Gyftr hits ₹396 cr in revenue, but auditors flag ₹60 cr in unresolved legacy debt
The former LKP Finance now runs a gift-voucher platform. Revenue jumped from near-zero, but auditors still can't close the book on old Kingfisher-era liabilities.
— 2 earlier stories on Gyftr Ltd. →What's new
- Gyftr's annual revenue hit ₹396.36 cr, completing its pivot from NBFC to gift vouchers.
- Net profit stood at ₹18.39 cr for FY26.
- Auditors kept a qualified opinion over a ₹25 cr garnishee order and unconfirmed ₹35.96 cr in old borrowings.
Why this matters
The numbers are real: a ₹396 cr revenue base from nothing is a genuine operational shift. But the audit qualification is not cosmetic. It means the statutory auditors cannot sign off on the old balance sheet. Until the Kingfisher-linked garnishee order and the unconfirmed ₹35.96 cr in borrowings are resolved, the company's financials carry a permanent asterisk. The pivot is working. The past isn't buried.
What we're watching
- Whether the ₹25 cr Kingfisher garnishee order gets settled or escalates.
- If the ₹35.96 cr in old borrowings can be reconciled or written off.
- The new company secretary's first compliance test post-pivot.
The full read
Gyftr, the former LKP Finance, is now a ₹396.36 crore revenue business. That's a full pivot from a near-zero NBFC top line to a working gift-voucher platform, and it produced ₹18.39 crore in net profit for FY26. The operational story is done. But the audit isn't. Statutory auditors kept a qualified opinion over two pieces of unfinished business: a ₹25 crore garnishee order tied to Kingfisher Finvest, and ₹35.96 crore in old borrowings for which they never got balance confirmations. A qualified opinion doesn't stop the company from running. It does stop anyone from calling the books clean. The new business is real. The old debts are still on the table.
Questions answered
- How did Gyftr go from near-zero revenue to ₹396 cr?
- The company, formerly LKP Finance, completed its strategic pivot from NBFC operations to a gift voucher and rewards platform. This new business generated ₹396.36 cr in annual revenue for FY26.
- What are the auditors' main concerns?
- The auditors issued a qualified opinion over two unresolved legacy issues: a ₹25 crore garnishee order from the Debt Recovery Tribunal involving Kingfisher Finvest, and the lack of balance confirmations for ₹35.96 crore in old borrowings.
- Is the qualification related to the new business?
- No. The audit caveats concern old NBFC-era liabilities. The new gift-voucher operations appear to be running cleanly, but the auditors cannot ignore the unresolved past.
- What does the qualification mean for investors?
- A qualified opinion means the auditors believe the financial statements are fair, except for the specific issues they flag. It does not prevent the company from operating, but it signals unresolved risk and will be a drag on valuation until cleared.
Story so far
All notes on LKPMERFIN →- 29 May 2026 · 8:53 PM IST Gyftr hits ₹396 cr in revenue, but auditors flag ₹60 cr in unresolved legacy debt
- 1d ago Gyftr's voucher pivot delivers ₹396 cr revenue, but auditors flag legacy debt.
- 1d ago Gyftr posts ₹396 cr revenue from gift vouchers, but auditors qualify the books