BSE: 511147
WSFX Global Pay Limited
Operates as an RBI-authorised Authorised Dealer Category-II (AD-II) cross-border payments and forex fintech, processing outward remittances and selling forex products to Indian customers going abroad. Revenue is earned from four main streams: student remittances (foreign exchange for education abroad), corporate forex and B2B payments, retail leisure/business travel forex including currency notes and cards, and now card distribution to other regulated entities via the GlobalPay Connect platform. The card business — multi-currency forex cards in 30 currencies accepted across 180+ countries, including the Multi-Currency Black Card, Smart Switch Card, and tokenised cards on Samsung Pay and Google Pay — is described as the strategic growth pivot. Distribution combines 25+ physical branches, 850+ corporate relationships and 650+ agents/agents networks, with 60% of transactions now digital and a target of 80% in FY27. The RBI's FEMA 401/2026 circular has expanded the AD-II scope to include trade remittances, family-maintenance ($3bn market) and a Forex Correspondent (FXC) network for appointing partner money changers — these are new revenue vectors rather than existing lines. The company is debt-free, recommended a 15% dividend for FY26, and plans to add Payment Aggregator-Cross-Border (PA-CB) and IFSC Payment Service Provider (PSP) businesses. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Student remittances, Corporate forex and B2B payments, Retail travel forex, Multi-currency card business and distribution. Asset-light, digital-first forex and cross-border payments fintech operating under RBI regulation, debt-free, with revenue split across student, corporate, retail and card distribution segments.
Exhibit 1: Financial summary, FY19–FY21 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 |
|---|---|---|---|
| Revenue | 24 | 36 | 21 |
| EBITDA (ex other income) | (1) | (0) | (7) |
| margin % | (4.4) | (1.3) | (33.3) |
| Owners' profit | 0 | (1) | (5) |
| EPS, as reported (₹) | 0.10 | (0.45) | (4.42) |
| ROE % · ROCE % | 0.3 · 3.4 | (1.4) · 1.9 | (17.3) · (21.4) |
| Debt / equity (x) | 0.25 | 0.25 | 0.34 |
| Cash from operations | — | — | (7) |
| Capex | — | — | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY20 | Q1 FY21 | Q2 FY21 | Q3 FY21 | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9 | 3 | 6 | 5 | 7 | 6 | 10 | 8 |
| Profit before tax | (2) | (2) | (1) | (2) | (2) | (2) | (0) | (2) |
| Net profit | (2) | (1) | (1) | (1) | (2) | (1) | (0) | (1) |
| EPS (₹) | (1.68) | (1.12) | (0.48) | (1.23) | (1.60) | (1.02) | (0.08) | (1.22) |
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/B | 3.0 | 3.3 | 3 of 10 | 78% |
| ROCE | (6.4) | 3.7 | 8 of 10 | 22% |
| ROE | (4.5) | 4.4 | 8 of 10 | 22% |
| Debt / Equity | 0.4 | 0.1 | 8 of 10 | 22% |
| EBITDA margin | (20.6) | 8.9 | 8 of 10 | 22% |
| Revenue growth | 58.9 | 40.1 | 4 of 9 | 63% |
| Profit growth | 0.3 | 55.6 | 8 of 9 | 13% |
| Market cap | 85 | 4197 | 8 of 10 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Sep 2026 quarterly and half-year results published | compliance | minimal | — | — |
| 27 Oct 2026 · Audio recording of September 2026 performance call posted | investor communications | low | — | — |
| 27 Oct 2026 · GlobalPay H1 FY27 revenue up 29%; Q2 profit before tax Rs 5.33 crore | compliance | low | — | — |
| 27 Oct 2026 · Q2 and H1 FY27: Record turnover, higher profit and permanent forex licence | investor communications | medium | — | — |
| 26 Oct 2026 · Allotment of 162,500 employee stock options | capital market events | low | — | — |
| 26 Oct 2026 · WSFX Global Pay to Open New Branch Office in Kanpur | business updates | low | — | — |
| 26 Oct 2026 · Q2 revenue rises 30%, but profit growth slows to 16% | results | high | — | — |
| 26 Oct 2026 · September quarter revenue rises 30%, but margin narrows | results | high | — | — |
| 22 Oct 2026 · MCA approves two new business objects; CIN changes | general | low | — | — |
| 21 Oct 2026 · Investor conference call scheduled for October 27, 2026 | board shareholder meetings | low | — | — |
How to read this document
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|---|---|---|
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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 |
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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.