Total Payment Value (TPV) processed reached INR 1.66 trillion in Q4 FY26, a 101% year-on-year (YoY) increase.
Annualized TPV run-rate is approximately INR 10.0 trillion.
Key drivers include the strategic transformation into an AI-native transaction infrastructure platform and expansion of the closed-loop consumer and merchant ecosystem.
Financial Highlights
Gross Revenue: Rs. 81,158 million for FY26 (+103% YoY); Rs. 24,895 million for Q4 FY26 (+115% YoY).
Net Revenue: Rs. 6,031 million for FY26 (+15% YoY); Rs. 1,495 million for Q4 FY26 (+11% YoY). Net Revenue is defined as Gross Revenue minus operating expenses (payment processing charges and direct expenses related to the Platforms business).
EBITDA (adjusted): Rs. 3,873 million for FY26 (+24% YoY); Rs. 994 million for Q4 FY26 (+28% YoY).
PAT (adjusted): Rs. 3,320 million for FY26 (+58% YoY); Rs. 955 million for Q4 FY26 (+90% YoY). Adjusted figures exclude the impact from mark-to-market (MTM) and/or fair value (FV) gain/(loss).
Margins: EBITDA margin was 64% of Net Revenue for FY26 (vs. 59% in FY25) and 66% for Q4 FY26 (vs. 58% in Q4 FY25). PAT margin was 55% of Net Revenue for FY26 (vs. 40% in FY25) and 64% for Q4 FY26 (vs. 37% in Q4 FY25).
Payments Net Take Rate (NTR): 7 bps for FY26 (-40% YoY); 6 bps for Q4 FY26 (-43% YoY). NTR is only from MDR-based payment options, with the decrease attributed to strategic volume expansion.
Drivers of financial performance: Profitable revenue growth driven by the AI-led transformation, high operating leverage from automation, and expansion into high-growth markets.
Key Risks: Disclosed risks include fluctuations in foreign exchange rates, changes in global economic conditions and consumer spending, competition, and management of growth.
Balance Sheet Snapshot & Capex
Capital Raising: Successfully completed an INR 700 crore Rights Issue, which was 1.40x oversubscribed. The capital is intended for investments across AI platforms, payment infrastructure, and strategic expansion.
Strategic Restructuring: Approved the strategic transfer of the Ecommerce Platform Infrastructure business to Rediff.com for INR 800.39 crore.
Strategic & R&D Initiatives
Investments in Innovation: Launched PayCentral.ai, India's first Agentic Payment Platform built on Google's AP2 framework. Launched CCAvenue CommerceAI powered by a proprietary Model Context Protocol (MCP). Expanded development of PrivateGPT and on-premise enterprise AI solutions. Continued embedding AI across transaction processing, fraud detection, and risk management.
Strategic Rationale: Transition from a traditional payment gateway to a full-stack, AI-driven transaction infrastructure and digital payments platform to capture long-term AI-led growth opportunities in intelligent commerce and payments.
Management Commentary & Growth Outlook
Strategic Outlook: The presentation outlines a structural inflection point moving from a payment gateway to an AI-native transaction infrastructure. The company is described as being "well-poised for future growth."
Risks and Opportunities: The forward-looking statements note uncertainties including global economic conditions, the rate of growth of online commerce, and competition.
Corporate Updates
Completed corporate rebranding from Infibeam Avenues Limited to AvenuesAI Limited.
Announced the planned elevation of Mr. Vishwas Patel as Managing Director & CEO.
Appointed Dr. Neharika Vohra as an Independent Director.
Increased stake in Rediff.com to 82.66% post the strategic business restructuring.
Secured key regulatory approvals including RBI authorization for Offline Payment Aggregation, in-principle approval for PPIs, and IFSCA approval to operate as a Payment Service Provider at GIFT-IFSC.
RediffPay secured NPCI TPAP approval and commenced CUG testing for its financial wellness-focused UPI platform.
Partnered with Shiprocket Checkout to deliver payment solutions for SMBs and D2C merchants.
