Wsfx Global Pay Ltd

BSE: 511147

₹ 60-4.12%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 76 crNext results: 26 Oct 2026Website: www.wsfx.inUpdated: 24 Oct 2026

About

WSFx Global Pay is a technology-led foreign exchange and cross-border payments company headquartered in Mumbai, authorised by the RBI as an Authorised Dealer Category-II and listed on BSE. It serves students, international travellers, corporates, retail customers and institutional partners through forex cards, outward remittances, currency exchange and embedded payment solutions. In FY26 its gross turnover rose about 12% to ₹6,381.62 crore, and it reported revenue of 107.94 and PAT of 6.14 (₹ crore).^[1][2]

Business lines

Student business grew about 12% in FY26 and 21% YoY in Q4 FY26, while the overall student market contracted about 20%; the company says it gained market share.^[1][3]
Corporate business grew about 20% YoY in FY26; Q4 FY26 growth was +7% YoY, held back by a travel slowdown.^[1][3]
Five-year CAGR to FY26: card business about 54%, remittance business about 38%.^[1][3]
B2B and corporate channels make up about 80-85% of the mix and D2C about 15-20% (FY26); management aims to raise the D2C share materially over the next couple of years.^[3]

Products and platforms

As a Principal Member of Visa, the company owns and runs its own prepaid card-issuance programme.^[1]
Card range: GlobalPay single- and multi-currency cards, Smart Switch Forex Card, Xplorer Metal Card and Uni-Z Digital Card. Some cards support up to 30 international currencies.^[1]
Multi-Currency Card with 12 currency wallets launched July 2025. Xplorer Metal Card, billed as India's first metal prepaid global card, and Smart Switch Card were launched in FY26.^[4][5]
Uni-Z, a digital-only card for students' pre-departure spending (application fees, visa fees, insurance), launched in April 2026.^[1][3]
Digital platforms: consumer app, Smart Corporate, Smart Agent, GlobalPay FPaaS for partners, and GlobalPay Connect, a forex distribution platform for banks, AD-II institutions and FFMCs.^[1]
Co-branded Zaggle X GlobalPay card launched in Q2 FY26, aimed at Zaggle's 3,000+ corporate base.^[6]

Key operating numbers

Gross turnover: ₹6,382 Cr in FY26, +12% YoY. Q4 FY26: ₹1,646 Cr, +16% YoY.^[3]
Quarterly gross turnover in FY26: Q1 INR 1,094 Cr, Q2 ₹2,063 crore, Q3 ₹1,579 Cr (+38% YoY).^[4][6][5]
Net margin (yield on gross turnover) was 0.6-0.8% in FY26.^[3]
Digital share of gross turnover: 72% in FY26 and 65% in Q4 FY26, up from 59% in Q2 FY26 and 62% in Q3 FY26.^[3][6][5]
Headcount was 383 employees as at 31 March 2026.^[1]

Customers and distribution

More than 900 corporate clients as of FY26, including Accenture, Siemens, EY, Zoho and Tech Mahindra, plus Adani, signed recently. The count was 850+ in Q1 FY26.^[3][4]
More than 700 B2B partners. Student business draws on 500+ agents, study consultants and education-loan NBFCs.^[1][3]
21 branches at 31 March 2026, rising to 25 after new branch offices opened in Bengaluru, Gurugram and Thane.^[1]
Banking relationships include HDFC Bank, ICICI Bank, IndusInd Bank, YES Bank, RBL Bank and IDFC FIRST Bank.^[1]

Plans

Plans to build a Forex Correspondent (FXC) network across India over the 12-15 months after Q4 FY26, possibly using the Spice Adhikari network.^[3]
Trade remittances are expected to be a key growth area in FY27, at margins of 20-30 bps compared with 60-80 bps for the current portfolio.^[3]
A full-stack student payment platform (university fees, living expenses, overseas bank accounts and credit cards) is planned as a major FY27 launch.^[3]
Aims to raise digital and automated transactions from about 60% to 80% in FY27. GlobalPay Card tokenisation with Samsung Pay and Google Pay is planned.^[3]
Management is reconsidering the Payment Aggregator Cross-Border licence and may drop it if the trade-payment scope under FEMA 401/2026 is enough.^[3]

Recent developments

The RBI renewed the AD Category-II licence in perpetuity with a wider scope covering trade payments, non-trade current-account remittances and the Forex Correspondent framework.^[1]
Under FEMA 401/2026, AD-II entities can now handle foreign trade transactions up to ₹25 lakh each, opening family maintenance remittances, which the company calls a $3B market.^[3]
On 19 May 2026 the Board approved adding Payment Aggregator Cross-Border and IFSC payment services to the objects clause, subject to shareholder approval.^[1]
The company had no subsidiary, associate or joint venture in FY26.^[1]

Market Cap

₹76 Cr

High / Low

₹77 / 54

Stock P/E

-4.5

Price / Book

0.8

Book Value

₹33

EPS

₹4.9

No. of Shares

1.26 Cr

ROE

15.8%

Sales

₹108 Cr

Net Profit

₹6 Cr

Promoter holding

56.9%

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