Veefin Solutions Limited conducted its Q4 and FY26 earnings conference call on May 14, 2026, hosted by Valorem Advisors, with senior management presenting the company's financial performance and strategic direction. The call was held pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following the Board of Directors meeting held on May 13, 2026. The transcript was subsequently filed with BSE Limited on May 15, 2026.
FY26 Financial Performance
Management highlighted strong growth across key financial metrics for the standalone listed entity. The following table summarises the standalone financial highlights for FY26:
| Metric: |
FY26 Performance |
| Standalone Operating Revenue: |
₹70.74 crores (~90% YoY growth from ₹37.32 crores) |
| EBITDA: |
₹38 crores (+122% YoY) |
| EBITDA Margin (Standalone): |
53.89% (~800 bps expansion) |
| PAT: |
₹18.20 crores |
| Diluted Full-Year EPS: |
₹7 (50% higher YoY) |
| DSO: |
99 days (improved from ~130 days) |
Management also presented a "management view" of the proposed amalgamation perimeter — comprising Veefin Solutions, Estorifi, and GlobeTF — which reflects the integrated product platform. The combined financials for this perimeter are outlined below:
| Metric: |
FY26 (Product Platform Perimeter) |
| Revenue: |
₹91.75 crores |
| EBITDA: |
₹44.70 crores |
| EBITDA Margin: |
48.70% |
| PAT: |
₹23.60 crores |
On a consolidated basis, the revenue bridge showed standalone revenue of ₹70.74 crores, plus ₹21 crores from Estorifi and GlobeTF, totalling ₹91.75 crores for the product platform perimeter, with a further ₹253 crores from other group service and controlled entities, bringing total consolidated revenue to ₹345 crores. Management noted that consolidated margins should be read in the context of ongoing product investment and the varying maturity stages of group entities.
Capital Expenditure
CFO Mrs. Payal Maisheri provided a breakdown of CAPEX for FY26, which is directed towards building reusable product IP:
| Perimeter: |
CAPEX (FY26) |
| Veefin Standalone: |
₹107 crores |
| Product Platform (Veefin + Estorifi + GlobeTF): |
₹130 crores |
| Consolidated (including step-down subsidiaries): |
₹187 crores |
Management indicated that CAPEX for the next year is expected to be lower, as the company is nearing the end of its product IP investment cycle.
Multi-Product Strategy and Pipeline
Chairperson & MD Mr. Raja Debnath emphasised that Veefin has transitioned from a single supply-chain finance (SCF) product company to a broader BFSI technology platform. The current product suite spans SCF, trade finance, cash management, corporate and retail internet banking, Loan Origination System (LOS), Loan Management System (LMS), collections, fraud and risk management, and Gen AI solutions — all built on a shared architecture called Veefin 4.0.
The qualified enterprise pipeline stands at approximately $80 million across 58 active qualified banking opportunities, with the following characteristics:
| Pipeline Attribute: |
Details |
| Total Qualified Pipeline: |
~$80 million |
| Active Qualified Opportunities: |
58 banking opportunities |
| Non-SCF Share of Pipeline: |
75% |
| International Share of Pipeline: |
70% |
| Banks Evaluating Multiple Products: |
27 out of 58 |
| Key Geographies: |
Southeast Asia, Middle East, South Asia (ex-India), Africa (early) |
Management guided that at least 25% of the pipeline is expected to convert within the next six months.
PSB Xchange Update
PSB Xchange, the company's multi-lender supply chain finance marketplace, is transitioning from a platform build-out phase to an operating throughput phase. The platform operates under a seven-year exclusivity arrangement. Key platform metrics are as follows:
| PSB Xchange Metric: |
Details |
| Lender Integrations Tracked: |
32 |
| Lender Integrations Live: |
3 |
| Lender Integrations Work-in-Progress: |
5 |
| Sourcing Partner Integrations Tracked: |
42 |
| Sourcing Partner Integrations Live: |
6 |
| Sourcing Partner Integrations Work-in-Progress: |
10 |
| Active Corporate Deals (Lead to Bank Stage): |
88 |
| Cumulative Requirements on Platform: |
₹22,000 crores |
| Approved Limits (Various Stages): |
₹5,400 crores |
| Field Presence: |
26 locations |
Management explained that once approved limits are sub-allocated to suppliers and dealers, disbursements will commence. The focus for the current year is on increasing live integrations and converting approved limits into transaction flows.
Structural Simplification and Group Outlook
The proposed amalgamation of Estorifi and GlobeTF into Veefin Solutions has completed the BSE and SEBI process and the matter has moved to the National Company Law Tribunal (NCLT). Post-amalgamation, promoter shareholding (including warrants) is expected to be 39.41%. Management also disclosed that White Rivers Media — described as India's largest independent digital content creation and distribution company — is expected to file its Draft Red Herring Prospectus (DRHP) around September, with a listing anticipated during the year. The company also noted a governance dispute with a small group entity, Epikindifi, which has been taken to arbitration; the entity contributed less than 2% to consolidated revenues and was loss-making. Going forward, the Veefin Group is expected to comprise two listed entities: Veefin Solutions Limited (product entity) and White Rivers Media (services entity). Management also noted that the company expects to become eligible for migration to the main board within a couple of months.
Source: None/Company/INE0Q0M01015/4425fd27-039d-47fc-a9a9-940966c334b9.pdf
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