Fino Payments Bank Ltd
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]
- Market Cap ₹ 1,161 Cr.
- Current Price ₹ 140
- High / Low ₹ 339 / 110
- Stock P/E 16.2
- Book Value ₹ 90.5
- Dividend Yield 0.00 %
- ROCE 6.64 %
- ROE 13.3 %
- Face Value ₹ 10.0
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
Financial Services Financial Services Banks Other Bank
Part of BSE Allcap BSE Financial Services BSE 1000
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 | 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: | -13% |
| 1 Year: | -45% |
| 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 | ||
| Free Cash Flow | -114 | -101 | 143 | -114 | -47 | -88 | ||
| CFO/OP | 13% | 6% | -24% | 2% | -5% | -6% |
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
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| CASA Accounts Lakh |
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| Merchant Count Lakh |
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| Total Throughput ₹ Cr |
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| Average Balance per Account ₹ |
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| Average Deposits ₹ Cr |
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| Daily Average Throughput ₹ Cr |
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| Digital Throughput ₹ Cr |
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| Transaction Count Cr |
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| Digitally Active Customers Lakh |
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| Employee Count Number |
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Extracted by Screener AI
Documents
Announcements
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Press Release-Update On Finacle CBS Migration
24h - Fino Payments Bank migrated to Finacle CBS after ~₹200 crore investment, aiding SFB transition.
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Announcement Under Regulation 30 Of SEBI Listing Regulations
2d - Rishi Gupta unavailable over 45 days; interim CEO in place pending RBI fit-and-proper re-assessment.
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Business Performance Of Q4FY26
6 Apr - Fino Payments Bank reported Q4FY26 performance: 7 lakh accounts, ₹62.2 crore renewal income, ₹2,950 crore deposits.
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Announcement under Regulation 30 (LODR)-Change in Management
6 Apr - Fino Payments Bank appoints Abhilash Ankathil as Chief Compliance Officer for three years from April 6, 2026.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1 Apr - Investor Meet with Infinity Alternatives Advisors LLP on one to one basis
Annual reports
Concalls
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Mar 2026TranscriptPPT
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Nov 2025Transcript PPT REC
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Jul 2022TranscriptAI SummaryPPT
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Nov 2021Transcript PPT
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.