Fino Payments Bank Limited — Investor Meet, 03-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Fino Payments Bank secured in-principle SFB approval, a major growth driver. Leveraging its robust ~3,000 Cr CASA base with sub-2% cost of funds, the bank targets an 8,000-10,000 Cr secured loan book by FY30 for +20% ROE. This will utilize a merchant-led, asset-light model with limited physical infrastructure.

Q3 FY26 revenue was 394.4 Cr (-15% YoY), but EBITDA rose 6% to 63.9 Cr, with margins improving to 16.2% due to a strong revenue mix shift. Digital throughput now drives 55% of the total (up 31% YoY for 9M). Traditional cash transactions moderated amid regulatory scrutiny and digital shifts.

SFB operations aim for Q1 FY28. Management is confident in a differentiated SFB trajectory while navigating current digital payment challenges.