Gyftr's voucher pivot delivers ₹396 cr, but auditors flag a ₹25 cr Kingfisher claim
Its first full year as a gift-voucher firm shows real revenue, but a ₹25-crore Kingfisher claim and legacy debts keep the auditor's opinion qualified.
— 1 earlier story on Gyftr Ltd. →What's new
- Gyftr posted ₹396.36 cr in revenue and ₹18.39 cr in net profit in FY26, its first full year as a gift-voucher company.
- Auditors gave a qualified opinion, still unresolved are a ₹25-crore Kingfisher Finvest claim and unconfirmed historical borrowings.
- Board accepted the resignation of Company Secretary Rishi Arya and appointed Tisha Lamba.
Why this matters
The pivot from NBFC to gift vouchers is producing revenue, but the qualified opinion is a brake on the story. The ₹25-crore Kingfisher claim and legacy debt issues mean the balance sheet can't be fully trusted until they're resolved, and they haven't been for years.
What we're watching
- Whether the pending litigation over the Kingfisher claim ever gets a resolution.
- How quickly the new gift-voucher revenue can scale beyond ₹396 cr.
- If the qualified opinion clears in the next audit cycle.
The full read
Gyftr's transformation from an NBFC to a gift-voucher company is now a financial fact. The company posted ₹396.36 crore in revenue and ₹18.39 crore in net profit for FY26, its first full year operating in the new business. That's a sharp contrast to the negligible interest income of its past. But the auditors won't give it a clean bill of health. The opinion is qualified, citing a ₹25-crore Kingfisher Finvest garnishee order and other historical borrowings that remain unconfirmed and under litigation. These aren't new problems. They've been in the filings for years. What's new is that there's a real business to contrast them against. The board also made a routine management change, appointing Tisha Lamba as the new Company Secretary. The pivot is working. The legacy debt isn't going away.
Questions answered
- Why did the auditors give a qualified opinion?
- The qualified opinion stems from long-standing legacy issues: a ₹25-crore garnishee order linked to Kingfisher Finvest and unconfirmed historical borrowings. These matters have been flagged in previous disclosures and remain under litigation.
- How does this revenue compare to the company's past?
- The ₹396.36 crore in FY26 revenue is a dramatic shift from the negligible interest income the company earned as an NBFC. The gift-voucher and rewards business has completely replaced its old revenue model.
- What is the Kingfisher Finvest claim about?
- It's a ₹25-crore garnishee order, a legacy debt issue from Gyftr's past as LKP Finance. The claim is under litigation and is one of the key reasons the auditor's opinion is qualified.
- Who is the new Company Secretary?
- Ms. Tisha Lamba has been appointed as Company Secretary and Compliance Officer, effective June 16, 2026. She replaces Rishi Arya, whose resignation the board accepted.
- What does the net profit of ₹18.39 crore mean for the new business model?
- It shows the gift-voucher business is profitable in its first full year of operation. The figure is modest but proves the pivot from a non-operating NBFC is generating actual earnings.
Gyftr Ltd.
Latest quarter · Mar 2026
Leverage & growth
Story so far
All notes on LKPMERFIN →- 29 May 2026 · 8:36 PM IST Gyftr's voucher pivot delivers ₹396 cr, but auditors flag a ₹25 cr Kingfisher claim
- 43d ago Gyftr posts ₹21.8 cr profit on voucher pivot, auditors keep qualified opinion