Moneyview Trades at 12 Times Annualised Profit, Amagi at 42 Times
Startups / news
Moneyview Trades at 12 Times Annualised Profit, Amagi at 42 Times
Both Bengaluru companies posted Q2 FY27 profits this week, but Amagi's ₹75 crore includes ₹26 crore of non-operating income.
Moneyview reported a ₹201 crore profit for the September quarter and Amagi reported ₹75 crore, which at Thursday's prices values them at about 12 times and 42 times annualised quarterly profit.
Both companies filed Q2 FY27 results this week. The figures below come from Entrackr's Moneyview report, Inc42's Moneyview report and Entrackr's Amagi report. We did not fetch either company's exchange filing, so the numbers are as those outlets reported them.
Moneyview: profit up 5.15 times, credit costs down as a share of revenue
Moneyview, the Bengaluru lender founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, grew operating revenue 41 percent to ₹1,120.2 crore from ₹794 crore a year earlier. Net profit was ₹200.7 crore against ₹38.8 crore, up from ₹173.8 crore in the June quarter, according to Inc42.
Expenses rose 24.5 percent to ₹876.5 crore, well behind revenue. The line a lender is watched on, impairment of financial instruments, went to ₹286 crore from ₹241 crore. On Entrackr's figures that is about 25.5 percent of operating revenue, down from about 30.4 percent a year ago. That calculation is ours, not the company's.
The comparison flatters less than the headline suggests. Inc42 notes that the year-ago quarter carried an exceptional gain of ₹47.9 crore, and the tax charge differs: pre-tax profit of ₹269.2 crore against ₹200.7 crore of net profit implies a tax rate near 25 percent, where the year-ago quarter's ₹100.5 crore and ₹38.8 crore imply about 61 percent.
Moneyview listed on Oct. 1 on the NSE and BSE at ₹55 a share, 61.8 percent above the top of its ₹32 to ₹34 price band, after the issue was subscribed 101.6 times. The shares closed Thursday at ₹58.25, about 71 percent above the band's top, for a market capitalisation near ₹9,701 crore. Managed assets stood at ₹23,892 crore in September.
Amagi: ₹75 crore profit, with ₹26 crore of it non-operating
Amagi, the Bengaluru cloud platform for connected-TV and programmatic advertising, posted operating revenue of ₹476 crore, up 27 percent from ₹375 crore. Net profit was ₹75 crore against ₹2.53 crore. Entrackr's headline says nearly 29 times; the rounded figures give closer to 30.
Employee costs were ₹211 crore, up from ₹208 crore, so revenue rose by ₹101 crore while the biggest cost line rose by ₹3 crore. Total expenses grew 9 percent to ₹419 crore from ₹384.5 crore. Entrackr said the company gave no further breakdown of other expenses.
Non-operating income was ₹26 crore. Total income of ₹502 crore less expenses of ₹419 crore leaves ₹83 crore before tax, and operating revenue alone leaves ₹57 crore, so about 31 percent of pre-tax profit did not come from the core business. That split is our arithmetic. Entrackr says the U.S. is Amagi's main market.
At ₹570 a share, Entrackr put Amagi's market capitalisation at about ₹12,642 crore.
| Company | Q2 FY27 net profit | Margin on operating revenue | Market cap | Cap / annualised profit |
|---|---|---|---|---|
| Moneyview | ₹201 crore | 17.9% | ₹9,701 crore | 12.1x |
| Amagi | ₹75 crore | 15.8% | ₹12,642 crore | 42.1x |
- Moneyview12.1 x
- Amagi42.1 x
Source: Entrackr and Inc42 reports of Nov. 5, 2026; multiples are The Terminal's arithmetic
Why the gap in multiples
Multiplying one quarter by four assumes the quarter repeats, which is generous to both. For Moneyview, the quarter has already risen 15.5 percent from June, so the annualised figure sits above the half-year pace of ₹375 crore. For Amagi, the first half produced ₹109 crore, so ₹300 crore is a stretch from a base of ₹6.5 crore a year ago.
Lenders tend to trade on book value rather than earnings, and Inc42 gives Moneyview's return on equity as 27.9 percent. That is the number to hold the 12 times against. Amagi's price implies the market expects the ad-tech margin to widen, and its ₹26 crore of non-operating income says some of the profit has little to do with that bet.
For the same earnings-season pattern at other listed Indian startups, see our read of Lenskart, Nykaa and PhysicsWallah's Q2 revenue multiples. A private round such as Cosmoserve's $6 million seed has no earnings to divide by at all.
The next test is the December-quarter filing, which will show whether Moneyview's credit-cost ratio holds near 25 percent of revenue.
Sources
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