538772
Niyogin Fintech financials
- Market cap
- ₹596 Cr
- Sector
- Financial Services
- Calls analysed
- 1
Niyogin Fintech Q3 FY25
Adjusted EBITDA ₹-2 cr; Consolidated Total Income ₹113 cr (+110% YoY); AUM (including off-book) ₹242 cr. Niyogin Fintech announced a demerger into two distinct listed entities: Niyogin Finserv (NBFC, AI, wealth) and iServeU (payment infrastructure).
Read the full call →What Niyogin Fintech does
Niyogin Fintech is a holding company operating through focused subsidiaries across lending, payments and wealth technology. Its NBFC arm (Niyogin Finserv/NFL) makes small-ticket, cashflow-linked business loans — largely Equated Daily Installment (EDI) loans — distributed through a finance-professional channel and embedded into merchant platforms such as Khatabook, Meesho and Ninjacart, and also co-lends alongside bank and NBFC distribution partners. Its majority-owned subsidiary iServeU supplies payments infrastructure — POS terminals, Soundbox devices, UPI acceptance, agency banking, card issuance and program management — to banks, payments banks and fintechs on a TSP/SaaS basis. The group also holds a majority stake in the Moneyfront digital wealth-management platform and a wholly owned AI/OCR unit (Niyogin AI / SuperScan) used for underwriting and document automation.
Segments
- NBFC / Lending (Niyogin Finserv - NFL)
- iServeU (Payments infrastructure)
- Moneyfront (Wealth Tech)
- Niyogin AI / SuperScan
- NBFC loan book (AUM, incl. off-book)
- ₹352 Cr (Q4 FY26)
- Soundbox deployments (cumulative)
- 490.4K units (as of Q4 FY26)
- TSP/SaaS partner contracts
- 45 contracts
- Program Management partnerships
- 1,286 partners (Q4 FY26)
- Gross Transaction Value (GTV) processed
- ₹9,670 Cr (Q4 FY26)
- UPI volume under program management
- ~₹1,350 Cr (Q4 FY26)
Guidance record · Q3 FY25
what the last two calls moved 10 tracked 0 delivered 0 missed 10 open- NBFC AUM open said Q3 FY25 Promised: ₹300 crores by FY25 Q3 FY25: Currently at ₹242 crores
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 19.8%, net profit down 169.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 73 | 111 | 70 | 82 | 70 −3% | 63 −43% | 72 +3% | 66 −20% |
| EBITDA | 1 | -1 | 0 | 1 | 3 +108% | — | — | — |
| Net profit | -4 | -5 | 3 | -2 | 1 +115% | 0 +110% | 1 −59% | -5 −169% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −15.7% 1Y
1Y: ₹63.52 on 10 Sept 2025 → ₹53.57. High ₹72.29 (30 Sept 2025), low ₹31.65 (16 Mar 2026).
Financials, as filed
Revenue grew 38.2% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹109 Cr | ₹196 Cr | ₹304 Cr | ₹287 Cr |
| Operating profit | ₹-30 Cr | ₹-16 Cr | ₹-5 Cr | — |
| Operating margin | -27.3% | -8.0% | -1.8% | — |
| Interest | ₹1 Cr | ₹5 Cr | ₹12 Cr | ₹23 Cr |
| Depreciation | ₹6 Cr | ₹8 Cr | ₹10 Cr | ₹10 Cr |
| Net profit | ₹-28 Cr | ₹-25 Cr | ₹-16 Cr | ₹0 Cr |
| Net margin | -26.1% | -12.7% | -5.4% | 0.1% |
| Cash from operations | ₹-58 Cr | ₹-37 Cr | ₹-86 Cr | ₹-81 Cr |
| Free cash flow | ₹-59 Cr | ₹-39 Cr | ₹-109 Cr | ₹-98 Cr |
| ROE | -6.0% | -6.0% | -5.0% | 0.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹94 Cr | ₹94 Cr | ₹94 Cr | ₹95 Cr | ₹111 Cr | ₹111 Cr |
| Reserves | ₹192 Cr | ₹192 Cr | ₹178 Cr | ₹186 Cr | ₹212 Cr | ₹214 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹54 Cr | ₹155 Cr | ₹225 Cr |
| Other liabilities | ₹82 Cr | ₹77 Cr | ₹72 Cr | ₹117 Cr | ₹155 Cr | ₹159 Cr |
| Total liabilities | ₹368 Cr | ₹363 Cr | ₹345 Cr | ₹452 Cr | ₹633 Cr | ₹709 Cr |
| Fixed assets | ₹125 Cr | ₹101 Cr | ₹111 Cr | ₹116 Cr | ₹140 Cr | ₹128 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹17 Cr |
| Investments | ₹80 Cr | ₹63 Cr | ₹7 Cr | ₹2 Cr | ₹2 Cr | ₹1 Cr |
| Other assets | ₹163 Cr | ₹199 Cr | ₹226 Cr | ₹333 Cr | ₹491 Cr | ₹563 Cr |
| Total assets | ₹368 Cr | ₹363 Cr | ₹345 Cr | ₹452 Cr | ₹633 Cr | ₹709 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −2.19 pp while promoters added +1.77 pp. The shareholder count shrank 9% to 10,138.
- Promoters
- 39.5%
- FIIs
- 19.5%
- DIIs
- 2.0%
- Public
- 38.9%
Since Jun 2025
- Public −2.19 pp
- Promoters +1.77 pp
- DIIs +0.25 pp
How it drifted, 12 quarters
Over this window the public fell from 42.1% to 38.9% — −3.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 39.6%, FIIs 17.2%, DIIs 1.1%, Public 42.1%.Dec '23: Promoters 39.6%, FIIs 16.6%, DIIs 1.1%, Public 42.8%.Mar '24: Promoters 39.3%, FIIs 16.3%, DIIs 1.1%, Public 43.4%.Jun '24: Promoters 39.3%, FIIs 16.1%, DIIs 1.1%, Public 43.6%.Sep '24: Promoters 39.3%, FIIs 15.9%, DIIs 1.1%, Public 43.7%.Dec '24: Promoters 39.3%, FIIs 14.1%, DIIs 1.1%, Public 45.6%.Mar '25: Promoters 37.6%, FIIs 19.4%, DIIs 1.8%, Public 41.2%.Jun '25: Promoters 37.7%, FIIs 19.4%, DIIs 1.8%, Public 41.1%.Sep '25: Promoters 38.7%, FIIs 19.5%, DIIs 1.9%, Public 39.8%.Dec '25: Promoters 38.9%, FIIs 19.5%, DIIs 1.9%, Public 39.7%.Mar '26: Promoters 39.1%, FIIs 19.5%, DIIs 2.0%, Public 39.4%.Jun '26: Promoters 39.5%, FIIs 19.5%, DIIs 2.0%, Public 38.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Ashika Credit Capital Limited newly disclosed 1.19% held
- Amit Rajpal +0.43 pp 29.07% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Niyogin Fintech above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Amit Rajpal | 29.07% | +0.43 pp |
| Think India Opprtunities Master Fund Lp FPI fund | 8.17% | unchanged |
| Cohesion Mk Best Ideas Sub-Trust FPI fund | 7.57% | unchanged |
| Strategic India Equity Fund | 6.57% | unchanged |
| Jayashree Makarand Patankar | 6.53% | unchanged |
| Madhuri Madhusudan Kela | 4.51% | unchanged |
| Makarand Ram Patankar | 3.89% | unchanged |
| Vikasa India Eif I Fund FPI fund | 3.14% | unchanged |
| Mr. Debiprasad Sarangi | 2.97% | unchanged |
| Aionios Alpha Fund - Aionios Alpha Fund I Mutual fund | 1.75% | unchanged |
| Ashika Credit Capital Limited | 1.19% | newly disclosed |
| Gaurav Patankar | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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