Please find enclosed CEO''s Letter to Shareholders for the quarter ended December 31, 2025
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Niyogin Fintech reported a strong Q3 FY26 with consolidated net revenue rising 11% quarter-on-quarter to Rs. 28.9 Cr and 70% year-on-year, while EBITDA swung to a profit of Rs. 6.2 Cr from a Rs. 2 Cr loss a year ago. Both subsidiaries — NBFC and iServeU — delivered profitable results in line with guidance, with iServeU posting net revenue of Rs. 21 Cr (up 23% QoQ) and an order book of Rs. 635 Cr across 43 contracts. The NBFC arm had AUM of Rs. 314 Cr with debt-to-equity below 1.0 and raised Rs. 40 Cr during the quarter to strengthen liquidity. Key developments include a UPI solution win from IDBI Bank, iServeU's board approving up to Rs. 50 Cr equity raise, and the payments subsidiary applying for an RBI Payment Aggregator licence. The demerger scheme has received SEBI's NOC and is awaiting RBI approval before moving to NCLT.
The sharp turnaround in profitability, healthy order pipeline, and improving NBFC metrics are positive signals for shareholders, though consolidated PBT remains modest at Rs. 1.8 Cr. Key catalysts to watch are the RBI nod for the demerger and the iServeU equity raise, which could re-rate the stock if executed smoothly.