Trust Fintech Limited (TRUST)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Trust Fintech's revenue was ₹21.6 Cr (+48.2% year on year, +2.1% on the previous half-year), and net profit ₹3.3 Cr (+4.8% year on year); the operating margin was 19.1%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹21.6 | +48.2% | +2.1% |
| Operating profit | ₹4.1 | +0.7% | -26.7% |
| Net profit | ₹3.3 | +4.8% | -27.9% |
| EPS (₹) | 1.39 | +5.3% | -27.6% |
| Operating margin | 19.1% | — | — |
TRUST delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 91.67% of the TRUST shares traded on NSE were taken to delivery, against the stock's own 20-session average of 87.8%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 100.0% · 87.5% · 95.0% · 100.0% · 91.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Trust Fintech Limited announced that Executive Director Anand Shankar Kane (DIN: 07635348) has resigned from the board effective September 28, 2026. Consequently, he ceases to be a member of the Audit Committee and Stakeholders Relationship Committee. The resignation was tendered to pursue philanthropic interests, with no other material reasons cited. The company has a market cap of Rs 63 Cr and TTM revenue of Rs 74 Cr.
- Resignation tendered via email on September 24, 2026, and accepted on September 28, 2026
- Ceases membership in the Audit Committee and Stakeholders Relationship Committee
- Director requested to be relieved no later than October 31, 2026
- Board meeting commenced at 4:00 PM and concluded at 5:30 PM on September 28, 2026
Executive Director Mr. Anand Shankar Kane tendered his resignation via an email dated 24th September 2026 (resignation letter dated 23rd September 2026). He stepped down to pursue philanthropic interests outside the company and confirmed there are no other material reasons. Consequently, he ceases to be a member of the Audit Committee and Stakeholders Relationship Committee. The Board of Directors is scheduled to discuss the resignation in an upcoming meeting on 28th September 2026.
- Resignation letter dated 23rd September 2026 received on 24th September 2026 after office hours
- Anand Shankar Kane vacates the post of Executive Director and seats on the Audit and Stakeholders Relationship Committees
- Board meeting scheduled for 28th September 2026 to discuss the resignation and effective relieving date
- Director confirmed no material reasons exist other than pursuing philanthropic interests
Trust Fintech Limited has submitted a reply to the National Stock Exchange (NSE) regarding a surveillance letter dated September 1, 2026, which sought clarification on recent price movement. The company confirmed that it has disclosed all material information in accordance with Regulation 30 of the SEBI LODR Regulations, 2015, and is withholding no price-sensitive data. Management stated that the stock price movement is purely market-driven, reflecting supply-demand dynamics and general market sentiment. Currently, the company has a market cap of Rs 67 Cr and a 12-month return of -49.4%.
- Responded to NSE letter reference NSE/CM/Surveillance/17457 dated September 1, 2026
- Confirmed full compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
- Stated no undisclosed material events or information exist that affect share price
- Clarified that scrip movement is purely driven by market demand-supply dynamics
Trust Fintech Limited has announced the closure of its Register of Members and Share Transfer Books from September 21, 2026, to September 28, 2026 (both days inclusive). The closure is scheduled for determining member records ahead of the 28th Annual General Meeting (AGM). The AGM will be held on Monday, September 28, 2026, at 01:00 PM IST via Video Conferencing/OAVM.
- 28th Annual General Meeting scheduled for September 28, 2026, at 01:00 PM IST via VC/OAVM
- Book closure period set from September 21, 2026, to September 28, 2026 (both days inclusive)
- Filing made pursuant to Regulation 42 of SEBI LODR Regulations, 2015
Trust Fintech Limited has informed the exchange regarding the closure of its Register of Members and Share Transfer Books from September 21, 2026, to September 28, 2026 (both days inclusive). This closure is in preparation for its 28th Annual General Meeting (AGM) scheduled to be held on September 28, 2026, at 1:00 PM IST via Video Conferencing/OAVM. This is a standard statutory disclosure under Regulation 42 of the SEBI LODR Regulations.
- 28th Annual General Meeting scheduled for September 28, 2026, at 1:00 PM IST via Video Conferencing
- Register of Members and Share Transfer Books to remain closed from September 21, 2026, to September 28, 2026 (both days inclusive)
- Filing made pursuant to Regulation 42 of SEBI LODR Regulations and Section 91 of the Companies Act, 2013
Trust Fintech Limited has issued the notice for its 28th Annual General Meeting (AGM), scheduled for September 28, 2026, via Video Conferencing. Alongside the notice, the company shared its FY26 annual presentation reporting consolidated revenue of ₹42.75 Cr (up 36.7% YoY from ₹31.26 Cr) and export revenue of ₹4.33 Cr (up 33.6% YoY). The cut-off date for eligibility to vote electronically is September 18, 2026, with remote e-voting open from September 25 to September 27, 2026.
- 28th AGM scheduled for Monday, September 28, 2026, at 1:00 PM IST via VC/OAVM
- Cut-off date for e-voting eligibility set as Friday, September 18, 2026
- FY26 Consolidated Revenue reached ₹42.75 Cr, growing 36.7% YoY from ₹31.26 Cr in FY25
- Export revenue grew 33.6% YoY to ₹4.33 Cr, accounting for 10.1% of total FY26 revenue
- PMEGP 2.0 government digital infrastructure portal went live on June 27, 2026, registering 32,000+ cases
Trust Fintech Limited announced the outcome of its Board of Directors meeting held on August 31, 2026. The Board approved the Annual Report along with the Directors' Report for the financial year ended March 31, 2026. The 28th Annual General Meeting (AGM) has been scheduled for Monday, September 28, 2026, at 1:00 PM IST via Video Conferencing. Bigshare Services was appointed as the remote e-voting agency, and Kaustubh Moghe and Associates was named scrutinizer.
- 28th Annual General Meeting scheduled for September 28, 2026, at 1:00 PM via Video Conferencing
- Board approved the Annual Report and statutory annexures for FY ended March 31, 2026
- Bigshare Services Private Limited appointed as the remote e-voting agency
- M/s Kaustubh Moghe and Associates, Practicing Company Secretary, appointed as Scrutinizer
Trust Fintech Limited has announced the appointment of Mr. Apurv Hirde as Company Secretary and Compliance Officer (Key Managerial Personnel) with effect from August 17, 2026. This follows the resignation of Ms. Tapasi Das, whose cessation takes effect from the close of business hours on August 14, 2026, to pursue other professional opportunities. The changes were approved by the Board of Directors at their meeting held on August 14, 2026.
- Resignation of Ms. Tapasi Das as CS & Compliance Officer effective August 14, 2026.
- Appointment of Mr. Apurv Hirde (ACS 60955) as CS & Compliance Officer effective August 17, 2026.
- Board meeting commenced at 4:00 PM and concluded at 4:45 PM on August 14, 2026.
Trust Fintech Limited has announced a transition in its Key Managerial Personnel (KMP) following a board meeting on August 14, 2026. Ms. Tapasi Das has resigned from the post of Company Secretary and Compliance Officer to pursue other professional opportunities, effective August 14, 2026. The Board has appointed Mr. Apurv Hirde (ACS 60955) as her successor, effective August 17, 2026. This is a routine administrative change for the company, which currently has a market capitalization of ₹64 Cr and TTM revenue of ₹74 Cr.
- Resignation of Ms. Tapasi Das as Company Secretary and Compliance Officer effective August 14, 2026.
- Appointment of Mr. Apurv Hirde (ACS 60955) as the new Company Secretary effective August 17, 2026.
- Board meeting conducted on August 14, 2026, for a duration of 45 minutes (4:00 PM to 4:45 PM).
- The company maintains a debt-free balance sheet with ₹0 Cr debt and a net worth of ₹118 Cr.
Trust Fintech Limited has announced the resignation of Ms. Tapasi Das from the position of Company Secretary and Compliance Officer, effective August 14, 2026. Ms. Das is stepping down to pursue other professional opportunities and will also cease to be a Key Managerial Personnel (KMP). The company, which operates in the banking software space with a TTM revenue of ₹74 Cr and a market cap of ₹68 Cr, will need to appoint a successor to maintain its regulatory compliance framework.
- Resignation of Ms. Tapasi Das as Company Secretary and Compliance Officer effective August 14, 2026
- The outgoing official confirmed there are no material reasons for resignation other than professional growth
- Company maintains a strong financial profile with TTM PAT of ₹16 Cr and 0.00 Debt-to-Equity ratio
- Trust Fintech reported an Operating Profit Margin (OPM) of 25.0% for the trailing twelve months
Financial Performance
Revenue Growth by Segment
The company operates in a single segment of software development and consultancy. Total revenue from operations and other income grew by 1.01% YoY, reaching INR 35.63 Cr in FY 2024-25 compared to INR 35.28 Cr in the previous year.
Geographic Revenue Split
While specific percentage splits are not disclosed, the company has an active presence in India, USA, UK, and Africa. Strategic expansion is currently targeting growth in Canada, the Middle East, and Asia to diversify the current revenue base.
Profitability Margins
Net Profit Margin (PAT Ratio) declined from 35% to 29% in FY 2024-25, representing a 17.14% decrease. Net Profit After Tax (PAT) fell by 28% to INR 9.00 Cr from INR 12.50 Cr, primarily due to higher depreciation and operational costs.
EBITDA Margin
Profit before depreciation and tax stood at INR 14.12 Cr (39.6% margin) in FY 2024-25, a significant decrease from INR 17.92 Cr (50.8% margin) in the previous year, reflecting a margin compression of approximately 1,120 basis points.
Capital Expenditure
The company is executing a major CAPEX plan using IPO proceeds of INR 56.20 Cr. As of September 2025, it has invested INR 0.71 Cr in a Nagpur development facility, INR 2.24 Cr in hardware procurement, and INR 14.09 Cr in enhancing existing software products.
Credit Rating & Borrowing
The company reported a net increase in financing activities of INR 1.30 Cr for the half-year ended September 2025. Specific credit ratings and interest rate percentages are not disclosed in the available documents.
Operational Drivers
Raw Materials
As a software firm, the primary 'raw material' is human capital, with 90 employees. Other critical inputs include cloud infrastructure and third-party software licenses like SAP Business One, which are essential for service delivery.
Import Sources
The company sources technology and hardware globally, with specific operational hubs in Nagpur (India) and subsidiaries in the USA and UK to support international delivery.
Key Suppliers
Key technology partners include SAP (for SAP B1 services) and various cloud infrastructure providers. Specific hardware vendor names are not disclosed.
Capacity Expansion
The company is expanding its development capacity through a new facility in Nagpur (INR 0.71 Cr spent) and has invested INR 2.24 Cr in hardware to support a growing workforce and more complex project requirements.
Raw Material Costs
Employee-related costs and software development expenses are the primary drivers. Depreciation and amortization expenses increased by 59.12% to INR 1.96 Cr, reflecting heavy investment in proprietary software assets.
Manufacturing Efficiency
Efficiency is measured by project delivery timelines and software quality. The company utilizes dedicated Quality Assurance (QA) and Project Management teams to ensure alignment with client goals.
Logistics & Distribution
Distribution is primarily digital via cloud and offshore delivery models. Sales and marketing expenses for global and domestic expansion reached INR 4.35 Cr as of September 2025.
Strategic Growth
Expected Growth Rate
100%
Growth Strategy
The company plans to achieve 100% growth through aggressive USA expansion, targeting mid-sized and community banks, and integrating AI/ML for fraud detection. It is also leveraging a strong pipeline including a large LOS order for a Nationalised Bank and expansion into the Gulf and African markets.
Products & Services
Core banking software solutions, Loan Origination System (LOS), ERP implementation, SAP Business One (SAP B1) services, and offshore IT consultancy.
Brand Portfolio
Trust Fintech, TFL Tech Inc (USA subsidiary), and SAP Business One (as a service provider).
New Products/Services
New AI and Machine Learning modules for personalized banking and fraud detection are expected to drive future revenue. The company has already spent INR 14.09 Cr on software enhancement.
Market Expansion
Targeting geographic diversification in Asia, Africa, USA, Canada, and the Middle East. The company is specifically focused on the USA market with a dedicated subsidiary, TFL Tech Inc.
Market Share & Ranking
The company identifies as a leading provider of core banking software for cooperative and mid-sized banks, though specific market share % is not disclosed.
Strategic Alliances
Alliances with technology providers for advanced solution integration and collaborations with consulting firms for comprehensive implementation services.
External Factors
Industry Trends
The industry is shifting toward Digital Banking, Open Banking APIs, and AI-driven analytics. Trust Fintech is positioning itself by investing in AI/ML and cloud infrastructure to meet these 15-20% industry growth trends.
Competitive Landscape
Competes with global and domestic fintech providers. Competitive dynamics are driven by product innovation (AI/ML) and the ability to provide 24/7 dedicated customer support.
Competitive Moat
The moat is built on 25+ years of domain expertise in banking software and high switching costs for core banking platforms. This is sustainable due to the mission-critical nature of the software provided to financial institutions.
Macro Economic Sensitivity
Highly sensitive to global interest rates and banking sector health; economic fluctuations directly impact the IT budgets of their primary client base (banks and NBFCs).
Consumer Behavior
Shift toward mobile-first and personalized banking experiences is driving banks to upgrade legacy systems, creating a direct demand for Trust Fintech's modernized LOS and core banking modules.
Geopolitical Risks
Operations in the Gulf, Africa, and USA expose the company to varying regulatory environments and trade policies, particularly regarding data protection and cross-border financial software standards.
Regulatory & Governance
Industry Regulations
Must comply with global data protection laws (like GDPR or local equivalents) and banking software standards. Compliance is essential to maintain client trust and avoid legal penalties.
Environmental Compliance
As a software company, ESG impact is minimal; however, the company maintains a CSR policy and committee, though it did not meet the Section 135(5) spending criteria for the current period.
Taxation Policy Impact
Current tax expense for FY 2024-25 was INR 3.06 Cr, a 26.18% decrease from the previous year's INR 4.14 Cr, following the decline in pre-tax profits.
Legal Contingencies
The company monitors potential Intellectual Property (IP) infringement claims and theft, which are cited as significant legal risks for their proprietary technology. No specific pending case values in INR were disclosed.
Risk Analysis
Key Uncertainties
Rapid technological obsolescence in the fintech space poses a risk; failure to innovate at the pace of AI/ML developments could impact revenue by an estimated 10-15% if clients migrate to competitors.
Geographic Concentration Risk
While expanding, a significant portion of operations and development remains concentrated in India, making it vulnerable to local infrastructure and regulatory shifts.
Third Party Dependencies
Depends on technology partners like SAP for a portion of its service offerings (SAP B1), creating a dependency on those partners' licensing and support policies.
Technology Obsolescence Risk
The company is mitigating this risk by investing INR 14.09 Cr in software enhancement and focusing on AI, ML, and Open Banking APIs to stay current.
Credit & Counterparty Risk
Trade Receivable Turnover Ratio of 2.06 suggests a moderate collection cycle. The company focuses on 'better realization of funds' to manage credit exposure to its banking clients.
