Financial Technology (Fintech) industry

13 companies · ₹2.2 L cr · 11 with AI deep dives · Q1FY27 report

GMV and premiums surge 30-74% but payment yields erode sector-wide, making fee sustainability the FY27 pivot.

Mid cyclemargin range-bound near 0.0%

Revenue YoY: +30.6%
EBITDA margin: 0.0%; 0bps YoY
Price, 1 year: -20.9%; 33% of names up
P/E vs own 5y: +30.3%; 137.9x now

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	4,618 cr	4,614 cr	+0.1%	3,537 cr	+30.6%	4,618 cr	0.0%
EBITDA margin	0.0%	0.0%	0bps	0.0%	0bps	0.0%	0bps

Revenue

Jun 26: 4,618 cr
Mar 26: 4,614 cr
QoQ: +0.1%
Jun 25: 3,537 cr
YoY: +30.6%
Peak: 4,618 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 0.0%
Mar 26: 0.0%
QoQ: 0bps
Jun 25: 0.0%

Sept 26: 0 of 8 reported so far, so it is not in the trend above.

Breadth: 100% of 5 companies grew revenue year on year (was 100% a quarter earlier) and 0% expanded margin (was 0%).

Exhibit 2What it costs

62.45x - 139.23x across the panel today

The median name trades at 137.9x, +30.3% against this industry's own 5-year median of 105.8x, and -1.0% against its own peak of 139.2x.

Exhibit 3Structure

₹2.2 L cr

One 97 Communications Ltd is 46.1% of this industry by market cap. The top 5 are 96% and the top 10 are 99.9%.

large 1mid 3small 4micro 58 above ₹500 cr

Exhibit 5Coverage (13 of 13)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
One 97 Communications Ltd	₹1.1 L cr	158.7x	-	-	-	+27.7%	Unlock
PB Fintech Ltd	₹47,062 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

mixedVolume growing fast; payment yield collapsing faster3 managements

Across three payments names, gross volumes rose sharply while net take-rates contracted: PAYTM net payment margin fell from 8.8 to 8.4 bps ex-PIDF despite 31% GMV growth; CCAvenue…

PAYTM: “net payment margins went from 8.8 bps last year to 8.4. This is excluding the PIDF…”

mixed3 managements tailwind2 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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