RNFI Services Q2 revenue rises 26%, profit grows 15%

RNFI Services Limited reported consolidated revenue from operations of Rs 282.87 crore for the quarter ended September 30, 2026, up 26% year on year, while profit for the period rose 15% to Rs 10.09 crore. Forex was the largest revenue segment at Rs 141.70 crore, although it recorded a segment loss before tax.

How did RNFI Services perform in the September 2026 quarter?

RNFI Services increased quarterly revenue, profit before tax and profit for the period from a year earlier. Revenue from operations rose from Rs 224.19 crore in the quarter ended September 30, 2025 to Rs 282.87 crore in the September 2026 quarter, an increase of Rs 58.67 crore. Profit for the period increased from Rs 8.79 crore to Rs 10.09 crore over the same comparison.

The increase in profit was smaller than the revenue increase because total expenses rose from Rs 212.45 crore to Rs 269.18 crore. Profit before tax rose to Rs 13.69 crore from Rs 11.74 crore, while current tax expense increased to Rs 3.90 crore from Rs 3.19 crore. Deferred tax was a credit of Rs 37.73 lakh in the September 2026 quarter, compared with a credit of Rs 23.36 lakh a year earlier.

RNFI Services also improved sequentially from the quarter ended June 30, 2026. Revenue from operations rose from Rs 270.78 crore, while profit for the period increased from Rs 5.06 crore. Profit before tax rose from Rs 6.90 crore to Rs 13.69 crore, and both basic and diluted earnings per share increased from Rs 1.82 to Rs 3.97.

Which RNFI Services segments drove September-quarter revenue?

RNFI Services’ forex segment was the largest source of revenue, generating Rs 141.70 crore in the September 2026 quarter versus Rs 101.74 crore a year earlier. Direct Broking, covering Life and General Insurance, recorded revenue of Rs 27.08 crore, compared with Rs 10.32 crore in the September 2025 quarter. Non-Business Correspondent revenue increased to Rs 82.52 crore from Rs 69.55 crore.

Business Correspondent was the only disclosed operating segment to report lower quarterly revenue year on year. Its revenue fell to Rs 26.65 crore from Rs 40.22 crore, a decline of Rs 13.56 crore. Revenue growth in forex, Direct Broking, Non-Business Correspondent and Others more than offset that movement, increasing total revenue from operations by Rs 58.67 crore.

RNFI Services’ segment profit before tax did not follow the same pattern as segment revenue. Non-Business Correspondent reported Rs 5.09 crore, Direct Broking reported Rs 3.06 crore and Business Correspondent reported Rs 1.00 crore. Forex reported a segment loss before tax of Rs 37.06 lakh, compared with a loss of Rs 25 lakh in the prior-year quarter, while Others reported Rs 4.92 crore of profit before tax.

What do RNFI Services’ half-year results show?

RNFI Services reported revenue from operations of Rs 553.65 crore for the half year ended September 30, 2026, compared with Rs 474.82 crore in the corresponding 2025 period. Profit before tax increased to Rs 20.59 crore from Rs 19.62 crore. Profit for the period rose to Rs 15.15 crore from Rs 14.56 crore.

The half-year figures show a wider difference between revenue and profit growth than the quarterly comparison. Revenue increased by Rs 78.83 crore, while profit for the period increased by Rs 58.95 lakh. Total expenses increased to Rs 533.06 crore from Rs 455.20 crore, with employee benefit expenses rising to Rs 52.37 crore from Rs 44.58 crore and other expenses rising to Rs 34.94 crore from Rs 19.41 crore.

Forex generated Rs 296.79 crore of half-year revenue, compared with Rs 250.71 crore a year earlier. Direct Broking revenue rose to Rs 41.81 crore from Rs 14.60 crore, and Non-Business Correspondent revenue rose to Rs 159.21 crore from Rs 127.51 crore. Business Correspondent revenue declined to Rs 50.04 crore from Rs 78.61 crore in the corresponding half year.

What changed in RNFI Services’ balance sheet and corporate structure?

RNFI Services’ total consolidated assets were Rs 449.32 crore on September 30, 2026, compared with Rs 360.52 crore on March 31, 2026. Total equity increased to Rs 195.19 crore from Rs 175.57 crore, while total liabilities increased to Rs 254.14 crore from Rs 184.95 crore. Cash and cash equivalents were Rs 110.37 crore at September 30, compared with Rs 88.81 crore at March 31.

Borrowings increased in both classifications during the half year. Non-current borrowings were Rs 18.76 crore at September 30, compared with Rs 13.97 crore at March 31, while current borrowings increased to Rs 27.63 crore from Rs 13.04 crore. Trade receivables were Rs 65.04 crore, compared with Rs 51.93 crore, and goodwill increased to Rs 5.06 crore from Rs 19.50 lakh.

RNFI Services completed the first tranche of an acquisition of up to 51% equity in Ambition Services Private Limited during the September 2026 quarter. The filing states that the transaction was partly through a fresh issue of equity shares and partly through the acquisition of existing shareholder stakes, after which Ambition Services became a subsidiary. The consolidated results list nine subsidiaries and one step-down subsidiary.

RNFI Services also received National Stock Exchange approval on September 17, 2026 for listing 37,000 equity shares of face value Rs 10 each that were allotted on conversion of preferentially issued warrants. The company received in-principle National Stock Exchange approval on August 27, 2026 for the RNFI Employee Stock Option Plan, 2026. The audit committee reviewed and the board approved the unaudited results on November 6, 2026.

Conclusion

RNFI Services delivered higher revenue and profit in the September 2026 quarter, but the Rs 58.67 crore revenue increase translated into a Rs 1.30 crore increase in profit for the period as expenses also rose. Forex remained the largest revenue contributor, Direct Broking expanded sharply, and Business Correspondent revenue declined from the prior-year quarter.

The next disclosed developments to watch are the financial effect of the first acquisition tranche in Ambition Services, which became a subsidiary during the quarter, and implementation of the RNFI Employee Stock Option Plan, 2026, after the August 27, 2026 in-principle approval. The filing also records the September 17, 2026 listing approval for 37,000 shares issued following warrant conversion.