BSE: 543931
VEEFIN SOLUTIONS LIMITED
Builds a multi-product banking technology platform for lenders and corporates, spanning supply chain finance, cash management, trade finance, loan management and origination systems, internet banking, collections, and risk/fraud tools, all on a common Veefin 4.0 microservices architecture. Runs PSB Xchange, a digital marketplace connecting public-sector and other banks with anchor corporates and MSMEs for supply chain financing, operated through PSB Alliance, which is backed by 12 public sector banks. As of Q4 FY26, PSB Xchange had tracked 32 lender integrations, 42 sourcing partner integrations, 88 active corporate deals, and approved limits of INR 5,400 crore against cumulative requirement of INR 22,000 crore; Punjab National Bank and Bank of India have recently been onboarded as lending partners. FY26 standalone revenue was ₹70.74 crore, up ~90% YoY, with EBITDA of ₹38 crore at a 53.89% margin; on the combined Veefin + Estorifi + GlobeTF perimeter, revenue was ₹91.75 crore with EBITDA margin of 48.7% and PAT of ₹23.6 crore. The pipeline sits outside supply chain finance for ~75% of opportunities and outside India for ~70%, with 27 of 58 banks evaluating multiple products. The biggest cost lines are people at 27.7% of revenue, other operating expense at 50.5%, and capital expenditure at 54.2% as platform build-out is still in progress. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Supply Chain Finance platform, Transaction banking suite, PSB Xchange marketplace, Collections and risk/fraud products. Multi-product B2B banking-software platform; currently capex-heavy (capex at 54.2% of revenue) as product build-out nears completion and execution shifts to pipeline conversion.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 25 | 79 | 345 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 3.60 | 5.92 | 9.44 |
| ROE % · ROCE % | — · 7.4 | — · 4.4 | — · 8.1 |
| Debt / equity (x) | — | — | — |
| Cash from operations | 7 | 1 | 77 |
| Capex | — | (91) | (187) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9 | 16 | 19 | 60 | 110 | 104 | 131 | 114 |
| Profit before tax | 1 | 8 | 4 | 16 | 10 | 13 | 29 | 12 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.00 | 3.10 | 1.56 | 4.36 | 3.09 | 2.95 | 3.41 | 2.63 |
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. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.4 | 17.5 | 41 of 76 | 47% |
| ROCE | 6.6 | 9.6 | 52 of 86 | 40% |
| Revenue growth | 91.5 | 20.8 | 9 of 67 | 88% |
| Market cap | 600 | 296 | 37 of 87 | 58% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Veefin posts 116% H1 revenue growth and stronger margins | investor communications | medium | — | — |
| 27 Oct 2026 · Veefin posts strong H1 FY27 revenue, profit and margin growth | results | critical | — | — |
| 27 Oct 2026 · Veefin publishes September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 26 Oct 2026 · Earnings call audio recording filed for September 2026 quarter | investor communications | low | — | — |
| 26 Oct 2026 · Q2 and H1 FY27 profit rises as open pipeline reaches ₹920 crore | investor communications | medium | — | — |
| 26 Oct 2026 · Sept 2026 results: revenue and profit surge, but operating cash flow turns negative | results | medium | — | — |
| 26 Oct 2026 · Consolidated revenue over doubles and profit after tax rises 127% in half-year | results | medium | — | — |
| 23 Oct 2026 · VSL proposes amalgamation of two step-down subsidiaries | strategic transactions | medium | — | — |
| 21 Oct 2026 · Veefin Solutions schedules Q2 FY27 earnings call on October 26 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting to approve September 2026 results | results | low | — | — |
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.