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.
| ₹ 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) |
| ₹ 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) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ONE 97 COMMUNICATIONS LTD | 1,15,680 | 177.9 | 7.22 | 96.1 | 3.4 | 3.6 | — | 15.7 |
| PB FINTECH LIMITED | 83,161 | 110.7 | 11.36 | 93.5 | 9.2 | 9.2 | — | 12.3 |
| PINE LABS LIMITED | 22,945 | 176.0 | 3.89 | 44.4 | 1.9 | 2.2 | — | 16.8 |
| SESHAASAI TECHNOLOGIES L | 6,318 | 20.4 | 4.43 | 15.8 | 16.8 | 22.0 | — | 25.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · WSFX Global Pay partners with Mastercard Move for cross-border payments | strategic transactions | medium | — | — |
| 2 Sept 2026 · TDS Communication on Final Dividend of Rs 1.50 per Share | corporate actions | low | — | — |
| 2 Sept 2026 · 39th AGM notice, e-voting and record date published in newspapers | compliance | minimal | — | — |
| 1 Sept 2026 · WSFX Global Pay: AGM on Sep 23, dividend of Rs 1.50 per share recommended | compliance | minimal | — | — |
| 1 Sept 2026 · WSFX Global Pay fixes Sep 16 record date for Rs 1.50 final dividend | corporate actions | medium | — | — |
| 1 Sept 2026 · FY 2025-26 annual report filed; AGM set for September 23 | compliance | minimal | — | — |
| 1 Sept 2026 · 39th AGM on Sep 23, 2026 - Dividend, Director Changes and New Business Objects | board shareholder meetings | low | — | — |
| 28 Aug 2026 · ESOP allotment of 13,250 shares to employees at Rs 25.20 each | capital market events | low | — | — |
| 17 Aug 2026 · Corrigendum to Q1 FY27 unaudited results newspaper advertisement | results | low | — | — |
| 14 Aug 2026 · WSFX Global Pay Q1FY27 un-audited results published in newspapers | compliance | minimal | — | — |
| 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 |
| AVENUESAI LIMITED | 5,692 | 16.1 | 1.14 | 11.8 | 5.9 | 6.2 | 64.4 | 4.8 |
| NETWORK PEOPLE SRV TECH L | 3,494 | 74.9 | 7.92 | 49.5 | 9.3 | 12.3 | — | 33.3 |
| ONE MOBIKWIK SYSTEMS LTD | 1,649 | — | 3.06 | — | (11.5) | (11.2) | — | 5.6 |
| WSFX Global Pay Limited ◆ | 80 | — | 2.82 | — | (4.5) | (6.4) | — | (20.5) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.8 | 3.5 | 4 of 10 | 67% |
| 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 | 80 | 4593 | 8 of 10 | 22% |
| 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 |
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.
