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Dossier · FINO PAYMENTS BANK LTD · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
FINO PAYMENTS BANK LTD NSE: FINOPB · BSE: 543386
Financial Services › Financial Services › Banks › Other Bank
FINO PAYMENTS BANK LTD
StateQ1 FY27 filed
Last close · 27 Oct 2026₹121.55
Market cap₹1.0k cr
TTM P/E · P/B · EV/EBITDA48.4 · — · —
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
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · standalone
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
—
—
—
—
—
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · FINO PAYMENTS BANK LTD · 28 October 2026Page 2 of 3
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
—
—
—
—
—
—
—
—
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)
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
AU SMALL FINANCE BANK LTD
63,513
22.2
—
—
—
—
—
—
UJJIVAN SMALL FINANC BANK
10,783
11.9
—
—
—
—
—
—
EQUITAS SMALL FIN BNK LTD
7,400
14.5
—
—
—
—
—
—
JANA SMALL FIN BANK LTD
4,144
10.9
—
—
—
—
—
—
UTKARSH SMALL FIN BANK L
2,095
—
—
—
—
—
—
—
ESAF SMALL FINANCE BANK L
2,000
19.3
—
—
—
—
—
—
SURYODAY SMALL FIN BK LTD
1,385
7.2
—
—
—
—
—
—
CAPITAL SMALL FIN BANK L
1,164
6.3
—
—
—
—
—
—
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
48.4
13.2
8 of 8
0%
Profit growth
(177.3)
85.8
9 of 9
0%
Market cap
1012
2095
9 of 9
0%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · FINO PAYMENTS BANK LTD · 28 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
22 Oct 2026 · Crisil raises Fino Payments Bank ESG score to 59
business updates
medium
—
—
21 Oct 2026 · Fino Payments Bank schedules September 2026 earnings call
board shareholder meetings
low
—
—
21 Oct 2026 · Board meeting on Oct 29 to approve H1 FY26 and Q2 FY26 results
results
low
—
—
21 Oct 2026 · KFin reports one share conversion request in September quarter
compliance
minimal
—
—
14 Oct 2026 · Fino Payments Bank ESG score revised upward to 58
general
medium
—
—
7 Oct 2026 · Fino Payments Bank Sep 26 biz update, deposits up 13%, txn throughput down 10% YoY
business updates
medium
—
—
1 Oct 2026 · Extension of tenure of Interim CFO Mr. Anup Agarwal for 3 months
management changes
high
—
—
1 Oct 2026 · Fino Payments Bank extends Anup Agarwal interim CFO tenure by 3 months
management changes
high
—
—
29 Sept 2026 · Fino Payments Bank 10th AGM results: financial statements approved
board shareholder meetings
low
—
—
29 Sept 2026 · Fino Payments Bank appoints new Head of MSME vertical
management changes
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
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Why
A rating (BUY / ADD / REDUCE / SELL)
A state: the latest filed quarter and the measured reactions
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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
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
