Key Quantitative Figures - Q2 FY27

  • Revenue: ₹118.6 crore, up 10% quarter-on-quarter (QoQ) from Q1 FY27's ₹107.8 crore.
  • Gross Margin: ₹51.9 crore, up 8% QoQ. Gross Margin as a percentage of revenue was 43.8%.
  • EBIT: ₹13.3 crore, up 6% QoQ.
  • PAT (Continued Business): ₹9.5 crore, up 5% QoQ.
  • PAT (Total, including discontinued): ₹8.9 crore, up 35% QoQ.
  • Customer Gross Transaction Value (GTV): ₹28,873 crore, up 2% QoQ.
  • Return on Capital Employed (ROCE): 12.7%.
  • Return on Investment (ROI): 33.7%.
  • Debt: Zero.

Key Quantitative Figures - H1 FY27 (vs H1 FY26)

  • Revenue: ₹226.4 crore, down 9% year-on-year (YoY).
  • Gross Margin: ₹100.0 crore, down 1% YoY.
  • PAT (Continued Business): ₹18.6 crore, up 30% YoY.

Operational and Business Metrics (As on or For Q2 FY27)

  • Registered Agents (Adhikaris): 17.25 lakh.
  • Towns Covered: 2.71 lakh.
  • Monthly Customers Served: 2.2 crore+.
  • Employees: 1,000+.
  • AEPS Cash Withdrawal GTV: ₹13,571 crore (+1.8% QoQ).
  • AEPS Market Share: 18.45% (expanded by 52 basis points QoQ).
  • UPI Cash Point GTV: ₹908 crore (3.3x growth QoQ).
  • Cash Management Services (CMS) GTV: ₹8,684 crore (+0.7% QoQ).
  • BBPS GTV: ₹1,692 crore (+12.6% QoQ).
  • Lifetime CASA Accounts Opened: 18.9 lakh+.
  • Credit Disbursed: ₹252.6 crore (+27% QoQ).
  • Enterprise Collection Partners: 87+ (1 new onboarded in Q2).

Key Business Updates

  • Merger with Spice Money: The scheme of amalgamation was approved by shareholders on July 13, 2026. The second motion petition was filed with the National Company Law Tribunal (NCLT) on July 24, 2026. The next date of hearing is November 26, 2026. The first motion was accepted by the NCLT.
  • RBI PA-P Authorization: Spice Money Limited, a material subsidiary, received in-principle authorization from the Reserve Bank of India (RBI) in October 2026 to operate as a Payment Aggregator-Physical (PA-P). This paves the way to offer merchants QR, Soundbox, and POS-led payment acceptance services.
  • Credit Business: The credit operations have reached breakeven. The company scaled its Vyapaar Loan (MSME) distribution by adding 3 new lending partners in Q2. It also launched Personal Loan distribution through an aggregator platform with 19 lenders.
  • Product Launches: Targeting the launch of a Micro LAP product by Q4 FY27. A 3rd Party Cash Deposit product is set to go live by the end of Q3 FY27.

Product-wise Performance Details

  • Payments Business: Focus on growing AEPS market share beyond 20%. UPI Cash Point emerged as a significant growth driver. Approximately 58,000 agents subscribed to paid packs, contributing 48% of GTV.
  • Collections Business: Strategic pivot from Corporate CMS (78 clients) to BBPS (224 billers live) due to pricing sensitivity in CMS. BBPS share of total Collections GTV increased from 11% in Q2FY26 to 16% in Q2FY27.
  • Financial Product Distribution: Over 60,000 Adhikaris have opened 18.9 lakh+ CASA accounts, generating ~₹0.16 crore monthly recurring float income. Daily account openings are ~1.2K.
  • Credit Business: Growth driven by scalable underwriting, repeat loans, and stable portfolio quality. Disbursements include Adhikari Loans, Vyapaar Loans (MSME), and newly launched Personal Loans.

Financial Structure & Notes

  • The company has zero debt.
  • Business Capex / Net Worth stood at 6.8%.
  • Figures for New Engines (Credit and Spice Money UPI) are broken out separately in the financial table.
  • PAT for FY25 included a non-cash notional investment loss of ₹39.1 crore. PAT for FY26 reflected a one-time labour law adjustment net of Tax of ₹3.3 crore.
  • PAT for Q1 FY27 and H1 FY27 included a one-time exceptional provision of ₹2.1 crore on account of real estate re-valuation.
  • A conference call for investors/analysts with the senior management team was scheduled for November 13, 2026, at 3:00 PM.