Current/ Expected Orderbook/ Pending Orders?

Niyogin Fintech has signed about seven contracts related to the SuperScan technology. Out of these seven contracts, four have started generating revenue, while the rest are in the integration phase. Contracts range broadly from INR 50 lakhs up to INR 3 crores. There is significant adoption potential for the platform as every customer conversion has been successful so far. Additional details on new contracts or orderbook size specifically are not disclosed, but ongoing engagements and integrations indicate a growing order pipeline. The soundbox deal with PSU banks involves multiple bidding cont

Any current/future new fundraising through debt or equity?

For FY25, Niyogin Fintech plans to raise INR 400-450 crores through debt. So far in FY24, they raised INR 60 crores from one bank and two NBFC lenders. They plan to raise an additional INR 200 crores in FY25. Out of the INR 200 crores, INR 100 crores is expected from the existing three lenders. The remaining INR 100 crores will be raised through new lenders, NBFCs, or via instruments like NCDs. They are exploring creative funding options while ensuring just-in-time borrowing to avoid underutilization of funds. The company has proactively obtained an investment-grade rating early in its growth

Any current/future capex/capital investment/strategic investment?

Niyogin Fintech is actively evaluating complementary bolt-on acquisitions at potentially attractive valuations to expand product portfolio, expedite go-to-market, and expand geographical presence (Page 5). Recently acquired SuperScan, a technology platform seen as a toolkit deployable across multiple BFSI segments, with seven existing contracts (Page 8). Backed a strategic contract to provide a soundbox platform supporting nearly 500,000 soundboxes for a leading PSU bank, with deployment starting Q1 FY25 (Page 5). Secured a device management program contract to supply devices loaded with their

Future growth expectations in sales/revenue/volumes?

FY25 expected top-line revenue target of INR 500 crores, with INR 80-100 crores from lending and about INR 400 crores from iServeU business. Gross Transaction Value (GTV) target to reach INR 1 lakh crores by FY25; growth to resume as UPI-related headwinds ease. AUM expected to grow substantially from INR 179 crores in FY24 to INR 400-475 crores in FY25 driven by partnership scaling. Net revenue expected around INR 70-90 crores from GTV with targeted net take rates of 7-10 basis points. Non-GTV (SaaS and other annuity businesses) revenues anticipated to become significant, improving profitabili

Future growth expectations in earnings/operating earnings/profits/EPS?

Niyogin Fintech is targeting EBITDA breakeven sustainable performance, having achieved breakeven ex-ESOP in Q4 FY24. The company aims for EBITDA of around INR 50 crores and revenue of INR 500 crores within FY25, focusing on net revenues. Expectation for continued scaling in Gross Transaction Value (GTV) to INR 1 lakh crores by FY25. AUM is projected to grow from INR 179 crores to INR 400-475 crores by FY25, driven by partnership-led expansion and low credit losses. Non-GTV revenues (including SaaS and soundbox platform) expected to significantly contribute, improving gross margins and accelera

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Niyogin Fintech LtdQ1 FY24Finance

Niyogin Fintech Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹41.9Market Cap: ₹529 CrSector: Finance

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→FY25 expected top-line revenue target of INR 500 crores, with INR 80-100 crores from lending and about INR 400 crores from iServeU business.
→Gross Transaction Value (GTV) target to reach INR 1 lakh crores by FY25; growth to resume as UPI-related headwinds ease.
→AUM expected to grow substantially from INR 179 crores in FY24 to INR 400-475 crores in FY25 driven by partnership scaling.
→Net revenue expected around INR 70-90 crores from GTV with targeted net take rates of 7-10 basis points.
→Non-GTV (SaaS and other annuity businesses) revenues anticipated to become significant, improving profitability.
→Soundbox device sales to contribute new, sustainable annuity revenues starting Q1 FY25.
→Overall FY25 focus is on scaling monetization and achieving adjusted EBITDA of approx. INR 50 crores, marking profitable growth.

Margin guidance

Category 1

→Niyogin Fintech is targeting EBITDA breakeven sustainable performance, having achieved breakeven ex-ESOP in Q4 FY24.
→The company aims for EBITDA of around INR 50 crores and revenue of INR 500 crores within FY25, focusing on net revenues.
→Expectation for continued scaling in Gross Transaction Value (GTV) to INR 1 lakh crores by FY25.
→AUM is projected to grow from INR 179 crores to INR 400-475 crores by FY25, driven by partnership-led expansion and low credit losses.
→Non-GTV revenues (including SaaS and soundbox platform) expected to significantly contribute, improving gross margins and accelerating profitability.
→Monetization and profitability are the focus for 2025, following build and scale phases in prior years.
→EBITDA margins targeted to be maintained around 10%, with increasing enterprise and annuity revenue streams.
→Overall, growth is driven by operational efficiencies, new contracts (e.g., soundbox), and enhanced product offerings.

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Fundraise plans

Yes

→For FY25, Niyogin Fintech plans to raise INR 400-450 crores through debt.
→So far in FY24, they raised INR 60 crores from one bank and two NBFC lenders.
→They plan to raise an additional INR 200 crores in FY25.
→Out of the INR 200 crores, INR 100 crores is expected from the existing three lenders.
→The remaining INR 100 crores will be raised through new lenders, NBFCs, or via instruments like NCDs.
→They are exploring creative funding options while ensuring just-in-time borrowing to avoid underutilization of funds.
→The company has proactively obtained an investment-grade rating early in its growth phase to improve credibility with lenders.
→Confidence remains high in raising incremental debt as long as the loan book performs well.

Order book

→Niyogin Fintech has signed about seven contracts related to the SuperScan technology.
→Out of these seven contracts, four have started generating revenue, while the rest are in the integration phase.
→Contracts range broadly from INR 50 lakhs up to INR 3 crores.
→There is significant adoption potential for the platform as every customer conversion has been successful so far.
→Additional details on new contracts or orderbook size specifically are not disclosed, but ongoing engagements and integrations indicate a growing order pipeline.
→The soundbox deal with PSU banks involves multiple bidding contracts, with discussions ongoing, but exact counts or values of pending orders are not explicitly stated.

Capex plans

Yes

→Niyogin Fintech is actively evaluating complementary bolt-on acquisitions at potentially attractive valuations to expand product portfolio, expedite go-to-market, and expand geographical presence (Page 5).
→Recently acquired SuperScan, a technology platform seen as a toolkit deployable across multiple BFSI segments, with seven existing contracts (Page 8).
→Backed a strategic contract to provide a soundbox platform supporting nearly 500,000 soundboxes for a leading PSU bank, with deployment starting Q1 FY25 (Page 5).
→Secured a device management program contract to supply devices loaded with their technology for another leading bank; plans to bid on selective lucrative contracts going forward (Pages 5, 21-22).
→Device-related capital requirements and logistics management are important, especially if devices are supplied on rental models, requiring new financing structures and leveraging their NBFC (Page 22).
→Investment in building a stronger credit team and expanding lending partnerships, with plans to raise incremental INR 200 crores in FY25 for scaling lending operations (Pages 17-19).

How does Niyogin Fintech Ltd rank vs peers in Finance?

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