Fino Payments Bank Ltd(FINOPB)

NSE: FINOPBBSE: 543386

₹ 121.55-3.72%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,012 crNext results: 29 Oct 2026Website: www.finobank.comUpdated: 24 Oct 2026

About

Fino Payments Bank is an Indian payments bank operating a merchant-led distribution network for savings accounts, remittances, cash management, and digital payments. It reported FY26 revenue of ₹1,587.93 crore across three segments: Other Banking Operations, Retail Banking, and Treasury. In December 2025, Fino became the first payments bank to receive RBI in-principle approval to convert to a Small Finance Bank.^[1]

Business segments

Other Banking Operations (remittance, CMS, digital payments): 53.3% of FY26 revenue at ₹845.62 crore, EBIT margin 4.0%. Share fell 26.5 percentage points over FY22 - FY26; FY25 segment revenue was ₹1,228.01 crore.^[2][3]
Retail Banking (CASA deposits, renewal income): 31.1% of FY26 revenue at ₹493.50 crore, EBIT margin 47.5%, vs ₹423.81 crore in FY25. Share rose 13.3 percentage points over FY22 - FY26.^[2][3]
Treasury: 15.6% of FY26 revenue at ₹248.19 crore, EBIT margin 71.1%, vs ₹194.67 crore in FY25. Share rose 13.2 percentage points over FY22 - FY26.^[2][3]

Deposit franchise and CASA

Total CASA accounts reached 1.83 crore in Q1 FY27, up 22% YoY, with 8.4 lakh new accounts opened in the quarter vs 6.8 lakh in Q1 FY26.^[4]
Average total deposits rose 12% YoY to ₹2,772 crore in Q1 FY27; average CASA balance per account stood at ₹1,280 in Q1 FY27.^[4]
Cost of funds was 1.4% in Q1 FY27, down 66 bps YoY.^[4]
Renewal income grew 7% YoY to ₹67.5 crore in Q1 FY27; full-year FY26 renewal income grew 25% YoY to ₹237 crore from ₹190 crore in FY25.^[4]
In September 2026, average total deposits reached ₹2,794 crore (+13% YoY) and monthly renewal income was ₹28 crore (+20% YoY).^[5]

Key operating metrics

Net revenue margin reached 42.8% in Q1 FY27, up 925 bps YoY and 275 bps QoQ, with CASA contributing 54% of revenue vs 45% in Q4 FY26.^[4]
Cost-to-income ratio was 28.7% in Q1 FY27; for full-year FY26 it was 32.6%.^[4]
Capital adequacy ratio stood at 83% as of Q4 FY26, vs CRAR of 80.45% in FY25 against a 15% regulatory minimum.^[6][3]
UPI throughput grew 14% YoY to ₹60,063 crore in Q1 FY27 despite the B2B UPI P2M segment being at zero.^[4]

Loan referral and credit business

Referral loan disbursals rose 214% YoY to ₹628 crore in Q1 FY27, about 50% of the full-year FY26 total of ₹1,285 crore.^[4]
In September 2026, loan referral disbursals were ₹278 crore, up 223% YoY.^[5]
The referral lending mix is predominantly secured: affordable housing, gold loan, LAP and MSME, aligned with the intended SFB lending portfolio of ~90% secured.^[6]

Digital and transaction business

B2B UPI P2M segment paused following the February 2026 event; throughput fell from ₹11,275 crore in Q1 FY26 to ₹103 crore in Q1 FY27, with active B2B merchants at zero.^[4]
CMS throughput grew 26% QoQ to ₹18,092 crore in Q1 FY27 from ₹14,302 crore in Q4 FY26, with 5% sequential revenue growth.^[4]
Traditional transaction business (DMT remittance, Micro ATM, AePS) saw a 13% sequential revenue decline in Q1 FY27 amid the shift from cash to UPI.^[4]
Digitally active customers reached 64.6 lakh (+22% YoY) in June 2026; FinoPay app users grew 38% YoY to 8.4 lakh. In September 2026, FinoPay active customers were 8.1 lakh (+12% YoY).^[4]

SFB conversion - progress and roadmap

RBI in-principle approval to convert to a Small Finance Bank received on December 5, 2025, the first payments bank to reach this stage; the 18-month implementation window runs to June 5, 2027.^[7]
Core banking system migrated to Finacle in January 2026 (₹200 crore investment); Hollow-the-Core modular architecture deployed.^[6]
PricewaterhouseCoopers appointed SFB implementation consultant; LOS, LMS and lending technology partners onboarded in Q1 FY27; loan tech stack expected ready by February 2027.^[4]
SFB readiness submission to RBI targeted by end of Q4 FY27; Phase 1 SFB go-live targeted in Q1 FY28.^[4]
SFB loan book aspiration of ₹8,000 - 10,000 crore AUM by FY30; total deposits targeted at ₹13,300 crore at blended cost of funds of ~3.9% by FY30.^[6]
SFB lending NIM expected at 8 - 9%, on blended portfolio yield of ~14% and cost of funds at 1.4%; credit cost targeted below 1% over the cycle.^[4]

Expansion and capex

~₹100 crore incremental IT capex planned for SFB technology build-out over FY27, beyond the completed CBS migration.^[6]
Plan to open 40 new branches in Year 1 of SFB operations; physical capex capped at ~₹15 crore per annum.^[4]
SFB-related opex (hiring and related costs) expected to add about ₹10 crore to FY27 costs.^[4]

Recent developments

MD & CEO Rishi Gupta was arrested by DGGI Hyderabad on February 27, 2026 in an investigation into alleged GST evasion by certain program managers associated with the bank; the bank asserts no financial liability.^[7]
B2B UPI P2M business paused on a suo moto basis in Q4 FY26 pending review; relaunch tentatively expected in Q4 FY27.^[4]
BC banking business (~₹140 crore FY26 revenue) to be restructured or disposed of after SFB conversion; plan to be announced within Q2 FY27.^[4]
Senior SFB credit vertical leadership expected to join by September - October 2026; technology transition to be completed by end of FY27.^[4]
ICRA reaffirmed the bank's BBB+ (Stable)/A2+ credit rating, as reported in the FY25 annual report.^[3]
The bank has not declared a dividend in any year, per the FY26 annual report.^[8]

Market Cap

₹1,012 Cr

High / Low

₹331 / 110

Stock P/E

48.2

Price / Book

1.3

Book Value

₹87

EPS

₹6.3

No. of Shares

8.32 Cr

ROE

6.8%

Sales

₹248 Cr

Net Profit

₹52 Cr

Promoter holding

75.0%

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