Veefin Solutions H1 FY27 Profit Rises 127% to ₹24.85 Crore

H1 performance shows sharp revenue and profit growth

Veefin Solutions Limited reported consolidated revenue from operations of ₹238.82 crore for the first half of FY27, compared with ₹110.44 crore in H1 FY26. This represents year-on-year growth of 116.2%. Consolidated profit after tax rose 126.5% to ₹24.85 crore from ₹10.97 crore. The BSE SME-listed banking technology company said the performance reflected growth across its group operations. Veefin is known for its supply chain finance platform and banking technology offerings. The company also reported stronger operating profitability during the period. Its first-half figures cover April to September 2026.

EBITDA margin expands by 424 basis points

Consolidated EBITDA increased 159.5% year-on-year to ₹60.81 crore in H1 FY27 from ₹23.44 crore a year earlier. EBITDA margin improved to 25.5% from 21.2%, an expansion of 424 basis points. The margin increase was higher than the growth in the operating base and indicates improved operating leverage over the half year. PAT margin stood at 10.4% for H1 FY27. Total income, including other income of ₹1.8 crore, was ₹240.6 crore, compared with ₹112.1 crore in the corresponding prior-year period. Profit before tax rose about 152% to ₹35.3 crore. Basic earnings per share increased to ₹6.23 from ₹3.73.

Q2 provides a stronger finish to the half year

The September quarter contributed a larger share of the half-year result. Consolidated revenue from operations for Q2 FY27 was ₹124.66 crore, up 9.2% sequentially from ₹114.16 crore in Q1 FY27. The reported year-on-year revenue increase for the quarter was 13.3% from ₹110.04 crore. Group EBITDA increased 52.2% sequentially to ₹36.70 crore from ₹24.11 crore. Q2 EBITDA margin was 29.4%, compared with 21.1% in the preceding quarter. Consolidated PAT rose 60.7% sequentially to ₹15.32 crore from ₹9.53 crore. The group PAT margin improved to 12.3% from 8.4% in Q1 FY27.

Profit attribution remains relevant for shareholders

The Q2 consolidated PAT of ₹15.32 crore includes ₹6.30 crore attributable to non-controlling interests in subsidiaries. Profit attributable to Veefin Solutions’ own shareholders was ₹9.02 crore for the quarter. This attributable profit was up 9.9% year-on-year from ₹8.21 crore and 30.1% sequentially from ₹6.94 crore. Reported Q2 basic EPS was ₹3.52, compared with ₹2.71 in Q1 FY27. The distinction between total consolidated profit and profit attributable to shareholders is relevant when assessing per-share earnings. The company also reported Q2 profit before tax of ₹22.9 crore. Total income for the quarter stood at ₹125.7 crore.

Standalone business reports higher revenue and PAT

Veefin’s standalone revenue for H1 FY27 rose 83.6% to ₹49.19 crore. Standalone PAT increased 79.4% to ₹13.97 crore from about ₹7.8 crore in the prior-year period. Standalone EBITDA more than doubled to ₹27.2 crore from ₹13.1 crore. In Q2 FY27, standalone revenue was ₹25.86 crore, compared with ₹23.33 crore in Q1. Standalone PAT in the September quarter was ₹6.99 crore. The company reported standalone EBITDA of ₹13.97 crore for Q2. Standalone EBITDA and PAT margins for the quarter were 54% and 27%, respectively.

Open pipeline reaches ₹920 crore

Veefin said its open opportunity pipeline stood at ₹920 crore at the end of Q2 FY27. The pipeline increased from ₹760 crore at the end of Q1 FY27. It comprised 77 active deals across 16 countries. About 84% of pipeline value came from opportunities outside India. Southeast Asia accounted for 56% of the total pipeline value. The company said 65% of pipeline value came from opportunities outside supply chain finance. This mix indicates that the pipeline includes banking technology opportunities beyond Veefin’s core SCF platform.

Recurring revenue and AI OS initiatives

Recurring revenue accounted for 82.1% of Veefin’s standalone revenue in H1 FY27. The company is also advancing its AI Operating System, or AI OS, and said it has developed more than 1,000 skills. Veefin said AI OS-powered implementation, support and testing are being used internally. These initiatives form part of the company’s product and delivery operations. The company also highlighted leadership appointments, including Pavan Chamarty as Chief Delivery Officer and Akash Munjal as Chief Customer Officer. No financial contribution from these appointments was specified. The reported financial results remain the primary measure of the company’s H1 performance.

Expenses and cash flow provide additional context

Total expenses increased 109% year-on-year to ₹205.3 crore in H1 FY27. The rise was broadly in line with the substantially larger revenue base. Against the immediately preceding six-month period, H1 FY27 revenue was about 3% higher than ₹232.7 crore in H2 FY26. H1 FY27 PAT was also about 9% above ₹22.8 crore reported in H2 FY26. Consolidated operating cash flow was a net outflow of ₹15.8 crore in H1 FY27, compared with an inflow of ₹24.7 crore a year earlier. Veefin attributed the movement mainly to a ₹70.4 crore increase in other current assets. Cash-flow trends will remain an important consideration alongside reported profit growth.

Key financial figures

Market relevance and outlook

The H1 FY27 results show that Veefin delivered revenue growth alongside an expansion in EBITDA and PAT margins. The Q2 increase in group revenue and profit also strengthened the first-half outcome. At the same time, the rise in other current assets and the resulting operating cash outflow provide context for evaluating the reported earnings. The ₹920 crore pipeline is a measure of identified opportunities rather than booked revenue. Its international and non-SCF composition may be relevant to Veefin’s future business mix, but no conversion timetable or financial outcome has been specified. Investors will watch future disclosures for progress in deal closures, recurring revenue and cash-flow management. The company’s next reported results will provide further clarity on these operating trends.