Earnings call transcript
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Veefin Solutions reported strong H1 FY'26 results with standalone revenue growing 108% year-on-year and EBITDA jumping over 300%. The supply chain finance business delivered a robust 54% EBITDA margin, while consolidated revenue grew over 450% and PAT by ~100%. The company disclosed a $45-47 million qualified pipeline spread across 85 deals in 24 countries, with 35 active deals and 10 deals over $2 million each. Management guided for 75-85% standalone revenue growth and 200-300% consolidated growth for FY'26. The PSBXchange project (public sector bank exchange) is gaining traction, with Rs 3,000-3,500 crore in transactions expected by year-end, earning ~45 basis points. A Rs 94.32 crore preferential round is awaiting BSE approval, and subsidiary amalgamations are expected to be EPS-accretive from FY'27.
Positive near-term outlook driven by strong revenue growth guidance and a healthy qualified pipeline, though margins remain under pressure due to heavy IP investments in six new products. The PSBXchange platform represents a significant growth lever with a 7-year exclusivity window. Investors should note that long-term margin recovery to 30-35% blended EBITDA is targeted over 3-4 years, with FY'27 expected at 25%.