Niyogin Fintech Ltd — Updates, 08-08-2025: Company Update

August 08, 2025

To

BSE Limited

Phiroze Jeejeebhoy Towers

Dalal Street, Fort

Mumbai -400001

BSE Scrip Code: 538772

Subject: Investor Presentation-O1FY26

Dear Sir/Ma'am,

Pursuant to Regulation 30 (6) of Securities and Exchange Board of India (Listing Obligations and Disclosure

Requirements) Regulations, 2015 (the "SEBI Listing Regulations") read with Part A of Schedule III of the

SEBI Listing Regulations, we are enclosing herewith the Investors' Presentation for Q1FY26

Pursuant to Regulation 46 (2) ( o) of the SEBI Listing Regulations, the aforesaid information is also being

made available on the website of the Company i.e. www.niyogin.com

MD&CEO

DIN:06572282

Encl: a/a

h Limited

Niyogin Fintech Limited

(CIN L65910TN1988PLC131102)

Regd. office: M.I.G 944, Ground Floor, TNHB Colony, 1st Main road, Velachery, Chennai, Tamil Nadu -600042.

Corporate office: Neelkanth Corporate IT Park, 311/312, 3rd Floor, Kirol Road, Vidyavihar (w), Mumbai -400086.

Chennai Tel: 044 47210437 I Mumbai Tel: 022 62514646 I Email: info@niyogin.inIWebsite:www.niyogin.com

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Investor Presentation

Niyogin Fintech Limited

Q1FY26

----------------Page (1) Break----------------

Quarterly Report Card

2* Including off book exposure

**Gross Income, net of partner payouts, funding costs, and credit costs

Net Revenue**

AUM*320.3

Devices deployed

(#)

278.8

22.2

QoQ Change %Q4FY25 Q1FY26Parameters (Rs. Crores)

9%

15%

-8%

24.2

73.2K79.7K

208.5

11.2

YoY Change %Q1FY25

116%

54%

109%35K

2.30.5360%(6.6)NMEBITDA

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Financial Updates for Q1FY26

3

Achieved simultaneous profitability across both core businesses–iServeUand Niyoginare PBT positive together for the first time,

marking a key milestone driven by strategic execution and operational leverage.1

ContinuedRevenueUpswing–NetRevenueroseto24.2CroresinQ1FY26,reflectinga9%QoQgrowthfrom22.2CroresinQ4FY25,

anda116%YoYincreasefrom11.2CroresinQ1FY25.Thisrobustperformancewasdrivenbyscalingoperations,customerbase

expansion,andenhancedplatformefficiency.

2

Consolidated NFL

PerformanceAlignedwithAnnualGoals–BothcorebusinessesmetQ1guidance,drivingconfidenceinfull-yeargoals.Focusedcost

controlandefficiencyimprovementsareenhancingEBITDAandsupportingsustainableprofitability.3

EBITDA stood at 1.8 Croresin Q1FY26, reflecting continued positive momentumfollowing 2.0 Crores in Q4FY25, and marking a

significant turnaroundfrom an EBITDA loss of 4.3 Crores in Q1FY25.2

Net Revenue stood at ₹15.3 Crores in Q1 FY26, marking a 12% QoQincrease from ₹13.6 Crores in Q4 FY25 and a 168% YoYsurge from

₹5.7 Crores in Q1FY25.1

iServeU

Outstanding Order bookhas increased to ~585 Croreswith 31 contracts in Q1 FY26, up from ~₹400 Crores with 20 contracts in Q4 FY25.3

----------------Page (3) Break----------------

Financial Updates for Q1FY26

4

*Includingoff-bookexposure

AUM*grewby15%QoQandstoodat320.3CroresasofQ1FY26,upfrom278.8CroresinQ4FY25andup54%YoYfrom208.5Croresin

Q1FY25.1

Niyogin Standalone

DeliveredastrongturnaroundbyachievingapositivePBT(Ex-ESOP)of1.0CroreinQ1FY26,reversinglossesof1.2CroresinQ4FY25

and1.7CroresinQ1FY25.2

Initiatedfocusedcost-savingmeasuresandenhancedoperatingleverageinQ1,layingthefoundationforimprovedearnings.Thepositive

impactoftheseeffortsisexpectedtobecomevisiblefromQ2FY26onwards.3

Nearly50%ofloansarenowoperatingunderthedailyrepayment(EDI)model.4

----------------Page (4) Break----------------

Achievement of Q1

& Guidance for FY

26 (Q2 & FY)

,

----------------Page (5) Break----------------

Achievement in Q1 FY26

6

*Includingoffbookexposure

**Ex-ESOP

Parameters (Rs. Crores)Q1FY26 (Actuals)Q1FY26 (Guidance)

iServeU

Net Revenues15.313-15

EBITDA (%)12%12-15%

NBFC

AUM*320315-330

PBT**1.00.8-1

----------------Page (6) Break----------------

Strong Visibility of FY26 Guidance

7

*Includingoffbookexposure

**Ex-ESOP

Parameters (Rs. Crores)Q2FY26 (E)FY26 (E)FY25YoY Growth

iServeU

Net Revenues16-1870-8039.61.8x-2.0x

EBITDA (%)12-15%--

NBFC

AUM*340-350500-550278.81.8x-2.0x

PBT**1-1.24.5-5--

----------------Page (7) Break----------------

Quarterly Highlights-

iServeU

,

----------------Page (8) Break----------------

Executive Summary

9

Q1 FY26

2

Q1FY26 recorded a positive PBT of 0.4 Crores, compared to 0.9 Crores in Q4FY25 and a loss of 5.6 Crores in Q1FY25, marking a

strong YoY turnaround.3

1Net Revenue stood at ₹15.3 Crores in Q1FY26, marking a 12% QoQincrease from ₹13.6 Crores in Q4FY25 and a 168% YoYsurge from ₹5.7 Crores in Q1FY25.

EBITDA stood at 1.8 Croresin Q1FY26, reflecting continued positive momentumfollowing 2.0 Crores in Q4FY25, and marking a

significant turnaroundfrom an EBITDA loss of 4.3 Crores in Q1FY25.

----------------Page (9) Break----------------

Operational Updates-Program Management

10

Total partnerships as of Q1FY26 -1,222; New partners on-boarded in Q1FY26 -321

UPI business under program management started with partner bank. Expected to scale up in next few months3

Q1FY26 GTV(1)10,260 Crores, up 12% YoYfrom 9,199 Crores in Q1 FY25.2

1.GTV –Gross transaction value

----------------Page (10) Break----------------

Operational Updates-TSP/SaaS

11

Outstanding order book stands at ~Rs. 585 Crores with 31 contracts1

3

Key tenders applied & results awaited | POS –UCO bank, Kerala State co-operative bank | Soundbox –Saraswat co-operative bank |

Switching (IMPS & UPI) –Odisha Gramya bank4

Soundbox deployment stands at 268.5K units & 73.2K units deployed in Q1FY26

Key contracts won in Q1FY26

POS & Soundbox solution –Central bank of India

UPI & Soundbox solution –Bank of Maharashtra, SVC co-operative bank and Chhattisgarh Rajya Gramin bank

Issuance and Card management –RNFI

2

----------------Page (11) Break----------------

Q1FY26: Four straight quarters of positive EBITDA

12

Net revenueEBITDA

₹ 5.7 cr

₹ 10.1 cr

₹ 10.2 cr

₹ 13.6 cr

₹ 15.3 cr

-₹ 4.3 cr

₹ 1.5 cr

₹ 0.3 cr

₹ 2.0 cr₹ 1.8 cr

Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26

2.9 4.1 4.1

6.6 6.0 1.5

5.0 4.5

5.2 5.5

1.3

1.1 1.7

1.7 3.8

Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26

Program ManagementTSP/SaaS

Other operational income

-

----------------Page (12) Break----------------

13

TSP/SaaS outstanding order book

Business verticalProducts# of contractsContract value (Net)

Acquiring solutionPOS (1)2330

Acquiring solutionUPI & Soundbox12170

Acquiring solutionPG139

Financial inclusionAgency banking718

Acquiring solutionBBPS(2)217

Value added servicesSwitching, onboarding, etc.46

Issuance & Card managementPrepaid card22

Lending solutionLOS & LMS(3)11

Total31585

1.POS –Point of Sale; 2. BBPS –Bharat bill payment system, 3. LOS & LMS –Loan origination system and Loan management

system

All figures in Rs. Crores

----------------Page (13) Break----------------

Financials -Quarterly

Profit and Loss statement

(in Rs. Crores)Q1FY26Q4FY25QoQ (%)Q1FY25YoY(%)FY25

Gross revenue37.6 37.4 0.5%34.59%165.5

Net revenue15.3 13.6 12%5.7169.7%39.6

Program Management6.0 6.6 (10%)2.9105.5%17.7

TSP/SaaS5.5 5.2 5%1.5269.1%16.2

Other operational income3.8 1.7 119%1.3200.5%5.8

Expenses12.5 10.8 17%9.137.5%36.8

EBITDA1.8 2.0 (9%)(4.3)NM(0.6)

Reported pre tax Profit/(Loss)0.4 0.9 (59%)(5.6)NM(5.2)

Depreciation0.9 0.9 4%0.94.7%3.4

Finance cost1.4 1.1 37%1.313.7%4.7

14

----------------Page (14) Break----------------

15

Marquee partnerships

<bomit<P

Canara Bank

Cl IC Vakrangee

-qfk;(,/

~,

RNFI SERVICES PVT. LTD.

<3~~1 ~Ifill ~111'89

Odisha Gramya Bank

(A Govt. Of lndla Undc-rtaklng}

l'ili3ll!li~

Bank of Baroda

~3ifq;~

Bank of Maharashtra

'l!Tmffllffia;fiffl1!

~i/til,-,mg,~~ Central

Bank of India NSDL Payments Bank

[d

Emirates NBD

~lR~8.mlJTITTUT~ • ..

otak

. -' , RAJAS THAN MARUDHARA GRAMIN BANK II\,! ==== .. ..,•~=, Kotak Mahindra Bank

BANKIT

i

a'<l>$2 ~,.novopay TRANSACTION

~ANALYSTS j.,,._AXIS BANK

J•

hatP.at)~> , ,/,; Lulu ..

~~.,(-.J&K SponSOffdby,.'# .. J.K

,~ ?J .; Grameen Bank PAY MO n e

Engendering Empowerment ( A Government of India Undertaking) THANSC~1-.'P

,:o,wr I M<»,l(YTit,CiN~rp/(AAD$

St\ VV\ttddv,

Kendra

SURYODAY

A SANK OF SMILES.

slice

UCO BANK

----------------Page (15) Break----------------

Quarterly Highlights-

NFL

,

----------------Page (16) Break----------------

Executive Summary

17

Gross disbursements reached 160 Crores in Q1FY26 –the highest in our NBFC’s history, compared to 115 Crores in Q4FY25 and 78

Crores in Q1FY25, driven by operational scale-up.1

Q1FY26

LTD loans processedstood at 1,95,697in Q1FY26, up 21% QoQfrom 1,61,714in Q4FY25, reflecting continued scale-up in loan

origination.3

Net Interest Incomegrew to 9.3 Crores in Q1FY26, up 11% QoQfrom 8.4 Crores in Q4FY25 on the back of strong disbursals, and up

~20% YoYfrom 7.8 Crores in Q1FY25.2

----------------Page (17) Break----------------

Portfolio Quality and Mix

18

5.7

5.2

3.3

2.32.2

1.7

Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25Q1FY26

Portfolio Mix

9%

91%

Portfolio Mix

Partnership and Alliances

●Collateral: FLDG from

partner

●Cashflow: Banking &

liquid income assessment

●NNPA: 0.6%

●Customer Turnover:

<Rs. 1 Cr.

●Average ticket size : Rs.

0.01 Cr

●Tenor:12M

Finance Professionals Channel and

Legacy Portfolio

*NNPA% have been calculated net of 100% FLDG backed exposure

Asset quality improved sharply as portfolio mix moved in favour of Partnership and

Alliances

Asset Quality*

%NNPA

----------------Page (18) Break----------------

Embedded Lending & Co-lending: Q1FY26 Momentum

19

Inflection Point Achieved : Embedded lending stack delivers strong outcomes in Q1FY26

ParameterQ1FY26Q4FY25QoQ%

LTD loans processed1,95,6971,61,71421%

Total API Hits~40 lakhs~30 lakhs33%

Partnerships-First Approach : APIs + co-created

credit products drive market impact

Scalable Co-lending Model : A sustainable moat

for distribution and credit deployment

----------------Page (19) Break----------------

Q1FY26: Loan Book

20

53

78 97

113

152

156

158 145

166

168

25%

33%

40%41%

48%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

-

50

100

150

200

250

300

350

Q1FY 25Q2FY 25Q3FY 25Q4FY 25Q1FY 26

AUM* (in crores)

EDIOthers% EDI

320

236

209

279

242

48% of the Loan Book falls under EDI (Equated Daily Installments category)

*Includingoffbookexposure

--

----------------Page (20) Break----------------

Merchant EDI Loans: Growth Driver

21

Strong Product Market Fit : Equated instalments

(EDI) driving rapid growth as a single largest enabler

1

Embedded in Key Platforms : Khatabook, Meesho,

Ninjacart, and others

2Scalable High-Frequency Segments : Low

delinquency, small-ticket size, Cashflowbacked

Key Success Factors : Modular APIs, tailored

policies, cash flow-linked repayment

3

4

EDI

Flywheel

EDI-Equal Daily Installments

More customers

Accelerated

customer acquisition

Largier data-sets

and trained models

Stronger models

for underwr"ting

----------------Page (21) Break----------------

Financials –Quarterly

22

Std. Profit & Loss Statement

(in Rs. Crores)Q1FY26Q4FY25QoQ (%)Q1FY25YoY (%)FY25

Gross Income ^25.6 23.4 10%16.1 59%76.7

Commission Sharing(13.6)(12.8)7%(6.9)96%(37.9)

Interest Expenses(2.6)(2.2)20%(1.4)95%(8.0)

Net Interest Income9.3 8.4 11%7.8 20%30.8

Employee Cost (Ex ESOP)(4.9)(4.8)3%(5.1)(3%)(19.3)

Other Cost(1.9)(3.1)(37%)(2.4)(19%)(10.3)

Pre Provisioning Op. Profit2.5 0.5 395%0.3 731%1.1

Credit Cost^(1.5)(1.8)(16%)(2.0)(25%)(7.8)

PBT (Ex ESOP)1.0(1.2) NM(1.7)NM(6.7)

ESOP cost(0.4)(1.1)(65%)(0.7)(48%)(3.1)

PBT 0.6(2.3)NM(2.5)NM(9.8)

Std. Balance Sheet Excerpt (Rs Cr)Jun’25Mar’25QoQ (%)

AUM320.3*278.8*15%

Borrowings73.889.1(17%)

*Includingoffbookexposure

*AdjustedforFLDGinvoked

----------------Page (22) Break----------------

23

Marquee Partnerships

Lending Program Partners

Distribution Partners

I

KhataBook Capital Trust KARMALIFE ' ninjacart RapiPay@

0 Ea!,~~~"~.!.! ro111or

:,F I N A N C E

jU., Piramal

Finance ,.

9 l&T Finance

ADITYABIRLA

r-.,

L::J

digit Ill ~BAJAJ

~FINSERV

FINANCE j:j,j#fl:f-iM

lnvestdirect

TATA CAPITAL

----------------Page (23) Break----------------

Participation in various events

24

----------------Page (24) Break----------------

Annexures

,

----------------Page (25) Break----------------

Consolidated Financials

26

Consolidated

(in Rs. Crores)Q1FY26Q4FY25QoQ (%)Q1FY25YoY(%)FY25

Gross Income85.071.120%50.867%307.4

Net Revenue**24.2 22.2 9%11.2 116%67.4

EBITDA2.3 0.5 360%(6.6) NM(8.6)

PBT(0.7)(3.1)77%(9.9)93%(22.3)

ESOP0.4 1.2 (67%)0.7 (43%)3.2

PBT (Ex-ESOP)(0.3)(2.0)85%(9.1)97%(19.0)

**Gross Income, net of partner payouts, funding costs, and credit costs

----------------Page (26) Break----------------

Shareholding Pattern

27Note: As of June 30, 2025,

Promoters (37.7%)

Institutional

Investors

(21.2%)

Others

(41.1%)

Shareholding Pattern

Top Institutions

Think India Opportunities Master Fund

Strategic India Equity Fund

Vikasa India EIF I Fund

AioniosAlpha Fund

Ashika Global Finance Pvt Ltd

Cohesion MK Best Ideas

----------------Page (27) Break----------------

Annexures

Niyogin Finserv Ltd

I niyogin

!

iServeu®

Powering ambitions. Powering growth. I I ---------------------,---------------------

1 I .

, moneyfront

j

rnvoG1n(€w

' -------------------------------------------

----------------Page (28) Break----------------

Board of Directors

29

Samir Mohan Pandiri

INDEPENDENT DIRECTOR

Ex-President –BNY Mellon, Apex, Broadridge

International

Amit Rajpal

NON-EXECUTIVE CHAIRMAN,

CO-FOUNDER

Managing Partner –Marshall Wace;

Ex-Morgan Stanley

Gaurav Patankar

NON-EXECUTIVE DIRECTOR,

CO-FOUNDER

Managing Partner, Mission1 Investments,

Ex-BNY Mellon, Bloomberg

Tashwinder Singh

MD & CEO, NFL

Ex-Citigroup, KKR

Kapil Kapoor

INDEPENDENT DIRECTOR

Chairman-InfoEdge India;

Ex-Nestlé; ex-Global COO, Timex

Katarina Racek

INDEPENDENT DIRECTOR

Global Head of Investor

Relations -Institutional Investor (II)

Sudip Thakor

INDEPENDENT DIRECTOR

Ex MD -Credit Suisse; Ex-Managing

Partner –Pumori Capital

Nitin Jaiswal

INDEPENDENT DIRECTOR

Ex-Bloomberg

----------------Page (29) Break----------------

Management

30

Tashwinder Singh

MANAGING DIRECTOR &

CHIEF EXECUTIVE OFFICER

Ex-Citigroup, KKR

Abhishek Thakkar

PRESIDENT & CHIEF

FINANCIAL OFFICER

Ex-Avendus Capital, Aegis

Logistics, Deloitte

Debiprasad Sarangi

CHIEF EXECUTIVE

OFFICER, iServeU

Ex-iCash Card

Mohit Gang

CHIEF EXECUTIVE

OFFICER, MoneyFront

Ex-HSBC, Citi

Hitesh Jain

CHIEF RISK OFFICER

Ex-Kotak Mahindra Bank,

Jana Small Finance Bank,

EnKash

Sanket Shendure

PRESIDENT & CHIEF

PRODUCT & GROWTH

OFFICER

Ex-Minko Founder

Neha Daruka

COMPLIANCE OFFICER

Ex-Essel Infraprojects

Aakash Sethi

DEPUTY CHIEF EXECUTIVE

OFFICER

Ex-Fincent Software

Services

----------------Page (30) Break----------------

Investment Rationale –iServeU

31High and profitable growth opportunity

Visible profitable Growth

Opportunity

•Order book ~Rs. 585 Crores, strong

consisting of leading banks &

financial institutions

•Company on path for sustained

profits

•Serving major clients like Canara

Bank, Bank of Baroda, Central Bank

of India, Bank of Maharashtra, etc.

•Gaining leadership position as TSP

for UPI & soundbox solution

Strong Corporate Governance

•High quality Board and

Governance standards being a

subsidiary of a listed company

Comprehensive Full stack platform

•Full stack of financial services with

in-house developed capabilities like

acquiring, agency banking,

issuance, switching, etc.

•New age Tech stack , Eliminates

legacy system limitations, vendor

dependencies, and drives digital

transformation

•Modern, scalable, and compliant

platform with strong growthpotential

•Significant opportunities to attract

new clients and cross-sell through

newly launched products, including

soundbox solutions, card

managementandBuy now pay later.

Offers an attractive return for

investors

•Strong visibility of FY26 revenue

growth of ~2x with 12-15% EBITDA

•Potential to expand business to

international markets further

expanding margins

•Expected to be listed in the BSE

once the Scheme of Demerger is

approved by the regulators

----------------Page (31) Break----------------

Investment Rationale -NBFC

32

Well Capitalized. Steadily moving towards Profitability

Consumer

Platforms’ focus on

monetizing their

ecosystem

Well capitalized and progressing towards profitability

Publicly Listed |

Strong Governance |

Robust Investor

support

•BSE Listed

•Received a BBB-

rating from CRISIL

•Well aligned

interests of

management &

stakeholders via

ESOPs.

•High pedigree

institutional

shareholders

support

•Platforms

positioning

themselves as

enablers of

financial inclusion

•Monetization

easier for B2B

platforms than B2C

models

•Embedded finance

–especially

lending emerging

as key product

Unique business

model

•Partner platforms

bear cost of

acquisition and

collection

•Only cost

associated with

underwriting on

NFL’s book

•High operating

leverage model

with minimal opex

and risk

participation from

partners

Curated tech-centric

lending programs

•Direct API based

lending

•Developer friendly

APIs for seamless

integrations

•Lending programs

customized for

needs of partner

platform’s user

base

Underwriting first

approach to partner

platform selection

•Stringent partner

selection criteria

•Partner platform

participation in risk

•High frequency

feedback loop from

partner platforms

enable quicker

warning signals

----------------Page (32) Break----------------

CorporateStructure

33

Distribution

60%100%51%

Lending

Merchant

AcquiringIssuance

Financial

Inclusion

Lending

Solution

Document

extraction &

enhancement

solutions

NACH

Automation

KYC

solutions

Offline

Agent App

Finance

Professional

Channel

Fintech

Channel

Co-lending

NiyoBlu

Merchant

Management

Solutions –

Online and

Offline

Terminal

Management

, Soundbox

all in one

UPI & Bharat

Bill Payment

System

Card

management

system -Debit

cards, credit

cards, prepaid

cards, Forex

cards

Access control

server

Credit card on

UPI

Agency

Banking

Mobile

Money

Includes

basic

banking

products

such as

ATMs,

AEPS,

account

opening, etc.

Account

Loan Origination

System

Loan

Management

system

Buy Now, Pay

Later

Credit Line on

UPI

Aadhar

masking

Facial

matching

Signature

matching

Business Segment% Stake in the companyNote:SubsidiariesProducts

Niyogin Finserv Ltd

New Subsidiary

100%

l

I I •

I I

I I •

•

D

iServeu®

-I I •

I I •

i-

moneyfront i

1

I I

L-----------'

•

I"'"-, I LJ

----------------Page (33) Break----------------

Our Journey

34

•Acquired 50.01% in

Moneyfront, a digital

platform, adding Wealth

Techto its product stack

iSU•

200+ no of partners

•Touched Rs ~15k Cr.

GTV

•Revenues crossed Rs 100 Cr.

iSU

•100+no of partners

•Key wins –India Post

Payments Bank, PSU Bank

(first PSU as client)

•M-ATM Switch went Live with

NPCI in ASP model.

•Monthly GTV crossed the Rs 1k

Cr. mark in September

•Initiated business with the

Creditsegment offering

small ticket unsecured

business loans (UBL)

•Focus on market access

through CA network

•Acquired 51.00% in

iServeU, a Rs 3,900 Cr

GTV platform

•SaaS based B2B

product went live under

Wealth Tech

•Acquired M3 Global

Finance, a BSE listed

NBFC4, and renamed

NiyoginFintech Ltd

•Raised capital of

Rs 235 Cr from institutional

investors

2017

2019

2018

2020

2021

2022

2023

•Received a BBB-/Stable

rating from CRISIL•

Raised Rs 80 Cr through

convertible warrants

2024

•Incorporation of 100%

subsidiary ‘Niyogin AI Private

Limited’•

Acquisition of ‘SuperScan’

toolkit•

iSU signs strategic MoU with

Pax Technology for procuring

devices & collaborated R&D•

Composite Scheme of

arrangement & amalgamation

approved by Board•

Credit rating re-affirmed at

BBB-•

Successfully raised Rs. 56.2

Crore from warrant conversion

•Announced the 3-year Hyper growth plan

iSU

•Went live with NPCI for IMPS (Remitter &

Beneficiary) and BBPS (COU)

•Expanded product use cases -POS

•Key wins –NSDL Payments Bank

2025

Note: All years are Financial Years

(,-~

---------

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