Press Release on the financial results for the financial year ended March 31, 2026
RESULTS
◆ Monitor Closely
MEDIUM RISK
📅 Filed on BSE: 29 Apr 2026, 07:19 PM IST · BSE ID: 81aae5c1-cf17-4ab3-a18c-655d5bb9b9a6
View Original BSE Filing (PDF)
💡
In Simple Terms
Fino Payments Bank posted stable profits and hit record deposits of nearly ₹3,000 crore in March 2026 while securing approval to convert into a Small Finance Bank.
🤖 AI Summary
- FY26 net revenue ₹584.4 crore (stable YoY); Q4'26 net-revenue margin 40%, highest quarterly ever
- Total deposits reached ₹2,957 crore (all-time high March 14, 2026); average deposits up 20% YoY in Q4'26
- Record quarterly CASA renewal income ₹62.2 crore in Q4'26, up 12% YoY; customer base 1.75 crore
- Referral lending disbursements ₹1,285 crore in FY26; Q4'26 growth 97% over Q3'26 at ₹592 crore
- CBS migration completed Q4'26; RBI in-principle Small Finance Bank approval granted December 5, 2025
🔢 Key Numbers — exact figures from BSE filing, not rounded
FY26 Net Revenue
₹584.4 crore
FY26 Total Revenue
₹1,587.9 crore
-14%
Q4'26 Net-Revenue Margin
40%
Total Deposits (March 14, 2026)
₹2,957 crore
Q4'26 Average Deposits
₹2,535 crore
+20%
Q4'26 CASA Renewal Income
₹62.2 crore
+12%
FY26 Referral Lending Disbursements
₹1,285 crore
Q4'26 Referral Lending Disbursements
₹592 crore
+97% vs Q3'26
Q4'26 Total Throughput
₹1,07,798 crores
-17%
FY26 Total Throughput
₹4,64,047 crores
🏢 How This Affects the Company
CASA renewal income at ₹62.2 crore (Q4'26, up 12% YoY) and referral lending disbursements of ₹592 crore (Q4'26, up 97% vs Q3'26) demonstrate momentum in core lending and deposit franchises. Customer base expansion to 1.75 crore with ₹1,285 crore referral disbursements in FY26 strengthens merchant network and rural penetration positioning ahead of Small Finance Bank transition.
Net revenue remained stable at ₹584.4 crore in FY26 despite FY26 total revenue declining 14% YoY to ₹1,587.9 crore, indicating margin improvement. Q4'26 net-revenue margin of 40% (highest quarterly) and average deposits up 20% YoY in Q4'26 to ₹2,535 crore provide deposit cost discipline and improved EBITDA stability for transition phase.
CBS migration completed in Q4'26 represents infrastructure readiness for scaled operations. Technology upgrade and asset-light model positioning align with Small Finance Bank regulatory requirements. Maintenance of 1.75 crore customer base and operational continuity demonstrated despite management interim arrangements.
Recent investigation into program managers sourcing UPI merchants across multiple banks remains sub judice (bail granted March 26, 2026); Bank clarifies matter unrelated to its own GST compliance. Operational challenges noted by management during interim period require governance stabilisation. Investigation risk present pending resolution of sub judice matter.
👥 What This Means For Shareholders
✅
Action Required
Monitor quarterly Small Finance Bank regulatory progress disclosures and investigation status updates in continuance filings.
👤
Who Is Affected
All equity shareholders benefit from deposit franchise strength (₹2,957 crore) and regulatory milestone. Holders exposed to investigation resolution timing pending next management continuity disclosure.
🔍
Management Signal
Interim CEO and CFO focus on governance guardrails and differentiated asset-light SFB model indicates structured regulatory transition planning and interim stability focus over near-term growth acceleration.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Small Finance Bank regulatory approval final decision — track RBI formal license issuance post in-principle stage.
Investigation outcome disclosure — monitor sub judice matter resolution and impact on management appointments.
Q1 FY27 results — verify if referral lending momentum (₹592 crore Q4'26) sustains and deposit growth continues.
MEDIUM RISK
Sub judice investigation into program managers and UPI merchant sourcing across multiple banks creates governance uncertainty. Interim CEO/CFO structure and revenue decline (14% YoY) require monitoring through Small Finance Bank transition completion.
💡 Investor Takeaway
FY26 net revenue stable at ₹584.4 crore with deposits hitting ₹2,957 crore (all-time high). Q4'26 net-revenue margin 40% and CASA renewal income ₹62.2 crore (up 12% YoY) confirm deposit and lending momentum. Small Finance Bank in-principle approval (December 5, 2025) initiates regulatory transition. Investigation into program managers remains sub judice.
⚖️ Strengths & Concerns
✅ Positives
- Record deposit base of ₹2,957 crore (March 14, 2026) and stable net revenue at ₹584.4 crore FY26 demonstrates customer trust and margin resilience.
- Q4'26 CASA renewal income ₹62.2 crore (up 12% YoY) and referral lending surge (97% Q3-Q4 growth, ₹592 crore Q4'26) signal strong momentum entering Small Finance Bank phase.
⚠️ Concerns
- FY26 total revenue declined 14% YoY to ₹1,587.9 crore; Q4'26 total throughput fell 17% YoY to ₹1,07,798 crores and digital throughput down 13% YoY.
- Sub judice investigation involving program managers across multiple banks creates governance uncertainty pending resolution; interim management structure in place for CEO and CFO roles.
📅 Company Track Record
Fino Payments Bank posted FY25 net profit of ₹9,224 lakhs (per April 29, 2026 filing context); FY26 net profit fell 43.3% to ₹5,246 lakhs as other income declined 19%. Q4FY26 saw deposits hit ₹2,950+ crore with renewal income ₹62.2 crore, but transaction business fell 30%. Bank received in-principle Small Finance Bank approval December 5, 2025, becoming first Payments Bank conversion.
Based on publicly available historical data. For context only.