Niyogin Fintech Limited has released its business update for the third quarter of FY26, ended December 31, 2025, showcasing a mixed performance across its key business segments. The fintech platform reported resilient execution in its core operations while maintaining a strategic focus on disciplined growth and portfolio quality.

Financial Performance Overview

The company's financial metrics for Q3 FY26 demonstrate varying trends across different business lines:

The Gross Loan Assets Under Management (AUM) reached ₹321.10 crores, reflecting a robust 33% year-on-year growth from the corresponding quarter of the previous fiscal year. However, the AUM experienced a 6% decline from the previous quarter, indicating a more cautious approach to lending activities.

iServeU Tech Division Performance

The iServeU Tech division emerged as a standout performer during the quarter, delivering exceptional growth momentum. The division's net revenue of ₹19.50 crores represents a remarkable 91% year-on-year increase, nearly doubling from the ₹10.20 crores recorded in Q3 FY25. The quarter-on-quarter performance also remained positive with a 13% growth from ₹17.20 crores in Q2 FY26.

A significant highlight for the division is its expanding order book, which now stands at ₹620 crores, indicating strong future revenue visibility and business prospects.

Management Commentary and Strategic Direction

Tashwinder Singh, CEO and Managing Director, emphasized the company's balanced approach during the quarter. The management adopted a more cautious stance toward loan disbursements, particularly in select unsecured lending segments, while simultaneously working on new partnerships to drive scaling opportunities in upcoming quarters.

The company's strategy reflects a focus on three key areas:

• Disciplined profitable growth across business segments
• Maintaining high portfolio quality standards
• Long-term value creation for stakeholders

Business Model and Market Position

Niyogin Fintech operates as a B2B technology-centric platform serving India's underserved MSME segment. The company delivers Banking as a Service (BaaS) platforms and credit solutions across both rural and urban markets through strategic partnerships with Business Correspondents, Banks, and Neobanks/Fintechs. Additionally, it provides credit and financial services through its network of Financial Professionals and Chartered Accountants.

The company's provisional financial figures are subject to approval by the Audit Committee, Board of Directors, and Statutory Auditors, as disclosed in the regulatory filing under SEBI Listing Regulations.

Niyogin Fintech Limited has announced its financial results for the second quarter, demonstrating profitable growth and strategic investments in its subsidiaries.

Financial Highlights

Niyogin Fintech reported consolidated net revenue of Rs. 25.9 crores for Q2, marking a significant improvement from the previous quarter. The company achieved positive EBITDA of Rs. 4.9 crores, showcasing its operational efficiency.

All figures in Rs. crores

Business Segment Performance

iServeU Division

• Secured an order book of Rs. 623 crores, including a UPI solution for Punjab National Bank
• Achieved fifth consecutive EBITDA-positive quarter
• Gross revenue of Rs. 40.1 crores and net revenue of Rs. 17.2 crores (up 12.5% QoQ)
• EBITDA of Rs. 3.5 crores and PBT of Rs. 1.0 crore

NBFC Operations

• Assets Under Management (AUM) grew to Rs. 340.5 crores, a 6% sequential increase
• 92% of AUM sourced through partnerships
• Raised Rs. 65 crores during Q2, including Rs. 20 crores in NCDs

Strategic Investments

The Board of Directors has approved an investment of Rs. 10 crores in the equity share capital of Niyogin Finserv Limited, a wholly-owned subsidiary. This investment aligns with the requirement for Niyogin Finserv Limited to have a minimum regulatory Net Owned Fund of Rs. 10 crores for its NBFC-ICC registration application with the RBI.

Management Commentary

Tashwinder Singh, CEO and Managing Director of Niyogin Fintech Limited, stated, "Q2 represents a significant step forward for Niyogin, reinforcing the momentum we created in Q1 and delivering on our aspiration of profitable growth. Our core businesses — Niyogin (NBFC) and ISU — performed solidly and in line with guidance, reflecting our disciplined execution and strong operating fundamentals."

Future Outlook

The company remains actively engaged with regulators to operationalize its demerger scheme, which continues to be a high-priority initiative. With a strengthened order book pipeline and growing AUM, Niyogin Fintech is positioned for continued growth in the coming quarters.

Investors should note that the company maintains a prudent balance sheet with a debt-to-equity ratio below 1.0, indicating a conservative financial approach as it pursues growth opportunities.