Veefin Solutions Q2 FY27 results: net profit ₹24.85 crore, revenue up 117.0%

How did Veefin Solutions perform in Q2 FY27?

Veefin Solutions reported consolidated revenue of ₹238.82 crore in Q2 FY27, compared with ₹110.04 crore in Q2 FY26 and ₹113.97 crore in Q1 FY27. The year-on-year increase was ₹128.78 crore, or 117.0%, while the sequential increase was ₹124.85 crore, or 109.5%. Total income was ₹240.6 crore, up ₹129.30 crore, or 116.2%, from the year-ago quarter.

Consolidated EBITDA was ₹60.81 crore, compared with ₹12.79 crore in Q2 FY26 and ₹16.51 crore in Q1 FY27. The margin was 25.5%, against 11.6% a year earlier and 14.5% in the previous quarter. Profit before tax was ₹35.34 crore, compared with ₹10.38 crore in Q2 FY26 and ₹12.43 crore in Q1 FY27.

The company reported a net profit of ₹24.85 crore and basic EPS of ₹6.25. Basic EPS was ₹3.09 in Q2 FY26 and ₹2.63 in Q1 FY27. On the standalone basis, revenue was ₹49.19 crore and profit after tax was ₹13.97 crore. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 26 October 2026.

What changed in Veefin Solutions' costs and profit?

Total expenses increased by ₹104.35 crore, or 103.4%, to ₹205.26 crore from ₹100.91 crore in Q2 FY26. Employee cost rose ₹16.33 crore, or 37.7%, to ₹59.70 crore; finance costs rose ₹9.14 crore, or 249.7%, to ₹12.80 crore; and other expenses rose ₹71.77 crore, or 154.2%, to ₹118.30 crore. Depreciation was ₹14.46 crore, and cost of materials remained unchanged at ₹0 crore.

Other income increased by ₹0.53 crore, or 42.1%, to ₹1.79 crore from ₹1.26 crore. There was no exceptional item. Profit before tax increased by ₹24.96 crore to ₹35.34 crore, while tax expense increased by ₹8.31 crore, or 381.2%, to ₹10.49 crore. The company reported a net profit of ₹24.85 crore.

Against Q1 FY27, total expenses increased by ₹103.10 crore, or 100.9%, while other income rose ₹1.17 crore to ₹1.79 crore. Employee cost increased ₹30.27 crore, finance costs increased ₹8.10 crore and other expenses increased ₹56.18 crore. Tax expense increased ₹7.56 crore to ₹10.49 crore, and there was no exceptional item.

What do the balance sheet and cash flow show?

Total assets were ₹1,143.42 crore at 30 September 2026, compared with ₹1,004.89 crore at 31 March 2026. Total equity was ₹764.92 crore, borrowings were ₹157.94 crore, cash was ₹18.92 crore, trade receivables were ₹131.24 crore and trade payables were ₹77.76 crore. Cash was ₹15.24 crore at the previous balance-sheet date; comparative equity, borrowings, receivables and payables were not provided.

For H1 FY27, operating cash flow was a cash outflow of ₹15.75 crore, compared with an inflow of ₹23.36 crore in H1 FY26. Investing cash flow was a cash outflow of ₹40.89 crore, compared with ₹222.71 crore a year earlier, while financing cash flow was an inflow of ₹59.80 crore, compared with ₹187.85 crore. Capital expenditure was ₹39.71 crore, compared with ₹81.75 crore.

How has Veefin Solutions done over the last 8 quarters?

Revenue reached ₹238.82 crore in Q2 FY27, above ₹131.35 crore in Q4 FY26 and ₹113.97 crore in Q1 FY27. The reported series bottomed at ₹15.92 crore in Q4 FY24, while the latest quarter was the highest in the reported period. Revenue had fallen from ₹110.04 crore in Q2 FY26 to ₹103.74 crore in Q3 FY26 before recovering.

The EBITDA margin was 25.5% in Q2 FY27, above 21.3% in Q4 FY26 and 14.5% in Q1 FY27. It had bottomed at 11.6% in Q2 FY26. The reported net profit for the latest quarter was ₹24.85 crore; net-profit figures for the earlier quarters in the series were not provided, so its peak and trough could not be established.

Which businesses drove the quarter?

Product revenue was ₹61.34 crore in Q2 FY27, with EBIT of ₹19.3 crore and an EBIT margin of 31.5%. Services revenue was ₹177.47 crore, with EBIT of ₹27.05 crore and an EBIT margin of 15.2%. Year-ago revenue, EBIT and growth figures for both segments were not provided, so a year-on-year comparison could not be made.

What did Veefin Solutions' management say?

Management maintained standalone EBITDA-margin guidance of 45%-50% and said fluctuations around the range should be expected. It said the recent revenue growth rate could continue for the next two years, but did not provide a formal FY27 revenue target. From next year, management said no product-development expense is expected to be moved to the balance sheet and 99% should flow through P&L.

Management said no additional debt or equity fundraising is planned at present, and only already-sanctioned working-capital lines will be used. It expects White Rivers Media’s DRHP to be filed in January and the final NCLT hearing for the amalgamation in November-December. The CFO described the H1 working-capital gap as temporary and said it was expected to be covered in H2 because billings would be larger.

CEO Gautam Udani said the open pipeline was approximately ₹920 crores, with approximately ₹240 crores of opportunities added during Q2 FY27. The Chief Business Officer said Veefin AIOS had more than 1,000 skills and aimed to make the capabilities reusable. Management also identified pipeline concentration in supply-chain finance, deferred or cancelled opportunities, the working-capital gap, main-board readiness requirements and the pending amalgamation hearing as risks.

How did Veefin Solutions shares react?

After the filing, Veefin Solutions shares rose 0.9% on the reaction day from the previous close of ₹235.00. By the next day’s close, the stock was up 4.2% from that pre-results close, and it was unchanged by the fifth session. The IT Enabled Services industry median was down 0.2% on the reaction day and up 0.1% by the next close; Veefin’s excess moves were 1.1 percentage points and 4.1 percentage points.

Earlier reaction-day moves included falls of 7.7% on 12 August 2026 and 5.1% on 13 November 2025. The stock also recorded rises of 5.0% on 4 September 2025 and 5.1% on 28 April 2025. The Nifty Microcap 250 was up 0.1% on the reaction day and 0.7% by the next close, while Veefin’s excess-sector moves were 1.1 percentage points and 4.1 percentage points.

How did other IT Enabled Services companies do?

A total of 27 other IT Enabled Services companies that had filed this quarter were compared with Veefin Solutions. Their median revenue growth was 22.5%. Of the peers for which growth was classified, 24 grew slower than the company and 3 grew faster than the company.

Profit growth was available for 25 peers, and 19 reported higher profit. The peer data was recorded as of 4 November 2026.