RNFI Services Ltd(RNFI)

NSE: RNFI

₹ 319.95-0.33%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 812 crWebsite: www.rnfiservices.com/Updated: 24 Oct 2026

About

RNFI Services, incorporated in 2015, runs a Business Correspondent network that delivers financial inclusion and digital financial services through technology across urban, semi-urban and rural India. Its services include money transfer, AePS, micro-ATM, bill payments, loan collection, cash management, insurance distribution and money-changing (FFMC), offered through an asset-light model. Revenue was Rs 968.6 Cr in FY26. Its network had 2,40,694 active agents as of March 31, 2026.^[1][2]

Business segments

Forex: Rs 489.88 Cr of revenue in FY26, 50.3% of the total, with segment EBIT of Rs -0.85 Cr.^[3]
Non Business Correspondent: Rs 285.04 Cr of revenue in FY26, 29.3% of the total, with an EBIT margin of 9.3%.^[3]
Business Correspondent: Rs 143.2 Cr of revenue in FY26, 14.7% of the total, with an EBIT margin of 5.7%.^[3]
Direct broking (life and general insurance): Rs 50.48 Cr of revenue in FY26, 5.2% of the total, with an EBIT margin of 13.1%.^[3]
Forex revenue was Rs 155.1 Cr in Q1 FY27 vs Rs 149.0 Cr in Q1 FY26. Segment PBT went from +Rs 27.14 Cr to -Rs 17.57 Cr.^[4]

Products and services

Services include domestic money transfer, AePS, micro-ATM, BBPS bill payments, recharges, PAN card services, travel bookings, loan collection, cash management, insurance distribution and FFMC operations.^[1]
As of FY26, the company offered 26 products to 130 partners, 95 of them BFSI partners.^[5]
Insurance broking (ReliAssure) revenue was Rs 15 Cr in Q1 FY27. Q1 is seasonally the segment's weakest quarter.^[4]
For 9M FY26, PaySprint had about Rs 70 Cr of revenue and about Rs 3.5 Cr of PAT. Connected banking and Sprint Verify make up about 75-80% of its revenue.^[6]
RNFI was first to launch UPI QR-based cash withdrawal, in partnership with Jio Payments Bank (stated in the Q4 FY26 call).^[5]
New growth lines named in the FY26 annual report: UPI cash withdrawal, ReliAssure insurance broking, the PaySprint PGX payment gateway orchestration platform, bullion services and AD-II forex.^[1]

Sahayak network and operating numbers

Active Sahayaks: 142,748 in Q1 FY27, down 14.6% YoY. The drop followed regulators removing the L0 biometric and face-authentication pathways.^[4]
Active agent base was 2,40,694 as of March 31, 2026.^[1]
Revenue per Sahayak per month: Rs 1,946 in Q1 FY27 vs Rs 1,522 in Q1 FY26.^[4]
Sahayaks using 4 or more products: 21,445 in Q1 FY27, up 36% YoY.^[4]
Non-forex gross profit margin: 36.3% in Q1 FY27 vs 35.6% in Q1 FY26. Overall gross profit margin: 16.1% vs 15.1%.^[4]
DMT volumes fell from Rs 3,580 Cr in FY25 to Rs 1,112 Cr in FY26 after revised RBI guidelines.^[5]
Daily transactions passed 1.3 mn in December 2025, up 28% from September 2025.^[6]

Customers and partners

Total partners: 130 in FY26 vs 82 in FY25.^[5]
Institutional clients: 112 as of H1 FY26, up from 5 in 2021.^[7]
RNFI Money was empanelled with Canara Bank to buy and sell foreign currency.^[1]
The company has a loan referral partnership with a leading private sector bank.^[1]
The doorstep banking pilot was completed with one scheduled commercial bank, and a second bank has signed up (stated in the Q3 FY26 call).^[6]

Expansion and new businesses

Mutual fund distribution is expected to go live in late Q2 or early Q3 FY27. The AMFI ARN registration has been secured.^[4]
A wholly owned subsidiary, RNFI Asset Distribution Pvt Ltd, was set up to distribute mutual funds.^[1]
About Rs 30 Cr is planned as P&L spending in FY27 on UPI cash withdrawal manpower, insurance expansion and setting up new businesses.^[5]
Scaling up AD-II forex remittance has been deferred to a second phase because of global economic instability.^[4]
The Asset BC lending business plans multiple BC branches and more bank partners on an FLDG model by FY27.^[4]

Recent developments

In Q1 FY27 the company made seven senior hires, including Group COO Sameer Nagpal (joined in July) and a Group CMO.^[4]
As of Q1 FY27, RNFI was in the final phase of RBI queries on the change of control of Payworld's smart payment licence. Payworld was at break-even.^[4]
The PPI DMT business was discontinued effective December 31, 2025, following regulatory changes.^[1]
RBI updated its AD-II rules, letting RNFI Money appoint forex correspondents and handle SME trade payments of up to Rs 25 lakh per transaction (Q4 FY26 call).^[5]
PaySprint raised external funds at a valuation of Rs 120 Cr, and ReliAssure received ISNP approval from IRDAI (H1 FY26).^[7]

Market Cap

₹812 Cr

High / Low

₹388 / 216

Stock P/E

28.7

Price / Book

4.8

Book Value

₹68

EPS

₹11.6

No. of Shares

2.51 Cr

ROE

20.6%

Debt / Equity

0.16

Sales

₹969 Cr

Net Profit

₹32 Cr

Promoter holding

64.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials