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Niyogin Fintech
BSE: 538772 INE480D01010 Financial Services NBFC 🔎 Screen
₹484 Cr
Market Cap
2.26
P/B
5.6%
ROCE
-0.1%
ROE
0.25
D/E
Fin. Margin
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📈 Price History
Ratio Health
Excellent
Good
Average
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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 5
  • Company has low interest coverage ratio.
  • Promoter holding is low: 39.1%
  • Company has a low return on equity of -3.66% over last 3 years.
  • Earnings include an other income of Rs.33.1 Cr.
  • Debtor days have increased from 42.8 to 57.1 days.
Key Ratios Snapshot
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📈 Growth Pattern
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Strong quarter: iServeU EBITDA margin of 28.7% crushed guidance (15-18%), NBFC turned profitable, and consolidated EBITDA surged—but asset quality and concentration risks temper the outlook. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹27.0 Cr
+22% YoY (consolidated net revenue)
EBITDA Margin
24.1%
vs 2.3% in Q4FY25; +2,180 bps YoY (consolidated)
PAT
₹1.1 Cr
down 59% YoY due to prior-year tax benefit; up 131% QoQ
Key Metric
28.7%
iServeU EBITDA margin vs guidance 15-18% — beat by 1,070 bps
What Went Right
  • iServeU net revenue grew 55% YoY to ₹21.1 Cr, driven by program management (+60% QoQ) and TSP/SaaS (+87% QoQ)
  • iServeU EBITDA margin hit 28.7%, well above guided 15-18%, reflecting operating leverage
  • NBFC standalone PBT (ex-ESOP) turned positive at ₹1.7 Cr vs loss of ₹1.2 Cr in Q4FY25
  • Consolidated EBITDA improved to ₹6.5 Cr from ₹0.5 Cr YoY, a 1,148% jump
  • AUM (incl. off-book) grew 26% YoY to ₹352 Cr, with EDI loans now 50% of the book
What to Watch
  • Gross NPA (net of FLDG) rose to 7.9% from 6.9% in Q3FY26, reversing prior improvement trend
  • NBFC credit cost surged 89% YoY to ₹3.4 Cr, outpacing revenue growth and pressuring pre-provision profit
  • iServeU net revenue declined 1% QoQ to ₹21.1 Cr, signalling possible plateau after consecutive growth quarters
  • Consolidated PAT fell 59% YoY to ₹1.1 Cr, though largely due to a one-off tax benefit in the base quarter
  • iServeU order book of ₹611 Cr is heavily concentrated — 57% tied to just 2 POS contracts, raising dependency risk
Management Guidance
  • iServeU FY27E: net revenue ₹125-135 Cr (1.6-1.7x YoY) at 25-30% EBITDA margins
  • NBFC FY27E: AUM ₹520-550 Cr (1.5-1.6x YoY) with PBT (ex-ESOP) ₹11-12 Cr (1.6-1.8x YoY)
  • Q1 FY27E: iServeU net revenue ₹22-25 Cr at 20-25% EBITDA margin; NBFC AUM ₹360-370 Cr with PBT ₹1.8-2.0 Cr
Investor Lens
Niyogin’s Q4 delivered a strong operational beat, especially in iServeU (EBITDA margin 28.7% vs guidance 15-18%) and NBFC profitability turnaround (PBT ex-ESOP ₹1.7 Cr vs loss). The full-year consolidated profit milestone validates the embedded lending and payments platform thesis. However, asset quality deserves scrutiny: NBFC GNPA rose to 7.9% and credit costs surged 89% YoY. The iServeU order book provides visibility but is heavily concentrated in two POS contracts (57% of ₹611 Cr). Guidance for FY27 implies 1.6-1.7x revenue growth in iServeU and 1.5-1.6x AUM growth in NBFC — ambitious but achievable if execution momentum holds. Key watch items: Q1 FY27 actuals against guidance, GNPA trajectory, and iServeU contract diversification.
From investor presentation · AI-generated analysis · Not investment advice
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📉 WEAK Revenue up 3% YoY but PAT drops 59%; negative financing margin persists
Revenue
Revenue stood at ₹72.0 Cr, growing 3.0% YoY and 14.1% QoQ. While sequential improvement is visible, annual growth remains modest.
Profitability
Net profit fell 58.6% YoY to ₹1.1 Cr, though it surged 131.3% QoQ. EPS was ₹0.06. Profitability remains under pressure with a negative ROE of -5.26%.
Margins
Financing margin improved to -1.83% from -4.34% a year ago but stayed negative, indicating core lending operations are still loss-making. QoQ margin also worsened, reflecting ongoing NIM compression.
Cash Flow
Skip — not applicable for banking/financial companies
Balance Sheet
Total assets stood at ₹709 Cr with reserves of ₹214 Cr. No data on deposits or advances is available. Negative ROE of -5.26% highlights weak capital efficiency.
Key Risks
Key risks include sustained negative financing margin indicating NIM pressure, potential asset quality deterioration given weak profitability, and regulatory changes in the fintech/NBFC space.
Outlook
The sequential improvement in PAT is encouraging, but the negative financing margin and declining YoY profits suggest headwinds. Focus on turning margins positive and managing credit costs will be critical for future performance.
Generated by AI · Mar 2026 results · Not investment advice
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🏦 Banking KPIs

NIM, GNPA, CASA, CAR, ROA, ROE and more — extracted from investor presentations
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