Transcript of Investors and Analyst Call held on November 06, 2025
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WSFx Global Pay reported Q2 FY25-26 gross turnover of Rs 2,063 crores, up 89% quarter-on-quarter, with revenue rising 90% QoQ to Rs 34.96 crores. Profit before tax jumped to Rs 4.86 crores from Rs 16 lakh in Q1, while EBITDA margins improved to 18% and PAT stood at Rs 3.67 crores. For H1 FY26, PBT grew 20% year-on-year to Rs 5.03 crores despite a 22% decline in the Student segment and a 40% dip in the US market, offset by growth in UK, Germany, and other European corridors. Management highlighted new product launches including a Multi-Currency Card, Explorer Metal Card, and Smart Switch Card (December launch), plus partnerships with Zaggle (co-branded card), DreamFolks (lounge and transit), HDFC Credila, and integration with Samsung Wallet and Google Pay. The company also has 900+ corporate partnerships and 700+ B2B partnerships, with digital contribution at 59% of revenue.
Stronger-than-expected margin expansion to 18% EBITDA and 20% H1 PBT growth despite significant headwinds in the Student segment demonstrate operational resilience and effective cost discipline. New card products, B2B partnerships, and the planned PACB (payment aggregator cross-border) and trade remittance licenses could drive the next phase of growth, though management offered no specific numerical forward guidance, which may temper near-term investor enthusiasm.