FINO Payments Bank Ltd. (IN:FINOPB)
:FINOPB
Top Page
FINO Payments Bank Ltd.
(FINOPB)
Select Model
Select Model
Rating:43Neutral
Price Target:
₹114.00
▼(-54.45% Downside)
Action:ReiteratedDate:03/31/26
The score is driven down primarily by weak financial trends (sharp revenue decline and negative operating/free cash flow) and bearish technicals (price below all major moving averages and negative MACD). Valuation also detracts due to a high P/E and no dividend yield data.
Positive Factors
High Gross Margin
An 87% gross margin reflects a low variable-cost, platform-driven payments model. This structural margin cushion supports long-term profitability as volumes scale, allowing the bank to absorb operating investments and pricing pressure while preserving core earnings from transactions and distribution.
Negative Factors
Sharp Revenue Decline
A >50% fall in revenue undermines the fee-based economics central to a payments bank. Persisting declines reduce scale benefits, weaken negotiating leverage with partners, and erode the base needed to fund fixed platform costs, threatening sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margin
An 87% gross margin reflects a low variable-cost, platform-driven payments model. This structural margin cushion supports long-term profitability as volumes scale, allowing the bank to absorb operating investments and pricing pressure while preserving core earnings from transactions and distribution.
Read all positive factors
FINO Payments Bank Ltd. (FINOPB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹10.51B
Dividend YieldN/A
Average Volume (3M)22.57K
Price to Earnings (P/E)44.5
Beta (1Y)1.58
Revenue Growth8.69%
EPS Growth-14.14%
CountryIN
Employees2,682
SectorServices
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.47
Shares Outstanding83,218,400
10 Day Avg. Volume41,854
30 Day Avg. Volume22,575
Financial Highlights & Ratios
PEG Ratio2.91
Price to Book (P/B)2.65
Price to Sales (P/S)2.54
P/FCF Ratio-3.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)11.9
Revenue Forecast (FY)₹19.30B
FINO Payments Bank Ltd. Business Overview & Revenue Model
Company Description
FINO Payments Bank Limited provides various types of financial services in India. The company offers savings accounts, current accounts, sweep account facility, debit and prepaid cards, and loan referral services. It also provides recharge, bill p...
How the Company Makes Money
FINOPB primarily earns revenue from (1) transaction and service fees and (2) treasury/investment income on customer deposits, with additional income from distribution/commissions for partner products where applicable.
1) Fees and commissions from...
FINO Payments Bank Ltd. Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
60
Neutral
Cash Flow
30
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.39B | 7.78B | 6.35B | 4.94B | 3.94B | 3.28B |
| Gross Profit | 2.59B | 6.78B | 5.56B | 4.47B | 3.78B | 3.18B |
| EBITDA | 1.04B | 1.71B | 1.40B | 1.07B | 781.91M | 740.61M |
| Net Income | 802.25M | 925.35M | 862.24M | 650.87M | 427.41M | 204.74M |
Balance Sheet | ||||||
| Total Assets | 43.24B | 42.06B | 34.19B | 24.66B | 16.80B | 10.10B |
| Cash, Cash Equivalents and Short-Term Investments | 11.98B | 11.04B | 10.66B | 8.34B | 7.66B | 2.71B |
| Total Debt | 8.65B | 8.39B | 7.13B | 4.34B | 2.50B | 1.81B |
| Total Liabilities | 35.38B | 34.59B | 27.76B | 19.14B | 12.00B | 8.60B |
| Stockholders Equity | 7.86B | 7.47B | 6.43B | 5.53B | 4.80B | 1.51B |
Cash Flow | ||||||
| Free Cash Flow | -836.80M | -6.15B | 580.78M | -1.14B | 1.43B | -1.01B |
| Operating Cash Flow | -140.10M | -4.51B | 1.62B | -201.00M | 2.07B | -322.24M |
| Investing Cash Flow | -696.70M | -1.64B | -1.04B | -965.30M | -643.11M | -689.46M |
| Financing Cash Flow | 1.77B | 6.54B | 7.74B | 5.99B | 6.10B | 700.07M |
FINO Payments Bank Ltd. Technical Analysis
Negative
250.30
Price Trends
187.15
Negative
227.66
Negative
254.55
Negative
Market Momentum
-20.45
Negative
34.00
Neutral
30.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:FINOPB, the sentiment is Negative. The current price of 250.3 is above the 20-day moving average (MA) of 145.44, above the 50-day MA of 187.15, and below the 200-day MA of 254.55, indicating a bearish trend. The MACD of -20.45 indicates Negative momentum. The RSI at 34.00 is Neutral, neither overbought nor oversold. The STOCH value of 30.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:FINOPB.
FINO Payments Bank Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | ₹12.12B | 9.77 | ― | ― | -3.51% | -14.31% | |
60 Neutral | ₹17.93B | 25.35 | ― | ― | 3.88% | -3.40% | |
58 Neutral | ₹7.04B | 25.41 | ― | 2.00% | 8.43% | -36.53% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
50 Neutral | ₹13.13B | 111.54 | ― | ― | ― | ― | |
43 Neutral | ₹10.51B | 44.46 | ― | ― | 8.69% | -14.14% |
* Services Sector Average
IN:FINOPB
FINO Payments Bank Ltd.
126.35
-79.75
-38.69%
IN:DEN
DEN Networks Limited
25.43
-4.71
-15.63%
IN:GTPL
GTPL Hathway Ltd
62.60
-40.76
-39.43%
IN:HATHWAY
Hathway Cable & Datacom Ltd.
10.13
-2.69
-20.98%
IN:MOBIKWIK
One Mobikwik Systems Limited
166.80
-95.20
-36.34%
FINO Payments Bank Ltd. Corporate Events
Fino Payments Bank Withdraws Postal Ballot Item on CEO Reappointment Amid Ongoing Probe
Mar 27, 2026
Fino Payments Bank has issued an addendum to its ongoing postal ballot, notifying shareholders that it is withdrawing one agenda item related to the re-appointment of Managing Director and CEO Rishi Gupta for a further three-year term. The move fo...
Fino Payments Bank CEO Rishi Gupta Granted Bail as Core Business Stays Resilient
Mar 26, 2026
Fino Payments Bank said its managing director and chief executive officer, Rishi Gupta, has been granted bail by a Special Judge for Economic Offences in Hyderabad, in connection with an ongoing investigation involving certain program managers lin...
Fino Payments Bank CEO Rishi Gupta Granted Bail as Core Business Remains Stable
Mar 26, 2026
Fino Payments Bank said the Hon’ble Special Judge for Economic Offences in Nampally, Hyderabad has granted bail to its managing director and chief executive officer, Rishi Gupta, in a case linked to an investigation involving certain program...
Fino Payments Bank Withdraws CEO Re-appointment Vote Amid Ongoing Probe
Mar 26, 2026
Fino Payments Bank has informed exchanges that its board has withdrawn a postal ballot agenda seeking shareholder approval for the three-year re-appointment of Managing Director and CEO Rishi Gupta, following his recent arrest and subsequent bail ...
Fino Payments Bank Stresses Stability After Court Dismisses CEO’s Writ Petition
Mar 24, 2026
Fino Payments Bank said the Telangana High Court has dismissed a writ petition filed by its MD and CEO, Rishi Gupta, challenging his arrest in an ongoing investigation involving certain program managers associated with multiple banks. The bank sta...
Fino Payments Bank Schedules Investor Meeting With Perpetuity Ventures
Mar 22, 2026
Fino Payments Bank Limited has announced that its representatives will hold an in-person one-to-one meeting with Perpetuity Ventures LLP, an institutional investor, in Mumbai’s Bandra-Kurla Complex on March 23, 2026. The bank emphasized that...
Fino Payments Bank Plans One-on-One Investor Meeting With Infinity Alternatives
Mar 22, 2026
Fino Payments Bank has scheduled an in-person one-on-one meeting with Infinity Alternatives Investment Managers Private Limited on March 23, 2026, in Mumbai’s Bandra-Kurla Complex, as part of its ongoing engagement with analysts and institut...
Fino Payments Bank Schedules One-on-One Meeting With Envision Capital
Mar 17, 2026
Fino Payments Bank has informed the stock exchanges that its representatives will hold a one-on-one, in-person meeting with Envision Capital Services Private Limited in Mumbai on March 17, 2026. The interaction will be limited to information alrea...
ICRA Puts Fino Payments Bank Ratings on Watch After CEO Arrest
Mar 10, 2026
ICRA Limited has reaffirmed Fino Payments Bank’s long-term and short-term fund-based overdraft ratings at [ICRA]BBB+ and [ICRA]A2+, respectively, while placing them on Rating Watch with Developing Implications. The move follows the recent ar...
RBI Clears Interim CEO Appointment at Fino Payments Bank
Mar 7, 2026
Fino Payments Bank has received approval from the Reserve Bank of India for the appointment of Mr. Ketan Merchant as Interim CEO, effective February 27, 2026, for a period of three months. He will serve in this role until existing CEO Mr. Rishi Gu...
Fino Payments Bank Names Interim CEO and CFO, Orders GST Compliance Review
Mar 6, 2026
Fino Payments Bank’s board has appointed long-time executive Ketan Merchant as interim CEO for up to four months, pending Reserve Bank of India approval, transitioning him from his current role as chief financial officer and head of the orga...
Fino Payments Bank Denies Irregularities Amid Media Speculation, Sees No Financial Impact
Mar 4, 2026
Fino Payments Bank issued a clarification to stock exchanges addressing recent media reports and speculation surrounding regulatory and investigative matters. The bank reiterated that the Reserve Bank of India has given it 18 months to convert int...
Fino Payments Bank Denies GST Lapses, Says Probe Targets Program Managers
Mar 2, 2026
Fino Payments Bank has issued a clarification following media reports linking it to a GST Intelligence investigation, stating the probe concerns program managers associated with multiple banks rather than the bank’s own GST compliance. The b...
Fino Payments Bank to Brief Investors on Recent GST Developments via Conference Call
Feb 28, 2026
Fino Payments Bank has scheduled a group conference call with analysts and investors on March 2, 2026, to discuss recent developments affecting the bank. The call, hosted via a moderated conference line, is intended to offer clarifications around ...
Fino Payments Bank CEO Arrested; CFO Steps In to Lead Operations
Feb 27, 2026
Fino Payments Bank has disclosed that its Managing Director and CEO, Rishi Gupta, was arrested on February 27, 2026, under provisions of the CGST and SGST Acts in connection with an investigation linked to the bank’s business partners. The b...
Fino Payments Bank Seeks Shareholder Nod on CEO Pay and Re-Appointment via Postal Ballot
Feb 26, 2026
Fino Payments Bank has initiated a postal ballot process to seek shareholder approval on key matters concerning its Managing Director and CEO, Rishi Gupta. The bank is asking members to approve his remuneration for the financial year 2024-25 and t...
RBI Clears Three-Year Extension for Fino Payments Bank CEO Rishi Gupta
Jan 28, 2026
Fino Payments Bank has received approval from the Reserve Bank of India to re-appoint founder Rishi Gupta as Managing Director and CEO for a fresh three-year term starting 2 May 2026, with the move still subject to shareholder approval. Gupta, a c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.