Operates as a payments bank in India, taking deposits and providing domestic remittances, AEPS, UPI, and merchant payment services to retail and migrant customers. For the period ending 31 December 2024, segment revenue split between Other Banking Operations at 66.9% (₹905.67 crore), Retail Banking at 22.6% (₹305.44 crore), and Treasury at 10.5% (₹142.25 crore); corporate/wholesale banking recorded no revenue, as payment banks are not permitted to lend. The customer base reached 1.75 crore by FY26 (up 22% YoY) with total deposits at an all-time high of ₹2,957 crore as of March 2026, anchored on low-cost CASA where renewal income grew 25% YoY to ₹237 crore. The bank paused its UPI P2M digital payments business for risk recalibration, contributing to transaction throughput falling 35% YoY to ₹2,830 crore in June 2026. A ₹1,300 crore loan-referral book is operating as a proof-of-concept ahead of the planned transition to a Small Finance Bank, which received RBI in-principle approval in December 2025, the first such approval for any Indian payment bank. The bank holds ₹5,311.9 crore of total assets with an 83% capital adequacy ratio against a 15% regulatory minimum and has completed a ₹200 crore core-banking migration to Finacle. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Other Banking Operations (67%), Retail Banking (23%), Treasury (11%), Corporate/Wholesale Banking (0%). Asset-light deposit-led payments bank converting to a Small Finance Bank with merchant-led lending
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | 43 | 65 | 86 | 93 | 52 |
| EPS, as reported (₹) | 5.34 | 7.82 | 10.36 | 11.12 | 6.30 |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 207 | (20) | 57 | 76 | (307) |
| Capex | — | — | — | — | — |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | 26 | 28 | 30 | 25 | 21 | 17 | 4 | (14) |
| Net profit | 21 | 23 | 24 | 18 | 15 | 12 | 7 | (14) |
| EPS (₹) | 2.54 | 2.78 | 2.89 | 2.13 | 1.84 | 1.47 | 0.85 | (1.65) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AU SMALL FINANCE BANK LTD | 79,309 | 27.7 | — | — | — | — | — | — |
| UJJIVAN SMALL FINANC BANK | 12,819 | 14.1 | — | — | — | — | — | — |
| EQUITAS SMALL FIN BNK LTD | 8,426 | 16.5 | — | — | — | — | — | — |
| JANA SMALL FIN BANK LTD | 5,462 | 14.4 | — | — | — | — | — | — |
| UTKARSH SMALL FIN BANK L |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Aug 2026 update: deposits up 12%, loan referrals jump 367% YoY | business updates | medium | — | — |
| 8 Sept 2026 · Fino Payments Bank 10th AGM notice published, meeting on September 29 | compliance | minimal | — | — |
| 7 Sept 2026 · Fino Payments Bank files BRSR for FY2025-26 with exchanges | compliance | low | — | — |
| 7 Sept 2026 · Notice of 10th AGM of Fino Payments Bank on September 29, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Fino Payments Bank 10th AGM on September 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Fino Payments Bank appoints Amit Kumar as Head of Branch Banking | management changes | medium | — | — |
| 4 Sept 2026 · Fino Payments Bank 10th AGM notice published in newspapers | compliance | minimal | — | — |
| 26 Aug 2026 · RBI extends Ketan Merchant's term as Interim CEO of Fino Payments Bank by 3 months | management changes | high | — | — |
| 26 Aug 2026 · RBI extends Ketan Merchant as Interim CEO of Fino Payments Bank for 3 months | management changes | high | — | — |
| 24 Aug 2026 · Fino Payments Bank extends Interim CEO Ketan Merchant's tenure by 3 months | management changes | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 2,584 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ESAF SMALL FINANCE BANK L | 2,042 | 19.7 | — | — | — | — | — | — |
| SURYODAY SMALL FIN BK LTD | 1,565 | 8.2 | — | — | — | — | — | — |
| CAPITAL SMALL FIN BANK L | 1,233 | 6.7 | — | — | — | — | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 55.8 | 15.4 | 8 of 8 | 0% |
| Profit growth | (177.3) | 85.8 | 9 of 9 | 0% |
| Market cap | 1165 | 2584 | 9 of 9 | 0% |
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| 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 |
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