Fino Payments Bank Ltd
Fino Payments bank commenced banking operations in 2017 as a specialised payments bank. It provides deposit, payment and also transaction banking services to underserved
and underbanked customers, including low-income households, gig workers and rural communities. Operations follow a phygital
model, combining merchant-led assisted banking with digital channels viz FinoPay.
Core offerings include CASA accounts,
cash management services, domestic
money transfer, AePS/Micro ATM, UPI
and mobile banking; loans, fixed deposits
and insurance distributed through partner arrangements[1][2]
- Market Cap ₹ 969 Cr.
- Current Price ₹ 116
- High / Low ₹ 327 / 110
- Stock P/E
- Book Value ₹ 88.3
- Dividend Yield 0.00 %
- ROCE 4.41 %
- ROE 6.76 %
- Face Value ₹ 10.0
Pros
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 11.2% over last 3 years.
- Earnings include an other income of Rs.1,097 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
Financial Services Financial Services Banks Other Bank
Part of BSE Financial Services
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 16 | 19 | 18 | 20 | 36 | 95 | 150 | 195 | 248 | 274 | |
| Interest | 3 | 6 | 10 | 10 | 15 | 47 | 79 | 101 | 114 | 129 |
| 279 | 410 | 690 | 707 | 915 | 1,076 | 1,260 | 1,576 | 1,330 | 1,254 | |
| Financing Profit | -266 | -396 | -682 | -697 | -895 | -1,028 | -1,189 | -1,481 | -1,196 | -1,110 |
| Financing Margin % | -1,716% | -2,068% | -3,760% | -3,441% | -2,512% | -1,084% | -792% | -759% | -482% | -405% |
| 215 | 352 | 673 | 771 | 973 | 1,135 | 1,328 | 1,652 | 1,340 | 1,097 | |
| Depreciation | 16 | 18 | 24 | 54 | 35 | 42 | 53 | 62 | 76 | 0 |
| Profit before tax | -67 | -62 | -32 | 20 | 43 | 65 | 86 | 108 | 67 | -13 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 15% | 22% | |
| -67 | -62 | -32 | 20 | 43 | 65 | 86 | 93 | 52 | -15 | |
| EPS in Rs | -8.63 | -8.00 | -4.11 | 2.62 | 5.14 | 7.82 | 10.36 | 11.12 | 6.30 | -1.84 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 65% |
| 3 Years: | 38% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | -7% |
| TTM: | -115% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -26% |
| 1 Year: | -60% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 11% |
| Last Year: | 7% |
Balance Sheet
Figures in Rs. Crores
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 45 | 45 | 45 | 45 | 83 | 83 | 83 | 83 | 83 | 83 |
| Reserves | 180 | 118 | 85 | 106 | 397 | 469 | 560 | 664 | 722 | 652 |
| Deposits | 39 | 48 | 118 | 243 | 503 | 917 | 1,413 | 1,939 | 2,379 | 2,299 |
| Borrowing | 48 | 83 | 111 | 181 | 250 | 434 | 713 | 839 | 1,535 | 2,225 |
| 226 | 392 | 266 | 436 | 448 | 563 | 651 | 680 | 592 | 635 | |
| Total Liabilities | 538 | 684 | 624 | 1,010 | 1,680 | 2,466 | 3,419 | 4,206 | 5,312 | 5,894 |
| 46 | 42 | 49 | 62 | 92 | 139 | 148 | 167 | 355 | 351 | |
| CWIP | 1 | 0 | 0 | 2 | 0 | 5 | 47 | 130 | 9 | 0 |
| Investments | 64 | 73 | 128 | 504 | 631 | 1,146 | 1,747 | 2,388 | 3,254 | 3,925 |
| 427 | 569 | 446 | 443 | 956 | 1,175 | 1,477 | 1,520 | 1,693 | 1,618 | |
| Total Assets | 538 | 684 | 624 | 1,010 | 1,680 | 2,466 | 3,419 | 4,206 | 5,312 | 5,894 |
Cash Flows
Figures in Rs. Crores
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| -84 | -32 | 207 | -20 | 57 | 76 | -307 | |||
| -31 | -69 | -64 | -97 | -104 | -164 | -143 | |||
| 28 | 70 | 352 | 184 | 279 | 127 | 696 | |||
| Net Cash Flow | -86 | -31 | 495 | 68 | 232 | 39 | 246 | ||
| Free Cash Flow | -114 | -101 | 143 | -114 | -47 | -88 | -449 |
Ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| ROE % | -30% | -32% | -22% | 15% | 14% | 13% | 14% | 13% | 7% |
Insights
In beta| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| CMS Throughput Rs Crore |
|
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| Merchant Count lakhs |
|||||||
| Total CASA Accounts lakhs |
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| CASA Renewal Income Rs Crore |
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| UPI P2M Throughput Rs Crore |
|||||||
| Referral Loan Disbursals Rs Crore |
|||||||
| Digitally Active Customers lakhs |
|||||||
| Average Total Deposits Rs Crore |
|||||||
Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Audio recording of October 30, 2026 earnings call for Q2 and H1 FY2026 available on website.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
- Newspaper publication of the financial results for the quarter and half year ended September 30, 2026
-
Disclosure Under Regulation 8 Of The SEBI (Prohibition Of Insider Trading) Regulations, 2015 ('SEBI PIT Regulations')- Code Of Practices And Procedures For Fair Disclosure Of Unpublished Price Sensitive Information
- Board approved amended fair disclosure code under SEBI PIT Regulations on 29 Oct 2026.
-
Announcement under Regulation 30 (LODR)-Investor Presentation
- Investor presentation on the financial results for the quarter and half year ended September 30, 2026
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Fino Payments Bank reported Q2/H1 FY27 results, with revenue ₹333.6 crore in Q2 and loan referrals up 286%.
Annual reports
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Annual Report 2026
from bse
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Annual Report 2025
from bse
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Annual Report 2024
from bse
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Annual Report 2023
from bse
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Annual Report 2022
from bse
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Annual Report 2022
from nse
Concalls
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Oct 2026PPT REC
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT
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Mar 2026Transcript
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Feb 2026Transcript PPT
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Oct 2024Transcript PPT
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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Jul 2022PPT
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Jul 2022PPT
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May 2022Transcript PPT
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Feb 2022Transcript PPT
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Nov 2021Transcript PPT
Representative of Banks:[1]
Company acts as Business Correspondent
for multiple banks. As of Q1 FY27, network comprises ~20 lakh merchants including own and open banking merchants, along with 126 branches & CSPs[2]; merchant network covers ~98% of India’s pin codes. BC agents provide banking services on behalf of partner banks, including account opening, remittances, AePS, bill payments and recharges