Niyogin Fintech Ltd (538772)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Niyogin Fintech's net interest income was ₹57.6 Cr (-25.8% year on year, -10.9% on the previous quarter), and net profit ₹-5.0 Cr (a bigger loss than a year earlier).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹57.6 | -25.8% | -10.9% |
| Operating profit | ₹-6.2 | — | — |
| Net profit | ₹-5.0 | loss widened | to loss |
| EPS (₹) | -0.24 | loss widened | to loss |
📢 Recent Corporate Announcements
Niyogin Fintech has issued a notice convening meetings for equity shareholders, secured creditors, and unsecured creditors on October 30, 2026, pursuant to NCLT Chennai Bench directions. The meetings will consider the Composite Scheme of Arrangement and Amalgamation involving Niyogin Fintech, Niyogin Finserv Limited, and iServeU Technology. Remote e-voting across all classes is scheduled between October 26, 2026, and October 29, 2026. This scheme represents a major corporate restructuring aimed at separating the lending NBFC business from its payments and BaaS entity.
- NCLT-directed meetings of shareholders and creditors scheduled for October 30, 2026
- Shareholder meeting scheduled at 10:30 a.m., Secured Creditors at 11:30 a.m., and Unsecured Creditors at 12:30 p.m.
- Remote e-voting window opens October 26, 2026 at 9:00 A.M. and closes October 29, 2026 at 5:00 P.M.
- Cut-off date for equity shareholder voting eligibility is October 23, 2026 (March 31, 2026 for creditors)
Niyogin Fintech has issued a notice convening meetings for equity shareholders, secured creditors, and unsecured creditors on October 30, 2026, pursuant to NCLT Chennai Bench directions. The meetings will consider the Composite Scheme of Arrangement and Amalgamation involving Niyogin Fintech, Niyogin Finserv Limited, and iServeU Technology. Remote e-voting across all classes is scheduled between October 26, 2026, and October 29, 2026. This scheme represents a major corporate restructuring aimed at separating the lending NBFC business from its payments and BaaS entity.
- NCLT-directed meetings of shareholders and creditors scheduled for October 30, 2026
- Shareholder meeting scheduled at 10:30 a.m., Secured Creditors at 11:30 a.m., and Unsecured Creditors at 12:30 p.m.
- Remote e-voting window opens October 26, 2026 at 9:00 A.M. and closes October 29, 2026 at 5:00 P.M.
- Cut-off date for equity shareholder voting eligibility is October 23, 2026 (March 31, 2026 for creditors)
Niyogin Fintech has issued a notice convening meetings for equity shareholders, secured creditors, and unsecured creditors on October 30, 2026, pursuant to NCLT Chennai Bench directions. The meetings will consider the Composite Scheme of Arrangement and Amalgamation involving Niyogin Fintech, Niyogin Finserv Limited, and iServeU Technology. Remote e-voting across all classes is scheduled between October 26, 2026, and October 29, 2026. This scheme represents a major corporate restructuring aimed at separating the lending NBFC business from its payments and BaaS entity.
- NCLT-directed meetings of shareholders and creditors scheduled for October 30, 2026
- Shareholder meeting scheduled at 10:30 a.m., Secured Creditors at 11:30 a.m., and Unsecured Creditors at 12:30 p.m.
- Remote e-voting window opens October 26, 2026 at 9:00 A.M. and closes October 29, 2026 at 5:00 P.M.
- Cut-off date for equity shareholder voting eligibility is October 23, 2026 (March 31, 2026 for creditors)
Niyogin Fintech announced the resignation of its President & Chief Financial Officer (CFO), Abhishek Thakkar, effective from the close of business hours on September 25, 2026. Thakkar stepped down to pursue other professional opportunities outside the company. The company has not yet announced a successor for the key managerial role. Niyogin Fintech operates with a market cap of ₹1,039 Cr and reported a net loss of ₹5.01 Cr in the recent June 2026 quarter on revenue of ₹66.76 Cr.
- CFO Abhishek Thakkar resigned with effect from the close of business hours on September 25, 2026
- Reason cited is to pursue another professional opportunity aligning with long-term career goals
- No interim or replacement CFO was named in the disclosure dated September 25, 2026
Niyogin Fintech announced the resignation of its President & Chief Financial Officer (CFO), Abhishek Thakkar, effective from the close of business hours on September 25, 2026. Thakkar stepped down to pursue other professional opportunities outside the company. The company has not yet announced a successor for the key managerial role. Niyogin Fintech operates with a market cap of ₹1,039 Cr and reported a net loss of ₹5.01 Cr in the recent June 2026 quarter on revenue of ₹66.76 Cr.
- CFO Abhishek Thakkar resigned with effect from the close of business hours on September 25, 2026
- Reason cited is to pursue another professional opportunity aligning with long-term career goals
- No interim or replacement CFO was named in the disclosure dated September 25, 2026
Niyogin Fintech disclosed the voting results of its 38th AGM held on September 23, 2026. All five resolutions were passed with the requisite majority, with overall voting turnout reaching 46.55% of outstanding shares. Crucially, shareholders approved a special resolution for the sale/transfer of stake or cessation of control in its material subsidiary, Investdirect Capital Services Private Limited, with 100% of valid polled votes in favor.
- All 5 resolutions passed at the 38th AGM with ~100% of polled valid votes in assent.
- Special resolution approved to sell or transfer stake in material subsidiary Investdirect Capital Services Private Limited.
- Overall voter participation stood at 46.55% (5,17,81,245 votes polled out of 11,12,47,426 total shares).
- Promoter turnout was 100% of their 4,39,41,490 shares (though 4,46,96,745 votes were classified as invalid/excluded for Resolution 5).
Niyogin Fintech Limited received an order dated September 11, 2026, from the Hon'ble NCLT Chennai Bench allowing its first motion application for a composite scheme of arrangement. The scheme involves Niyogin Fintech, Niyogin Finserv, and iServeU Technology to separate its dual business models into distinct entities. NCLT has directed meetings of equity shareholders, secured creditors, and unsecured creditors of Niyogin Fintech to approve the scheme, while dispensing with certain subsidiary-level meetings. This follows prior clearances including BSE's no-adverse-observation letter and RBI's in-principle approval received earlier in 2026.
- NCLT Chennai allowed first motion application vide order dated September 11, 2026 (uploaded September 22, 2026)
- Directed convening of meetings for Equity Shareholders, Secured Creditors, and Unsecured Creditors of Niyogin Fintech Limited
- Notices to be sent at least 30 days in advance with advertisements published with a 30 clear days gap
- Earlier milestones include BSE observation letter on January 22, 2026, and RBI in-principle approval on May 04, 2026
Niyogin Fintech Limited has issued its Annual Report for FY 2025-26 along with the notice for its 38th Annual General Meeting (AGM) scheduled for September 23, 2026. The company highlighted that its composite scheme of arrangement has crossed key regulatory milestones (receiving SEBI no-objection, RBI approval, and BSE clearance) and is currently before NCLT Chennai for final approval. The scheme will demerge the NBFC operations into Niyogin Finserv and amalgamate the residual business into iServeU as separate pure-play listed entities. The voting cut-off date is fixed for September 16, 2026.
- 38th AGM to be held on September 23, 2026 via Video Conferencing.
- Cut-off date for remote e-voting eligibility set for September 16, 2026.
- Remote e-voting window open from September 19, 2026 (9:00 AM IST) to September 22, 2026 (5:00 PM IST).
- Demerger scheme moves to final stage awaiting NCLT Chennai sanction after receiving RBI, SEBI, and BSE clearances.
Niyogin Fintech Limited has issued the notice for its 38th Annual General Meeting (AGM) scheduled for September 23, 2026, via Video Conferencing, along with the Annual Report for FY 2025-26. The remote e-voting cut-off date has been set for September 16, 2026, with voting active from September 19 to September 22, 2026. The Annual Report highlights that the composite scheme of arrangement to demerge the NBFC business into Niyogin Finserv and merge the residual entity into iServeU has secured SEBI, RBI, and BSE clearances and is awaiting final sanction from NCLT Chennai.
- 38th AGM scheduled for Wednesday, September 23, 2026, at 4:30 p.m. IST via Video Conferencing
- Cut-off date for e-voting eligibility set as Wednesday, September 16, 2026
- Remote e-voting window opens September 19, 2026 (9:00 a.m. IST) and closes September 22, 2026 (5:00 p.m. IST)
- Total outstanding equity shares stood at 11,12,47,426 as of March 31, 2026
Niyogin Fintech reported a consolidated PBT (Ex-ESOP) loss of ₹6.0 Cr for Q1 FY27, compared to a profit of ₹1.7 Cr in Q4 FY26. The performance was impacted by a transition in the UPI business to an aggregator-led model and chip shortages affecting Soundbox/POS device deliveries. Despite these headwinds, the iServeU order book remains robust at ₹546 Cr (approx. 1.7x TTM revenue), and recurring SaaS revenue grew to ₹5.6 Cr. The company has now filed for final NCLT approval for its proposed demerger to unlock value.
- Consolidated Net Revenue declined 18% QoQ to ₹22.1 Cr in Q1 FY27.
- Order book stands at ₹546 Cr across 45 contracts, representing ~170% of TTM revenue.
- Recurring revenue in the iServeU segment increased to ₹5.6 Cr from ₹3.7 Cr in the previous quarter.
- NBFC segment AUM reached ₹332 Cr with a PBT (Ex-ESOP) of ₹1.0 Cr.
- Management lowered FY27 guidance to ₹100-115 Cr net revenue for iServeU and ₹8-10 Cr net profit for the NBFC.
Niyogin Fintech has approved the sale of its 58% equity stake and 100% preference shares in its material subsidiary, Investdirect Capital Services, for up to ₹11.75 crore. This subsidiary contributed ₹38.86 crore (12.11%) to the company's FY26 consolidated turnover, though it represented only 0.87% of its net worth. The transaction is a related-party sale to Mr. Mohit Gang (Director of Investdirect) and is expected to close by March 31, 2027. Additionally, the board cancelled the proposed elevation of the CFO to Whole-time Director and reshuffled internal audit leadership.
- Divesting 58% equity (1,94,414 shares) and 100% CCPs in Investdirect Capital Services.
- Sale consideration of up to ₹11.75 crore is subject to performance milestones.
- Investdirect accounted for 12.11% of consolidated FY26 revenue (₹38.86 crore).
- Transaction expected to be completed by March 31, 2027, pending shareholder approval.
- Cancelled the previously proposed appointment of CFO Abhishek Thakkar as Whole-time Director.
Niyogin Fintech reported a soft Q1 FY27 with consolidated net revenue declining 18% QoQ to ₹22 Cr, missing management guidance across all key metrics. The iServeU segment was impacted by lower UPI volumes and device supply issues, though its contracted order book stands at a significant ₹546 Cr. The NBFC arm remained marginally profitable with a PBT of ₹1.0 Cr, despite a 6% QoQ dip in AUM to ₹332 Cr. Management has revised FY27 guidance downwards to reflect a more calibrated growth approach and slower recovery in UPI volumes.
- Consolidated Net Revenue fell 18% QoQ to ₹22 Cr in Q1 FY27, missing the guided range.
- iServeU order book stands at ₹546 Cr across 45 contracts, representing approximately 1.7x TTM revenue.
- NBFC AUM moderated 6% QoQ to ₹332 Cr, while PBT (ex-ESOP) stood at ₹1.0 Cr.
- Device deployments dropped 41% QoQ to 49,000 units due to chip supply constraints and West Asia conflict.
- Management revised FY27 NBFC AUM guidance downwards to ₹450-500 Cr from previous targets.
Niyogin Fintech reported a weak Q1 FY27 with consolidated PBT (ex-ESOP) losses widening to ₹6.0 Cr from a loss of ₹0.4 Cr in the previous year. Consolidated net revenue declined 8% YoY to ₹22.1 Cr, impacted by a shift in UPI partner bank models and chip shortages affecting Soundbox deployments. Despite the headline miss, recurring SaaS revenue grew to ₹5.6 Cr, and the company maintains a substantial order book of ₹546 Cr. Management has lowered FY27 guidance for both iServeU and the NBFC business to reflect the current high-risk environment and operational headwinds.
- Consolidated PBT (Ex-ESOP) loss widened significantly to ₹6.0 Cr compared to a ₹0.4 Cr loss in Q1 FY26.
- Recurring SaaS revenue in the iServeU segment grew 51.3% QoQ to ₹5.6 Cr from ₹3.7 Cr.
- Order book remains strong at ₹546 Cr across 45 contracts, representing approximately 1.7x the TTM revenue.
- NBFC AUM stood at ₹332 Cr with a conservative debt-to-equity ratio maintained below 1.0.
- Soundbox deployments reached 539,000 units despite logistical issues and chip shortages caused by West Asia tensions.
Niyogin Fintech reported a consolidated PBT loss (ex-ESOP) of ₹6.0 Cr for Q1 FY27, down from a profit of ₹1.7 Cr in Q4 FY26. The company faced headwinds in its iServeU business due to a shift in the UPI operating model to an aggregator-led system and chip shortages affecting Soundbox/POS deployments. Management has marginally reduced FY27 guidance, now targeting ₹100-115 Cr net revenue for iServeU and ₹450-500 Cr AUM for the NBFC. The demerger process has progressed to the NCLT final approval stage.
- Consolidated Net Revenue declined 18% QoQ to ₹22.1 Cr in Q1 FY27.
- Order book marginally reduced to ₹546 Cr across 45 contracts due to device supply shortages.
- Recurring SaaS revenue in iServeU grew 51% to ₹5.6 Cr from ₹3.7 Cr in the previous quarter.
- Soundbox deployments reached ~539,000 units despite logistical delays in West Asia.
- NBFC segment maintained a conservative debt-to-equity ratio below 1.0 with an AUM of ₹332 Cr.
Niyogin Fintech has approved the sale of its 58% stake in material subsidiary Investdirect Capital Services to its CEO, Mohit Gang, for up to ₹11.75 Cr. While Investdirect contributed 12.11% (₹38.86 Cr) to FY26 consolidated turnover, it represented only 0.87% of the company's net worth, suggesting a low-margin or asset-light business exit. Additionally, the board reversed its previous decision to appoint CFO Abhishek Thakkar as a Whole-time Director and re-appointed its statutory auditors for a five-year term. These moves come amid a broader corporate restructuring involving a planned demerger of its iServeU and NBFC businesses.
- Divestment of 1,94,414 equity shares (58% stake) in Investdirect Capital Services for up to ₹11.75 Cr.
- Investdirect contributed ₹38.86 Cr (12.11%) to consolidated turnover but only 0.87% to net worth in FY26.
- Decision to not proceed with the appointment of CFO Abhishek Thakkar as Whole-time Director.
- Re-appointment of M/s. Pijush Gupta & Co. as Statutory Auditors for a second 5-year term until 2031.
- Appointment of Jayesh Poojari as Chief Audit Officer effective August 14, 2026.
Financial Performance
Revenue Growth by Segment
Net Revenue grew 52% YoY to INR 25.9 Cr in Q2 FY26, driven by a 44% YoY increase in AUM to INR 340.5 Cr in the NBFC segment and a 67% YoY growth in device deployments (58.4K units) in the Payments segment. Gross Income reached INR 75.1 Cr, up 3% YoY, reflecting a shift toward higher-margin net revenue streams.
Geographic Revenue Split
The company focuses on underserved segments in Rural India and MSMEs pan-India. While specific regional % splits are not disclosed, the model leverages 6,375 finance professionals (up 8% YoY) who each serve 100-150 MSME clients across various Indian states.
Profitability Margins
Net Revenue margin (as a % of Gross Income) improved significantly to 34.5% in Q2 FY26 from 23.3% in Q2 FY25. This was driven by a 53% YoY increase in Net Revenue while Gross Income only grew 3%, indicating better monetization of the platform and lower partner payouts.
EBITDA Margin
EBITDA margin turned positive at 6.5% (INR 4.9 Cr) in Q2 FY26 compared to a negative margin in Q2 FY25 (loss of INR 0.5 Cr). This turnaround is attributed to high operating leverage as the business scales its AUM and payment infrastructure without a proportional increase in fixed costs.
Capital Expenditure
Historical investment includes the acquisition of a 51% stake in iServeU and 50.01% in Moneyfront. Current focus is on tech-led scalability; Niyogin AI reported a loss of INR 4.33 Cr in FY25, representing ongoing R&D and capital allocation toward the 'SuperScan' AI platform.
Credit Rating & Borrowing
Total borrowings stood at INR 101.1 Cr as of Q2 FY26, up from INR 73.8 Cr in Q1 FY26. Finance costs increased 60% YoY to INR 2.1 Cr, reflecting increased leverage to fund the 44% growth in AUM.
Operational Drivers
Raw Materials
As a fintech, 'raw materials' are functional equivalents: Cost of Funds (interest paid on INR 101.1 Cr debt), Partner Payouts (commissions to 6,375 professionals), and Credit Costs (INR 1.8 Cr in Q2 FY26).
Import Sources
Not applicable for fintech services; sourcing is domestic, focused on Indian financial markets for capital and Indian MSMEs for credit demand.
Key Suppliers
Key 'suppliers' of capital and technology include various lending program partners and distribution partners like Rapipay, Okcredit, PayMe, and Finsall.
Capacity Expansion
Current capacity includes 1,95,000 cumulative devices deployed as of FY25. The company is expanding through a demerger in FY25 to create two pure-play entities (NBFC and Payments) to pursue independent growth and specialized capital allocation.
Raw Material Costs
Credit costs represented 6.9% of Net Revenue in Q2 FY26 (INR 1.8 Cr). Partner payouts and funding costs are deducted from Gross Income to arrive at Net Revenue, which grew 52% YoY, suggesting efficient cost management.
Manufacturing Efficiency
Operational efficiency is measured by the 'Straight Through Processing' (STP) system, which automates underwriting to handle increased digital leads without incremental resource costs.
Logistics & Distribution
Distribution is handled through a network of 6,375 finance professionals (mostly CAs), minimizing traditional customer acquisition costs (CAC).
Strategic Growth
Expected Growth Rate
45-50%
Growth Strategy
Growth will be achieved through the demerger of iServeU and Niyogin Fintech into separate listed entities to unlock value. The company aims to execute an INR 400 Cr order book (20 contracts) over the next 5 years and expand its BaaS platform with new partners like NSDL Payments Bank.
Products & Services
Unsecured business loans, working capital loans, Banking-as-a-Service (BaaS) APIs, POS terminals, Soundbox solutions, Bharat Bill Payment System (BBPS), and wealth management technology.
Brand Portfolio
NiyoBlu, iServeU, Moneyfront, SuperScan, Niyogin Fintech.
New Products/Services
Launch of 'Credit Line on UPI', 'Soundbox' solutions for banks (Canara, Central Bank of India), and AI-enabled 'SuperScan' for unstructured data conversion.
Market Expansion
Targeting the revival of the UPI business in FY26 through a new partnership with a leading payments bank and expanding the finance professional network beyond the current 6,375 partners.
Market Share & Ranking
Not disclosed; however, the company is a first-mover in the partnership-led NBFC model targeting CAs for MSME lending.
Strategic Alliances
Key alliances with Bank of Baroda (BBPS), Axis Bank (POS), and NSDL Payments Bank (Agency Banking).
External Factors
Industry Trends
The industry is shifting toward 'Embedded Finance' and 'BaaS'. India is becoming a global leader in digital transactions, with a focus on transitioning from a cash-dominated to a digital economy via AePS and UPI.
Competitive Landscape
Competes with traditional banks, other Fintech NBFCs, and Neo-banks. Niyogin differentiates through its capital-efficient, partnership-led model.
Competitive Moat
Moat consists of a unique distribution network of 6,375 CAs (Finance Professionals) and a modular API-first tech stack (iServeU). This creates high switching costs for partners integrated into their BaaS platform.
Macro Economic Sensitivity
Highly sensitive to MSME sector health and India's digital transaction growth (targeting 1 billion daily UPI transactions).
Consumer Behavior
Increasing formalization of MSMEs is allowing Niyogin to use cash-flow-based data for superior underwriting compared to traditional collateral-based models.
Geopolitical Risks
Minimal direct impact as operations are focused on rural India and domestic MSME lending.
Regulatory & Governance
Industry Regulations
Operations are governed by RBI (NBFC regulations), SEBI (as a listed entity), and NPCI (for UPI/AePS/M-ATM protocols).
Environmental Compliance
Not disclosed; as a fintech, environmental impact is low, focused primarily on digital operations.
Taxation Policy Impact
Subject to standard Indian corporate tax rates; the company is currently focused on utilizing losses in subsidiaries (like Niyogin AI) to offset future gains.
Legal Contingencies
The company is undergoing a regulatory approval process for its Composite Scheme of Arrangement with the NCLT Chennai Bench and SEBI/BSE.
Risk Analysis
Key Uncertainties
Cyber security risk is a primary concern due to the digital nature of the business; technology risk from IT infrastructure failure could lead to operational disruptions.
Geographic Concentration Risk
Concentrated in India, specifically targeting rural and semi-urban MSME clusters through its partner network.
Third Party Dependencies
High dependency on partner fintechs and enterprise partners for loan sourcing and customer acquisition.
Technology Obsolescence Risk
Risk of rapid shifts in payment modalities (e.g., from AePS to UPI); mitigated by iServeU's expansion into prepaid cards and soundbox solutions.
Credit & Counterparty Risk
Credit risk is managed through AI-driven underwriting, but the focus on unsecured MSME lending (INR 340.5 Cr AUM) carries inherent default risk during economic downturns.
