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On the reaction day the stock moved 4.3 pts less than Nifty Microcap 250 and 3.8 pts less than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Niyogin Fintech reported strong revenue growth for FY25, with standalone revenue from operations rising about 89% YoY to Rs 76.44 crore and consolidated revenue up about 55% to Rs 303.98 crore. Interest income led the growth, more than doubling on a standalone basis. However, the company remained loss-making at the standalone level, with FY25 net loss widening to Rs 9.78 crore from Rs 7.55 crore a year ago. On a consolidated basis, the loss narrowed to Rs 16.33 crore from Rs 24.84 crore. During Q4 FY25, the company allotted 1.57 crore equity shares on conversion of warrants, raising about Rs 54 crore, while 10.96 lakh warrants were forfeited for non-exercise. The auditor (Pijush Gupta & Co) issued an unmodified opinion on both standalone and consolidated results.
Revenue growth is healthy and consolidated losses are shrinking, but standalone losses are still widening and operating cash flow is deeply negative (Rs 79.6 crore standalone, Rs 85.1 crore consolidated), funded mainly through higher borrowings and warrant conversions. Shareholders should note ongoing profitability concerns despite top-line momentum, plus the dilution from warrant conversions.