One EMI Technology Solutions, a digital lending platform, is open. Here’s how it’s stacked up
OnEMI Technology Solutions Ltd., a technology-enabled digital lending platform operating under the “Kissht” brand, opens for subscription on April 30 with the issue closing on May 5. The company primarily offers personal loans and loans against property through its mobile application, targeting young, digitally connected individuals in India’s mass market segment who remain underpenetrated from a formal credit standpoint.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | April 30, 2026 |
| Issue Closes | May 5, 2026 |
| Price Band | Rs 162 – Rs 171 per share |
| Face Value | Re 1 |
| Issue Size | Rs 925.92 crore (at upper cap) |
| Fresh Issue | Rs 850.00 crore |
| Offer for Sale | Rs 75.92 crore |
| Total Shares | 5,41,47,390 shares |
| Bid Lot | 87 shares and multiples thereof |
| Minimum Investment (Retail) | Rs 14,877 at upper band |
| Post-Issue Market Cap | Rs 2,881 crore (at upper cap) |
| QIB / NII / Retail Split | 50% / 15% / 35% |
| BRLMs | JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital Markets, Centrum Broking |
| Registrar | KFin Technologies Ltd. |
| Listing | BSE and NSE |
The issue constitutes 32.14% of the post-IPO paid-up equity capital. Promoter shareholding declines from 35.18% pre-issue to 24.80% post-issue, with public float rising to 75.20%.
OnEMI operates a fully tech-enabled, cloud-hosted lending platform with end-to-end ownership of its product and technology, covering the entire loan lifecycle from onboarding and underwriting to disbursement, servicing, and collections. Actual lending is undertaken through its wholly owned subsidiary, Si Creva Capital Pvt. Ltd., an RBI-registered middle-layer NBFC.
As of December 31, 2025, the company had 63.73 million registered users, 11.17 million customers, and 2.87 million active borrowers, with assets under management of Rs 5,955.75 crore. Its customers had an average age of 32 years and a median CIBIL score of 746.
The AUM mix is balanced between on-book and off-book lending, the latter through co-lending and partnership structures with 47 lenders — allowing the company to grow without adding the same amount of capital to its own balance sheet. Personal loans make up roughly 94% of AUM, with the recently launched loans-against-property business providing early diversification into secured lending.
Customer acquisition happens across digital marketing, merchant partnerships, e-commerce tie-ups, and organic word of mouth, creating a diversified and scalable acquisition model. Collections are supported by a large on-ground and tele-calling network spanning over 17,000 pin codes across India.
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue from Operations | 984 | 1,674 | 1,337 | 1,560 |
| Total Income | 1,002 | 1,700 | 1,353 | 1,584 |
| Profit After Tax | 28 | 197 | 161 | 199 |
| RoE | 6.93% | 28.78% | 17.74% | 23.51% |
AUM has grown at a strong ~79.5% CAGR from Rs 1,268 crore in FY23 to Rs 5,956 crore by December 2025. Profitability improved sharply through FY24, though the company posted de-growth in both top and bottom lines in FY25 before recovering in the first nine months of FY26. One structural feature to note: the company reports negative operating cash flows (Rs -661 crore in FY25 and Rs -138 crore in 9M FY26), which is typical for a rapidly growing lender but implies continued reliance on external funding.
Valuation and Peer Comparison
At the upper band of Rs 171, the issue is priced at a P/E of 17.9x on FY25 earnings and around 10.8x on annualised FY26 earnings, and at 1.37x post-issue book value. The company lists Bajaj Finance, Cholamandalam Investment, HDB Financial, and SBI Cards as its peers, trading at P/E multiples of roughly 31.5x, 27.5x, 21.9x, and 29.4x respectively — though these are large, diversified NBFCs and not truly comparable to a digital-first, predominantly unsecured lender on a like-for-like basis.
BP Wealth notes that the issue is supported by strong growth, improving profitability and a scalable model, and assigns a Subscribe rating. “Overall, at Rs. 171 per share, the issue is valued at 1.37x post-issue book value and 17.9x FY25 earnings. Overall, strong growth, improving profitability and a scalable model support the case. We recommend a Subscribe rating, with asset quality and execution as key monitorables,” says BP Wealth in a note.
Risks to Consider
Unsecured loans form around 94% of AUM, making the portfolio sensitive to regulatory changes and shifts in borrower repayment behaviour. Asset quality has weakened as the book has scaled, with gross NPAs rising from 0.05% in FY23 to 2.9% by 9M FY26, though heavy provisioning keeps net NPAs low at around 0.4%.
Contingent liabilities stood at a sizeable Rs 1,793 crore as of December 31, 2025, largely relating to corporate guarantees, and any material crystallisation could impact financials. Finally, the FY25 revenue and profit decline highlights the business’s sensitivity to changes in its AUM mix and lending environment, and the issue looks fully priced against its financial track record.