Please find enclosed Investor Presentation - Q2 & H1 FY26
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Niyogin Fintech reported record Q2 FY26 results with consolidated net revenue up 53% YoY to ₹25.9 Cr and EBITDA swinging from a ₹0.5 Cr loss to a ₹4.9 Cr profit. The NBFC (lending) business achieved its highest-ever AUM of ₹340.5 Cr (+44% YoY) and PBT (ex-ESOP) of ₹2.0 Cr, reversing a ₹1.5 Cr loss YoY, while raising a record ₹65 Cr in quarterly borrowings. Subsidiary iServeU (payments infrastructure) posted ₹17.2 Cr revenue (+69% YoY) with ~20% EBITDA margin, ₹3.5 Cr EBITDA (+133% YoY), and a ₹623 Cr order book across 39 contracts, marking five straight quarters of positive EBITDA. Management refined FY26 guidance, lowering AUM target to ₹450-500 Cr (from ₹500-550 Cr) but raising PBT target to ₹4.75-5.25 Cr (from ₹4.5-5 Cr), signalling improved profitability per unit of growth. The company also flagged a pending Scheme of Demerger that could lead to a separate BSE listing for iServeU.
Strong beat on Q2 guidance across both businesses, a clear margin expansion story, and visible order book support a positive near-term outlook for the stock. The pending iServeU demerger and listing could unlock additional value for shareholders, while the refined FY26 guidance suggests management is prioritising profitability over aggressive AUM growth.