Moneyboxx Finance Ltd (BSE: 538446) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Unidentified Speaker
Ankit Jain — Investor Relations
Deepak Aggarwal — Co-Founder, Chief Financial Officer, Co-Chief Executive Officer and Whole-time Director
Mayur Modi — Co- Founder, Co-Chief Executive Officer, Chief Operating Officer andWhole-time Director
Analysts:
Unidentified Participant
Vansh Saini — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q3 and 9 months FY26 earnings conference call for Moneybox Finance Ltd. As a reminder, all parts online will be in the listen only mode and there’ll be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchstone phone. I now hand the conference over to Mr. Ankit from Stella Investor Relations. Thank you. And over to you.
Ankit Jain — Investor Relations
Thank you, Mike. Good afternoon ladies and gentlemen. I welcome you to the Q3FY26 earnings conference call of MoneyWorks Finance Limited to discuss this quarter’s business performance. We have from the management, Mr. Mayur Modi, Co Founder, Mr. Deepak Veraval, Co Founder, Mr. Viran Sheth, Finance Controller before we proceed with this call, I would like to mention that some of the statements made in today’s call may be forward looking in nature and may involve risk and uncertainties. The company also undertakes no obligation to update any forward looking statements to reflect developments that occur after the statement is made.
Documents relating to the company’s financial performance, including the investor presentation have been uploaded on the Stock Exchange and the company’s website. Without further ado, I would like to hand over the call to the management for the opening comments and then we will open the floor for Q and A. Thank you. And over to you sir.
Deepak Aggarwal — Co-Founder, Chief Financial Officer, Co-Chief Executive Officer and Whole-time Director
Thank you Ankit and good afternoon everyone. This is Deepak Agarwal, co founder of Moneybox Finance and I’m delighted to welcome you all to the quarter three FY26 earning conference call of MoneyWorks Finance. Joining me on the call today are Mr. Mayur Modi, co founder and Mr. Viral Seth, our Finance Controller. Before we dive into the details of our performance, I would like to begin by briefly touching upon the broader economic environment. India remains one of the fastest growing major economies despite global volatility arising from trade disruptions and geopolitical uncertainties. Gdp Growth of 8.2% in quarter two underscores the strength of domestic demand and the resilience of the core economic fundamentals.
Inflation has shown sustained moderation allowing the RBI to adopt a calibrated easing stance. In 2025 December the RBI reduced the policy rate by another 25 basis point to 5.25% marking a cumulative 100 basis point reduction during the fiscal year. This easing cycle, coupled with active liquidity management is aimed at ensuring orderly translation and stable funding conditions while maintaining financial stability. At the same time, structural reforms such as rollout of new labor codes are expected to support formalization and long term productivity even if there may be some near term cost adjustments. Rural sentiment is gradually improving, industrial activity remains steady and credit demand continues to be healthy.
For institutions like ours that focus on semi urban and rural MSMEs, this macro backdrop reinforces the structured growth opportunity ahead. Coming to our performance for the three FY26 reflect steady execution of a strategic pivot toward a stronger and more resilient business model. Our AEM stood at 878 crore as of December 2025 while reporting year on year growth is 5%. Excluding ARC transaction, our underlying AUM growth was 17% which better reflects the momentum in the core franchise. More importantly, the composition of book continues to improve. Secured loans now constitute 60% of AUM compared to 38% a year ago.
Secured portfolio 65% of the total book. If first log default guarantee scheme backing 5% unsecured AUM is included, we remain on track to move towards approximately 80% secured AUM by March 27. This structural transition is central to improving asset quality, reducing earning volatility and building long term operating leverage. Our disbursement strategy is increasingly focused on better quality borrower and higher ticket sizes. In the first nine months of FY26, 67% of disbursements were secured compared to 44% last year. The share of customers with bureau scores above 650 has increased to 71% and higher ticket loans above 3 lakhs now form a significantly larger portion of the portfolio.
We are consciously moving towards the upper tier of the micro and enterprise segment which enhances portfolio durability and lifetime customer value. On the financial front, Total income for quarter three grew 5.6% year on year to 54.7 crore. Net interest margin moderated to 14% from 16.6% last year reflecting strategic shift towards secured lending which carries lower ease but significantly lower risk. Profit after tax grew 77.6% to 0.35 crore. Discipline, provisioning, study collections and normalization of credit costs will continue to improve pat in coming quarters. Asset quality improvement has been particularly increasing. Our own books GNPA reduced sharply to 1.43% from 5.6% a year ago and NNPA declined to 0.72 from 2.88%.
Credit costs moderated to 2.07% compared to 4.7% last year. Collection efficiency remains strong at around 94% with improving resolution trends across all buckets. Current bucket efficiency which is X bucket has improved to over 99% in January, steadily growing from 98.15 in September. Every month we have seen a growth and bucket one and bucket two resolution has improved to over 60% which is highest since inception. These trends validate the corrective and strategic measures undertaken over the past few quarters. NPA recovery has significantly increased in recent months and is expected to improve significantly in FY27 driven by diesel recourse.
Operating expenses have remained stable sequentially and as AUM scales across our national network we expect operating leverage to improve progressively. Secured focused branches have already reached around 7 crore avian at 24 month vintage and early winter’s branches provide meaningful embedded growth potential. Over the next two years we are targeting operating expenses to trend below 10% to average of average AUM as scale builds and productivity improves. On the liability side we have significantly strengthened our funding profile. We now work with 31 lenders including 11 leading banks and raised a record 302 crore through NCDs. In calendar year 2025 our average cost of funds has reduced to 12.7%, the margin cost of funding has reduced to 11.8% for the first time and we expect a gradual move towards single digit borrowing costs in medium term on incremental basis as our credit profile strengthens further.
Our capital adequacy ratio stands at 26.68 comfortably above regulatory requirement. Additionally, the Board has approved an equity raise of 43.3 crores which will further reinforce the balance sheet and and support secure LED growth. Technology remains a key differentiator. Our proprietary Cattle AI application enables unique livestock identification, reduces fraud risk, enhances underwriting precision and improves field productivity. It has reduced processing timelines by 20 to 30% and lowered duplication risk significantly. Combined with our digital underwriting and collection tools this trends scalability without proportionate cost escalation. Differentiators such as cattle AI, complementary paravit services are leading to multiple global partnerships such as Rabo Foundation.
So where we got a 3.3% first loss fees guarantee as a brand gates foundation water.org shell foundation with shell we have more than 10% second loss fees guarantee up to 3% if we invest in green assets, accion and more partnerships are in the pipeline. These will lead to our unsecured portfolio having some coverage in terms of first loss or second loss fees guarantee overall. Quarter three FY26 demonstrates that our transition towards a predominantly secured, better rated and diversified MSME portfolio is delivering tangible results. Portfolio risk metrics have improved materially. Credit costs are normalizing, funding costs are trending downwards and operating leverage is gradually building.
While this invents a transition here, we believe the foundation is firmly in place for sustainable profitable growth. As AEM acceleration combines with improved efficiency and stable asset quality. Our long term objective remains clear to build a high quality, predominantly secured MSME lending franchise with stable asset quality, strong governance and sustainable return metrics while continuing to empower underserved entrepreneurs across rural and semi urban India. Thank you for your continued trust and support. We’ll now be happy to take your questions.
Questions and Answers:
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your Touchstone phone. If you wish to remove yourself from the question key, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants who wish to ask a question may press star and one on your Touchstone folder. Participants who wish to ask a question may press star and one on your Touchstone phone. We have the first question from line of Deepak Karva, an individual investor.
Please go ahead.
Unidentified Participant
Hello. Hello.
Deepak Aggarwal
Yes, we can hear you.
Unidentified Participant
Thank you for the opportunity sir. So. So my question is regarding like. Like can you give me the split slippage between first time borrowers and the repeat borrowers.
Deepak Aggarwal
Between first time borrowers Viral. You would have the data ready? Yeah, just a second. It’s about 28%. If you repeat customer, we’ll confirm it.
Unidentified Participant
It’s 28%.
Unidentified Speaker
Yeah. Repeat and refresh composes. Thank you. Yeah.
Unidentified Participant
So like it’s a 28% like can you give me the breakdown of. Breakdown of a slippage between the like first time borrowers and the repeat borrowers.
Deepak Aggarwal
So we can give you the NPF breakdown by that but we don’t have that readily available that cut.
Unidentified Participant
Okay, no problem. Sir. Like my second question is regarding the AUM growth. It’s remain very healthy but profit growth has been volatile. Is there a current business model delivering an adequate risk?
Deepak Aggarwal
Sorry, your voice was not clear. Sorry. Yeah, yeah, sorry. Can you repeat your question?
Unidentified Participant
I’m audible sir. Now?
Deepak Aggarwal
Yes, sir.
Unidentified Participant
Like your AU growth remain healthy but the profit growth has been volatile. Is your current business model driving your adequate risk adjusted return?
Deepak Aggarwal
Did you say in the last. You said profit is volatile and then what did you say?
Unidentified Participant
Your voice is breaking.
operator
We are asking the last part of your question. The last segment of a question. We would like that.
Unidentified Participant
Okay, so my question. I repeat my question. Like your AUM growth remain healthy but profit growth has been volatile. Is the current business model Delivering adequate risk adjusted returns.
Deepak Aggarwal
Okay, so Deepak got your point. See the, the there are key factors. You know, when you analyze profitability, I would say that AM growth in the first five and a half years was very, very strong. So we were almost doubling every year. Okay, what we, when we have expanded in FY24. So FY25, I would say from June 24, you know, there has been that MFI crisis because of which AUM growth tapered significantly and because of which we already had that, you know, build up in terms of branches and in terms of team, which led to higher OPEX versus the AUM growth.
Also the credit, you know, flow of NPA reduce the profit. So if you analyze that, you know, why the profit was less is largely because of slippages. And then the higher opex, these are the two items on the expense side and even lower growth in AUM which affected the profit, you know, profitability of the company. Now as we go forward, you know, you would have seen in the presentation that collection efficiency is now coming back to the normal. You know, we have already crossed 99% collection efficiency next bucket in January. And this is now has gotten stable in the future buckets like bucket one and bucket two resolution has gone to highest since inception.
So going forward, you know, say maybe from next quarter one, the NPA provisioning will reduce opex. We are working on as the growth comes in, profit will start improving. There is still some time, but you know, things are changing. You know what? We have focused very significantly on the connection efficiency and Boeing Legal which will start yielding results next year and shifting the portfolio to that, you know, secured better rated customer. So that transition is taking some time. But I feel that, you know, the results has now started showing up and is this time, you know, when the AEM also starts moving up significantly and hopefully that will resolve the profit problem as well.
Unidentified Speaker
Okay, understood, sir. So my last question is regarding branch expansion. Like we continue to branch expansion, but like a mature branches delivering expected productivity level.
Deepak Aggarwal
So we are not now continuing with the branch expansion. In fact, you know, wherever some of the branches are not delivering the expected result, we will merge those branches. But however, we are now more and more focusing on the existing branch delivering better results. And yes, next year we will open some of the branches in a better geographic area, you know, where we feel that, you know, we can really do the kind of business we want to do. So I mean, rather than very, very small towns, it would focus more on where we can, you know, get better productivity.
You know, like cities Like Bhattinda which gives us 1 crore every month. And you know, so we will try to capture areas where we can, you know, have higher disbursements and with the larger ticket sizes.
Unidentified Speaker
Okay. So currently like is it right to say that we are not into the branch opening for a coming.
Deepak Aggarwal
For the coming year we will open but largely the number may remain the same. So maybe we will consolidate some of the branches and open some branches in areas where we feel, you know, there’s a high potential for our kind of business now.
Unidentified Participant
Okay. And this would be. Thank you so much for answering the sir and all the best for the next quarter.
Deepak Aggarwal
Thank you.
Unidentified Participant
Thanks.
operator
Thank you. We have the next question from the line of Nish Shah from Stella amc. Please go ahead.
Unidentified Participant
Hi sir. Thanks for the opportunity. So my first question is on disbursement side. So disbursements are moderated though the GNP have been on stable levels. So are we internally seeing any stress that is not visible in the reported numbers?
Deepak Aggarwal
Is there any stress?
Unidentified Participant
Are we seeing internally, are we seeing any stress?
Deepak Aggarwal
No. In fact you know, as you see the collection efficiency, what we see, see we have provisioned what is required and you know the way we have been doing since inception, you know, making a 50 provision on. But what we are seeing mainly niche is that month on month since September all the buckets in terms of collection are showing improved performance. X bucket one, bucket two and npo. In fact even in NPA recoveries have doubled. But we are yet to show them till they take a reasonably good shape. So all across now we are seeing that bounce rates are reducing every single month.
So you would notice that every month the bounce cases are reducing by 1000 for the last 5 minutes, 5 months continuously ex market efficiency. You know from almost a 14 crore flow in September the January number is down to 7.8 crore. And we have hoping that in next two months it will be down below 6 crores. So the flow to you know, bucket one and bucket two will reduce. And also the recovery is as I said at the highest in the historical. We never had 60% plus resolution in both bucket one and bucket two in last seven years.
And so those numbers are improving which is showing way of hope that market is improving. You know, overall even from the disbursement perspective our login fees, you know, in fact, you know in the last four months our login fees has doubled from approximately 20, 25 lakh per month to 50 lakh per month now. But it is indicating that demand is too high. I mean we are getting worth of 200 karods kind of logins every month. So it’s not that demand is low, it’s just that you know, off late we have made our norms very, very tight in terms of the kind of clientele we want to onboard in the current environment.
And that I feel every month people are getting more and more clear in terms of what we want to source. And we are almost at the last leg of you know, having more people who understand this business. And you know it’s soon that you know we will start getting AUM increase as well and also with new partnerships. As I said that you know for example a partnership with Shell foundation recently which gives us 10% second loss fees guarantee which is kind in the form of almost like a grant will help us build even an unsecured portfolio with a very significant guarantee program.
So even that unsecured investment under that program for green assets will be more like a secured asset. So I think the worst we have seen in the last 18 months is now getting over and incrementally every month we are seeing some improvement. Okay sir, so just one more thing.
Unidentified Participant
As you said you asked the you implemented stricter norms for client onboarding. So what is the planned rejection rate?
Deepak Aggarwal
Okay, so almost it’s, it’s like you know for a two in the last few months we are getting a 200 crore kind of login while the disbursement in the range of 40 crores. So in terms of what is expected I think we are dissocing almost 20% on that. But we are seeing that people are more and more getting better understanding of what we want to book now. So that way it’s going to improve. The number is expected to improve in terms of, I mean the lower eviction rate.
Unidentified Participant
Okay, so what is the BT outrage?
Deepak Aggarwal
BT is not much. BT is very, very minimal as of now. This is a new book out is very less.
Unidentified Participant
Okay sir, understood. So as we shift up books towards secure banks I may tend to decline.
Deepak Aggarwal
It’s 0.4, it’s around 0.4%.
Unidentified Participant
Okay, understood. So this one more thing including the.
Deepak Aggarwal
Including the closed loans and BTout is about. Yeah.
Unidentified Participant
Okay, so one more thing on as we move our AUM towards secure mix, I yield may decline. So can you quantify the expected impact on our names?
Deepak Aggarwal
Okay, see I can give you broadly that you know first is you have to see the, the E level. So because NIM is a function of multiple factor one is obviously the spread part but also the kind of equity you carry and kind of NP levels you have. So our mins decline not just because of declining yield, but also because some part of our OEM moving towards NPA and there’s, you know, interest on those loans stock now coming back to the mins function. See the part is that, you know, we will still have some mix.
So for example our unsecured book which will be in the range of say 20% to say, which will generate a 30% kind of yield, maybe you know, in future 30% of the book, which is like cattle, secured loans will generate about 25%, 30% may generate about 21% on an average and maybe some part of say 20% may generate 18%. So I’m saying we will still generate between 23 to 24% kind of yield easily. I would say more like 24% over a medium term. But at the same time the cost of borrowing will also decrease. So I think maintaining that NIM is not, you know, at a current level should not be very difficult because today it reflects significant portfolio which has moved to NPA which going forward should stop.
And some of the agreements which we are getting into, as we said that the FLDG programs, the second loss fees guarantee programs will make us sure that there is some business which we can do also at the higher level of around 30% which we have been generating till now, the last seven years. Okay sir, I wanted to tell you that, I mean that, you know, generally you would see that even with the larger players, you know, the overall Yield is around 18% but still they are able to maintain good means, good ROA and roes. So it’s, it’s combination of multiple factors because your cost of borrowings also decline so lower yield is not one single reason in terms of profitability because to give you one point, fully secured lenders who have about 10 year book, they have AUM decline rate of 1% every month.
For us in secured book it is 2%, in unsecured it is 6%. So I mean monthly the unsecured portfolio declines almost by 6%. So you know, as you shift towards secured book, your OPEX start declining and you know, starts compensating over a period of time for the declining units.
Unidentified Participant
Okay, sir, got it. Understood sir. How much impact positive will be on our GNPL and NNPL moving forward?
Deepak Aggarwal
I think for the last two years, initially for the first five and a half years we had a credit cost of about 1.5%. Take it as a similar number in GNPA this increased to 3.75%, 3.75% in FY25 and maybe close to 3% this year. From next year we believe that GNP will, I mean the trade cost will decline to below 2%. And so GNPA should not move beyond 2% going forward. I mean leave around maybe one or two quarters. But that’s where we feel that, you know, we will get to normalized level in the coming year.
Unidentified Participant
Okay, sir, got it. The last thing, roe. And ROE are still below a long term aspiration. So what specific levers are we looking at that will drive the improvement?
Deepak Aggarwal
So this year ROE will remain low as is seen in the numbers. But we will start seeing improvements from next year. So I think there has been something which is, which is staying. But current year result will be better than last. And you know, next year, you know as NPA starts declining and AVM start growing, we see better numbers on ROE and roa. Ideally, you know, this is the business, as I said earlier that you know, this is a business where you can generate ROA of 4 to 5% not without much difficulty. So you can have it more.
But if you have higher equity levels, but those kind of numbers are possible. We are still in the high yield business, I would say. So it’s a good ROA if possible. Except for, you know, what has happened recently. Movements. Yeah.
Unidentified Participant
Okay. So Last, how much IUM growth are you expecting for 27 and 28. For 27 and 28. Two years. Next. Two years.
Deepak Aggarwal
For next year. The plan is to at least reach at least cross 1500 crores.
Unidentified Participant
Okay, sir, got it. Thank you.
operator
Thank you. We have the next question from the line of Vansh Saini from Street Smart Investment. Please go ahead.
Vansh Saini
Hello. So good afternoon sir. Am I audible? Yeah. So first of all, thanks for the opportunity, sir. I am new to the company. So. Sir, could you please provide a clarity on the timeline so by which the company accepts to fully provide for its existing bad debts. Hello.
Deepak Aggarwal
So we have been doing the provisioning as per the required norms of rbi. So we, we are aligned to that number. In terms of further, I, I think it’s, it’s a process and our thought process is that you know we will be able to recover this amount. So whatever is not provided for, we require a 50% provisioning for MPA. And whatever is not provided for, we feel that the recovery will be very sharp. You know, as you, we have seen some cases as you go for legal recovery and this is a very recent example. If you see one of the actor in Bollywood has to go to jail under section 138 and I think you know we have been doing filings of under section 138 very very aggressively and you know for coming here and you know years to come the results will show up, you know as we will see that in coming year a lot of our cases will reach maybe I will not be surprised if 5,000 accounts in next year reach a non billable warrant stage.
So I believe that recovery will improve significantly going forward. Maybe starting second half of FY27 because a lot of cases have been filed and you know once you have to initiate the process and it takes some time but we really believe because our customers are there at home. We have said since inception that whatever lending we have done is not digital lending. It’s a branch led model. Every customer owns any customer who doesn’t own a house, we don’t fund. So these customers are there at their home. So once they receive pressure from the legal side they will ultimately pay up.
Vansh Saini
Got it sir.
Deepak Aggarwal
Is that over the next three to four years we might be able to recover even the the provisions which we have made. It’s a statement but you know there is a possibility but next year we will have a significant clarity on this. Okay?
Vansh Saini
Got it sir. And so the company is also proposing. I guess to raise around 43 crore rupees. So could you please elaborate on this intended utilization of these funds and how this capital inclusion will strengthen the business in terms of growth and profitability.
Deepak Aggarwal
The larger part will go to book building only. I mean for NBSC business it works like you have 100 crores of not worth. You can comfortably build a book of AUM of 500 crores. So suppose this equity raise, you will have 300 crore flux in network and we can grow AUM to 1500 crore easily through I mean also through tom debt. But you know you have polanding VC options as well through which you can take it to 800 crore as well.
But I’m saying take it a reasonable target with 300 crore of equity you can build a 1500 crore kind of portfolio. So that would be the main purpose of this equity rules.
Vansh Saini
Got it sir. And also considering the current market price is below the issue price of your pref. So this. So sir, will it go on or will it be facing any details on this? No, no, this is a recent one. This will go largely promoters are the contributors. So this will go through. Okay, so are you confident of this? Otherwise it would not have come in the sense that you know when this raised was decided, the Share price was same at current level only.
So it’s not a. Not something new which has come up. That price was earlier 76 and now it has declined. Even during the board meeting the price was same. And the money has to come this month only. Okay. This month and the bank will receive the money. Correct?
Deepak Aggarwal
Sorry?
Vansh Saini
In this month you will receive the money, all the money from the investors. Correct?
Deepak Aggarwal
Yeah, yeah. Because it has to come within next 15 days. As for the guidelines
Vansh Saini
in the next 15 days. Okay, sir. Okay, sir. I guess microfinance sector is the malabhole. Is sending and all the best to you for the upcoming quarters.
Deepak Aggarwal
Thank you.
operator
Thank you. Participants who wish to ask a question may press star and one on your touchstone phone. We have the next question from the line of Raj Doshi, an individual investor. Please go ahead.
Unidentified Participant
Thank you for the opportunity. So my question is relating to MSME lending industry. So how do you see the industry going forward? So it was, it was struggling for quite some time. So do you see the credit stress being peaked or do you feel that. It is still in its normalization phase?
Deepak Aggarwal
Thank you for your question. So market has been volatile and there has been stress and this has been the longest ever stress I would say the industry would have faced. The only thing you know, say light at the end of the tunnel which you say is that you would see that collection efficiency across the sector is improving. So if you know, at the bottom of the pyramid, MFI, a lot of MFIs, you know, and SSDs, even in their, you know, MFI portfolio they are seeing now 99% plus collection efficiency. So that’s one key thing to watch out, that collection efficiencies have approved even in the lowest bucket.
That is the same trend which we are seeing in our both secured and unsecured portfolio. So that’s one. And it has been consistently improving. Not like one month plus one month down starting second half of the year. Every month we have seen the consistent increase in collection efficiency. So that’s one part of the thing. Secondly, what we have noticed is that the credit demand has been there. I mean it’s not that we are not generating demand but yes, for most of our peers as well the disbursements have been low, you know, largely because you know, everyone, because of the collection efficiency everyone has, you know, moved up the curve in terms of tightening the lending criteria in terms of the kind of property you will take, the kind of customer business you will take up.
So I think situation will improve in coming months. I’m not saying that it is the same period as it was two years back, but incrementally, if you watch every month is a better month, I mean versus last things are improving. There’s still some time, maybe maybe one or two more quarter, but incremental situation will increase. That’s what we think.
Unidentified Participant
Got it. Thank you. Also late into funding availability and cost. Of capital related to nbsc, how do. You see next one or two years in that? Do you feel that the small players may face some constraints
Deepak Aggarwal
so it may not decline in terms of maybe from money box perspective, you know, because we are still a high cost lender. High cost borrower I would say. I mean even at 12%, you know, when you see the larger tiers raised at around 9%, we are still. Yes, on the overall basis we are very the right cost at our rating. But then if you compare with the larger peers, there is still a large gap of 300 basis point which we need to. So if you are asking from the industry perspective, there isn’t much scope of decline in the pricing unless you know, foreign funding becomes cheaper because of.
So like last year we saw that last two years we felt that we cannot raise funding through ECB sources as well because software was high, the hedging cost was high. Also because of withholding tax, the cost was very high. Now for a lender like us, you know, there is some diploma in the cost. So I think if you ask from Moneybox Finance, if we are able to improve our credit rating with more infusion of capital, we will still be able to bring down the cost Significantly at least 200 basis point over medium term. But if you are asking from the overall perspective, I don’t believe that, you know, there is a lot of left in terms of borrowing cost decreasing in short term.
Okay, okay, that helps. And in terms of capital raise, I think this has not so one is that Indian market was not the favor of the season in last one and a half year. And particularly small smaller companies and, and NBFC space because of whatever turmoil happened in MFI segment, it has not been very favorite. But again, you know, now people are looking at that, you know, things are getting better, valuations are really, really low, you know, which were not available two years back. I mean very significantly low. So I think people who see this very cautiously, they will realize that, you know, you know, every quarter things will improve and, and there’s a better opportunity here because see as I mean it’s cyclical business.
You know, every six, seven years you see some cycle. But. But ultimately It’s a good business to be in. So I don’t see that, you know, even, even at moneybox level I don’t feel there is a constraint to capital except that you know, valuations have dipped so you know there is more waiting to, you know, get things corrected. So otherwise at a price you always have capital available.
Unidentified Participant
Okay, sure. And so like you mentioned about the borrowings. So can you please elaborate more on our borrowing mix like across banks, NBFCs and capital market instruments.
Deepak Aggarwal
Like what is our mix? It’s close to 30. It’s close to 30. 30, 40. I mean the largest portion is now coming from NCDS which is capital market. This is where you can get at the standard. So we are able to raise at 12% the secured NCDs and the quantity is quite big. So I mean if you want every month we can raise like you know, 50 crore kind of funding. So capital market is playing well about you know, 30% will be, you know, maybe even less will be like banks and their NBSC. So banks, we have 11 banks.
So every time it is due they give a top up. I would not say they are very aggressive but we are getting new banks on board it. So it’s a, you know, overall we feel that you know, a kind of 1/3, 1/3, 1/3 could be your liability mix with banks taking the new entrant would be for next year for us would be DFIs. I, I believe that you know, based on the current conversations which are going on we would have a reasonably sized funding firm, DFIS and impact from us. Okay.
Unidentified Participant
Okay, sure. So thank you very much. All the best for your future. Thank you.
Deepak Aggarwal
Thank you.
operator
Thank you. As there are no further questions, I now hand the conference over to the management for closing comments.
Deepak Aggarwal
I think. Thank you everyone. Mayur if you want to have any closing comments.
Mayur Modi
No, I think mostly everything is covered. Thanks.
Deepak Aggarwal
Thank you everyone.
operator
Thank you on behalf of Moneybox Finance Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.