Viji Finance Ltd. (VIJIFIN) AI Stock Analysis

• Market Cap: ₹344.85M
• Dividend Yield: N/A
• Average Volume (3M): 25.74K
• Price to Earnings (P/E): 29.3
• Beta (1Y): -0.04
• Revenue Growth: 39.46%
• EPS Growth: N/A
• Country: IN
• Employees: 7
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): 0.07
• Shares Outstanding: 142,500,000
• 10 Day Avg. Volume: 12,331
• 30 Day Avg. Volume: 25,738
• PEG Ratio: -75.85
• Price to Book (P/B): 1.46
• Price to Sales (P/S): 13.42
• P/FCF Ratio: -10.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: ₹2.50 ▼(-11.97% Downside)

The score is held back primarily by weak financial performance—especially negative operating/free cash flow and profitability pressure—alongside bearish technicals with the price trading below key moving averages and negative MACD. Valuation is only neutral, with a 27.89 P/E and no dividend yield data to offset the risks.

Positive Factors

Revenue growth trends

Recent reported revenue growth of ~60% shows meaningful top-line expansion, indicating strong demand or successful origination. If sustained, this supports scaling the loan book, improves ability to absorb credit costs, and can drive operating leverage; execution and consistency remain critical.

Positive return on equity and stable equity base

The balance sheet notes a stable equity ratio and positive ROE, implying management is generating returns on capital. For an NBFC, this provides a foundation to retain earnings, build buffers and expand lending capacity over time, enhancing resilience versus peers if maintained.

Strong gross profit margin

A strong gross margin indicates efficient core lending or service delivery, giving the firm room to cover provisioning and operating costs. Structurally, healthy gross margins support reinvestment in origination, technology or distribution, improving long-term profitability if operating expenses are controlled.

Negative Factors

Negative operating and free cash flow

Persistent negative operating and free cash flow means core activities aren't funding the business, forcing reliance on external financing. This creates refinancing and liquidity risk, limits sustainable balance-sheet growth, and increases vulnerability to rate moves or tighter credit conditions over months.

Substantial EBIT losses and low net margins

Material EBIT losses and compressed net margins point to operating inefficiency or high overheads relative to income. Over time, sustained losses erode capital, restrict retained-earnings funding for loan growth, and increase dependence on external capital, undermining long-term sustainability.

Elevated leverage / debt-to-equity risk

A relatively high debt-to-equity ratio raises leverage and refinancing exposure. For an NBFC, elevated leverage amplifies sensitivity to interest rates and funding stress, constrains capital-raising flexibility, and increases downside in an adverse credit or funding environment over the medium term.

Viji Finance Ltd. Business Overview & Revenue Model

Company Description

Viji Finance Limited, a non-banking finance company, provides financial products and services in India. It offers corporate finance, infrastructure/project finance, and personal finance. The company was formerly known as Panjon Finance Limited and changed its name to Viji Finance Limited in September 2012. Viji Finance Limited was incorporated in 1994 and is based in Indore, India.

How the Company Makes Money

Viji Finance Ltd. generates revenue primarily through interest income from loans and financing products offered to customers. The company charges interest on personal loans, business loans, and other credit products, which constitutes a significant portion of its revenue. Additionally, VIJIFIN may earn fees for loan origination, processing, and other financial services provided to clients. The company could also generate income through investment management services, if applicable. Strategic partnerships with financial institutions and technology providers help enhance its service offerings and reach, thereby contributing to its overall earnings. Factors such as market demand for loans, interest rate fluctuations, and effective risk management practices also play a crucial role in determining the company’s profitability.

Viji Finance Ltd. Financial Statement Overview

Summary

Overall fundamentals are weak-to-mixed: profitability is pressured by substantial EBIT losses and low net margin (income statement score 45), leverage is relatively high despite a stable equity base (balance sheet score 55), and cash generation is a key risk with consistently negative operating and free cash flow (cash flow score 40).

Income Statement

Viji Finance Ltd. shows mixed performance on profitability metrics. The gross profit margin is strong, indicating efficient production and service delivery. However, the net profit margin is low due to substantial EBIT losses, indicating operational inefficiencies. Revenue growth is volatile, with significant growth in the latest year, suggesting inconsistency in sales performance.

Balance Sheet

The balance sheet shows moderate financial health. The debt-to-equity ratio is relatively high, indicating potential leverage risk. However, the equity ratio is stable, reflecting a solid asset base. Return on equity is positive, suggesting that the company is generating returns for its shareholders.

Cash Flow

Cash flow analysis reveals challenges in cash management. Operating cash flow is consistently negative, indicating potential issues with core business cash generation. Free cash flow is also negative, showing strain on liquidity. The reliance on financing cash flow suggests dependency on external funding.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	23.56M	23.25M	19.25M	20.84M	12.20M	9.20M
Gross Profit	9.13M	10.38M	10.23M	16.97M	9.74M	7.92M
EBITDA	-3.24M	-377.00K	5.54M	10.01M	5.78M	6.42M
Net Income	135.00K	1.69M	1.20M	4.33M	4.40M	4.47M
Balance Sheet
Total Assets	0.00	350.54M	253.63M	225.54M	174.63M	157.44M
Cash, Cash Equivalents and Short-Term Investments	0.00	54.94M	2.42M	1.80M	914.00K	6.02M
Total Debt	0.00	125.97M	120.54M	91.95M	46.75M	35.52M
Total Liabilities	-213.88M	136.66M	131.87M	105.17M	58.59M	45.80M
Stockholders Equity	213.88M	213.88M	121.75M	120.37M	116.04M	111.64M
Cash Flow
Free Cash Flow	0.00	-29.87M	-28.45M	-44.43M	-16.34M	7.25M
Operating Cash Flow	0.00	-28.79M	-28.39M	-24.73M	-10.55M	7.25M
Investing Cash Flow	0.00	-1.08M	-61.00K	-19.59M	-5.79M	-197.61K
Financing Cash Flow	0.00	82.39M	28.59M	45.20M	11.24M	-2.98M

Viji Finance Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.84
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VIJIFIN, the sentiment is Negative. The current price of 2.84 is above the 20-day moving average (MA) of 2.82, above the 50-day MA of 2.70, and below the 200-day MA of 2.90, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 40.95 is Neutral, neither overbought nor oversold. The STOCH value of 19.57 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:VIJIFIN.

Viji Finance Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
LFIC	55 Neutral	₹197.25M	―	―	1.70%	-93.62%	-115.49%
TCIFINANCE	50 Neutral	₹252.43M	6.50	―	―	797.65%	―
KHANDSE	49 Neutral	₹285.25M	-15.36	―	―	-12.64%	-390.34%
ONELIFECAP	48 Neutral	₹210.95M	-5.11	―	―	-62.38%	21.41%
VIJIFIN	44 Neutral	₹344.85M	29.32	―	―	39.46%	―
GLFL	44 Neutral	₹216.46M	546.97	―	―	―	―

Viji Finance Ltd. Corporate Events

Viji Finance Files SEBI Compliance Certificate, Reports No Demat or Remat Requests in Q3 FY2025

Viji Finance Limited has submitted to the stock exchanges a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The company’s registrar and transfer agent, Ankit Consultancy Pvt. Ltd., confirmed that no dematerialisation or rematerialisation requests were received during the quarter, indicating a stable shareholding pattern with no changes in the form in which investors are holding the company’s securities.