Fino Payments Bank Ltd.

•

fino.bank.inBSE: 543386NSE: FINOPB

Market Cap₹ 1,158 Cr.

Current Price

High / Low₹ 339 / 110

Stock P/E55.2

Book Value₹ 91

Price to Book2.64

Dividend Yield0.00 %

ROCE11.5 %

ROE13.7 %

Face Value₹ 10

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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 GENERATED

Financial Services

Buy

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.

Confidence

84%

View full sector analysis →

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

Financial ServicesBankBank - Private

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	HDFCBANK	713.15	13.91	1099262.18	2.17	203826.90	1092.64	905753.30	936.66	12.81	35.64
2.	ICICIBANK	1423.00	18.21	1021346.28	0.84	16209.74	12.62	52240.85	6.44	16.51	32.39
3.	KOTAKBANK	424.85	20.82	422626.17	0.15	5487.06	23.89	18354.57	6.41	12.05	19.05
4.	AXISBANK	1273.00	14.27	396316.12	0.08	7656.51	22.31	35541.96	9.87	11.04	63.88
5.	IDBI	90.68	10.46	97502.78	0.00	2130.57	5.27	7549.28	7.44	14.76	76.80
6.	FEDERALBNK	343.00	18.11	84792.00	0.35	1297.61	37.06	7861.58	9.94	10.98	66.11
7.	AUBANK	1066.80	43.94	80071.67	0.09	795.95	37.03	5302.74	21.11	14.17	56.24
8.	INDUSINDBK	1006.00	59.28	78381.54	0.15	1037.02	71.68	11309.94	-7.78	4.97	55.07
9.	IDFCFIRSTB	86.67	32.42	74724.36	0.29	1147.82	153.12	11051.09	14.61	5.42	38.45
10.	YESBANK	22.49	18.70	70592.28	0.00	1071.81	32.53	8054.49	5.92	8.04	58.47
11.	RBLBANK	414.35	71.48	64263.17	0.24	2342.30	993.41	38402.40	1015.97	6.49	40.95
12.	FINOPB	139.15	55.19	1157.98	0.00	-137.20	-872.52	722.30	1084.29	11.49	-294.93

Detailed Comparison with:

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%

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00
	5.12	4.20	3.70	4.08	2.54	2.67	2.69	1.33	0.31
	5.99	6.14	6.08	3.52	3.04	3.35	0.45	0.40	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	13.89	14.64	15.22	17.40	19.42	18.98	21.86	23.27	24.69

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Updates

2026-09-07 - Fino Payments Bank Limited has informed the Exchange regarding Business Responsibility & Sustainability Report for FY2025-26.

2026-09-07

Shareholders meeting

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

Appointment

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

Copy of Newspaper Publication

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

Change in Management

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

Change in Management

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

Outcome of Board Meeting

2026-08-24 - Fino Payments Bank Limited has informed the Exchange regarding Outcome of Board Meeting held on August 24, 2026.

2026-08-24

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-24 - Fino Payments Bank Limited has informed the Exchange about Schedule of meet

2026-08-18

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - Fino Payments Bank Limited has informed the Exchange about Transcript of Earnings Call

News

Recent coverage and analyst commentary for FINOPB

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Fino Payments Bank Ltd.

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Free 5nance Account

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

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

Interest Expended

Net Interest Income

315

322

331

360

392

408

412

441

392

340

331

276

235

Total Income

340

307

Operating Expenses

314

320

326

353

389

404

407

438

400

351

344

306

285

Operating Profit

-14

Provisions & Contingencies

Profit before Tax

-14

Tax %

0.00%

0.32%

0.00%

18.43%

18.77%

19.19%

27.89%

27.66%

29.80%

-73.17%

-0.00%

Net Profit

-14

EPS

-0

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

150

195

—

Interest Expended

101

121

Net Interest Income

-6

-10

-15

-47

—

352

673

771

973

1,135

1,328

1,652

1,182

Total Income

1,478

1,847

647

1,313

1,638

—

Operating Profit

-6

-10

-15

-47

108

—

Profit before Tax

-62

-32

108

Tax %

-0.00%

0.00%

0.09%

14.60%

27.78%

Net Profit

-62

-32

EPS

-8

-4

—

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

118

106

393

459

545

636

118

243

503

917

1,413

1,939

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

ASSETS

157

131

224

220

317

183

Balances with Banks & Money at Call

231

171

183

542

614

748

921

128

504

631

1,146

1,747

2,388

139

148

167

180

144

172

189

341

411

416

Total Assets

684

624

1,010

1,680

2,466

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-84

-32

207

-20

Cash from Investing

-14

-31

-69

-64

-97

-104

-164

Cash from Financing

352

184

279

127

-86

-31

495

232

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

PROFITABILITY

Net Interest Margin %

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%

93.79%

93.80%

ASSET QUALITY

Gross NPA %

0.00%

Net NPA %

0.00%

Provision Coverage %

0.00%

Slippage Ratio %

—

BALANCE SHEET & LIQUIDITY

CASA %

0.00%

100.00%

Credit-Deposit Ratio %

0.00%

0.50%

0.43%

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%

15.92%

14.54%

P/E (x)

0.00x

27.14x

20.52x

P/B (x)

0.00x

3.73x

2.64x

0.00%

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

75.00

5.12

4.20

3.70

4.08

2.54

2.67

2.69

1.33

0.31

5.99

6.14

6.08

3.52

3.04

3.35

0.45

0.40

0.00

Government

0.00

13.89

14.64

15.22

17.40

19.42

18.98

21.86

23.27

24.69

Fino Payments Bank Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Fino Payments Bank Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI