Fino Payments Bank Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Other Banking Operations: 66.5% • Retail Banking: 23.0% • Treasury: 10.5%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Comfortable capital adequacy - CAR of 80.5%
- Asset quality is healthy - gross NPA of just 0.0%
- Solid return on assets for a lender - ROA of 2.4%
- Healthy loan book growth of 145.9% with stable asset quality
- Strong low-cost deposit base - CASA ratio of 100.0%
- Company has delivered good sales growth of 60.9% CAGR over last 5 years
CONS
- A large part of profit comes from other income (1524.5% of PBT)
- Recent results are weak - TTM profit is down 74.9% versus prior year
- Free cash flow has been persistently negative
- Operating margins have contracted to 55.5% from 120.0%
- Effective tax rate is unusually low at 14.6% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HDFCBANK | 713.15 | 13.91 | 1099262.18 | 2.17 | 203826.90 | 1092.64 | 905753.30 | 936.66 | 12.81 | 35.64 |
| ICICIBANK | 1423.00 | 18.21 | 1021346.28 | 0.84 | 16209.74 | 12.62 | 52240.85 | 6.44 | 16.51 | 32.39 |
| KOTAKBANK | 424.85 | 20.82 | 422626.17 | 0.15 | 5487.06 | 23.89 | 18354.57 | 6.41 | 12.05 | 19.05 |
| AXISBANK | 1273.00 | 14.27 | 396316.12 | 0.08 | 7656.51 | 22.31 | 35541.96 | 9.87 | 11.04 | 63.88 |
| IDBI | 90.68 | 10.46 | 97502.78 | 0.00 | 2130.57 | 5.27 | 7549.28 | 7.44 | 14.76 | 76.80 |
| FEDERALBNK | 343.00 | 18.11 | 84792.00 | 0.35 | 1297.61 | 37.06 | 7861.58 | 9.94 | 10.98 | 66.11 |
| AUBANK | 1066.80 | 43.94 | 80071.67 | 0.09 | 795.95 | 37.03 | 5302.74 | 21.11 | 14.17 | 56.24 |
| INDUSINDBK | 1006.00 | 59.28 | 78381.54 | 0.15 | 1037.02 | 71.68 | 11309.94 | -7.78 | 4.97 | 55.07 |
| IDFCFIRSTB | 86.67 | 32.42 | 74724.36 | 0.29 | 1147.82 | 153.12 | 11051.09 | 14.61 | 5.42 | 38.45 |
| YESBANK | 22.49 | 18.70 | 70592.28 | 0.00 | 1071.81 | 32.53 | 8054.49 | 5.92 | 8.04 | 58.47 |
| RBLBANK | 414.35 | 71.48 | 64263.17 | 0.24 | 2342.30 | 993.41 | 38402.40 | 1015.97 | 6.49 | 40.95 |
| FINOPB | 139.15 | 55.19 | 1157.98 | 0.00 | -137.20 | -872.52 | 722.30 | 1084.29 | 11.49 | -294.93 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 33 | 37 | 39 | 41 | 45 | 48 | 49 | 53 | 61 | 60 | 63 | 64 | 72 | |
| Interest Expended | 15 | 19 | 22 | 23 | 24 | 25 | 26 | 26 | 28 | 28 | 29 | 29 | 35 |
| Net Interest Income | 18 | 18 | 18 | 18 | 21 | 23 | 24 | 27 | 33 | 32 | 34 | 35 | 37 |
| 315 | 322 | 331 | 360 | 392 | 408 | 412 | 441 | 392 | 340 | 331 | 276 | 235 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 340 | 307 |
| Operating Expenses | 314 | 320 | 326 | 353 | 389 | 404 | 407 | 438 | 400 | 351 | 344 | 306 | 285 |
| Operating Profit | 19 | 20 | 23 | 25 | 24 | 26 | 28 | 30 | 25 | 21 | 21 | 5 | -14 |
| Provisions & Contingencies | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 19 | 20 | 23 | 25 | 24 | 26 | 28 | 30 | 25 | 21 | 17 | 4 | -14 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.32% | 0.00% | 18.43% | 18.77% | 19.19% | 27.89% | 27.66% | 29.80% | -73.17% | -0.00% |
| Net Profit | 19 | 20 | 23 | 25 | 24 | 21 | 23 | 24 | 18 | 15 | 12 | 7 | -14 |
| EPS | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 1 | 0 | -0 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 150 | 195 | — | |
| Interest Expended | 6 | 10 | 10 | 15 | 47 | 79 | 101 | 121 |
| Net Interest Income | -6 | -10 | -10 | -15 | -47 | 71 | 95 | — |
| 352 | 673 | 771 | 973 | 1,135 | 1,328 | 1,652 | 1,182 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 1,478 | 1,847 | 647 |
| 0 | 0 | 0 | 0 | 0 | 1,313 | 1,638 | — | |
| Operating Profit | -6 | -10 | -10 | -15 | -47 | 87 | 108 | — |
| 0 | 0 | 0 | 0 | 0 | 1 | 0 | — | |
| Profit before Tax | -62 | -32 | 20 | 43 | 65 | 86 | 108 | 29 |
| Tax % | -0.00% | -0.00% | 0.00% | 0.00% | 0.00% | 0.09% | 14.60% | 27.78% |
| Net Profit | -62 | -32 | 20 | 43 | 65 | 86 | 93 | 21 |
| EPS | -8 | -4 | 3 | 5 | 8 | 10 | 11 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 61%
- 3 Years:
- 76%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 29%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -27%
- 1 Year:
- -49%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 14%
- 3 Years:
- 14%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - |
| Equity Capital | 45 | 45 | 45 | 83 | 83 | 83 | 83 |
| 118 | 85 | 106 | 393 | 459 | 545 | 636 | |
| 48 | 118 | 243 | 503 | 917 | 1,413 | 1,939 | |
| 83 | 111 | 181 | 250 | 434 | 713 | 839 | |
| Other Liabilities & Provisions | 392 | 266 | 436 | 448 | 563 | 651 | 680 |
| Total Liabilities | 684 | 624 | 1,010 | 1,680 | 2,466 | 0 | 0 |
| ASSETS | - | - | - | - | - | - | - |
| 157 | 131 | 88 | 224 | 220 | 317 | 183 | |
| Balances with Banks & Money at Call | 231 | 171 | 183 | 542 | 614 | 748 | 921 |
| 73 | 128 | 504 | 631 | 1,146 | 1,747 | 2,388 | |
| 42 | 49 | 62 | 92 | 139 | 148 | 167 | |
| 180 | 144 | 172 | 189 | 341 | 411 | 416 | |
| Total Assets | 684 | 624 | 1,010 | 1,680 | 2,466 | 0 | 0 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 29 | -84 | -32 | 207 | -20 | 57 | 76 | |
| Cash from Investing | -14 | -31 | -69 | -64 | -97 | -104 | -164 |
| Cash from Financing | 35 | 28 | 70 | 352 | 184 | 279 | 127 |
| 50 | -86 | -31 | 495 | 68 | 232 | 39 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| PER SHARE | |||||||
| EPS (₹) | -13.99 | -7.19 | 4.59 | 5.14 | 7.82 | 10.36 | 11.12 |
| Book Value (₹) | 36.36 | 29.18 | 33.77 | 57.28 | 65.10 | 75.46 | 86.44 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PROFITABILITY | |||||||
| Net Interest Margin % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.53% | 2.71% |
| ROA % | -9.12% | -4.90% | 2.51% | 3.18% | 3.14% | 2.93% | 2.43% |
| ROE % | -38.48% | -21.93% | 14.59% | 13.63% | 12.78% | 14.74% | 13.74% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 93.79% | 93.80% | |
| ASSET QUALITY | |||||||
| Gross NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Provision Coverage % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Slippage Ratio % | — | — | — | — | — | — | — |
| BALANCE SHEET & LIQUIDITY | |||||||
| CASA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% | 100.00% |
| Credit-Deposit Ratio % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.50% | 0.43% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
| GROWTH & VALUATION | |||||||
| Net Profit Growth % | 0.00% | 48.65% | 163.91% | 108.75% | 52.28% | 32.48% | 7.32% |
| Book Value Growth % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15.92% | 14.54% |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 27.14x | 20.52x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 3.73x | 2.64x |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Fino Payments Bank Limited has informed the Exchange regarding Business Responsibility & Sustainability Report for FY2025-26.
2026-09-07 - Fino Payments Bank Limited has informed the Exchange regarding Notice of Annual General Meeting scheduled to be held on Tuesday, September 29, 2026
2026-09-04 - Fino Payments Bank Limited has informed the Exchange regarding Appointment of Mr. Amit Kumar as Head-Branch Banking of the company w.e.f. September 04, 2026.
2026-09-04 - Fino Payments Bank Limited has informed the Exchange about Copy of Newspaper Publication for pre-dispatch of the Notice of 10th AGM and Annual Report for FY2025-26
2026-08-26 - Fino Payments Bank Limited has informed the Exchange about approval of RBI for extension of tenure of Mr. Ketan Merchant as Interim CEO
2026-08-24 - Fino Payments Bank Limited has informed the Exchange about the extension of tenure of Mr. Ketan Merchant as an Interim CEO
2026-08-24 - Fino Payments Bank Limited has informed the Exchange regarding Outcome of Board Meeting held on August 24, 2026.
2026-08-24 - Fino Payments Bank Limited has informed the Exchange about Schedule of meet
2026-08-18 - Fino Payments Bank Limited has informed the Exchange about Transcript of Earnings Call
News
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