Fino Payments Bank Ltd

Fino Payments Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Fino Payments Bank Ltd

₹ 179 2.39%
10 Mar - close price
finobank.com BSE: 543386 NSE: FINOPB
About

Financial Inclusion Network Operations (“FINO”) is a growing fintech company offering a diverse range of financial products and services that are primarily digital and have a payments focus. It offers such products and services to the target market via a Pan-India distribution network.[1]

Key Points

Representative of Banks[1][2]
The company acts as a Business Correspondent (BC) for several banks. As of FY25, it operates approximately 19 lakh banking outlets (including own and open banking merchants) covering 97% of India’s pin codes. BCs are generally retail agents providing banking products and services on behalf of other banks and at locations beyond traditional branches. These agents are authorized to perform a variety of activities, including domestic and international remittance collections, CASA account openings, AePS-enabled payments, bill payments, mobile recharges, etc.

Website BSE NSE
  • Market Cap ₹ 1,486 Cr.
  • Current Price ₹ 179
  • High / Low ₹ 339 / 165
  • Stock P/E 20.8
  • Book Value ₹ 90.5
  • Dividend Yield 0.00 %
  • ROCE 6.64 %
  • ROE 13.3 %
  • Face Value ₹ 10.0
Edit ratios

Pros

  • Company has delivered good profit growth of 37.2% CAGR over last 5 years

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 13.5% over last 3 years.
  • Earnings include an other income of Rs.1,501 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Quarterly Results

Figures in Rs. Crores

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
25 29 33 37 39 41 45 48 49 53 61 60 63
Interest 14 14 15 19 22 23 24 25 26 26 28 28 29
281 287 314 320 326 353 389 404 407 438 400 351 344
Financing Profit -270 -272 -297 -303 -308 -335 -367 -382 -384 -411 -368 -319 -311
Financing Margin % -1,067% -925% -900% -828% -787% -808% -810% -799% -777% -779% -603% -530% -494%
289 294 315 322 331 360 392 408 412 441 392 340 328
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 19 22 19 20 23 25 24 26 28 30 25 21 17
Tax % 0% 0% 0% 0% 0% 0% 0% 18% 19% 19% 28% 28% 30%
19 22 19 20 23 25 24 21 23 24 18 15 12
EPS in Rs 2.30 2.65 2.25 2.35 2.74 3.03 2.92 2.54 2.78 2.88 2.13 1.84 1.47
Gross NPA %
Net NPA %
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
16 19 18 20 36 95 150 195 237
Interest 3 6 10 10 15 47 79 101 111
279 410 690 707 915 1,076 1,260 1,576 1,534
Financing Profit -266 -396 -682 -697 -895 -1,028 -1,189 -1,481 -1,408
Financing Margin % -1,716% -2,068% -3,760% -3,441% -2,512% -1,084% -792% -759% -595%
215 352 673 771 973 1,135 1,328 1,652 1,501
Depreciation 16 18 24 54 35 42 53 62 0
Profit before tax -67 -62 -32 20 43 65 86 108 93
Tax % 0% 0% 0% 0% 0% 0% 0% 15%
-67 -62 -32 20 43 65 86 93 69
EPS in Rs -15.11 -13.99 -7.19 4.59 5.14 7.82 10.36 11.12 8.32
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 61%
3 Years: 76%
TTM: 29%
Compounded Profit Growth
10 Years: %
5 Years: 37%
3 Years: 29%
TTM: -24%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: -7%
1 Year: -20%
Return on Equity
10 Years: %
5 Years: 14%
3 Years: 13%
Last Year: 13%

Balance Sheet

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 45 45 45 45 83 83 83 83 83
Reserves 180 118 85 106 397 469 560 664 670
Deposits 39 48 118 243 503 917 1,413 1,939 2,091
Borrowing 48 83 111 181 250 434 713 839 865
226 392 266 436 448 563 651 680 615
Total Liabilities 538 684 624 1,010 1,680 2,466 3,419 4,206 4,324
46 42 49 62 92 139 148 167 332
CWIP 1 0 0 2 0 5 47 130 0
Investments 64 73 128 504 631 1,146 1,747 2,388 2,374
427 569 446 443 956 1,175 1,477 1,520 1,618
Total Assets 538 684 624 1,010 1,680 2,466 3,419 4,206 4,324

Cash Flows

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-84 -32 207 -20 57 76
-31 -69 -64 -97 -104 -164
28 70 352 184 279 127
Net Cash Flow -86 -31 495 68 232 39

Ratios

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
ROE % -30% -32% -22% 15% 14% 13% 14% 13%

Insights

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Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
CASA Accounts
Lakh

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Merchant Count
Lakh
Total Throughput
₹ Cr
Average Balance per Account
₹
Average Deposits
₹ Cr
Daily Average Throughput
₹ Cr
Digital Throughput
₹ Cr
Transaction Count
Cr
Digitally Active Customers
Lakh
Employee Count
Number

Shareholding Pattern

Numbers in percentages

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
7.20% 6.29% 5.57% 5.09% 5.12% 5.12% 4.21% 3.70% 4.08% 2.54% 2.67% 2.69%
4.74% 5.48% 6.83% 5.58% 5.92% 5.99% 6.14% 6.08% 3.52% 3.04% 3.35% 0.45%
13.07% 13.25% 12.60% 14.34% 13.97% 13.90% 14.65% 15.22% 17.41% 19.43% 19.00% 21.87%
No. of Shareholders 77,99374,90667,99868,89765,15063,91964,49564,46064,10463,09361,62261,483

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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