Financial Technology (Fintech) industry

12 companies · ₹2.3 L cr · 8 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
-0.6%
33% of names up
P/E vs own 5y
+0.3%
113.7x now

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr
aggregate revenue (₹ cr)EBITDA margin (right axis)
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%
YoY
0bps
Peak
0.0%
vs peak
0bps

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

Exhibit 3Structure

₹2.3 L cr

One 97 Communications Ltd is 45.9% of this industry by market cap. The top 5 are 97.2% and the top 10 are 100%.

large 2mid 1small 4micro 57 above ₹500 cr

Exhibit 5Coverage (12 of 12)

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

One 97 Communications Ltd
Mcap
₹1.2 L cr
P/E
171.2x
EV/EBITDA
-
ROCE
4.4%
Margin
-
Rev YoY
+27.7%
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PB Fintech Ltd
Mcap
₹83,088 cr
P/E
111.4x
EV/EBITDA
-
ROCE
9.7%
Margin
-
Rev YoY
+40.1%
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Pine Labs Ltd
Mcap
₹23,348 cr
P/E
155.9x
EV/EBITDA
-
ROCE
3.6%
Margin
-
Rev YoY
-
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Seshaasai Technologies Ltd
Mcap
₹6,246 cr
P/E
23.5x
EV/EBITDA
-
ROCE
23.4%
Margin
-
Rev YoY
+21.1%
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AvenuesAI Ltd
Mcap
₹5,696 cr
P/E
18.4x
EV/EBITDA
-
ROCE
6.5%
Margin
-
Rev YoY
+109.4%
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Turtlemint Fintech Solutions Ltd
Mcap
₹4,005 cr
P/E
-
EV/EBITDA
-
ROCE
-58.7%
Margin
-
Rev YoY
-
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One Mobikwik Systems Ltd
Mcap
₹1,652 cr
P/E
-
EV/EBITDA
-
ROCE
-6.3%
Margin
-
Rev YoY
+3.7%
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MOS Utility Ltd
Mcap
₹154 cr
P/E
15.2x
EV/EBITDA
-
ROCE
24.9%
Margin
-
Rev YoY
-
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Finbud Financial Services Ltd
Mcap
₹245 cr
P/E
20.6x
EV/EBITDA
-
ROCE
39.3%
Margin
-
Rev YoY
-
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Wsfx Global Pay Ltd
Mcap
₹80 cr
P/E
-
EV/EBITDA
-
ROCE
-21.4%
Margin
-
Rev YoY
+26.0%
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Suvidhaa Infoserve Ltd
Mcap
₹47 cr
P/E
-
EV/EBITDA
-
ROCE
-34.5%
Margin
-
Rev YoY
+135.3%
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AGS Transact Technologies Ltd
Mcap
₹25 cr
P/E
-
EV/EBITDA
-
ROCE
-8.9%
Margin
-
Rev YoY
-43.9%
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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 managementstailwind2 managementstailwind3 managementsheadwind3 managements
4 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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
sort: mcap · composite · name