Fino Payments Bank Q3'26 Revenue at ₹394.4 Cr, EBITDA Grows 6% YoY
Fino Payments Bank reported Q3'26 revenue of ₹394.4 crore (down 15% YoY) and 9M'26 revenue of ₹1,247.9 crore (down 8% YoY). EBITDA grew 6% YoY to ₹63.9 crore in Q3'26 with a margin of 16.2%. The bank received RBI's in-principle approval to convert into an SFB on December 5, 2025.
The reported financial results show a decline in revenue and profitability, which could impact investor sentiment negatively in the short term. However, the in-principle approval for SFB conversion is a significant strategic development that has a high long-term positive impact, balancing the overall impact to medium.
The results show a year-on-year decline in revenue and profit before tax, which is negative. However, there are positive aspects like EBITDA growth, improved EBITDA margin, and significant progress towards SFB conversion, which are considered neutral to positive factors. The overall sentiment is balanced between these.
Fino Payments Bank Limited announced its financial and operational performance for the quarter and nine months ended December 31, 2025 (Q3’26 & 9M’26). The bank received in-principle approval from the RBI to convert into a Small Finance Bank and successfully migrated its Core Banking System to Finacle in January 2026.
Revenue for Q3’26 stood at ₹394.4 crore, a decrease of 15% year-on-year, and for 9M’26 at ₹1,247.9 crore, an 8% year-on-year decline, attributed to a reduction in revenue from traditional transaction business. However, net revenue for Q3’26 remained stable at ₹147.9 crore, with a 5% year-on-year growth in 9M’26 to ₹448.4 crore, indicating improved revenue quality. EBITDA grew 6% year-on-year to ₹63.9 crore in Q3’26, with the bank achieving its highest-ever EBITDA margin of 16.2%. For 9M’26, EBITDA was ₹187.1 crore, a 10% year-on-year increase.
Profitability saw a moderation in Q3’26, with Profit Before Tax (PBT) declining 39% year-on-year to ₹17.5 crore, partly due to an estimated impact of ₹3.1 crore from the New Labour Code. PBT for 9M’26 was ₹63.3 crore, a 20% year-on-year decrease. Total throughput for Q3’26 was ₹118.1k crore and for 9M’26 was ₹356.2k crore, an 8% year-on-year increase. Digital throughput rose to ₹66.1k crore in Q3’26 (up 12% YoY) and to ₹196.7k crore in 9M’26 (up 31% YoY).
The bank opened 8.7 lakh new accounts in Q3’26, increasing its total customer base to 1.68 crore, a 25% rise compared to December 2024. Average deposits grew to ₹2,496 crore in Q3’26, up 32% year-on-year, with customer average balance rising by 9% year-on-year to ₹1,314. Digitally active customers grew 22% year-on-year to 59.8 lakh customers in December 2025.
Management Commentary: Rishi Gupta, MD & CEO, highlighted the strategic significance of the RBI's in-principle approval for SFB conversion and the successful implementation of the new core banking system. Ketan Merchant, CFO, noted that margin improvements compensated for the moderation in digital revenue, and the long-term focus on digital and ownership products remains key for the SFB strategy.
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Fino Payments Bank Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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