Please find enclosed Investor Presentation - Q3FY26
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Niyogin Fintech reported a strong Q3 FY26 with consolidated net revenue of ₹28.9 Cr (up 11% QoQ, 70% YoY) and EBITDA of ₹6.2 Cr (up 28% QoQ). PBT excluding ESOP nearly doubled sequentially to ₹2.3 Cr, a sharp turnaround from a ₹4.6 Cr loss a year ago. Subsidiary iServeU drove the show with net revenue of ₹21.2 Cr (up 107% YoY) and an EBITDA margin of 25.4%, supported by ₹9.2 Cr of RBI incentive income. iServeU's order book stands at ~₹635 Cr across 43 contracts, with six straight quarters of positive EBITDA. The standalone NBFC business posted AUM of ₹314 Cr (30% YoY) and PBT (ex-ESOP) of ₹1.6 Cr, though AUM dipped 8% QoQ as the company adopted a selective stance on unsecured lending. FY26 guidance has iServeU revenue at ₹70-80 Cr with 15-18% EBITDA margin, and NBFC PBT revised up to ₹5.5-5.7 Cr, while AUM target was reset lower to ₹330-350 Cr.
Investors should view this positively — margin expansion, order book visibility, and a profitability turnaround are clear positives, though the NBFC AUM contraction and the one-off RBI incentive inflating iServeU Q3 numbers are caveats. The planned demerger and separate listing of iServeU could unlock additional value for shareholders.