Financial Performance Highlights
Niyogin Fintech Limited achieved a significant milestone in FY 2025-26 by reporting its first full year of consolidated profitability. The company recorded PBT (ex-ESOP) of ₹4.7 crore, a remarkable turnaround from a loss of ₹19.0 crore in FY25. Consolidated net revenue grew 57% YoY to ₹106.0 crore from ₹67.4 crore, while EBITDA improved to ₹19.9 crore from a loss of ₹8.6 crore in the previous year.
Business Segment Performance
Both core business segments contributed to this positive performance. The payments infrastructure business (iServeU) delivered net revenue of ₹74.7 crore (up 89% YoY) with PBT of ₹5.5 crore and maintained over 28% EBITDA margin in Q4. iServeU secured ~₹611 crore order book across 45 contracts and deployed ~4.9 lakh soundbox units, serving major clients including Central Bank of India and Punjab National Bank.
The NBFC business (to be Niyogin Finserv) returned to profitability with 26% AUM growth to ₹352.3 crore and 29% growth in net interest income to ₹39.7 crore. The business maintained conservative leverage with debt-to-equity below 1.0x, raised ₹171 crore in debt funding including maiden listed NCD issuances, and achieved 87% AUM sourcing through partnerships.
Corporate Restructuring Progress
The composite scheme of arrangement advanced significantly during the year with approvals secured from SEBI, RBI, and BSE. The scheme, now pending final approval from NCLT Chennai, will demerge the NBFC business into Niyogin Finserv Limited and amalgamate the residual company with iServeU Technology Private Limited, creating two focused, pure-play independently listed entities.
AGM and Corporate Governance
The 38th Annual General Meeting is scheduled for September 23, 2026 (initially noted as September 19 in some documents), to be held via video conferencing. Key agenda items include reappointment of statutory auditors Pijush Gupta & Co. for a second five-year term at ₹26.35 lakh remuneration, and special resolution approval for sale of 58% equity stake in material subsidiary Investdirect Capital Services to Mr. Mohit Gang for up to ₹11.75 crore subject to performance milestones.
Financial Position and Disclosures
Consolidated financial statements show total assets of ₹70,947.75 lakhs with financial assets of ₹53,896.96 lakhs. The company maintained adequate liquidity with LCR of 195.20% and capital ratio of 60.07%. Gross NPA stood at ₹2,427.40 lakhs with net NPA of ₹1,462.85 lakhs, while ECL provision of ₹1,121.31 lakhs included ₹332.73 lakhs management overlay for macro-economic factors.
ESOP and Human Capital
The company granted 60,000 ESOP options during the year while 253,000 options were exercised. Total ESOP expense recognized was ₹125.44 lakhs. The organization employed 559 people across consolidated entities with performance-based compensation structure and no complaints under Sexual Harassment Act during FY26.
Strategic Outlook
For FY27, management guidance projects iServeU net revenue of ₹125-135 crore with EBITDA margins of 25-30%, while the NBFC business targets AUM of ₹520-550 crore with net profit of ₹11-12 crore. The board constituted a Strategic Review Committee to evaluate all strategic opportunities and continues focusing on AI integration through Niyogin AI portfolio including SuperScan toolkit and lending solutions.