Network People Services Technologies Ltd(NPST)

NSE: NPSTBSE: 544396

₹ 1,611-3.94%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,361 crWebsite: www.npstx.comUpdated: 24 Oct 2026

About

Network People Services Technologies Ltd (NPST) is an Indian fintech company providing payment technology, banking platform, and regulatory technology (RegTech) software to banks and financial institutions. The company operates across two main product lines - Technology Service Provider (TSP) and Payment Platform as a Service (PPaaS) - and reported FY26 revenue of ₹194.9 Cr. NPST's payment platform processed 90 million daily transactions as of Q1 FY27, and the company has begun expanding internationally, with international revenues contributing 10 - 12% of consolidated total in Q1 FY27.^[1]

Business segments

TSP (Technology Service Provider) is the dominant segment at ~85 - 90% of revenue in Q3 FY26, providing payment infrastructure software, Bank-in-a-Box SaaS, and Banking Connect to banks.^[2]
PPaaS (Payment Platform as a Service) contributed ~15% of revenue in Q2 FY26, down sharply from 65 - 70% in FY25, after a deliberate de-risking away from the MDR-dependent domestic model.^[3]
RegTech was elevated from a product feature to a standalone revenue-generating vertical in Q1 FY27, anchored by the AI-based Risk Intelligence Decisioning Platform (RIDP).^[4]
The single reported segment is 'Software and Payment solution to Banking and Finance Sector', contributing 100% of FY25 segment revenue of ₹173.21 Cr at an EBIT margin of 35.0%.^[5]

Products and services

EvoK is NPST's core PPaaS payment platform; version 4.0 added PPI issuance (Rupay Linked Identity Cards) and merchant orchestration capabilities, with first ERP use case secured with Infinity Infoway.^[2]
Bank-in-a-Box is a hosted SaaS product packaging NPST's full banking suite for small-to-mid banks, targeting the ~2,000-bank addressable market in India with a 30 - 45 day implementation cycle.^[3]
RIDP is an AI-based fraud management tool live with banks; it achieved >90% fraud prediction accuracy in Q2 FY26 and processed 650 million transactions at 98% accuracy at PSU scale by Q1 FY27.^[3]
Qynx is NPST's offline payment (QR/Soundbox) device-as-a-service platform; it secured an order from a large PSU bank with 3,300+ branches and 4 crore customers in Q2 FY26.^[3]
TimePay is NPST's consumer payments app with 1 million+ users as of Q2 FY26; it pivoted to B2B merchant monetisation and launched India's first B2B merchant app under NBBL (an NPCI body).^[3]
Banking Connect - a UPI-for-internet-banking product - had 2 clients executed as of Q3 FY26; addressable base is ~2,000 banks.^[2]

Key operating numbers

Daily transactions processed on the payment platform reached 90 million in Q1 FY27, up from 60 million in FY26/Q3 FY26.^[4]
Bank-in-a-Box order book grew ~40% QoQ in Q1 FY27, with new accounts added from private and PSU bank segments.^[4]
B2B Payments order book grew 16% QoQ in Q1 FY27, with two bank orders won deployed on licensed and SaaS models.^[4]
Bank-in-a-Box had 6 SaaS tenants at end of FY26, with the target to scale to 50+ tenants by end of FY27.^[6]
Employee costs grew ~7% YoY to ₹10.12 Cr in Q1 FY27 against 75% revenue growth; headcount was 350+ as of Q2 FY26.^[4]

Customers and distribution

NPST's solutions were deployed across 100+ institutions in FY25.^[7]
Customers are predominantly Indian banks - private sector, PSU, cooperative, and small finance banks; no named customer accounts for a disclosed share of revenue.^[4]
RegTech RIDP went live with two banks in Q2 FY26 and added a large PSU bank order for fraud management in Q1 FY27; cooperative segment was entered with RegTech products.^[3]
Offline payments (Qynx) expanded into six new states in Q2 FY26; offline payment volumes grew 60% QoQ in Q3 FY26.^[3]
International revenue reached 10 - 12% of consolidated total in Q1 FY27, primarily from the TSP international subsidiary.^[4]

International expansion

An LOI was received in Q1 FY27 from one of the largest telecom operators for a SuperApp, with two more international deals in the pipeline.^[4]
As of Q3 FY26, NPST had active discussions across ~10 - 11 countries including the Middle East, Africa, Central Asia and Latin America, having qualified as lowest bidder for E-FRM implementation in Africa and the Middle East.^[2]
Dubai operations were opened in Q2 FY26; Africa engagement generates monthly recurring SaaS revenue post-implementation.^[3]
International revenue is targeted to reach ~30% of total by FY28 and ~50% by FY28 - FY29.^[4]
TSP international projects are targeted to grow from 1 in FY26 to 7+ in FY27, 15+ in FY28 and 25+ in FY29.^[6]

Expansion and use of funds

NPST raised ₹300 crore via preferential allotment from Tata Mutual Funds in FY26 for global expansion and inorganic opportunities in TSP, RegTech, Lending and AI-tech Services.^[6]
As of 30 June 2026, ₹35.6409 Cr of the ₹300.0041 Cr preferential allotment had been utilised for global expansion, product development and corporate purposes, with no deviation from stated use.^[8]
Three acquisition targets have been identified across RegTech, AI and payment infrastructure; deployment of preferential proceeds to begin in Q2 - Q3 FY27.^[4]

Recent developments

01 Oct 2026: NPST secured a Super App contract for a leading telecom conglomerate's Sri Lankan operations, its first disclosed telecom-sector international contract.^[9]
Q1 FY27: RegTech vertical won a fraud management tool order from a large PSU bank and entered the cooperative bank segment with a SaaS subscription model planned for mid-to-small banks.^[4]
Q1 FY27: Enterprise-wide AI governance policy was formalised with a 30% efficiency improvement target.^[4]
Q1 FY27: DPDP Act implementation was noted as creating new inbound RFP demand for RegTech compliance software.^[4]
Q4 FY26: NPST won one of the first and largest PSU bank orders for RIDP covering merchant risk underwriting, and an HSM implementation order from NPCI.^[6]
Q4 FY26: Merchant orchestration product was launched and first order secured from a government body following the PPaaS revamp.^[6]

Market Cap

₹3,361 Cr

High / Low

₹2,020 / 850

Stock P/E

75.2

Price / Book

7.6

Book Value

₹211

EPS

₹19.6

No. of Shares

2.09 Cr

ROCE

19.7%

ROE

15.0%

OPM

26.7%

Debt / Equity

0.01

Sales

₹195 Cr

Net Profit

₹41 Cr

Promoter holding

60.5%

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Network People Services Technologies Ltd(NPST)

About

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Products and services

Key operating numbers

Customers and distribution

International expansion

Expansion and use of funds

Recent developments

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