Highlights
| Issue Size – 54,147,390 shares | Issue Open/Close – 30 Apr / 05 May, 2026 |
| Price Band (Rs.) 162 – 171 | Issue Size (Rs.) ~ 9,260 mn |
| Face Value (Rs) 1 | Lot Size (shares) 87 |
OnEMI Technology Solution Ltd. (Kissht), incorporated in 2016, is a technology-enabled lender in India that primarily offers digital loans via its mobile application for various consumption and business needs.
Company provides swift, accessible, and personalized credit solutions to its customers within the mass market segment representing India’s emerging middle class, which is aspirational, digitally connected, and underpenetrated in credit.
As of Q3FY26, the company had 63.73 mn registered users and served 11.17 mn customers. It also had a net promoter score of 95 and a rating of 4.6 on the Play Store based on over 1.25 mn user reviews as of March 31, 2026.
As of Q3FY26, the company maintained a highly granular loan book with over 2.87 mn active customers and Rs. 59.56 bn in assets under management (AUM), with an average customer age of around 32 yrs and a median CIBIL score of 746.
Out of the total proceeds of Rs. 9,260 mn from the offer, ~Rs. 6,375 mn would go towards augmenting the capital base of its subsidiary to meet its future capital requirements arising out of the growth of its subsidiary; Rs. 760 mn would go to existing shareholders selling their stake, and ~Rs. 2,125 mn would go towards general corporate purposes.
Key Highlights
- India’s systemic credit grew from Rs. 138 tn in FY20 to Rs. 242 tn in FY25. Retail credit is expected to reach approximately Rs. 201 tn by FY30, with an expected growth of 22 pct CAGR, driven by formalization, digitization, and rising consumer aspirations.
- The company’s customer sourcing channels are diversified, encompassing digital marketing initiatives, strategic partnerships with small businesses, and collaborations with e-commerce platforms and loan aggregators, as well as organic growth driven by word-of-mouth referrals.
- The company considers risk management as a core element of its business model. It employs advanced data analytics, artificial intelligence (AI), and machine learning (ML)-driven statistical models to manage risk across all processes, ranging from credit decision-making to collections.
- Company operates a fully tech-enabled, scalable lending platform managing the entire loan lifecycle, ensuring a secure experience. The platform, supported by 331 engineers, boasts a 99.99 pct uptime and a crash-free rate of 99.32 pct.
- Company’s key strategies include (i) Deepen relationships with the existing customer base and continue to acquire new high-quality customers to achieve a leadership position in the mass market segment. (ii) Continue improving credit models to drive profitability. (iii) Be at the forefront of technology by leveraging ML, generative AI, and other emerging tools. (iv) Deliver superior profitability at scale by leveraging a lower cost of funds and operating leverage (v) Build a comprehensive financial services platform through product expansion.
- Company’s net total income grew with a CAGR of 12 pct over FY23-25, and PAT grew with a CAGR of 141 pct over the period. During FY25 Company reported a 27 pct decrease in net total income, summing to Rs. 11,883 mn against Rs. 16,317 mn in FY24, resulting in 19 pct decrease in PAT at 1,606 mn against Rs. 1,973 mn in FY24. Company reported a ROA of 7.1 pct and ROE of 17.7 pct in FY25 with Debt to Equity around 1.5x.
Key Risk
- A significant portion of their AUM consists of unsecured loans, comprising 94.23 pct as of Q3 FY26 and 98.15 pct as of FY25. If RBI tightened any unsecured lending, it may adversely affect their business.
- Business performance relies on accurate customer data for credit assessments and collateral valuation. Inability to collect or analyze data effectively could negatively impact business and financial outcomes.
Financial Performance
| (In Rs. million, unless otherwise stated) | FY23 | FY24 | FY25 | 9MFY26 |
| Net Total Income (Rs. Mn) | 9,456 | 16,317 | 11,883 | 13,782 |
| PAT (Rs. Mn) | 277 | 1,973 | 1,606 | 1,993 |
| ROA % | 3.3% | 12.9% | 7.1% | 8.5% |
| ROE % | 6.9% | 28.8% | 17.7% | 23.5% |
| Debt to Equity Ratio (x) | 0.69 | 0.97 | 1.50 | 1.63 |
| GNPA % | 0.05% | 0.79% | 2.89% | 2.90% |
| NNPA % | 0.00% | 0.00% | 0.25% | 0.38% |
| PCR % | 100.0% | 100.0% | 91.5% | 86.9% |
Peer Comparison based on FY25 Financials
| Peer Comparison (Rs. Million) | OnEMI Tech. Sol. Ltd. | Bajaj finance Ltd. | Cholamandalam Inv. & Fin. | HDB Fin. Serv. Ltd. |
| Net Total Income | 11,883 | 409,830 | 135,700 | 86,935 |
| PAT | 1,606 | 166,615 | 42,585 | 21,759 |
| ROA % | 7.1% | 4.6% | 2.4% | 2.2% |
| ROE % | 17.7% | 20.8% | 19.8% | 14.7% |
| Debt to Equity (x) | 1.50 | 3.13 | 7.40 | 5.85 |
| GNPA % | 2.89% | 1.18% | 3.97% | 2.26% |
| NNPA % | 0.25% | 0.56% | 2.63% | 0.99% |
| PCR % | 91.5% | 53.0% | 34.6% | 56.0% |
Valuation
OnEMI Technology Solutions Limited is a technology-enabled lender in India, primarily offering digital loans through its mobile application for various consumption and business needs. Kissht is backed by a strong governance framework and powered by its NBFC subsidiary, Si Creva Capital Services. OnEMI combines regulatory rigor with cutting-edge innovation to deliver responsible and inclusive credit. At the upper price band of Rs. 171, the issue quotes a PE of 10.8x on FY26 annualized earnings and a PB of 2.8x on an FY25 basis. The issue looks fully priced.
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation, and one should consult a financial advisor before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
