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FINO Payments Bank Ltd.
(FINOPB)
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Rating:55Neutral
Price Target:
₹126.00
▼(-22.98% Downside)
Action:Reiterated
Date:10/09/26
The score is held back primarily by weak and inconsistent cash-flow conversion and rising leverage, despite strong FY2026 revenue growth. Technically, the stock shows some near-term support but lacks clear bullish momentum versus the 200-day trend. Valuation is a further constraint due to the high P/E with no dividend yield provided.
Positive Factors
Technology-led distribution
FINOPB’s technology-led phygital model combines agent touchpoints with digital channels to reach underserved and underbanked customers. A broad distribution footprint can support recurring transaction, remittance, payment, and service-fee growth as network activity and customer adoption deepen.
Negative Factors
Rising leverage
Debt has increased materially alongside balance-sheet growth, while historically moderate-to-elevated debt-to-equity reduces financial flexibility. Higher leverage can constrain future capital allocation and leave less room to absorb weaker profitability or tighter funding conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Technology-led distribution
FINOPB’s technology-led phygital model combines agent touchpoints with digital channels to reach underserved and underbanked customers. A broad distribution footprint can support recurring transaction, remittance, payment, and service-fee growth as network activity and customer adoption deepen.
Read all positive factors
FINO Payments Bank Ltd. (FINOPB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.80B
Dividend YieldN/A
Average Volume (3M)48.26K
Price to Earnings (P/E)―
Beta (1Y)1.97
Revenue Growth-23.97%
EPS Growth-119.03%
CountryIN
Employees732
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.51
Shares Outstanding83,218,400
10 Day Avg. Volume12,895
30 Day Avg. Volume48,261
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)1.22
Price to Sales (P/S)0.62
P/FCF Ratio1.08K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)13
Revenue Forecast (FY)₹19.30B
FINO Payments Bank Ltd. Business Overview & Revenue Model
Company Description
Established in 2007 and headquartered in Navi Mumbai, India, Fino Payments Bank Limited, previously known as Fino Fintech Limited, provides a comprehensive range of financial services across India. This subsidiary of FINO PayTech Limited offers co...
How the Company Makes Money
FINOPB makes money primarily through fee and commission income and interest-related income within the constraints applicable to payments banks in India.
1) Net interest income / treasury income (within payments bank rules): Payments banks general...
FINO Payments Bank Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
60
Neutral
Cash Flow
35
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.33B | 15.79B | 7.78B | 6.35B | 4.94B | 3.94B |
| Gross Profit | 13.17B | 14.65B | 6.78B | 5.56B | 4.47B | 3.78B |
| EBITDA | 673.60M | 1.44B | 1.71B | 1.40B | 1.07B | 781.91M |
| Net Income | 209.80M | 524.60M | 925.35M | 862.24M | 650.87M | 427.41M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 53.12B | 42.06B | 34.19B | 24.66B | 16.80B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 13.51B | 11.04B | 10.66B | 8.34B | 7.66B |
| Total Debt | 0.00 | 15.35B | 8.39B | 7.13B | 4.34B | 2.50B |
| Total Liabilities | -8.05B | 45.07B | 34.59B | 27.76B | 19.14B | 12.00B |
| Stockholders Equity | 8.05B | 8.05B | 7.47B | 6.43B | 5.53B | 4.80B |
Cash Flow | ||||||
| Free Cash Flow | -836.80M | 9.10M | -6.15B | 580.78M | -1.14B | 1.43B |
| Operating Cash Flow | -140.10M | 1.44B | -4.51B | 1.62B | -201.00M | 2.07B |
| Investing Cash Flow | -696.70M | -10.33B | -1.64B | -1.04B | -965.30M | -643.11M |
| Financing Cash Flow | 1.77B | 11.36B | 6.54B | 7.74B | 5.99B | 6.10B |
FINO Payments Bank Ltd. Technical Analysis
Negative
163.60
Price Trends
134.56
Negative
143.76
Negative
156.02
Negative
Market Momentum
-4.31
Positive
32.42
Neutral
19.57
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:FINOPB, the sentiment is Negative. The current price of 163.6 is above the 20-day moving average (MA) of 129.12, above the 50-day MA of 134.56, and above the 200-day MA of 156.02, indicating a bearish trend. The MACD of -4.31 indicates Positive momentum. The RSI at 32.42 is Neutral, neither overbought nor oversold. The STOCH value of 19.57 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:FINOPB.
FINO Payments Bank Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹103.90B | 8.98 | ― | 3.38% | 20.90% | 174.30% | |
63 Neutral | ₹649.53B | 20.50 | ― | 0.12% | 16.85% | 44.38% | |
56 Neutral | ₹39.40B | 8.29 | ― | ― | 17.75% | 15.09% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹9.80B | -63.49 | ― | ― | -23.97% | -119.03% | |
53 Neutral | ₹247.96B | 13.34 | ― | 0.97% | 0.82% | 51.69% | |
53 Neutral | ₹61.12B | 8.69 | ― | 1.27% | 15.28% | ― |
* General Sector Average
IN:FINOPB
FINO Payments Bank Ltd.
117.75
-165.55
-58.44%
IN:AUBANK
AU Small Finance Bank Limited
864.00
-13.25
-1.51%
IN:BANDHANBNK
Bandhan Bank Ltd.
153.90
-1.31
-0.84%
IN:EQUITASBNK
Equitas Small Finance Bank Ltd.
53.42
-3.55
-6.23%
IN:JSFB
Jana Small Finance Bank Ltd
372.35
-92.85
-19.96%
IN:UJJIVANSFB
Ujjivan Small Finance Bank Ltd.
53.20
1.36
2.62%
FINO Payments Bank Ltd. Corporate Events
Fino Payments Bank Posts Losses Despite Strong Capital Adequacy
Oct 29, 2026
Fino Payments Bank Limited operates in the Indian payments banking industry, providing digital banking and financial services with a focus on low‑cost deposits, transaction-led income and technology-driven distribution. The bank is listed on...
Fino Payments Bank’s ESG Score Raised by Crisil to 59-Adequate
Oct 22, 2026
Fino Payments Bank Limited has disclosed that Crisil ESG Ratings Analytics has revised its environmental, social and governance score from Crisil ESG 54-Adequate to Crisil ESG 59-Adequate, effective October 22, 2026, based on publicly available i...
Fino Payments Bank Sets October 30 Earnings Call for September Quarter
Oct 21, 2026
Fino Payments Bank Ltd. has scheduled an earnings conference call with investors and analysts on October 30, 2026 at 4:00 p.m. IST. The call, hosted by Go India Advisors, will be accessible via universal dial-in numbers and a diamond pass pre-regi...
Fino Payments Bank taps veteran banker Paresh Gupta to lead MSME push
Sep 29, 2026
Fino Payments Bank Ltd. has appointed Paresh Gupta as Head–MSME, effective 29 September 2026, in a move that brings more than two decades of experience in MSME financing, business and product development, and risk management into its senior ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.