Niyogin Q1 FY27 Net Loss of ₹5.0 Cr on Softer Performance

Reported consolidated net loss of ₹5.0 Cr in Q1 FY27 compared to profit of ₹1.1 Cr in Q4 FY26 and loss of ₹1.9 Cr in Q1 FY26
Consolidated gross income declined 11% QoQ to ₹66.8 Cr from ₹74.7 Cr in Q4 FY26
Net revenue (gross income net of partner payouts, funding costs, and credit costs) stood at ₹22.1 Cr, down 18% from ₹27.0 Cr in Q4 FY26
EBITDA was ₹0.2 Cr, down 97% from ₹6.5 Cr in Q4 FY26
PBT ex-ESOP was negative ₹6.0 Cr compared to positive ₹1.7 Cr in Q4 FY26

Net revenue stood at ₹15.8 Cr in Q1 FY27 compared with ₹21.1 Cr in Q4 FY26 (-25%) and ₹15.3 Cr in Q1 FY26 (+4%)
Adjusted EBITDA was negative ₹0.5 Cr in Q1 FY27 compared to positive ₹6.0 Cr in Q4 FY26
Reported EBITDA was ₹0.7 Cr, down 90% from ₹7.1 Cr in Q4 FY26
Reported PBT was negative ₹5.6 Cr compared to positive ₹1.6 Cr in Q4 FY26
Depreciation increased 56% to ₹2.8 Cr from ₹1.8 Cr in Q4 FY26

Program Management revenue declined to ₹5.8 Cr from ₹10.3 Cr in Q4 FY26 (-44%), primarily due to lower UPI volumes
TSP/SaaS revenue increased to ₹9.0 Cr from ₹8.1 Cr in Q4 FY26 (+11%) and ₹5.5 Cr in Q1 FY26 (+64%)
Recurring SaaS revenue grew to ₹5.6 Cr from ₹3.7 Cr in Q4 FY26
One-time SaaS revenue declined to ₹3.4 Cr from ₹4.4 Cr in Q4 FY26 due to reduced inventory availability from chip shortage
Other operational income declined to ₹1.1 Cr from ₹2.6 Cr in Q4 FY26 (-60%)

Outstanding order book stood at approximately ₹546 Cr across 45 contracts
Total soundbox deployments reached approximately 539,000 units, with 49,000 units added during Q1 FY27
Recurring component now represents 62% of total TSP/SaaS revenue
Business model transitioned from bank-led to aggregator-led in Q2 FY27 to support UPI volume scaling

AUM (including off-book exposure) stood at ₹332.2 Cr, down 6% from ₹352.3 Cr in Q4 FY26 and up 4% from ₹320.3 Cr in Q1 FY26
Gross Income increased 9% QoQ to ₹29.8 Cr from ₹27.2 Cr in Q4 FY26
Net Interest Income stood at ₹10.2 Cr, broadly stable compared to ₹10.4 Cr in Q4 FY26 (-2%) and up 9% from ₹9.3 Cr in Q1 FY26
PBT ex-ESOP stood at ₹1.0 Cr, down 42% from ₹1.7 Cr in Q4 FY26 but stable compared to ₹1.0 Cr in Q1 FY26
Employee cost ex-ESOP reduced 28% YoY to ₹3.5 Cr
Pre-provisioning operating profit stood at ₹3.9 Cr, down 23% from ₹5.1 Cr in Q4 FY26 but up 58% from ₹2.5 Cr in Q1 FY26
Credit costs stood at ₹2.9 Cr, down 13% from ₹3.4 Cr in Q4 FY26
Borrowings stood at ₹90.0 Cr, down 28% from ₹124.5 Cr in Q4 FY26

Headline GNPA stood at 8.9%
Approximately 50% of performing loan book under EDI-based lending
Processed 290,000 loans in Q1 FY27, up 22% from 230,000 in Q4 FY26
Partnership-led portfolio demonstrated better asset-quality characteristics than legacy portfolio

Q1 FY27 performance was below guidance across all key parameters:

iServeU Net Revenues: ₹15.8 Cr actual vs ₹22-25 Cr guidance - below due to lower UPI volumes and reduced device deployments
iServeU EBITDA (%): -3.2% actual vs 20-25% guidance - below due to lower revenue and operating deleverage
NBFC AUM: ₹332 Cr actual vs ₹360-370 Cr guidance - below due to calibrated portfolio and write-offs with no incremental P&L impact
NBFC PBT: ₹1.0 Cr actual vs ₹1.8-2.0 Cr guidance - below due to lower average AUM and higher ECL

Management provided revised guidance for FY27:

Net Revenues: ₹100-115 Cr (FY26: ₹74.7 Cr, representing 1.3x-1.5x growth)
EBITDA (%): 25-30% (FY26: 22.4%)
Excluding FY26 PIDF incentive income of ₹17.9 Cr, core net revenue guidance of ₹100-115 Cr represents ~1.7x-1.9x YoY growth

Demand pipeline ready, supported by partnerships with Meesho and Finsall established in March 2026
CRISIL rating upgraded from BBB- Negative to BBB- Stable in June 2026, expected to support lower borrowing costs
Focus on strengthening funding capacity and transitioning toward lower-cost borrowings
AUM growth expected to accelerate from Q2 FY27

Amit Rajpal - Non-Executive Chairman, Co-Founder (Managing Partner – Marshall Wace; Ex-Morgan Stanley)
Gaurav Patankar - Non-Executive Director, Co-Founder (Managing Partner, Mission1 Investments; Ex-BNY Mellon, Bloomberg)
Kapil Kapoor - Independent Director (Chairman-InfoEdge India; Ex-Nestlé; Ex-Global COO, Timex)
Samir Mohan Pandiri - Independent Director (Ex-President – BNY Mellon, Apex, Broadridge International)
Sudip Thakor - Independent Director (Ex MD - Credit Suisse; Ex-Managing Partner – Pumori Capital)
Katarina Racek - Independent Director (Global Head of Investor Relations - Institutional Investor (II); Ex-Bloomberg)
Nitin Jaiswal - Independent Director
Tashwinder Singh - MD & CEO, NFL (Ex-Citigroup, KKR)

Tashwinder Singh - Managing Director & CEO
Mohit Gang - CEO, MoneyFront (Ex-HSBC, Citi)
Aakash Sethi - Deputy CEO (Ex-Fincent Software Services)
Abhishek Thakkar - President & CFO (Ex-Avendus Capital, Aegis Logistics, Deloitte)
Debiprasad Sarangi - CEO, iServeU (Ex-iCash Card)
Sanket Shendure - President & Chief Product & Growth Officer (Ex-Minko Founder)
Hitesh Jain - Chief Risk Officer (Ex-Kotak Mahindra Bank, Jana Small Finance Bank, EnKash)
Neha Daruka - Compliance Officer (Ex-Essel Infraprojects)

Top Institutional Shareholders include: