NSE: PAISALO · BSE: 532900
PAISALO DIGITAL LIMITED
Operates as a non-banking financial company (NBFC) that lends primarily to micro, small and medium enterprises (MSMEs) and underserved households in India's Tier-3, 4 and 5 geographies. Earns revenue principally through interest on its loan book; assets under management stood at Rs 61,009 million in FY26, up 17% year-on-year. The lending franchise is delivered through a 5,299-touchpoint distribution network across 22 states, comprising 422 branches, 3,381 distribution points and 1,496 business correspondents, serving approximately 16 million customers. Net interest margin was 6.83% in FY26 and net interest income reached Rs 5,694 million (up 29% YoY); total income was Rs 9,437 million and profit after tax was Rs 2,372 million. In Q4 FY26, six new product segments were launched — medical, industrial, Agri-equipment, two-wheeler, small commercial vehicles and alternative-fuel financing — alongside roughly 18–20 partnerships. AI is embedded across loan origination, underwriting, servicing, collections and portfolio monitoring, processing around 1.6 lakh loan applications in Q4 alone. Funding is raised through bank borrowings, secured redeemable non-convertible debentures (a Rs 900 crore shelf public issue is in process, with Tranche I of up to Rs 300 crore), commercial paper and a maiden USD 15 million external commercial borrowing; the average cost of borrowing was 10.2% in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income on MSME and underserved-borrower loan book, Medical financing, Industrial equipment financing, Agri-equipment financing, Two-wheeler financing, Small commercial vehicle financing, Alternative-fuel vehicle financing. Capital-intensive NBFC lending to MSMEs and underserved borrowers across India; spread-driven earnings with asset quality and cost of borrowing as the key operating levers.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 392 | 473 | 659 | 771 | 944 |
| EBITDA (ex other income) | 294 | 338 | 515 | 602 | 705 |
| margin % | 75.1 | 71.5 | 78.1 | 78.1 | 74.7 |
| Owners' profit | 79 | 94 | 179 | 200 | 237 |
| EPS, as reported (₹) | 18.71 | 2.10 | 3.87 | 2.23 | 2.62 |
| ROE % · ROCE % | 7.7 · — | 8.1 · — | 13.5 · — | 13.0 · — | 13.2 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (396) | (452) | (570) | (842) | (783) |
| Capex | (1) | (6) | (4) | (13) | (15) |
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 | 187 | 204 | 194 | 219 | 443 | 240 | 261 | 260 |
| Profit before tax | 67 | 82 | 63 | 64 | 133 | 89 | 97 | 82 |
| Net profit | 50 | 62 | 46 | 47 | 99 | 66 | 72 | 61 |
| EPS (₹) | 0.56 | 0.07 | 0.51 | 0.52 | 1.09 | 0.73 | 0.80 | 0.67 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.0 | 18.1 | 115 of 200 | 42% |
| P/B | 4.0 | 1.1 | 227 of 253 | 10% |
| ROE | 13.2 | 3.1 | 28 of 257 | 90% |
| EBITDA margin | 77.7 | 48.6 | 60 of 249 | 76% |
| Revenue growth | 19.0 | 12.6 | 99 of 231 | 57% |
| Profit growth | 30.0 | 7.8 | 100 of 251 | 60% |
| Market cap | 7175 | 34 | 18 of 268 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Promoter entity pledges 1.04 crore Paisalo shares to Jio Credit for loan collateral | ownership changes | medium | — | — |
| 28 Oct 2026 · Promoter entity pledges 1.10% of Paisalo Digital shares | ownership changes | high | — | — |
| 28 Oct 2026 · Paisalo Q2 profit rises 27%, net interest margin seen near 6% | investor communications | medium | — | — |
| 23 Oct 2026 · September 2026 quarter results published in newspapers | compliance | minimal | — | — |
| 22 Oct 2026 · Paisalo Digital updates on Q2FY27 earnings call held on Oct 22, 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Q2 FY27 growth accelerates; yields expected to normalise in H2 FY27 | investor communications | medium | — | — |
| 22 Oct 2026 · Paisalo Digital posts strong Q2 growth despite lower lending margin | business updates | high | — | — |
| 22 Oct 2026 · Board Meeting Outcome on BSE Fine and Waiver Application | regulatory legal | high | — | — |
| 22 Oct 2026 · Net profit rises 28 percent in September quarter; revenue up 24 percent | results | high | — | — |
| 22 Oct 2026 · September quarter revenue rises 24%, profit 27%; operating cash outflow quadruples | results | high | — | — |
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.