Stashfin's Loan Book Grew 20% to ₹1,675 Cr. Impairment Charges Fell 35%.
Stashfin revenue, PAT, debt and cash flow, from the Standalone audited financial statements FY2025, Akara Capital Advisors Private Limited (operating brand: Stashfin).
| Metric | Reported(Narrative) | Economic Reality |
|---|---|---|
| Loan Book (Gross, March 31, 2025) | ₹1,675.45 Cr | up 19.5% from ₹1,401.92 Cr |
| Interest Income (FY25) | ₹475.39 Cr | up 7.7% from ₹441.22 Cr |
| Fees and Commission Income (FY25) | ₹234.26 Cr | down 32% from ₹345.41 Cr |
| Net Gain on Fair Value Changes | ₹0.56 Cr | vs -₹0.30 Cr in FY24 |
| Total Revenue from Operations | ₹709.64 Cr | down 9.8% from ₹786.63 Cr |
| Other Income | ₹0.06 Cr | from ₹0.50 Cr |
| Finance Costs | ₹187.69 Cr | up 33% from ₹140.66 Cr |
| Impairment on Financial Instruments | ₹323.78 Cr | down 35% from ₹495.07 Cr |
| Employee Benefit Expense | ₹41.40 Cr | up 29% from ₹35.29 Cr |
| Depreciation, Amortisation, Impairment | ₹1.58 Cr | down from ₹10.83 Cr |
| Other Expenses | ₹72.06 Cr | up 16% from ₹62.24 Cr |
| Total Expenses | ₹592.37 Cr | down 17% from ₹714.93 Cr |
| Profit Before Tax | ₹117.33 Cr | up 62% from ₹72.14 Cr |
| Tax Expense | ₹32.49 Cr | FY24: ₹5.29 Cr (after ₹18.88 Cr deferred tax credit) |
| Profit After Tax | ₹84.84 Cr | up 27% from ₹66.83 Cr |
| Total Assets | ₹1,812.54 Cr | up 18% from ₹1,530.34 Cr |
| Cash and Cash Equivalents | ₹15.13 Cr | from ₹31.49 Cr |
| Bank Balances Other Than Cash | ₹85.29 Cr | from ₹39.90 Cr |
| Debt Securities (NCDs) | ₹335.54 Cr | up 87% from ₹179.41 Cr |
| Other Borrowings (bank lines) | ₹705.72 Cr | from ₹707.32 Cr (flat) |
| Total Borrowings | ₹1,041.27 Cr | up 17% from ₹886.73 Cr |
| Equity Share Capital | ₹135.53 Cr | unchanged |
| Net Worth (Total Equity) | ~₹492 Cr | from ~₹486 Cr |
| Deferred Tax Assets | ₹21.65 Cr | from ₹26.59 Cr |
| Debt-to-Loan-Book Ratio | 0.62 | ₹1,041 Cr borrowings / ₹1,675 Cr loan book |
The 30-Second Summary
Stashfin's FY25 audit records a PAT-positive NBFC with a loan book growing 20% and an impairment line falling 35%. The profit expansion this year is dominated by the impairment reduction.
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Loan book +19.5%. From ₹1,401.92 Cr to ₹1,675.45 Cr. The most direct measure of underlying business scale.
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Impairment on financial instruments -35%. From ₹495.07 Cr to ₹323.78 Cr, a ₹171 Cr absolute reduction. The single largest contributor to the operating-result improvement.
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PAT +27% to ₹84.84 Cr. Pre-tax profit grew 62% (₹72.14 Cr to ₹117.33 Cr); the smaller post-tax improvement reflects FY24's non-repeating deferred tax credit.
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Borrowings +17% to ₹1,041 Cr. Debt securities (NCDs) nearly doubled to ₹336 Cr; bank lines flat at ₹706 Cr. Finance costs +33%.
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Revenue from operations -9.8%. Mix shifted: interest income +7.7%, fees and commission income -32%.
What This Audit Captures
- Legal entity: Akara Capital Advisors Private Limited, Delhi-incorporated 2016.
- Operating brand: Stashfin, a consumer-lending platform targeting salaried borrowers with credit lines, instant loans, and ancillary credit products.
- Regulatory framework: NBFC registered with the Reserve Bank of India. Audited under the NBFC-specific reporting framework with full Ind AS adoption (Ind AS 109 expected credit loss for impairment; Ind AS 113 for fair value).
- Founders / KMP: Tushar Aggarwal (Managing Director), Shruti Aggarwal (Director).
- Auditor: Suresh Associates. Audit and board approval date 28 May 2025.
The standalone is the operating NBFC; the audit is the principal balance-sheet view for the lending business. There is no consolidated structure visible in this filing, since Stashfin's lending operates inside this single entity.
The core insight
An NBFC audited under the NBFC-specific reporting framework. Loans at amortised cost, impairment under Ind AS 109 ECL, debt securities and bank borrowings separated. The audit framework is built for lending, not generic enterprise reporting.
The Lending Business Underneath
Loans (Gross)
₹1,402 → ₹1,675 Cr
+19.5%; loan-book expansion
Interest Income
₹441 → ₹475 Cr
+7.7%; tracks average book through the year
Fees and Commission Income
₹345 → ₹234 Cr
-32%; the meaningful revenue-mix shift
Revenue from Operations
₹787 → ₹710 Cr
-9.8%; net of mix shift
Yield on Loan Book (Interest/Average Book)
~30.9%
approximate, based on average book of ₹1,539 Cr
Interest income grew 7.7% on a loan book that grew 19.5%. The gap (~12 percentage points) is explained directionally by average-book-during-the-year being smaller than year-end book; FY25 originations would be on the book for less than a full year on average. A simple average-book calculation (against the average of opening and closing balances) implies a yield near 31%, broadly within unsecured consumer-lending ranges. The simple-average approach differs from regulatory average-AUM; interest recognition timing, fee compression, and write-off effects on the denominator are not captured at this level.
The fees and commission income contraction (32%) is the dominant explanation for the revenue-from-operations decline. The audit does not disaggregate fees by category (origination, processing, late, prepayment, ancillary commissions); a fall of this size typically reflects either lower throughput in fee-bearing transactions, repricing of fee structures, or category-level regulatory or competitive pressure on the fee mix. The audit reports the recognised figure; the underlying composition shift is not separately disclosed.
The Impairment Line and the Operating-Result Improvement
Total Revenue from Operations
₹787 → ₹710 Cr
-9.8%; revenue contracted
Finance Costs
₹141 → ₹188 Cr
+33%; cost of funds grew
Impairment on Financial Instruments
₹495 → ₹324 Cr
-35%; the largest single improvement
Employee Benefits
₹35 → ₹41 Cr
+29%
Other Expenses
₹62 → ₹72 Cr
+16%
Total Expenses
₹715 → ₹592 Cr
-17%; dominated by impairment line
Profit Before Tax
₹72 → ₹117 Cr
+62%
The pre-tax profit improvement of ₹45.19 Cr is dominated by the impairment line. The arithmetic:
- Revenue from operations fell ₹77 Cr.
- Finance costs rose ₹47 Cr.
- Other expense lines (employee, other, depreciation) net moved approximately +₹6 Cr.
- Impairment fell ₹171 Cr.
- Net: -77 -47 -6 +171 = +₹41 Cr (close to the actual ₹45 Cr improvement, the residual is from net gain on fair value changes and other minor lines).
The impairment line is doing more than the rest of the P&L combined.
₹171 Cr year-on-year reduction in impairment charges under Ind AS 109
The impairment on financial instruments line under Ind AS 109's Expected Credit Loss framework aggregates: (a) provisions on the gross loan book based on staging (12-month ECL for performing loans; lifetime ECL for under-performing and credit-impaired loans), (b) write-offs of fully impaired loans during the period, and (c) movements in loss-allowance estimates as PD (probability of default), LGD (loss given default), and EAD (exposure at default) inputs are recalibrated.
A 35% year-on-year reduction in this aggregate line can reflect any combination of:
- Improved underlying credit performance (lower default rates on the current book vintage)
- ECL model recalibration (revised PD/LGD/EAD assumptions based on observed history)
- Write-off cycle progression (loans already provisioned in prior years moving out of the book through write-off, with no incremental ECL impact)
- Mix shift in book composition (toward lower-risk or shorter-tenor segments)
- Reversal of previously held provisions on loans that have recovered or performed
The audit reports the consolidated impairment figure; it does not disaggregate the reduction across these drivers. What the filing supports clearly is the magnitude (₹171 Cr year-on-year) and its dominant role in the FY25 operating-result improvement. The composition of the reduction sits in management's ECL workings rather than in the public audit-line view.
Stage-1, Stage-2, Stage-3 and the asset-side credit-quality picture
This article reads the impairment line from the P&L. The asset-side credit-quality picture sits in the loan-book notes under Ind AS 109: the gross loan book staged across Stage 1 (12-month ECL), Stage 2 (lifetime ECL, not credit-impaired), and Stage 3 (lifetime ECL, credit-impaired); the corresponding ECL allowance against each stage; the year-on-year movement in Stage 3 balances; the write-off ratio; and the provision coverage on Stage 3 exposures.
These disclosures are in the audit's notes to the financial statements but are not surfaced in this article. The reason this matters: a ₹171 Cr reduction in the P&L impairment line can reflect genuine improvement in asset-side credit quality (lower Stage 3 inflows, better-performing book vintages) or accounting normalisation (write-offs of previously fully-provisioned Stage 3 loans moving them off the balance sheet without further P&L impact, ECL model recalibration with revised PD/LGD assumptions). Without the staging disclosure, the article cannot distinguish between these.
What this article shows clearly: the magnitude (₹171 Cr) and the dominant role in the FY25 PAT expansion. What it does not show: the underlying Stage-1/2/3 movement, write-off ratio, and provision coverage that would let a reader assess whether the impairment compression is durable or one-off.
Capital Structure and Borrowings Composition
Debt Securities (NCDs)
₹179 → ₹336 Cr
+87%; nearly doubled
Other Borrowings (bank lines)
₹707 → ₹706 Cr
approximately flat
Total Borrowings
₹887 → ₹1,041 Cr
+17%; ₹155 Cr expansion
Finance Costs
₹141 → ₹188 Cr
+33%; debt service rising
Net Worth (Total Equity)
~₹486 → ~₹492 Cr
approximately flat despite ₹85 Cr PAT
Debt-to-Loan-Book Ratio
0.62
₹1,041 Cr borrowings / ₹1,675 Cr loan book
The ₹155 Cr borrowings increase came entirely from debt securities; bank lines were approximately flat. This is the typical capital-structure trajectory for an NBFC scaling toward larger institutional funding rather than primarily bank credit lines.
Finance costs grew 33% (₹47 Cr in absolute rupees), which is meaningfully higher than the 17% borrowings growth. Finance costs growing faster than borrowings indicates a change in effective funding cost and/or borrowing mix during the year; the audit's borrowings-note disclosures contain the rate-and-instrument breakdown, which this article does not reproduce.
₹85 Cr PAT, ₹6 Cr net worth movement
Total equity at FY25 close is approximately ₹492 Cr, against ₹486 Cr at FY24 close. The year's profit after tax was ₹84.84 Cr; the closing net worth grew only ₹6 Cr.
The full equity reconciliation appears in the statement of changes in equity rather than the balance sheet directly. For NBFCs registered with the RBI, the year's profits are routed through specific equity components: a statutory reserve transfer of at least 20% of PAT is mandatory under the RBI Master Direction. Other equity-statement movements can include share-based payment reserves, OCI items, dividend distributions, and any equity-classified instrument adjustments.
What the standalone balance sheet shows is that the closing net worth is materially smaller than the closing-plus-PAT arithmetic, indicating other equity-statement movements during the year. The specific reconciliation is in the standalone equity statement; the audit captures it but the line-item summary at the balance-sheet level does not surface it.
What FY25 records on the operating side
Loan book +20% to ₹1,675 Cr. Interest income +8%. Fees and commission -32%. Revenue from operations -10%. Impairment line -35%. PBT +62%. PAT +27%.
What FY25 records on the funding side
Total borrowings +17% to ₹1,041 Cr. Debt securities nearly doubled to ₹336 Cr. Bank lines flat at ₹706 Cr. Finance costs +33%. Net worth approximately flat at ~₹492 Cr.
“Loan book +20%. Impairment line -35%. PAT +27%. The single largest movement in the P&L is the one the audit does not disaggregate.”
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