Niyogin Fintech Q4 FY26: A First Full Year of Profitability, With FY27 Targets Set Higher

Niyogin Fintech ended FY26 with a milestone it had not delivered in the prior year: full-year consolidated profitability. For FY26, consolidated PBT excluding ESOP costs improved to 5.2 crore compared with a 19.0 crore loss in FY25. Consolidated EBITDA turned positive at 19.9 crore versus negative 8.6 crore in FY25. Net revenue rose to 106.0 crore from 67.4 crore, a 57 percent year-on-year increase.

The quarter also closed with measured execution against stated objectives. In Q4 FY26, consolidated net revenue was 27.0 crore and EBITDA was 6.5 crore. PBT excluding ESOP costs was 1.7 crore. The presentation frames this as the outcome of operating leverage and capital discipline across two core engines: the NBFC lending business (NFL standalone) and the payments infrastructure subsidiary iServeU.

iServeU: Scaling profits with order book visibility

iServeU was the clearer earnings driver through FY26. Net revenue increased to 74.7 crore in FY26 from 39.6 crore in FY25. Adjusted EBITDA improved to 16.7 crore from a small loss in the prior year, and PBT turned positive at 5.5 crore compared with a 5.2 crore loss in FY25. The company also highlights seven consecutive quarters of positive EBITDA, which suggests that profitability is not limited to one strong quarter.

In Q4 FY26, iServeU net revenue was 21.1 crore versus 13.6 crore in Q4 FY25. EBITDA was 6.0 crore, implying a 28.7 percent margin. In the company’s own achievement table, this margin was ahead of the guidance range presented for the quarter.

The business is positioned as a combination of program management and TSP SaaS offerings. For FY26, the iServeU net revenue components presented were program management at 30.9 crore, TSP SaaS at 21.8 crore, and other operational income at 22.1 crore. The notes state that other operational income includes RBI incentive income of 17.9 crore for FY26, an item investors should consider when comparing recurring performance across periods.

A key anchor for future revenue is the outstanding order book. The deck reports a total order book of about 611 crore across 45 contracts. Acquiring solutions for POS contributed the largest portion of contract value at 349 crore, followed by UPI and soundbox at 214 crore.

NFL standalone: Profitable quarter, growth plans, and asset quality focus

The NBFC business also posted a turnaround narrative in FY26. For FY26, NFL standalone reported net interest income of 39.7 crore, up from 30.8 crore in FY25. PBT excluding ESOP costs improved to 6.6 crore from a 6.7 crore loss in FY25, as described in the standalone highlights section.

AUM including off-book exposure rose to 352.3 crore as of Q4 FY26, from 278.8 crore in Q4 FY25, a 26 percent increase. The company attributes growth to embedded lending and co-lending partnerships, alongside a disciplined approach to scaling.

Credit quality remains an explicit focus. The portfolio quality slide reports GNPA at 7.9 percent in Q4 FY26, compared with 6.9 percent in Q3 FY26. The Q4 executive summary also notes that resolution of existing Stage 3 assets is a near-term priority to improve underlying asset quality.

Funding access improved during the year, which matters if FY27 growth targets are to be met. The deck states 171 crore was raised during FY26, including 45 crore through listed NCDs. It also notes 55 crore of borrowings raised in Q4 FY26.

Financial snapshot

FY27 guidance: faster growth, with clear mileposts

Niyogin enters FY27 with explicit numerical targets for both businesses. For iServeU, management guides FY27 net revenue of 125 to 135 crore with EBITDA margins of 25 to 30 percent. For Q1 FY27, iServeU net revenue is guided at 22 to 25 crore with EBITDA margin guidance of 20 to 25 percent.

For the NBFC business, FY27 AUM including off-book exposure is guided at 520 to 550 crore, with PBT excluding ESOP expected at 11 to 12 crore. For Q1 FY27, AUM is guided at 360 to 370 crore, and PBT excluding ESOP at 1.8 to 2.0 crore.

The company also frames Q4 FY26 as an execution check point, showing that iServeU’s EBITDA margin and the NBFC’s PBT were ahead of the guidance ranges shared for the quarter.

What to track from here

The FY26 presentation makes two points clear. First, profitability has shifted from aspiration to reported results at both the consolidated level and within the key operating entities. Second, FY27 targets imply a meaningful step-up in growth, particularly for iServeU net revenue and NBFC AUM.

For investors, the most practical indicators to track will likely be the sustainability of iServeU margins as it scales, the conversion of the 611 crore order book into reported net revenue, and the NBFC’s credit outcomes, including Stage 3 resolutions and GNPA trajectory. If these remain broadly aligned, the FY26 turnaround could translate into a more durable FY27 growth cycle.