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Revenue
₹257.84 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
RNFI Services reported strong 9-month FY26 performance with revenue growing 46.9% YoY and PAT up 63.3% YoY, driven by high-margin businesses like delinquent loan collection, EMI collection, and the orchestration platform. The DMT business declined due to regulatory changes (Aadhaar biometric mandate), impacting top-line growth but profitability improved as the company shifted focus to higher-margin segments. Management reiterated a 40-50% YoY growth target for non-forex business and expects sequential revenue growth as DMT headwinds fade. New initiatives including insurance telemarketing, forex remittance (AD2 license), and AI integration are in early stages and expected to contribute from Q1 FY27. Key risk: regulatory changes in any of the diversified product lines could impact growth trajectory.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed the 40-50% year-on-year growth target for non-forex business, subject to stable regulatory conditions.
- After completing pilot with two banks, the forex remittance business will be launched full-fledged in the first quarter of next fiscal year.
- Management expects the loan collection segment to grow more than three times over the next few years, driven by new bank mandates and technology.
- The company plans to apply for a corporate reinsurance broking license within the next 2-4 weeks to cross-sell to existing insurance clients.
Risks flagged
- The DMT business declined 75% due to RBI's Aadhaar biometric mandate; similar regulatory shifts in other product lines could impact revenue.
- ARPU growth was muted due to PayWorld integration; management noted agent churn during integration, which could persist.
- Management acknowledged that new initiatives (insurance call centers, forex) hit P&L immediately due to upfront manpower costs, pressuring near-term margins.
- When asked about sustainable gross margins, management declined to provide a number, citing regulatory and traction uncertainties.
Key quotes
- We anticipate the gross profit to grow further and the PAT margin to keep increasing basically.
- Our business is not a balance sheet intensive business. It's a P&L intensive business. So any investment which we do now would give money in the future but hit the balance sheet in the near term.
- There might be good, there might be bad, but we'll always be transparent to you.
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