NSE: CCAVENUE · BSE: 539807
AVENUESAI LIMITED
Operates an online payment processing business and an e-commerce platform business. The Payment Business, which contributed 97.2% of segment revenue (Rs. 7,888.39 crore) in FY26, processes transactions for merchants and other businesses through the CCAvenue payment gateway and the newly launched PayCentral.ai agentic payments platform; total payment volume (TPV) processed in FY26 reached Rs. 5,038 billion. The E-Commerce Platform Business, which contributed 2.8% of segment revenue (Rs. 227.46 crore), was transferred via slump sale to subsidiary Rediff.com India Limited during FY26, with the parent's stake in Rediff raised to 82.66%. The cost structure is dominated by other operating expenses at 94.0% of revenue, reflecting payment processing and network fees typical of a payment aggregator, while employee costs are 1.6% and depreciation is 0.9% of revenue. The company raised approximately Rs. 700 crore through a Rights Issue in July 2025 (1.40 times oversubscribed), with proceeds earmarked for AI investment via subsidiary Nueromind Technologies, the Rediff stake, loan repayment and general corporate purposes. It has secured regulatory approvals including an RBI authorisation to issue prepaid payment instruments (GoWallet), an in-principle UAE Central Bank Retail Payment Services Category III licence for step-down subsidiary Avenues World FZ LLC, and IFSCA and offline payment aggregator licences. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Payment Business (97%), E-Commerce Platform Business (3%). Asset-light, transactional fintech focused on payment processing and emerging AI-native payments
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,294 | 1,962 | 3,171 | 3,993 | 8,116 |
| EBITDA (ex other income) | 145 | 180 | 253 | 308 | 352 |
| margin % | 11.2 | 9.2 | 8.0 | 7.7 | 4.3 |
| Owners' profit | 87 | 140 | 158 | 225 | 279 |
| EPS, as reported (₹) | 0.32 | 0.51 | 0.57 | 0.85 | 0.94 |
| ROE % · ROCE % | 2.8 · 3.0 | 4.3 · 5.7 | 4.5 · 5.7 | 6.1 · 7.4 | 5.9 · 6.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.02 | 0.04 | 0.08 |
| Cash from operations | 122 | 113 | 720 | 72 | 537 |
| Capex | (42) | (63) | (292) | (376) | (341) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,017 | 1,070 | 1,161 | 1,280 | 1,965 | 2,381 | 2,490 | 2,680 |
| Profit before tax | 63 | 80 | 81 | 77 | 95 | 87 | 86 | 85 |
| Net profit | 47 | 64 | 55 | 58 | 68 | 80 | 89 | 85 |
| EPS (₹) | 0.17 | 0.23 | 0.20 | 0.21 | 0.23 | 0.26 | 0.28 | 0.24 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Payment Business | 7,888 | 97.2 |
| E-Commerce Platform Business | 227 | 2.8 |
| Total, before eliminations | 8,116 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ONE 97 COMMUNICATIONS LTD | 1,03,744 | 159.6 | 6.47 | 85.9 | 3.4 | 3.6 | — | 15.7 |
| PB FINTECH LIMITED | 45,622 | 60.8 | 6.23 | 50.9 | 9.2 | 9.2 | — | 12.3 |
| AVENUESAI LIMITED ◆ | 43,657 | 123.8 | 8.77 | 97.9 | 5.9 | 6.2 | 64.4 | 4.8 |
| PINE LABS LIMITED | 18,578 | 142.5 | 3.15 | 35.5 | 1.9 | 2.2 | — | 16.8 |
| SESHAASAI TECHNOLOGIES L | 4,984 | 16.1 | 3.49 | 12.4 | 16.8 | 22.0 | — | 25.1 |
| NETWORK PEOPLE SRV TECH L | 3,411 | 73.2 | 7.73 | 48.2 | 9.3 | 12.3 | — | 33.3 |
| ONE MOBIKWIK SYSTEMS LTD | 1,706 | — | 3.17 | — | (11.5) | (11.2) | — | 5.6 |
| WSFX Global Pay Limited | 85 | — | 2.99 | — | (4.5) | (6.4) | — | (20.5) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 123.8 | 98.5 | 4 of 6 | 40% |
| P/B | 8.8 | 3.3 | 10 of 10 | 0% |
| ROCE | 6.2 | 3.7 | 4 of 10 | 67% |
| ROE | 5.9 | 4.4 | 4 of 10 | 67% |
| Debt / Equity | 0.1 | 0.1 | 7 of 10 | 33% |
| EBITDA margin | 4.8 | 8.9 | 7 of 10 | 33% |
| Revenue growth | 109.4 | 40.1 | 2 of 9 | 88% |
| Profit growth | 45.1 | 55.6 | 7 of 9 | 25% |
| Market cap | 43657 | 4197 | 3 of 10 | 78% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA quarterly demat confirmation certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 9 Oct 2026 · Trading suspended for share consolidation from Re.1 to Rs.10 face value | corporate actions | high | — | — |
| 2 Oct 2026 · Newspaper Ad on Record Date for Share Consolidation | compliance | minimal | — | — |
| 1 Oct 2026 · Record date set for 10:1 share consolidation | corporate actions | medium | — | — |
| 29 Sept 2026 · AvenuesAI 16th AGM voting results: All 8 resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · AvenuesAI 16th AGM: 8 resolutions passed including MD pay revision, share consolidation | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading Window Closure Ahead of Q2/H1 FY26 Results | compliance | minimal | — | — |
| 11 Sept 2026 · Rights issue final call closed: 69.4 lakh shares forfeited | corporate actions | medium | — | — |
| 4 Sept 2026 · Newspaper ad for 16th AGM notice and e-voting information | compliance | minimal | — | — |
| 3 Sept 2026 · AvenuesAI files Business Responsibility and Sustainability Report for FY 2025-26 | compliance | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.