Gyftr posts ₹396 cr revenue from gift vouchers, but auditors qualify the books
The former NBFC's pivot to rewards is generating real revenue. A ₹25 cr Kingfisher Finvest claim and unresolved borrowings keep the auditors from signing off cleanly.
— 2 earlier stories on Gyftr Ltd. →What's new
- Gyftr's FY26 revenue hit ₹396.36 cr, up from negligible interest income last year, after pivoting to gift vouchers.
- Auditors issued a qualified opinion over a ₹25 cr garnishee order linked to Kingfisher Finvest and unconfirmed historical borrowings.
- Company Secretary Rishi Arya resigned; Tisha Lamba took over the role effective June 16, 2026.
Why this matters
The revenue figure proves the business model works. The qualification reminds investors that the company still carries legacy baggage from its NBFC days. Until the Kingfisher claim is resolved, the balance sheet carries a footnote that complicates the turnaround story.
What we're watching
- Resolution of the ₹25 cr Kingfisher Finvest garnishee order and associated litigation.
- Whether the auditor's qualification gets lifted next year as legacy debt issues fade.
- Momentum in the voucher business as FY27 begins.
The full read
Gyftr's FY26 results show the former NBFC has a real business: ₹396.36 crore in revenue from gift vouchers and rewards, up from negligible interest income a year ago. Net profit stood at ₹18.39 crore. The top-line number is the proof of concept. But the auditors wouldn't sign off cleanly. A qualified opinion flags two legacy items: a ₹25 crore garnishee order linked to Kingfisher Finvest and historical borrowings that remain unconfirmed. Both have appeared in prior filings. The company also saw a management change, with Rishi Arya stepping down as Company Secretary and Tisha Lamba taking over on June 16. The turnaround from NBFC to rewards platform is producing revenue. The legacy balance sheet is the anchor.
Questions answered
- What caused the auditor's qualified opinion?
- Two long-standing issues: a ₹25 crore garnishee order linked to Kingfisher Finvest and historical borrowings the auditors could not fully confirm. Both are legacy items from Gyftr's prior life as LKP Finance.
- How different is this year's revenue from the last?
- The company earned ₹396.36 crore in FY26 from its gift voucher and rewards business, compared to negligible interest income the prior year. The pivot from NBFC operations is now producing meaningful top-line.
- Why did the Company Secretary resign?
- Rishi Arya resigned as Company Secretary and Compliance Officer. The filing gives no reason; Tisha Lamba took over the role effective June 16, 2026.
- Are the qualified-opinion issues new?
- No. The Kingfisher Finvest claim and unconfirmed borrowings have been flagged in previous filings and remain under litigation. The qualification is consistent with prior years.
Story so far
All notes on LKPMERFIN →- 29 May 2026 · 8:36 PM IST Gyftr posts ₹396 cr revenue from gift vouchers, but auditors qualify the books
- 1d ago 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.