FINO Payments Bank Ltd. (FINOPB) AI Stock Analysis

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FINO Payments Bank Ltd.

(NSE:FINOPB)

Select Model

Rating:58Neutral

Price Target:INR 131.00▲(2.83% Upside)

Action:reiterated

Date:10/09/26

The overall score reflects strong revenue growth offset by sharply weaker margins, higher leverage, and very limited free cash flow, combined with a constructive but volatile technical setup and a rich valuation with no supporting dividend.

Positive Factors

Accelerating Revenue GrowthFY2026 revenue rose about 114%, a substantial acceleration from roughly 23–28% in the prior three years. This indicates expanding transaction or service scale and can strengthen operating reach, although durability still depends on converting growth into earnings and cash.

Negative Factors

Weak Cash ConversionVery limited FY2026 free cash flow, following large deficits in FY2023 and FY2025, shows that reported growth is not consistently becoming durable cash generation. Persistent volatility could restrict internally funded investment and weaken financial flexibility.

FINO Payments Bank Ltd. (FINOPB) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 10.57B
Dividend Yield: ―
Average Volume (3M): 36.51K
Price to Earnings (P/E): -69.3
Beta (1Y): 1.69
Revenue Growth: -23.97%
EPS Growth: -119.03%
Country: India
Employees: 732
Sector: General
Sector Strength: 55
Industry: Banks - Regional

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 core...

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 generally c...

FINO Payments Bank Ltd. Financial Statement Overview

Summary

Financial performance is mixed: revenue growth above 100% is strong, but net and EBIT margins have compressed sharply, leverage has risen with a higher debt-to-equity ratio and lower ROE, and free cash flow is extremely weak despite a recovery in operating cash flow.

Income Statement

72Positive

Balance Sheet

55Neutral

Cash Flow

48Neutral

Financial statement breakdown
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	53.12B	42.06B	34.19B	24.66B	16.80B
Cash, Cash Equivalents and Short-Term Investments	0	13.51B	11.04B	10.66B	8.34B	7.66B
Total Debt	0	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

Technical Analysis SentimentNeutral

Last Price127.40

Price Trends

50DMA130.80Negative

100DMA142.42Negative

200DMA151.37Negative

Market Momentum

MACD-2.30Negative

RSI51.89Neutral

STOCH88.26Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:FINOPB, the sentiment is Neutral. The current price of 127.40 is above the 20-day moving average (MA) of 124.34, below the 50-day MA of 130.80, and below the 200-day MA of 151.37, indicating a neutral trend. The MACD of -2.30 indicates Negative momentum. The RSI at 51.89 is Neutral, neither overbought nor oversold. The STOCH value of 88.26 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:FINOPB.

FINO Payments Bank Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:FINOPB against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:UJJIVANSFB	71Outperform	INR 118.84B	10.37	―	―	20.90%	174.30%
IN:JSFB	69Neutral	INR 45.17B	9.26	―	―	17.75%	15.09%
IN:FINOPB	58Neutral	INR 10.49B	-69.31	―	―	-23.97%	-119.03%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:BANDHANBNK	53Neutral	INR 275.51B	15.19	―	0.85%	0.82%	51.69%
IN:EQUITASBNK	53Neutral	INR 64.11B	9.38	―	―	15.28%	―
IN:AUBANK	51Neutral	INR 717.57B	23.24	―	0.10%	16.85%	44.38%

* General Sector Average

Performance Comparison

IN:FINOPB and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:FINOPB	FINO Payments Bank Ltd.	127.40	-153.70	-54.68%
IN:AUBANK	AU Small Finance Bank Limited	980.00	89.91	10.10%
IN:BANDHANBNK	Bandhan Bank Ltd.	175.70	22.48	14.67%
IN:EQUITASBNK	Equitas Small Finance Bank Ltd.	57.79	-2.28	-3.80%
IN:JSFB	Jana Small Finance Bank Ltd	417.70	-48.20	-10.35%
IN:UJJIVANSFB	Ujjivan Small Finance Bank Ltd.	61.27	9.44	18.21%

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 BSE and...

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 inf...

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-registr...

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 leadershi...

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.

Date of analysis: Oct 09, 2026

FINO Payments Bank Ltd. AI Stock Analysis