• Event Type: Q2 FY27 Earnings Conference Call hosted by Go India Advisors, including a question-and-answer session with investors and analysts.
  • Date and Time: The call was held on October 30, 2026. The specific time and time zone were not disclosed in the transcript.
  • Purpose: To discuss the financial performance for Q2 FY27 and the first half of FY27, provide a business update, and detail the progress on the transition to a Small Finance Bank (SFB).
  • Management Participants:
  • Mr. Ketan Merchant – Interim Chief Executive Officer
  • Mr. Anup Agarwal – Interim Chief Financial Officer
  • Mr. Tejas Maniar – Chief Digital and Liabilities Officer
  • Ms. Sheetal Khanduja from Go India Advisors acted as the moderator.
  • Availability of Materials: The transcript was filed as a disclosure with the stock exchanges (BSE and NSE) on November 03, 2026, and is also available on the Bank's website at www.fino.bank.in. No presentation deck or recording was mentioned as being made available.
  • UPSI Statement: The moderator's opening remarks included a standard caution that the discussion "may include certain forward-looking statements and must be viewed in conjunction with the risks that the company faces." There was no explicit statement confirming that no Unpublished Price Sensitive Information (UPSI) would be shared.
  • Financial Period Discussed: The call focused on Q2 FY27 (Quarter ended September 2026) and H1 FY27 (April-September 2026).
  • Forward-Looking Statements & Strategic Themes: Management reiterated its strategic focus on transitioning to an SFB by Q1 FY28, building a liability-first franchise, and focusing on secured lending (gold loans, affordable housing, loan against property, and secured MSME lending). The company is investing in technology, people, and processes for this transition, with an anticipated capex of INR 120-150 crores.

Additional Notes Section

  • Attachments: The disclosure letter states an enclosure is included ("Encl: As above"), referring to the transcript itself. No other attachments like investor decks or compliance letters were mentioned.
  • Financial Data Disclosure: The announcement itself is a transcript containing extensive financial data and performance metrics for Q2 and H1 FY27.

Key Financial and Operational Highlights from the Transcript

Financial Performance (Q2 FY27):

  • Revenue: INR 333.6 crores (down 17% YoY; up 9% QoQ)
  • Net Revenue: INR 127.1 crores (down 14% YoY; up 3% QoQ)
  • Net Revenue Margin: 38.1% (up 100 bps YoY; down 450 bps QoQ)
  • EBITDA: INR 35.1 crores (Margin: 10.5%)
  • Operating Cost: Up 5.8% YoY and 4.5% QoQ to undisclosed amount; H1 operating cost was INR 180 crores (up 1.6% YoY).
  • Cost-to-Income Ratio: 27.6% (improved from 28.7% in Q1)

Financial Performance (H1 FY27):

  • Revenue: ~INR 640 crores (down 25% YoY)
  • Net Revenue Margin: 40.3% (up 500 bps YoY)

Operational Performance:

  • Loan Referral Business: Disbursals in Q2 were INR 762 crores, up 286% YoY. H1 disbursals were INR 1,390 crores, already surpassing the full-year FY26 disbursals of INR 1,285 crores.
  • Liability Franchise: CASA base reached 1.91 crore accounts. 8.2 lakh new accounts were opened in Q2.
  • Total Average Deposits: Grew 12% YoY to INR 2,794 crores.
  • Cost of Funds: Remained low at 1.4% for Q2.
  • Digital Engagement: Digitally active customers stood at 64.9 lakhs in Sept'26 and 87.9 lakhs for Q2 FY27.
  • B2B CMS Throughput: Grew 13% QoQ and 12% YoY to INR 20,511 crores.
  • Throughput: Total throughput grew 4% sequentially to INR 1.15 lakh crores.

SFB Transition Update:

  • The bank is on track to meet RBI conditions for SFB conversion, targeting submission of final readiness and go-live in Q1 FY28.
  • Progress includes hiring four senior executives for branch banking, liabilities, credit risk, and MSME lending.
  • Technology capabilities are being built for a seamless customer journey.
  • Plans include converting existing 125 branches/CSPs and opening ~40 new liability branches and 25-30 asset centers in the first year of SFB operations.
  • The corporate BC business exit is part of the transition plan and will be executed before applying to the RBI.

New Product Launches:

  • Daily Deposit Plan: Launched to encourage savings and build deposit balances (not fee-generating).
  • Cash@UPI: Launched to allow cash withdrawal using UPI at merchant points (fee-generating).
  • 3-party cash deposit product: Launched with NPCI and partner banks during the Global Fintech Festival 2026.
  • Value Savings Account: Planned launch in partnership with NBFCs and other institutions (B2B2C strategy).

Outlook:

  • FY27 is considered a transition year focused on regaining business volumes, strengthening the liability franchise, and executing the SFB roadmap.
  • No specific financial guidance was provided for the year due to the transitional nature and ongoing investments.
  • For the first year of SFB operations (FY28), the bank is targeting disbursals of around INR 2,000 crores, aiming for an AUM of INR 8,000-10,000 crores over 3-4 years.