RNFI Services Ltd — Q3 FY26

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.