SMILE Microfinance Ltd

Indicative price history

Key highlights

• Microfinance book and about 150 branches sold to Northern Arc Capital in April 2022; NBFC licence surrendered.
• July 2024: voluntary liquidation under IBC s.59 resolved; Anil Khicha appointed liquidator.
• FY24 income about ₹7 Cr, PAT about ₹3 Cr; interim dividend ₹31.70 per share (₹54.96 Cr) implies about 1.73 Cr shares.
• UnlistedZone ₹82 (21 Jul 2026) values the liquidation claim at about ₹142 Cr; wwipl last trade ₹51.

About SMILE Microfinance

S.M.I.L.E. Microfinance Limited (Mahasemam Trust's lending arm, 'SMILE') was for two decades one of Tamil Nadu's larger microfinance institutions, lending to women's joint-liability groups across Tamil Nadu, Puducherry, Kerala and Karnataka from a network of about 150 branches. Incorporated in Chennai in 1995 (CIN U67190TN1995PLC030604, RoC Chennai) and registered with the RBI as an NBFC-MFI, it was majority-owned from 2010 by DWM Investments (Cyprus) Limited, the vehicle of impact investor Developing World Markets, which held about 66.6%, with the founding Mahasemam/promoter group at 18.6% and other shareholders holding the balance (ICRA, September 2021). At its peak it served several lakh borrowers and raised term loans of ₹250 Cr-plus a year from banks and NBFCs.

The business was wound down by sale rather than failure. In April 2022 Northern Arc Capital agreed to acquire SMILE's microfinance portfolio, branch network and staff through a slump sale; ICRA later noted that the business had been taken over by Northern Arc and that the residual company had no operations. SMILE surrendered its NBFC licence to the RBI, returned capital to shareholders — Planify reports an interim dividend of ₹31.70 per share, totalling ₹54.96 Cr, in FY24 — and in its July 2024 board meeting resolved to wind up voluntarily under Section 59 of the Insolvency and Bankruptcy Code, appointing insolvency professional Anil Khicha as liquidator.

FY24 (year to 31 March 2024), the last year reported: total income fell to about ₹7 Cr from ₹19 Cr in FY23 as the loan book disappeared, while profit after tax was about ₹3 Cr against a loss of about ₹6 Cr in FY23. The ₹54.96 Cr dividend implies roughly 1.73 Cr shares outstanding, consistent with UnlistedZone's market capitalisation of about ₹142 Cr at ₹82 a share. Residual net worth after the dividend, the quantum of cash, receivables and contingent liabilities in the liquidation estate, and any distributions made since July 2024 were not found and are the figures that matter most for a buyer.

At the UnlistedZone indicative rate of ₹82 (21 July 2026) the market value is about ₹142 Cr; Planify quotes ₹81.75 (29 July 2026) and wwipl's last trade was ₹51 (its lifetime low, August 2024). There is no going business to value with a P/E; the only rational basis is expected liquidation proceeds per share minus time and cost. Unless the liquidator's statement of affairs shows net distributable assets well above ₹142 Cr, the current rate is hard to justify, and shares in a company under voluntary liquidation can become non-transferable once the liquidator moves to distribution and strike-off.

Verification status (10 Oct 2026): CIN and the Northern Arc slump sale are from the registry snippet, Venture Intelligence, Retail Banker International and ICRA; the July 2024 voluntary-liquidation resolution, liquidator name, FY24 income/PAT and the ₹31.70 dividend are from Planify's FY24 note (dealer source); shareholding is ICRA's September 2021 pattern; prices and ISIN are UnlistedZone, Planify and wwipl snippets. Incorporation day/month, registered address, headcount, balance-sheet and cash-flow lines and the FY23 detail are estimates. Obtain the liquidator's statement of affairs before trading.

Where the revenue comes from

• Treasury / interest on residual funds90%

  Income on cash and investments held pending liquidation (estimate)

• Recoveries and other income10%

  Residual recoveries and write-backs (estimate)

Products & services