltd
Kerala-rooted, gold-loan-led NBFC with 649 branches, ₹1,985 Cr AUM and a habit of raising retail NCDs every few months.
Market cap
₹497.65 Cr
26.90 Cr shares
P/E ratio
24.67
Sector average 18
Book value
₹12.23
P/B 1.51
1-year return
+3.99%
52w ₹17 – ₹21
Currently 38% of the way through its 52-week range.
Indicative price history
1Y change
+0.33% ₹18 → ₹19
52-week band in this window: ₹16.66 – ₹18.97. Weekly indicative marks, not exchange-traded prices.
Key highlights
- AUM of ₹1,985 Cr at March 2025 across 649 branches in South India.
- FY25 total income ₹341 Cr (+7.8%) and PAT ₹20.19 Cr; gold loans make up the bulk of the book.
- Rating revised to Acuité BBB−/Negative in July 2026; frequent 11%-yield public NCD issues fund growth.
About KLM Axiva
KLM Axiva Finvest Ltd is a non-deposit-taking, systemically important NBFC (Middle Layer) registered with the RBI. Although its registered office is in Hyderabad, the business is run from Kochi and the branch network is concentrated in Kerala, Tamil Nadu, Karnataka, Andhra Pradesh and Telangana. Gold loans are the core product, supplemented by MSME loans, microfinance, loans against property and securities and a small vehicle-finance book. As of 30 September 2025 the company operated 649 branches.
The company is promoted and led by Shibu Theckumpurath Varghese, a lending-industry veteran with more than 30 years of experience, and is governed by a board that includes former bankers. Promoters, directors and their relatives held about 38% of the equity as of September 2025 according to CARE Ratings, with the balance widely held by thousands of retail shareholders who came in through successive private placements and rights issues; this broad retail base is why the stock trades actively in the unlisted market.
Total income grew from ₹279 Cr in FY23 to ₹316 Cr in FY24 and ₹341 Cr in FY25, while profit after tax was ₹18 Cr, ₹23 Cr and ₹20.19 Cr respectively – margins came under pressure in FY25 as funding costs rose and the non-gold book saw higher slippages. AUM reached ₹1,985 Cr at 31 March 2025. The company funds itself mainly through secured public NCD issues (a new tranche roughly every quarter, with yields around 11%) and subordinated debt, giving it a gearing of 5.5–6x. In July 2026 Acuité revised its rating to BBB− with a Negative outlook from BBB/Stable.
Figures on this page come from CARE Ratings and Acuité rationales, NCD offer documents and dealer summaries. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Gold loans62%
Core product; lowest NPA and the bulk of the branch network's activity
- MSME & loans against property20%
Secured business loans to small traders and manufacturers
- Microfinance12%
Group loans to women borrowers; segment under stress in FY25–26
- Vehicle & other loans6%
Vehicle finance, loans against securities and fee income
Products & services
Gold loans
Short-tenure loans against household gold jewellery, the company's core product with the lowest NPA.
MSME and property loans
Secured business loans and loans against property for small traders and manufacturers.
Microfinance
Joint-liability group loans to women borrowers in rural and semi-urban South India.
Public NCDs
Secured and subordinated non-convertible debentures issued to retail investors and listed on BSE.
What works
- • Gold-loan-dominant secured book keeps credit costs low – NPA in gold loans was under 1% as of September 2025.
- • Large, granular retail funding franchise: repeated public NCD issues and a base of more than 20,000 shareholders give the company a diversified liability profile.
- • 649-branch network in South India with a 25-year operating history and steady total-income growth of about 10% a year.
What to watch
- • High gearing (about 5.6x debt-to-equity) and reliance on 11%-coupon retail NCDs squeeze net interest margin; FY25 PAT fell 12% despite higher income.
- • Acuité downgraded the rating to BBB−/Negative in July 2026, which can raise borrowing costs and tighten bank lines.
- • Net NPA rose to 1.37% in June 2025 from 0.93% in March 2025, led by the microfinance and MSME segments; the equity is thinly traded at a price near book value.