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Revenue
₹2,381 Cr
verified against source
Revenue YoY
122%
reported change
EBITDA
₹98 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Avenues AI delivered a strong Q3 FY26, with consolidated gross revenue surging 122% YoY to ₹2,381 crore, driven by higher payment volumes and enterprise merchant growth. Net revenue grew 6% YoY to ₹149 crore, reflecting deliberate prioritization of volume over take rate. EBITDA rose 25% YoY to ₹98 crore, with margins expanding to 66% (up 1,000 bps YoY) due to operating leverage and cost discipline. PAT jumped 59% YoY to ₹86 crore, with PAT margin at 58%. Management upgraded FY26 guidance, citing sustained momentum. Key strategic developments include receipt of RBI in-principle PPI license, IFSCA approval for GIFT City, and offline PA authorization, positioning the company as an AI-native transaction infrastructure platform. The integrated ecosystem (Rediff, Rediff1, CCAvenue, Fonetic AI) is gaining traction, with AI reducing payment failures by 9%. Risk: Rapid expansion across multiple regulatory and product layers could dilute focus before flywheel economics fully materialize.
Colored figures show movement against the previous available record.
Guidance to track
- Management revised full-year FY26 guidance upward, reflecting improved business outlook and stronger operating momentum.
- Management aims to onboard high single-digit to double-digit percentage of existing merchant base onto Rediff1 platform over next 12-18 months.
- Management expects international markets (UAE, Saudi Arabia, Oman, GIFT City) to contribute a growing share of net payment revenue over medium term.
Risks flagged
- Net revenue growth of only 6% YoY despite 122% gross revenue growth indicates significant take rate compression, which may persist if competitive pricing continues.
- Analyst raised concern about product complexity from agentic payments, offline PA, PPI, cross-border, UPI, and AI orchestration potentially diluting focus before flywheel economics kick in.
- UPI remains zero-MDR; if it becomes chargeable, it could benefit the company, but timing and structure are uncertain. Management is working with regulators but no guarantees.
Key quotes
- We are no longer a payment gateway company. We are building an AI native transaction infrastructure platform which is full stack, regulated, data-rich and compounding.
- The switching cost move beyond just contractual dependency and they become operationally existential.
- Our focus remains on absolute profitability and cash generation rather than headline take rate metrics.
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