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Niyogin Fintech
BSE: 538772 INE480D01010 Financial Services NBFC 🔎 Screen
₹628 Cr
Market Cap
2.93
P/B
5.8%
ROCE
-0.1%
ROE
0.69
D/E
-7.8%
Fin. Margin
-30.1%
% from 52W High
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📈 Price History
Ratio Health
Excellent
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By Category
Shareholding
About

Niyogin Fintech Ltd is a fintech company and a registered NBFC. The Co. provides a digital platform that enables access to relevant services & products for MSMEs providing financial inclusion, credit, investments and SAAS services.

✓ Strengths

No strengths data yet.

! Concerns 4
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -3.66% over last 3 years.
  • Earnings include an other income of Rs.29.9 Cr.
  • Debtor days have increased from 42.7 to 57.1 days.
Key Ratios Snapshot
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📈 Growth Pattern
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Weak quarter: consolidated revenue and profit fell sharply QoQ, and both iServeU and the NBFC missed their Q1 guidance ranges. quarter Investor Presentation One-Pager? Jun 2026
Net Revenue
₹22.1 Cr
down 18% QoQ vs ₹27.0 Cr; down 8% YoY vs ₹24.2 Cr
EBITDA Margin
0.9%
down from 24.1% in Q4 FY26; iServeU adjusted EBITDA was -₹0.5 Cr
PAT
₹(5.0) Cr
vs +₹1.1 Cr in Q4 FY26 and -₹1.9 Cr in Q1 FY26
AUM (incl. off-book)
₹332 Cr
down 6% QoQ vs ₹352 Cr; up 4% YoY vs ₹320 Cr; below Q1 guidance of ₹360-370 Cr
What Went Right
  • NBFC remained profitable: PBT ex-ESOP was ₹1.0 Cr and NII was ₹10.2 Cr, up 9% YoY and broadly stable vs ₹10.4 Cr in Q4 FY26.
  • iServeU TSP/SaaS revenue grew 64% YoY to ₹9.0 Cr, with recurring SaaS revenue rising to ₹5.6 Cr from ₹3.7 Cr in Q4 FY26.
  • NBFC employee cost ex-ESOP fell 28% YoY to ₹3.5 Cr; pre-provisioning operating profit improved to ₹3.9 Cr from ₹2.5 Cr in Q1 FY26.
  • Embedded lending activity scaled: 2.9 lakh loans processed, up 22% QoQ, with 1.2 crore total API hits.
  • iServeU carried an outstanding order book of ~₹546 Cr across 45 contracts, providing a large contracted revenue base.
What to Watch
  • Consolidated net revenue fell 18% QoQ to ₹22.1 Cr, and consolidated PAT swung to -₹5.0 Cr from +₹1.1 Cr in Q4 FY26.
  • iServeU badly missed guidance: net revenue was ₹15.8 Cr vs ₹22-25 Cr guided, and adjusted EBITDA was -₹0.5 Cr vs +₹6.0 Cr in Q4 FY26.
  • iServeU Program Management revenue collapsed 44% QoQ to ₹5.8 Cr due to lower UPI volumes, and total expenses rose 21% YoY while net revenue rose only 4% YoY.
  • NBFC AUM fell 6% QoQ to ₹332 Cr, below the ₹360-370 Cr Q1 guidance, and PBT ex-ESOP of ₹1.0 Cr missed the ₹1.8-2.0 Cr guidance.
  • Device deployments dropped 41% QoQ to 49K units due to chip shortage and West Asia conflict; one-time SaaS revenue fell to ₹3.4 Cr from ₹4.4 Cr.
Management Guidance
  • Q2 FY27 guidance: iServeU net revenue ₹21-24 Cr; iServeU EBITDA margin 20-25%; NBFC AUM ₹325-340 Cr; NBFC PBT ex-ESOP ₹0.8-1.1 Cr.
  • FY27 guidance: iServeU net revenue ₹100-115 Cr; iServeU EBITDA margin 25-30%; NBFC AUM ₹450-500 Cr; NBFC PBT ex-ESOP ₹8-10 Cr.
  • FY27 guidance excludes RBI PIDF income; FY26 core net revenue excluding ₹17.9 Cr PIDF income was ₹56.8 Cr, so guided FY27 iServeU revenue implies ~1.7x-1.9x YoY growth.
Investor Lens
The thesis is weakened, not broken, but this quarter exposed execution risk. iServeU's net revenue fell to ₹15.8 Cr from ₹21.1 Cr in Q4 and missed guidance badly, while adjusted EBITDA turned negative at -₹0.5 Cr; the ₹546 Cr order book only matters if it converts. The NBFC remained profitable with PBT ex-ESOP of ₹1.0 Cr, but AUM shrank to ₹332 Cr and full-year AUM guidance was cut to ₹450-500 Cr from the ₹352 Cr FY26 base, implying slower growth than originally expected. The company also attributed the miss to lower UPI volumes and chip shortages — external factors management needs to prove are transient. Watch Q2 specifically for UPI volume recovery after the aggregator-led model transition, whether soundbox deployments rebound from 49K units, and whether iServeU can hit the ₹21-24 Cr revenue guidance while NBFC AUM resumes growth toward ₹325-340 Cr.
From investor presentation · AI-generated analysis · Not investment advice
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📉 WEAK Revenue down 19.8% YoY; loss widens to ₹5 Cr on negative financing margin
Revenue
Revenue fell 19.8% YoY to ₹65.6 Cr and declined 8.9% QoQ from ₹72 Cr in Mar 2026. The top line remains under pressure on both annual and sequential basis.
Profitability
Net loss stood at ₹5.0 Cr against a year-ago profit (implied swing of -169.4% YoY) and a sharper -551.4% QoQ deterioration. EPS was -₹0.24 vs -₹0.14 YoY, with PBT loss of ₹6.2 Cr.
Margins
Financing margin turned deeply negative at -5.61%, worsening from -3.45% YoY and -1.83% QoQ. This indicates severe NIM compression and cost-of-fund pressure.
Cash Flow
Skip — not applicable for banking/financial companies.
Balance Sheet
No balance-sheet metrics such as advances, deposits, or capital adequacy were provided. The negative financing margin suggests asset-liability mismatch and continued stress on core lending operations.
Key Risks
Primary risks include widening NIM compression from negative financing margin, rising credit costs or asset-quality deterioration, and regulatory scrutiny on NBFC lending practices.
Outlook
Revenue decline and margin erosion signal continued operational stress. Unless financing margins recover to positive territory and loan growth resumes, profitability is likely to remain weak in coming quarters.
Generated by AI · Jun 2026 results · Not investment advice
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