About RNFI Services Ltd.
RNFI Services Ltd. (NSE: RNFI) is an Indian fintech company that provides assisted digital and financial services through a wide network of agents and retail partners across the country. The company operates primarily in the Business Correspondent (BC) model, enabling access to banking, Aadhaar-enabled payment services (AePS), domestic money transfer, micro-ATM services, insurance, and other financial products in underserved and rural areas.
RNFI focuses on promoting financial inclusion by leveraging technology-driven platforms that connect banks, financial institutions, and customers through last-mile retailers. Its service portfolio also includes PAN card services, travel bookings, bill payments, and other utility services, making it a multi-service digital platform for small merchants. Through its expanding distribution network and partnerships with banks and NBFCs, RNFI aims to strengthen digital penetration and accessible financial services across India.
Financial Highlights (Q3 FY26 vs. Q3 FY25)
Revenue (Non-Forex) increased from ₹112.6 crore in Q3 FY25 to ₹126.6 crore in Q3 FY26, reflecting steady growth in core operations. Gross Profit (Non-Forex) rose significantly from ₹34.2 crore to ₹50.1 crore, with margins expanding from 30.4% to 39.6%, driven by improved business mix and operational efficiencies. EBITDA (Non-Forex) improved from ₹11.6 crore to ₹17.4 crore, with EBITDA margin expanding from 10.3% to 13.7%, indicating better cost control and operating leverage. PAT (Non-Forex) increased from ₹5.8 crore to ₹9.6 crore, while PAT margin expanded from 5.2% to 7.5%, demonstrating strong profitability growth in the core segment.
Revenue (Forex) remained largely stable at ₹131.6 crore in Q3 FY25 versus ₹131.2 crore in Q3 FY26. Gross Profit (Forex) slightly declined from ₹1.7 crore to ₹1.6 crore, with margins moderating from 1.3% to 1.2%. EBITDA (Forex) declined from ₹0.3 crore to ₹0.1 crore, with margins narrowing from 0.2% to 0.1%. PAT (Forex) moved from a profit of ₹0.2 crore to a marginal loss of ₹(0.02) crore, reflecting subdued performance in this segment.
Q3 Consolidated Performance
Total Revenue increased from ₹244.3 crore in Q3 FY25 to ₹257.8 crore in Q3 FY26, reflecting overall business stability with moderate growth. Gross Profit improved from ₹35.9 crore to ₹51.6 crore, with margin expanding from 14.7% to 20%, supported by strong Non-Forex contribution. EBITDA rose from ₹11.9 crore to ₹17.5 crore, with margin improving from 4.9% to 6.8%, indicating enhanced operational efficiency. PAT increased from ₹6 crore to ₹9.5 crore, while PAT margin improved from 2.5% to 3.7%, highlighting strong earnings growth led by higher-margin businesses.
Financial Performance (9M FY26 vs 9M FY25)
Revenue for 9M FY26 stood at ₹729.3 crore, reflecting a growth of 3.8% compared to the same period last year, indicating stable topline performance. Gross Profit increased to ₹134.1 crore, registering a strong growth of 40.4%, driven by improved business mix and operational efficiencies. EBITDA reached ₹46 crore, supported by better cost management and automation-led efficiencies implemented over the past 4–5 months. Profit After Tax (PAT) (Non-Forex) stood at ₹24.1 crore, with significant improvement in profitability metrics. PAT Margins saw meaningful expansion, with Non-Forex PAT Margin at 6.9% and Net PAT Margin at 3.3%, reflecting improved earnings quality and operational leverage.
Key Takeaways (9M FY26)
The company continues to focus on margin-led growth rather than aggressive topline expansion, scaling technology platforms and building future-ready regulated businesses. Automation-driven efficiencies implemented over recent months have translated into clear margin expansion across Gross Profit, EBITDA, and PAT levels, validating the execution strategy.
High-value verticals such as Delinquent Loan Collections and EMI Collections have significantly contributed to PAT growth, even though revenue growth remained moderate. New technology-driven verticals launched during 9M FY26, including Travel, CRA, and the Insurance platform, are scaling steadily and demonstrating strong long-term potential. The Orchestration business delivered strong year-on-year growth during 9M FY26 and emerged as a key driver of incremental profitability.