NPST - Network People
📢 Recent Corporate Announcements
Network People Services Technologies Limited (NPST) has filed its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing covers the quarter and financial year ended March 31, 2026. The company's Registrar, MUFG Intime India Private Limited, confirmed that all share certificates received for dematerialization were processed and cancelled within the mandated 30-day period. This routine filing ensures that the company's shareholding records are accurately maintained in electronic form and aligned with depository records.
- Compliance certificate submitted for the quarter and financial year ended March 31, 2026.
- Dematerialization requests were confirmed or rejected within the regulatory 30-day timeline.
- Registrar MUFG Intime India Private Limited verified the mutilation and cancellation of physical certificates.
- Confirmation that the securities are listed on the National Stock Exchange (NSE) and BSE Limited.
Network People Services Technologies Limited (NPST) has secured a significant order from a Public Sector Bank to deploy its AI-powered Risk Intelligence and Decision Platform (RIDP). The platform will manage merchant underwriting and lifecycle risk monitoring across both online and POS channels. This deal follows a managed SaaS model, which is expected to generate steady recurring revenue for the company. The solution automates complex regulatory compliance tasks and provides continuous, preventive fraud monitoring for the bank's merchant ecosystem.
- Deployment of AI-powered RIDP for merchant underwriting and lifecycle risk monitoring across online and POS channels.
- Transition to a fully managed SaaS model, creating a predictable recurring revenue stream.
- Automated KYC and KYB verification integrated with GST, PAN, and CIN databases for real-time compliance.
- Advanced fraud detection features including automated website crawling and linkage detection to identify duplicate merchants.
- Platform maintains immutable audit trails to align with RBI guidelines and evolving payment industry risk standards.
Mr. Abhishek Mishra has resigned from his position as an Independent Director at Network People Services Technologies Limited (NPST) effective April 1, 2026. The resignation is attributed to his inability to devote sufficient time required by the company's accelerated growth due to other professional commitments. The company has confirmed that there are no other material reasons for this departure. This is a routine management change and the board has expressed appreciation for his contributions.
- Resignation of Mr. Abhishek Mishra as Independent Director effective from close of business hours on April 1, 2026.
- Reason cited is pre-occupation with other professional engagements and inability to meet the increased time demands of NPST's growth.
- Official confirmation provided that there are no other material reasons for the resignation beyond those stated.
- Mr. Mishra holds no other directorships or committee memberships in other listed entities as per the disclosure.
Network People Services Technologies Limited (NPST) has announced the closure of its trading window effective April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the audited financial results for the quarter and year ending March 31, 2026. The window will remain shut for all designated persons and their immediate relatives until 48 hours after the results are officially declared. This is a standard administrative procedure for listed companies to maintain market integrity during the earnings finalization period.
- Trading window closure begins on April 1, 2026.
- Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
- The window will reopen 48 hours after the public announcement of the financial results.
- The date for the Board Meeting to approve results will be intimated separately in due course.
Network People Services Technologies (NPST) has been awarded an ESG score of 66 with an 'A' rating for FY 2024-25 by Resurgent ESG Services. The company demonstrated exceptional strength in Governance with a score of 81.6 and Social parameters at 71.5. While total energy consumption rose 85.4% due to business expansion, the company achieved a significant 61.7% improvement in energy intensity per rupee of turnover. This assessment follows NPST's successful migration to the NSE and BSE Main Boards in April 2025.
- Achieved an overall ESG score of 66 and an 'A' rating, reflecting strong sustainable practices.
- Governance score of 81.6 highlights robust board engagement and independent director representation.
- Energy intensity per rupee of turnover improved by 61.7%, falling from 0.00428 to 0.00164.
- Water intensity per rupee of turnover decreased by 88.3% through efficient 4R policy implementation.
- Migration to Main Board of NSE and BSE (effective April 30, 2025) enhances market visibility and institutional appeal.
NPST has secured its first strategic mandate for its 'Bank-in-a-Box' platform from a large cooperative bank to deploy UPI Switch infrastructure. This deal marks a shift towards a SaaS-based recurring revenue model, allowing the bank to avoid large upfront investments while enabling merchant acquiring capabilities. The platform includes an omnichannel Banking SuperApp with over 400 services and AI-powered fraud monitoring. NPST currently supports more than 100 customers and processes over 50 million transactions daily.
- First order for the 'Bank-in-a-Box' offering within the UPI solutions suite since its launch last year.
- Strategic mandate from a large cooperative bank to enable merchant acquiring via QR and Soundbox.
- Business model shifts towards multi-year, recurring SaaS-based revenue streams.
- NPST currently processes 50+ million daily transactions for a client base of 100+ customers.
Network People Services Technologies (NPST) is co-hosting a workshop with NPCI Bharat BillPay Limited (NBBL) to promote 'Banking Connect (Net Banking 2.0)'. NPST is among the first Technology Service Providers (TSPs) accredited by NBBL for both Issuer and Acquirer Switches. The initiative aims to scale NPST's 'Bank-in-a-Box' model, offering both subscription-based and on-premise solutions to banks. This strategic move positions NPST as a key player in addressing legacy system constraints and streamlining high-value payment transactions.
- NPST is co-hosting the Banking Connect Workshop in Mumbai in partnership with NPCI Bharat BillPay Limited (NBBL).
- Company is one of the first TSPs accredited by NBBL for Banking Connect Issuer and Acquirer Switches.
- Aims to scale adoption of 'Bank-in-a-Box' model for both subscription-based and on-premise bank deployments.
- The platform enables seamless connectivity across internet and mobile banking via a single NBBL-certified integration.
- Focuses on assisting banks in addressing legacy constraints and delivering secure omnichannel payment experiences.
NPST reported a robust Q3 FY26 with total income hitting ₹57.17 crores, a 145% YoY increase. Net profit grew 124% YoY to ₹11.5 crores, while EBITDA rose 118% to ₹18.74 crores. The company is pivoting towards SaaS and subscription models, which now represent about 40% of revenue. Management expects new revenue streams from AI-based risk engines and international markets to materialize within the next two quarters.
- Total income reached ₹57.17 crores, up 145% YoY and 17.46% QoQ.
- Offline payment segment showed strong momentum with 60% QoQ growth.
- Diluted EPS increased to ₹5.92, representing a 137% YoY growth.
- Management clarified a technical audit observation regarding ₹3.18 crores used for operational expenses.
- Company aims to outpace industry growth by 2x through 2030 via global expansion.
Network People Services Technologies Limited (NPST) has issued a postal ballot notice to seek shareholder approval for amending its NPST ESOP 2023 policy. The primary objective is to align the existing scheme with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The voting period for this special resolution is scheduled from February 14, 2026, to March 15, 2026, with results to be declared on March 16, 2026. If approved, the amended policy will become effective from April 1, 2026.
- Proposed amendment to NPST ESOP 2023 to ensure compliance with SEBI (SBEB & SE) Regulations, 2021.
- The amended policy, titled NPST ESOP 2023 (AMENDED), is proposed to come into force from April 01, 2026.
- Remote e-voting period is set for 30 days, starting February 14, 2026, and ending March 15, 2026.
- The company has affirmed that the variations are not prejudicial to the interests of existing option grantees.
- The resolution requires approval as a Special Resolution by the members of the company.
Network People Services Technologies Limited (NPST) has addressed observations from its Monitoring Agency regarding the utilization of ₹3.18 crore from preferential issue proceeds. The agency flagged the amount used for office rent and salaries as a deviation because these specific items were not itemized under 'General Corporate Purpose' in the original offer document. Management clarified that there has been no diversion of funds and the money was used for legitimate operational expenses to maintain business continuity. The Monitoring Agency confirmed that there are no major deviations in the overall utilization of the issue proceeds.
- Observation pertains to ₹3.18 crore utilized for office rent and employee salaries from preferential allotment proceeds.
- Monitoring Agency classified the spending as a deviation due to lack of item-wise specification in the Offer Document.
- Management asserts that the utilization strictly follows the SEBI definition of 'General Corporate Purpose' (GCP).
- The Monitoring Agency's report stated no major deviation in the total utilization of the issue proceeds.
- Company maintains that funds were used for legitimate business and operational purposes with no misuse.
NPST delivered a robust financial performance in Q3 FY26, with total income soaring 145.93% YoY to ₹57.17 Cr. Net profit followed suit, rising 124.83% YoY to ₹11.54 Cr, supported by a healthy EBITDA margin of 32.78%. The company is successfully de-risking its model by scaling its PPaaS and RegTech segments, including a 60% jump in QR/Soundbox orders. Strategic entries into the education and logistics sectors via Evok 4.0 and international bidding for fraud management systems highlight a strong growth trajectory.
- Total Income grew 145.93% YoY to ₹57.17 Cr; EBITDA rose 118.30% to ₹18.74 Cr.
- Net Profit increased 124.83% YoY to ₹11.54 Cr with a 20.19% net margin.
- QR and Soundbox incremental order volume surged by 60% in Q3 FY26.
- Secured a major UPI switch mandate from a large cooperative bank and won an HSM implementation order.
- Expanding globally as the lowest bidder for E-FRM projects in Africa and the Middle East.
Network People Services Technologies (NPST) has reported a technical deviation in the utilization of proceeds from its ₹300.00 crore preferential allotment. The monitoring agency, CARE Ratings, flagged ₹3.18 crore used for rent and salary payments as a deviation because these were not explicitly defined under 'General Corporate Purposes' (GCP) in the offer document. The company's board and audit committee have defended the expenditure as legitimate operational costs and sought expert opinions to validate their stance. As of December 31, 2025, the company has utilized only about ₹8.33 crore of the total funds raised, leaving significant capital for its primary growth objectives.
- Raised ₹300.00 crore through preferential allotment of 14.46 lakh shares in September 2025.
- Monitoring agency flagged ₹3.18 crore used for salaries and rent as a deviation from stated objects.
- Total fund utilization for the quarter ended December 2025 was ₹8.33 crore across all categories.
- ₹170 crore remains largely unutilized out of the allocation for product development and strategic acquisitions.
- Company board maintains that operational expenses fall under the SEBI definition of General Corporate Purposes.
Network People Services Technologies (NPST) reported a robust quarterly performance for Q3 FY26, with standalone revenue from operations jumping 147.5% YoY to ₹52.52 crore. Net profit for the quarter followed suit, rising to ₹11.62 crore from ₹5.12 crore in the corresponding quarter of the previous year. Despite the strong quarterly growth, the nine-month (9M) performance shows a decline, with 9M FY26 revenue at ₹132.74 crore compared to ₹146.82 crore in 9M FY25. The company successfully migrated to the main board in April 2025 and is now reporting under Ind AS standards.
- Standalone Revenue from operations grew 147.5% YoY to ₹5,252.21 Lakhs in Q3 FY26.
- Net Profit for the quarter increased by 127% YoY to ₹1,161.63 Lakhs.
- Earnings Per Share (EPS) for the quarter rose to ₹5.96 from ₹2.50 in Q3 FY25.
- 9-month revenue for FY26 stands at ₹13,274.33 Lakhs, lower than the ₹14,682.09 Lakhs reported in 9M FY25.
- Project expenses increased significantly to ₹2,228.90 Lakhs in Q3 FY26 compared to ₹336.96 Lakhs in Q3 FY25.
Network People Services Technologies (NPST) has announced an analyst and investor conference call scheduled for February 12, 2026, at 6:00 PM IST. The management team, including the Chairman and Managing Director, will discuss the company's financial performance for the quarter ended December 31, 2025. The call will also cover updates regarding the company's various product categories and future growth strategies. This is a routine but essential event for shareholders to gauge the company's operational progress in the fintech sector.
- Conference call to be held on Thursday, February 12, 2026, at 18:00 IST.
- Discussion will focus on Q3 FY26 financial results and product category performance.
- Key management participants include CMD Deepak Chand Thakur and JMD Ashish Aggarwal.
- Universal dial-in numbers provided are +91 22 6280 1239 and +91 22 7115 8140.
- The session is being coordinated by Kirin Advisors.
Network People Services Technologies Limited (NPST) has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that all share certificates received for dematerialization during the quarter ended December 31, 2025, were processed within the mandatory 30-day timeline. The company's Registrar, MUFG Intime India Pvt. Ltd., verified that physical certificates were mutilated and cancelled. This is a standard regulatory procedure ensuring the integrity of the company's electronic shareholding records.
- Compliance certificate issued for the quarter ended December 31, 2025.
- Confirmation that dematerialization requests were processed within the 30-day limit.
- Physical certificates were mutilated and cancelled after due verification by the Registrar.
- MUFG Intime India Private Limited (formerly Link Intime) acted as the Registrar and Share Transfer Agent.
Financial Performance
Revenue Growth by Segment
Total income grew 38.68% YoY to INR 180.62 Cr in FY 2024-25 from INR 130.24 Cr. The Technology Service Provider (TSP) and Payment Platform as a Service (PPaaS) segments are the primary drivers, with TSP being the most mature. Q2 FY26 total income reached INR 48.61 Cr, a 38.7% increase from INR 35.04 Cr in Q1 FY26.
Geographic Revenue Split
The majority of revenue is currently domestic (India). The company is expanding globally with its first international contract secured in Africa and operations recently opened in Dubai. The company aims to scale across Africa, the Middle East, and Southeast Asia to diversify its portfolio.
Profitability Margins
Net profit rose 68.09% YoY to INR 45.20 Cr in FY 2024-25, with net profit margins improving by 437.84 BPS to 25.02%. In Q2 FY26, net profit was INR 9.93 Cr, up 38.5% from INR 7.17 Cr in Q1 FY26, maintaining a healthy profitability of approximately 20.4% over total income.
EBITDA Margin
EBITDA margin stood at 37.41% in FY 2024-25, an improvement of 248.22 BPS from 34.93% in FY 2023-24. EBITDA grew 48.54% YoY to INR 67.57 Cr. Q2 FY26 EBITDA was INR 15.72 Cr, representing a 39.5% jump over the previous quarter.
Capital Expenditure
NPST successfully raised over INR 300 Cr through a preferential allotment to Tata Mutual Fund in December 2025. These funds are earmarked for product innovation, infrastructure enhancement, global expansion, and potential inorganic growth through acquisitions.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company strengthened its balance sheet by raising INR 300 Cr in equity capital, reducing reliance on debt for expansion.
Operational Drivers
Raw Materials
As a technology company, NPST's primary 'raw material' is human capital and technology infrastructure. Personnel expenses are expected to increase as the company hires for AI, cybersecurity, and global expansion. Talent acquisition costs for emerging technologies like AI are noted as a significant expense driver.
Import Sources
Not applicable for a software/TSP business; however, the company sources regional expertise for global expansion in Africa and the Middle East to ensure compliance with local regulations.
Key Suppliers
Not applicable; NPST operates as a Technology Service Provider (TSP) and Payment Platform as a Service (PaaS) provider for over 20 regulated entities and 100+ customers.
Capacity Expansion
NPST processes 18 Bn+ transactions annually. Expansion plans include establishing Centers of Excellence in RegTech and compliance, and launching Evok 4.0 in December 2025 to increase transaction-based SaaS revenue.
Raw Material Costs
Not applicable. Operational focus is on controlling expenses while making disciplined investments in hiring and marketing. EBITDA growth of 48.54% outpaced revenue growth of 38.68%, indicating efficient cost management.
Manufacturing Efficiency
Efficiency is measured by transaction processing accuracy and speed. The RegTech segment has achieved a 90%+ accuracy rate for fraud prediction, which reduces GTM (Go-To-Market) time for future solutions.
Logistics & Distribution
Not applicable; distribution is handled via digital banking and fintech partnerships.
Strategic Growth
Expected Growth Rate
40-50%
Growth Strategy
Growth will be achieved by transitioning to the Mainboard to attract institutional investors, expanding into MEA and SE Asia markets, and launching new products like 'Bank-in-a-Box' and 'TimePay' (B2B payments). The company is also targeting a 2x increase in revenue per transaction through SaaS-based models in RegTech and PPaaS.
Products & Services
UPI switches, IMPS, Banking Connect, BBPS integrations, banking super apps, merchant acquiring (online/offline), dispute management, and AI-enabled fraud management (RegTech).
Brand Portfolio
NPST, Evok (version 4.0), TimePay (B2B Payments App).
New Products/Services
Bank-in-a-Box, QR for cooperative banks, Autopay Interoperable, and a RuPay-powered NCMC Prepaid card in partnership with NSDL Bank. These are expected to drive incremental SaaS revenue starting Q4 FY26.
Market Expansion
Targeting high-opportunity markets in Africa, Middle East (Dubai), and Southeast Asia. The company recently secured its first African contract to replicate India's Digital Public Infrastructure (DPI) model.
Market Share & Ranking
NPST is a leading provider in India's digital banking space, processing 18 Bn+ transactions annually. It aims for a larger market share in the USD 22 Bn UPI transaction value market by 2030.
Strategic Alliances
Partnership with NSDL Bank for NCMC Prepaid cards; collaboration with 20+ banks and regulators to power secure digital financial services.
External Factors
Industry Trends
The industry is shifting toward AI-first payments and RegTech. The Indian RegTech market is expected to grow at a 31.95% CAGR to reach INR 15,800 Cr by 2030. NPST is positioning itself as an AI-first technology partner to capture this growth.
Competitive Landscape
Competes with established local players in international markets and other TSPs/fintechs in India. Competitive advantage is driven by its 'Bank-in-a-Box' and integrated AI risk controls.
Competitive Moat
Moat is built on deep integration with 20+ banks, a 90%+ accuracy rate in fraud prediction (RegTech), and a comprehensive product stack (TSP, PPaaS, RegTech) that creates high switching costs for banking partners.
Macro Economic Sensitivity
Vigilant monitoring of macroeconomic conditions that impact customer spending and digital transaction volumes. Growth is highly sensitive to India's digital payment adoption rates.
Consumer Behavior
Shift toward UPI-based credit lines and credit cards is a major trend; NPST is launching products to capture MDR (Merchant Discount Rate) revenue from these new payment modes.
Geopolitical Risks
Active monitoring of geopolitical developments in the MEA region; the company limits exposure to high-risk regions to safeguard business continuity.
Regulatory & Governance
Industry Regulations
Operates in a highly regulated environment requiring robust internal controls. Compliance specialists screen the regulatory landscape with validation from external legal counsel to map activities to evolving payment laws.
Environmental Compliance
Not disclosed; as a software company, ESG focus is likely on governance and social (talent) aspects rather than heavy environmental compliance costs.
Taxation Policy Impact
Not specifically disclosed, but the company operates under Indian corporate tax laws and complies with SEBI ICDR Regulations for its preferential issues.
Legal Contingencies
Not disclosed in available documents. The company emphasizes a robust compliance culture and recently received approval to transition to the Mainboard, reflecting operational maturity.
Risk Analysis
Key Uncertainties
Global expansion risks include managing diverse legal and cultural environments. Regulatory shifts in the digital payment space could necessitate rapid, costly changes to software frameworks.
Geographic Concentration Risk
Currently high concentration in India, though the 2025-26 strategy focuses on diversifying into Africa and the Middle East to mitigate this.
Third Party Dependencies
Dependency on banking partners and regulators for platform integration. The company supports 100+ customers to mitigate individual client risk.
Technology Obsolescence Risk
High risk in the fast-evolving PayTech space; mitigated by investing in AI-first frameworks and establishing Centers of Excellence for continuous innovation.
Credit & Counterparty Risk
The company offers performance guarantees or indemnities related to business tenders, which could impact financial stability if contracts are not met.