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)