The roll-up thesis: durable growth, margin expansion, recurring-revenue quality, prudent leverage and disciplined capital allocation.
The roll-up thesis is proving out: 3 integrated cohorts delivered +5pts of EBITDA margin and leverage sits at 5.8x against the 5.5x covenant. The remaining value is in the 4 unintegrated cohorts — finish synergy capture before exit diligence prices it.
6 of 6 headline metrics improving vs prior · still off target: Revenue $6.00B vs $7.50B, Recurring Fee Income $125M vs $140M
Sets deal capacity and refinancing risk.
4 of 7 cohorts sit below 80% synergy capture; integrated cohorts already show +5pts of margin — the same playbook is unbanked EBITDA until applied.
Hold management to 90-day synergy recovery plan; track at next board meeting.
Synergy at 78% of model; integration 80% complete.
Push subscription/Risk Analytics Suite attach on Integration installs.
Recurring 40% vs 45% strategic target; Integration BU dilutive.
Consistent top-line growth with steady margin expansion.
Proof of the roll-up: EBITDA uplift and synergy realization per acquired brand.
| Acquired brand | Year | Revenue | ARR | EBITDA uplift | Synergy | Status |
|---|---|---|---|---|---|---|
| LAP by ABHFL | 2021 | $31.25M | $11.03M | 8.27%→12.87% (+4.6) | 92% | Integrated |
| ABHFL Construction Finance | 2021 | $20.22M | $7.35M | 7.35%→11.95% (+4.6) | 90% | Integrated |
| Aditya Birla Home Loans | 2022 | $88.23M | $47.79M | 10.11%→14.71% (+4.600000000000001) | 88% | Integrated |
| Lease Rental Discounting | 2023 | $53.31M | $17.46M | 9.19%→11.95% (+2.76) | 74% | In progress |
| PMAY 2.0 Support | 2024 | $37.68M | $12.87M | 8.27%→10.11% (+1.8399999999999999) | 55% | In progress |
| Digital Loan Origination | 2024 | $34.01M | $11.95M | 8.27%→11.03% (+2.76) | 78% | In progress |
| Risk Analytics Suite | 2024 | $26.65M | $8.27M | 7.35%→8.27% (+0.9199999999999999) | 40% | Early |
Integrated cohorts (AFA, Firecom, DavEd) show ~5pt EBITDA expansion post-integration; newer cohorts (ISC, Signet) remain early with synergy capture in progress.
Covenant headroom funds the continued M&A program; cash generation supports debt service.
High-materiality external signals and competitive M&A from the adapter feed.