Financial Inclusion Network Operations (“FINO”) is a growing fintech company offering a diverse range of financial products and services that are primarily digital and have a payments focus. It offers such products and services to the target market via a Pan-India distribution network.[1]
Representative of Banks[1][2]The company acts as a Business Correspondent (BC) for several banks. As of FY25, it operates approximately19 lakh banking outlets(including own and open banking merchants) covering97% of India’s pin codes.BCs are generally retail agents providing banking products and services on behalf of other banks and at locations beyond traditional branches. These agents are authorized to perform a variety of activities, including domestic and international remittance collections, CASA account openings, AePS-enabled payments, bill payments, mobile recharges, etc.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | AU Small Finance | 1008.75 | 34.67 | 75371.85 | 0.10 | 560.87 | -1.81 | 4511.28 | 15.36 | 8.40 | 17273.80 | 51.72 | 2173.88 | 560.87 | 4.15 | 1.58 | 7.87 |
| 2. | Ujjivan Small | 58.21 | 27.07 | 11286.68 | 0.00 | 121.72 | -47.77 | 1682.31 | 4.31 | 8.53 | 6465.58 | 38.93 | 416.95 | 121.72 | 1.81 | 1.65 | 6.77 |
| 3. | Equitas Sma. Fin | 66.64 | – | 7601.76 | 0.00 | 24.14 | 87.42 | 1617.35 | 4.02 | 6.85 | 6522.11 | 33.88 | -91.21 | 24.14 | 1.30 | 0.30 | 8.12 |
| 4. | Jana Small Finan | 420.15 | 10.76 | 4423.07 | 0.00 | 74.99 | -22.47 | 1304.78 | 11.90 | 8.15 | 4933.52 | 40.70 | 411.06 | 74.99 | 1.03 | 1.41 | 8.49 |
| 5. | Utkarsh Small F. | 15.40 | – | 2740.47 | 0.00 | -348.46 | -778.07 | 839.97 | -14.89 | 7.17 | 3532.93 | 7.10 | -753.02 | -348.46 | 1.17 | 0.09 | 9.98 |
| 6. | Fino Payments | 253.30 | 26.28 | 2107.92 | 0.00 | 15.35 | -27.42 | 60.11 | 25.88 | 6.64 | 223.23 | -615.28 | 80.22 | 15.35 | 2.80 | 2.43 | 3.93 |
| 7. | Suryoday Small | 144.29 | 23.52 | 1533.66 | 0.00 | 30.41 | -33.00 | 519.66 | 2.46 | 7.28 | 1973.26 | 37.70 | 65.21 | 30.41 | 0.77 | 0.82 | 7.11 |
| – | Median: 9 Co. | 144.29 | 24.9 | 2740.47 | 0.0 | 30.41 | -22.47 | 839.97 | 4.31 | 7.17 | 3532.93 | 37.7 | 80.22 | 30.41 | 1.17 | 1.36 | 7.87 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | – | – | – | – | – | – | – | – | – | – | – | – | – |
Expenses | 281 | 326 | 407 | 314 | 389 | 400 | 287 | 353 | 438 | 278 | 320 | 404 | 351 |
Operating Profit | – | – | – | – | – | – | – | – | – | – | – | – | – |
Other Income | 289 | 331 | 412 | 315 | 392 | 392 | 294 | 360 | 441 | 282 | 322 | 408 | 340 |
Profit before tax | 19 | 23 | 28 | 19 | 24 | 25 | 22 | 25 | 30 | 14 | 20 | 26 | 21 |
Tax % | 0% | 0% | 19% | 0% | 0% | 28% | 0% | 0% | 19% | 0% | 0% | 18% | 28% |
Net Profit | 19 | 23 | 23 | 19 | 24 | 18 | 22 | 25 | 24 | 14 | 20 | 21 | 15 |
EPS in Rs | 2.30 | 2.74 | 2.78 | 2.25 | 2.92 | 2.13 | 2.65 | 3.03 | 2.88 | 1.66 | 2.35 | 2.54 | 1.84 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
Sales | – | – | – | – | – | – | – | – | – |
Expenses | 279 | 410 | 690 | 707 | 915 | 1,076 | 1,260 | 1,576 | 1,597 |
Operating Profit | – | – | – | – | – | – | – | – | – |
Other Income | 215 | 352 | 673 | 771 | 973 | 1,135 | 1,328 | 1,652 | 1,585 |
Interest | 3 | 6 | 10 | 10 | 15 | 47 | 79 | 101 | 108 |
Depreciation | 16 | 18 | 24 | 54 | 35 | 42 | 53 | 62 | 0 |
Profit before tax | -67 | -62 | -32 | 20 | 43 | 65 | 86 | 108 | 104 |
Net Profit | -67 | -62 | -32 | 20 | 43 | 65 | 86 | 93 | 80 |
EPS in Rs | -15.11 | -13.99 | -7.19 | 4.59 | 5.14 | 7.82 | 10.36 | 11.12 | 9.63 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 45 | 45 | 45 | 45 | 83 | 83 | 83 | 83 | 83 |
Reserves | 180 | 118 | 85 | 106 | 397 | 469 | 560 | 664 | 670 |
Borrowings | – | – | – | – | – | – | – | – | – |
Other Liabilities | 226 | 392 | 266 | 436 | 448 | 563 | 651 | 680 | 615 |
Total Liabilities | 538 | 684 | 624 | 1,010 | 1,680 | 2,466 | 3,419 | 4,206 | 4,324 |
Fixed Assets | 46 | 42 | 49 | 62 | 92 | 139 | 148 | 167 | 332 |
Gross Block | 64.60 | 79.16 | 109.21 | 174.01 | 239.72 | 325.65 | 387.53 | 468.95 | – |
Accumulated Depreciation | 19.04 | 37.27 | 60.16 | 111.60 | 147.43 | 186.22 | 239.62 | 301.60 | – |
CWIP | 1 | 0 | 0 | 2 | 0 | 5 | 47 | 130 | -0 |
Investments | 64 | 73 | 128 | 504 | 631 | 1,146 | 1,747 | 2,388 | 2,374 |
Other Assets | 427 | 569 | 446 | 443 | 956 | 1,175 | 1,477 | 1,520 | 1,618 |
Total Assets | 538 | 684 | 624 | 1,010 | 1,680 | 2,466 | 3,419 | 4,206 | 4,324 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | – | – | -84 | -32 | 207 | -20 | 57 | 76 |
Cash from Investing Activity | – | – | -31 | -69 | -64 | -97 | -104 | -164 |
Cash from Financing Activity | – | – | 28 | 70 | 352 | 184 | 279 | 127 |
Net Cash Flow | – | – | -86 | -31 | 495 | 68 | 232 | 39 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
Debtor Days | – | – | – | – | – | – | – | – |
Inventory Days | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | – | – | – | – | – | – | – | – |
Working Capital Days | – | – | – | – | – | – | – | – |
ROCE % | – | – | – | – | – | – | – | – |
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Stock Analysis
General Insurance Corporation of India (GIC Re) is India's leading reinsurer, operating domestically and internationally. It provides reinsurance solutions to the insurance industry, enhancing financial stability and risk management capabilities.
Based on past information, key growth triggers include leveraging its strong credit ratings for international business expansion, focusing on underwriting profitability, and prudent risk management. Management has previously indicated targets for international business growth.
Currently no data available for Order Book.
Currently no data available for Key Red Flags from the current news. The current filing is a routine compliance report. Past company data notes contingent liabilities of Rs. 26,577 Cr.
Currently no data available for Key Dates To Watch.
Corporate Announcements
