Veefin Solutions Reports Strong Q3 FY26 Performance with Rs. 104 Crore Revenue
Veefin Solutions Limited reported strong Q3 FY26 results with consolidated revenue of Rs. 104 crores for the quarter and Rs. 214 crores for nine months. The company's PSB Xchange platform achieved a major milestone with Rs. 4,000 crores in approved limits across 19 anchor corporates. The business maintains a robust pipeline of USD 61 million across 50 opportunities, with 78% from non-SCF products, demonstrating successful diversification beyond supply chain finance.
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Veefin Solutions Limited has delivered strong financial results for Q3 FY26, demonstrating robust growth across its product portfolio and significant progress in its PSB Xchange marketplace platform. The company reported consolidated revenue of Rs. 104 crores for Q3 FY26 and Rs. 214 crores for the nine-month period ended December 31, 2025.
Financial Performance Highlights
The company's financial performance reflects strong execution across core platforms and increasing traction in non-supply chain finance products. Revenue growth has been driven by organic expansion, increased platform monetization, and full consolidation impact of acquired entities.
| Financial Metric | Q3 FY26 | Nine Months FY26 |
|---|---|---|
| Consolidated Revenue | Rs. 104 crores | Rs. 214 crores |
| Product Revenue | - | Rs. 82.40 crores |
| Service Revenue | - | Rs. 131.30 crores |
| Standalone Revenue (Veefin + Organic) | - | Rs. 53.85 crores |
Profitability and Margin Analysis
Veefin Solutions maintains strong profitability metrics at the standalone level, with the core product business operating at healthy margins. The company's standalone business achieved 52% EBITDA margins and 27% PAT margins on a year-to-date basis.
| Profitability Metrics | Standalone | Consolidated |
|---|---|---|
| EBITDA Margin (9M FY26) | 52.00% | 19.95% |
| PAT Margin (9M FY26) | 27.00% | 7.75% |
The consolidated margins are lower due to the inclusion of service businesses, which structurally operate at lower operating margins compared to product businesses. Management emphasized that this is mix-driven rather than performance-driven, with absolute profit pools expanding steadily.
PSB Xchange Platform Achieves Major Milestone
The PSB Xchange marketplace platform has transitioned from onboarding to live transaction activity, marking a significant operational milestone. The platform now demonstrates meaningful transaction throughput with substantial corporate engagement.
| PSB Xchange Metrics | Current Status |
|---|---|
| Lender Integrations Live | 3 banks |
| Lender Integrations in Progress | 3 banks |
| Sourcing Partner Integrations Live | 5 partners |
| Sourcing Partner Integrations in Progress | 8 partners |
| Corporate Deals Initiated | 80 deals |
| Limit Requests | Rs. 12,000 crores |
| Approved Limits | Rs. 4,000 crores |
| Anchor Corporates with Approved Limits | 19 corporates |
The platform operates on a comprehensive revenue model with fees ranging from 30 to 65 basis points depending on services utilized. This includes sourcing fees (30 basis points), technology fees (20 basis points), and onboarding services (15 basis points), all calculated on the assets under management generated through the platform.
Strong Deal Pipeline and Geographic Diversification
Veefin Solutions maintains a robust qualified deal pipeline of USD 61 million across 50 enterprise opportunities. Notably, 78% of this pipeline comprises non-supply chain finance products, including cash management, trade finance, internet banking, and loan management systems.
| Pipeline Distribution | Percentage |
|---|---|
| India and South Asia | 42% |
| Southeast Asia | 36% |
| GCC and Africa | 22% |
This geographic diversification reinforces management's confidence in global demand for Veefin's platforms and supports long-term international growth objectives. The pipeline represents qualified enterprise opportunities currently under active client evaluation, with multiple solution opportunities being pursued within individual client relationships.
Operational Expansion and Market Readiness
The company has established a pan-India execution-ready operating model for PSB Xchange, supported by dedicated field credit and technology teams across 26 locations nationwide. This operational infrastructure enables parallel onboarding of corporates and partners, scalable regional execution, and faster credit deployment as platform activity grows.
Management emphasized that PSB Xchange has evolved from a concept to a live, expanding platform with diversified pipeline, growing transaction throughput, and demonstrated on-ground execution capabilities. The current focus remains on widening ecosystem participation and deepening engagement rather than maximizing volume in the initial phase.
Historical Stock Returns for Veefin Solutions
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.30% | -8.00% | -8.23% | -18.52% | -20.29% | +211.46% |
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