FINO Payments Bank Ltd. (FINOPB) AI Stock Analysis

FINO Payments Bank Ltd.

(NSE:FINOPB)

Select Model

Rating:56Neutral

Price Target:INR 121.00▲(2.76% Upside)

Action:reiterated

Date:10/09/26

Solid financial performance from accelerating revenue and asset growth is the primary driver, tempered by overvaluation signals and mixed technical momentum.

Positive Factors

Accelerating Revenue GrowthThe sharp FY2026 revenue acceleration indicates stronger business scale and customer activity across the platform. If retained, this expanding top line can improve operating leverage, deepen distribution economics, and support continued investment in the bank’s technology-led model.

Negative Factors

Weak Cash ConversionVery limited and volatile free cash flow means reported growth is not consistently converting into internally generated funds. This can restrict reinvestment, make expansion more dependent on financing, and reduce the company’s ability to absorb operating or regulatory pressures.

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

Market Cap: INR 9.72B
Dividend Yield: ―
Average Volume (3M): 37.40K
Price to Earnings (P/E): -63.5
Beta (1Y): 1.97
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

Strong revenue growth of 113.6% and asset expansion to 53.1 billion are positives, but offset by cash flow volatility and rising debt-to-equity ratio of 1.9.

Income Statement

72Positive

Balance Sheet

65Positive

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 SentimentNegative

Last Price117.75

Price Trends

50DMA134.56Negative

100DMA143.76Negative

200DMA156.02Negative

Market Momentum

MACD-4.31Positive

RSI32.42Neutral

STOCH19.57Positive

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 117.75 is below the 20-day moving average (MA) of 129.12, below the 50-day MA of 134.56, and below 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

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	66Neutral	INR 103.90B	8.98	―	―	20.90%	174.30%
IN:AUBANK	63Neutral	INR 649.53B	20.50	―	0.12%	16.85%	44.38%
IN:JSFB	56Neutral	INR 39.40B	8.29	―	―	17.75%	15.09%
IN:FINOPB	56Neutral	INR 9.80B	-63.49	―	―	-23.97%	-119.03%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:BANDHANBNK	53Neutral	INR 247.96B	13.34	―	0.97%	0.82%	51.69%
IN:EQUITASBNK	53Neutral	INR 61.12B	8.69	―	―	15.28%	―

* 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.	117.75	-170.05	-59.09%
IN:AUBANK	AU Small Finance Bank Limited	864.00	-2.31	-0.27%
IN:BANDHANBNK	Bandhan Bank Ltd.	153.90	-2.20	-1.41%
IN:EQUITASBNK	Equitas Small Finance Bank Ltd.	53.42	-7.36	-12.11%
IN:JSFB	Jana Small Finance Bank Ltd	372.35	-109.25	-22.68%
IN:UJJIVANSFB	Ujjivan Small Finance Bank Ltd.	53.20	0.56	1.06%

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 BS...

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...

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 lea...

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