Sachin Bansal-led non-banking finance company (NBFC) Navi Group is eyeing an IPO in the second half of the financial year 2026.

The company is in talks with bankers to decide on the best time for its IPO, Bansal told ET. "While specifics on dilution and valuation are still pending, Navi is well-set to make its market debut," he said.

The company aims to go public, and it is "negotiating with bankers to find the appropriate timing." 

"The business is well placed, and though I am not in a position to give a timeline, we are certainly exploring it," Bansal added.

Further clarity on key milestones will emerge following consultations with the company’s board, Bansal said on the IPO timing.

This is not the first time that Navi is trying to do an IPO. 

In September 2022, the company secured approval from the Securities and Exchange Board of India (SEBI) for a Rs 3350-crore ($440 million) public offering. However, the plan was shelved then.

Simultaneously, Navi Finserv, the group's lending subsidiary, is reportedly moving towards a more secured loan book and diversifying its financial products. The company aims to achieve a 50-50 proportion between secured and unsecured loans in the next three to five years. 

"Unsecured loans can function at a modest level, but as we expand, we require more secured loans for stability and reduced funding costs," ET quoted Bansal as saying. Navi's home loan segment has already achieved break-even.

Bansal targets Rs 50,000 crore in assets under management. 

As of December 2024, Navi Finserv had a loan book of Rs 7700 crore and a net profit of Rs 192 crore in April-December 2024. The total income of the company was Rs 1770 crore for the period, and its gross non-performing asset (NPA) ratio was at 2.47%.

Last week, Navi restructured its top management where Bansal stepped down from the CEO role of the company. 

Rajiv Naresh is now the CEO of Navi Technologies Limited and Abhishek Dwivedi was appointed as the CEO of Navi Finserv Limited. 

Bansal is now the Executive Chairman of Navi.