Key Financial Figures

Q2 FY27 Performance (Quarter Ended September 30, 2026):

  • Turnover: ₹2,914 crore, representing 41.2% year-on-year growth and 95.5% quarter-on-quarter growth
  • Revenue: ₹44.58 crore, representing 30% year-on-year growth and 91.9% quarter-on-quarter growth
  • Profit Before Tax (PBT): ₹5.33 crore, representing 9.6% year-on-year growth and 9.1 times Q1 FY27
  • Profit After Tax (PAT): ₹4.26 crore

H1 FY27 Performance (Half Year Ended September 30, 2026):

  • Turnover: ₹4,405 crore
  • Revenue: ₹67.81 crore
  • Profit Before Tax (PBT): ₹5.91 crore, representing 17.6% year-on-year growth
  • Profit After Tax (PAT): ₹4.56 crore

Business Metrics:

  • Active Corporates: 944
  • Active Agents: 621
  • Digital Penetration: Approximately 70%
  • Branches: 26 (added Thane and Whitefield branches during period)

Regulatory Developments

Expanded RBI Authorization:

  • Received perpetual AD-II license on July 30, 2026
  • Expanded scope includes permissible non-trade transactions (except gifts and donations)
  • Trade transactions permitted up to ₹25 lakh per transaction
  • Authorization to appoint forex correspondents (FXC) to enhance distribution

Partnerships and Certifications:

  • Activated Nostro account
  • Signed partnership with Mastercard Move
  • ISO 27001 and PCI DSS certified for information security and card data controls
  • Membership with FEDAI in process

Business Segment Performance

Segment Growth (Year-on-Year):

  • Student Segment: 44.2% growth (largest segment)
  • Corporate Segment: 12.3% growth
  • Retail Segment: 19.1% growth

Product Performance:

  • Outward Remittances: 53.9% YoY growth in Q2, approximately 2.3x Q1 volume
  • Card Business: Transitioned to own program (GlobalPay Card) after sunsetting bank distribution arrangements
  • Card Distribution: Onboarded 22 regulated entity partners
  • Student Partners: Onboarded approximately 90 new partners in H1

Market Context and Challenges

  • Operated in challenging market conditions
  • US student market experienced major decline
  • Weaker discretionary travel due to Middle East conflict
  • Forex volatility and visa uncertainty
  • Achieved two months with over ₹1,000 crore monthly turnover

Strategic Priorities and Outlook

Near-Term Priorities (3-6 months):

1. Forex correspondent rollout expected by November 2026

2. Trade remittances activation expected by December 2026-January 2027

3. Student payment leadership maintenance

4. Corporate wallet share increase

5. Partner-led distribution expansion

6. Digital platform adoption acceleration

7. Cards and D2C business development

8. Compliance-by-design implementation

Expansion Plans:

  • Additional branch expansion planned (2-3 branches in next 3-6 months)
  • Card distribution partnership expansion with regulated entities
  • FXC network development to expand beyond current 26 branches

Market Opportunity:

  • Trade remittance addressable market estimated to expand from USD20 billion to USD200 billion
  • Digital penetration target: 90% (from current 70%)

Operational Capabilities

  • 30 currency wallets in card portfolio
  • Digital platforms: Agent, Corporate, Embedded Partner (EPAS), and Consumer platforms
  • Card portfolio includes GlobalPay, Smart Forex, Explorer (metal card), and Uni-Z (student card)
  • Tokenization integration with Google Pay and Samsung Pay in progress
  • CKYC 2.0 integration planned for digital onboarding

Q&A Session Highlights

Commission Structure:

  • Commission expenses increased from 52% to 58% in Q2
  • Variable commission structure based on business potential of partners
  • Strategy focused on increasing wallet share through competitive payouts

Trade Payments Strategy:

  • Differentiating through convenience, technology, and pricing
  • Targeting small customers where banks may not be competitive
  • Infrastructure development ongoing with own tech team and partner integrations

Retail Strategy:

  • Partner-driven approach to avoid high D2C acquisition costs
  • Focus on branch-driven acquisition, travel aggregators, and cross-selling to existing customer base
  • Marketing automation with 100,000 customer base for cross-selling

Financial Model Impact:

  • FXC expansion expected to increase reach without corresponding cost increase
  • Potential margin compression due to revenue sharing with partners
  • Expected substantial turnover growth from distribution and trade opportunities

Treasury Income:

  • Customer funds float expected to increase with card volume growth
  • Significant portion of current liabilities represents customer funds for pending transactions

Management Commentary

  • Emphasis on consistency and disciplined growth
  • Focus on converting scale into consistent earnings through deeper customer relationships
  • Priority on execution, active relationships, and disciplined cost management
  • Foundation built on trust, transparency, and compliance as core values