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Building a profitable Fintech at scale

The erstwhile Magma Fincorp, now Poonawalla Fincorp has seen perhaps, one of the fastest turnarounds in the BFSI sector. Poonawalla Fincorp (PFL) is now a tech led high growth NBFC backed by a strong promoter and having topnotch processes and best-in-class cost-of-funds. With digital as core for the new management, we expect robust growth, competitive cost of funds and tech savviness to drive a 38% loan CAGR over FY23-25e for the standalone unit. We retain our Buy stance on the company with a target price of Rs.417, valuing it at 3.0x FY25e standalone P/BV,derived usinga multi-stage DDM method.

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