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Revenue
Pending
verification pending
Revenue YoY
-31%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
FINO Payments Bank reported a 31% YoY revenue decline in Q4 FY26, driven by regulatory tightening in digital payments, the collapse of bank-led DMT remittances, and deliberate derisking of high-margin program manager flows. EBITDA margin expanded 250 bps YoY as the mix shifted toward higher-margin renewal income, which hit a record ₹62.2 crore in Q4 (+25% YoY full year). Customer base grew 22% YoY to 1.75 crore, with March seeing the highest account openings in three years. The core banking system migration to Finacle was completed on time. Management reaffirmed SFB conversion is on track for FY28, with a differentiated asset-light model targeting 20% ROE by FY30. Key risk: the pause in UPI P2M business and ongoing management disruption could delay revenue recovery and erode merchant network confidence.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed no change in SFB conversion plans; in-principle approval received Dec 5, 2025, and all regulatory milestones are on track.
- Aims to achieve 20% return on equity by FY30 through asset-light model, low-cost liability advantage, and merchant-sourced business.
- Focus on retail CASA accounts; March saw 3.2 lakh new accounts (highest in 3 years) and management expects this momentum to persist in FY27.
- UPI P2M business is paused; existing merchants cannot transact and no new onboarding until a comprehensive review is completed, likely by end of Q1 FY27.
Risks flagged
- The CEO was unavailable for >45 days; board and RBI are evaluating fit-and-proper status. This could impact strategic execution and investor confidence.
- The UPI P2M business is fully paused with zero new revenue expected until review completion. Recovery timeline is uncertain.
- Business correspondent revenue (~₹140 crore in FY26) will be discontinued upon SFB conversion; strategic options are being explored but no clarity on timing or value.
- Heightened regulatory scrutiny and the need for special reviews (e.g., product/process review) could increase compliance costs and distract from growth.
Key quotes
- FY26 has been in many ways the most defining year in Feno's journey since inception.
- Renewal income is the cleanest measure of our customer ownership. 25% increase in a year of industry disruption tells you something durable about this franchise.
- We have consciously chosen sustainable and compliance growth over short-term acceleration.
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