NSE: NPST · BSE: 544396
NETWORK PEOPLE SRV TECH L
Develops software and payment solutions for banks and financial institutions in India, operating across Technology Service Provider (TSP), Payment Platform as a Service (PPaaS), and RegTech verticals. The single operating segment — software and payment solutions to the banking and finance sector — accounts for 100% of segment revenue. For FY26, standalone revenue from operations stood at ₹194.17 crore, up 12.2% from FY25, while consolidated profit after tax fell to ₹40.82 crore from ₹45.20 crore. The company received an order from a Maharatna public sector undertaking to develop a UPI Third-Party Application Provider (TPAP) application on a SaaS model that generates recurring revenue. Employee costs are 21.1% of revenue and other operating expenses 51.9%, with depreciation at 4.7%. A wholly-owned subsidiary, NPST Global Solutions LLC, was incorporated in Dubai, UAE in April 2025 as part of an international expansion push. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Software and Payment solution to Banking and Finance Sector (100%). Asset-light, single-segment fintech providing software and payment platforms to banks and financial institutions
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 173 | 195 |
| EBITDA (ex other income) | 60 | 51 |
| margin % | 34.7 | 26.0 |
| Owners' profit | 45 | 47 |
| EPS, as reported (₹) | 23.31 | 20.58 |
| ROE % · ROCE % | 43.3 · 55.3 | 9.3 · 12.5 |
| Debt / equity (x) | 0.09 | 0.01 |
| Cash from operations | 29 | (40) |
| Capex | (6) | 0 |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 26 | 34 | 47 | 53 | 62 | 56 |
| Profit before tax | 8 | 10 | 13 | 16 | 16 | 14 |
| Net profit | 6 | 7 | 10 | 12 | 12 | 11 |
| EPS (₹) | 3.10 | 3.71 | 5.00 | 5.92 | 6.17 | 5.26 |
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. % |
|---|---|---|---|---|---|---|---|---|
| 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 73.2 | 98.5 | 3 of 6 | 60% |
| P/B | 7.7 | 3.3 | 9 of 10 | 11% |
| ROCE | 12.3 | 3.7 | 2 of 10 | 89% |
| ROE | 9.3 | 4.4 | 2 of 10 | 89% |
| Debt / Equity | 0.0 | 0.1 | 3 of 10 | 78% |
| EBITDA margin | 33.3 | 8.9 | 1 of 10 | 100% |
| Revenue growth | 68.0 | 40.1 | 3 of 9 | 75% |
| Profit growth | 53.6 | 55.6 | 6 of 9 | 38% |
| Market cap | 3411 | 4197 | 6 of 10 | 44% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Share capital audit confirms dematerialised holdings and 12,850 ESOP shares | compliance | minimal | — | — |
| 14 Oct 2026 · Compliance certificate for securities dematerialisation for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · NPST wins Sri Lanka Super App contract from leading telecom conglomerate | business updates | high | — | — |
| 30 Sept 2026 · Trading Window Closure for Q2 FY2026 Results Period | compliance | minimal | — | — |
| 29 Sept 2026 · NPST 13th AGM: all 3 resolutions passed, Rs 2 final dividend declared | compliance | minimal | — | — |
| 28 Sept 2026 · 13th AGM proceedings: Rs. 2 dividend declared, CMD re-appointed | board shareholder meetings | low | — | — |
| 24 Sept 2026 · NPST gets A+ ESG rating with score 72.90 for FY25-26 from Resurgent ESG | business updates | medium | — | — |
| 24 Sept 2026 · NPST to meet analysts and investors on September 30, 2026 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · NPST to meet SBI Mutual Fund analysts on September 29, 2026 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · NPST wins Best Digital Banking Platform award at Global Fintech Awards 2026 | business updates | 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.