This is a lending business. Cash-flow reads that suit a manufacturer do not apply: disbursing loans is an operating outflow, so negative operating cash is normal and not a warning sign. Leverage is the raw material of the model, not a red flag on its own. Reads that would mislead here have been withheld rather than shown with a caveat.
This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Originally incorporated in 2009, Vaibhav Vyapaar Limited was acquired in October 2019 by Capfront Technologies Private Limited. The company operates as an RBI-registered NBFC focused on digital lending, offering instant personal loans ranging from INR 1,500 to INR 2,00,000 to salaried professionals and self-employed borrowers across urban and semi-urban India via its LoanFront mobile application. The company operates on both direct lending (on-book) and co-lending/business correspondent (off-book) models, while also generating fee income from application and technology services provided to other NBFCs.
Moat: Proprietary digital lending platform LoanFront with rule-based AI/ML credit underwriting and data-driven risk management system.
Non-Banking Financial Company (NBFC) providing unsecured personal loans to salaried and self-employed individuals through its proprietary digital lending platform LoanFront, as well as offering application and technology services to other NBFCs.
Source: p.82, 115, 118, 182
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Listed on | Source |
|---|---|---|---|---|---|---|
| Paisalo Digital Limited | 30.53 | 13.24 | mainboard | p.89, 90 | ||
| Apollo Finvest (India) Limited | 22 | 9.36 | mainboard | p.89, 90 | ||
| Moneyview Limited | 5.85 | unlisted | p.89, 90 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| standalone | 4M FY27 | 0.479 | 3.0073 | 16.7% | 18.0033 | yes | 5.5929 |
| standalone | FY26 | 3.0031 | 1.971 | 5.36% | 36.7994 | yes | 23.8699 |
| standalone | FY25 | 2.4257 | 1.4797 | 5.91% | 25.0486 | yes | -4.3843 |
| standalone | FY24 | 1.0436 | 0.4548 | 1.8% | 25.2544 | yes | 12.5387 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
Why did predecessor statutory auditor M/s K S Ramkumar and Co. resign in September 2026 shortly before the IPO?
The auditor resigned on 16.09.2026 because the firm was not compliant with Chartered Accountant Regulations, 1988 and Audit Quality Maturity Model (AQMM) requirements applicable to statutory auditors of listed companies. Sahana D M and Associates was appointed on 23.09.2026 to fill the casual vacancy.
p.64
What is the nature and extent of management fees paid to holding company Capfront Technologies Private Limited?
The company paid management fees of INR 5.34 Crore (INR 533.78 Lakhs) in FY26, INR 4.47 Crore (INR 447.37 Lakhs) in FY25, and INR 4.61 Crore (INR 461.20 Lakhs) in FY24 to holding company Capfront Technologies Private Limited for technology, platform, and operational support.
p.138, 188
What RBI reporting inaccuracies were disclosed in the Red Herring Prospectus?
The company identified misreporting in its DNBS02 return filed with RBI for FY24 due to incorrect internal policies regarding NPA recognition and provisioning. Excess provisions were recorded and later rectified, resulting in reversals and income volatility.
p.44
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 2025-12-22 | Capfront Technologies Private Limited | 4024175 | 0 | promoter | bonus | p.70, 71, 96 |
| 2026-06-06 | Capfront Technologies Private Limited | 4285715 | 35 | promoter | rights | p.70, 71, 96 |
| 2025-12-22 | Itha Venkata Raghava Gowrinath | 1000 | 0 | promoter | bonus | p.70, 71, 96 |
Ceo: Itha Venkata Raghava Gowrinath
No criminal, material civil, or statutory/regulatory proceedings pending against Company or Promoters. Direct tax demand of INR 0.78 Lakhs pending against a Director.
Auditor name: Sahana D M and Associates
Skin in game: Promoters hold 99.99% pre-issue equity share capital of the company.
Source: p.11, 25, 42, 56, 57, 64
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Capfront Technologies Private Limited | 5.3378 | other | promoter-owned entity | Management fee for technology, collection, and platform support | p.138, 188 |
| Capfront Technologies Private Limited | 0.379 | rent | promoter-owned entity | Rent expense for office premises | p.138, 188 |
| Capfront Technologies Private Limited | 4.5 | loan taken | promoter-owned entity | Inter Corporate Deposit received during 4M FY27 (repaid in full) | p.139, 189 |
| Neofront Technologies Private Limited | 4.76 | loan taken | group company | Inter Corporate Deposit received and repaid in FY26 | p.139, 189 |
| Ganeshprasad R Pavaskar | 0.411 | remuneration | director | Whole time Director remuneration in FY26 | p.138, 188 |
Delays reported in EPFO payments (ranging 1 to 162 days delay due to payroll cut-offs and portal issues), ESIC payment (1 day delay), Professional Tax filings (2 to 29 days delay during office relocation), and GSTR-3B filings (2 to 12 days delay during COVID-19 second wave). Applicable interest/fees were paid.
Source: p.41, 42
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
What this sector is read on: AUM, AUM growth YoY, Disbursements, NIM or spread, Cost of funds, Stage 2, Gross Stage 3, Net Stage 3. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the NBFCs and housing finance framework (from the listed sector). Primary valuation lens: P/B against RoA and growth.
Read more closely in this sector: Stage 2 movement against Stage 3 · ALM gap within one year · Write-offs against slippages · Lending to group companies · Unsecured or microfinance growth against the total book.
The same read, applied to the companies this one competes with.