Fino Paytech Limited (FinoPaytech Limited) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Fino Paytech Limited

FINO PayTech Limited Consolidated Balance Sheet (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Non-current assets
Property, plant and equipment	12,753.24	12,418.96
Right-of-use assets	3,236.34	3,578.60
Capital work-in-progress	13,022.50	4733.01
Other intangible assets	4,481.37	2,988.11
Investments	5,292.47	5,549.42
Loans	-	-0.29
Others	58,551.42	21,848.04
Deferred tax assets (net)	572.11	620.80
Advance tax assets (net)	757.20	1,117.63
Other non-current assets	676.55	1,254.78
Current assets
Inventories	3,279.05	3,199.72
Investments	2,33,577.03	1,69,173.00
Trade receivables	6,839.98	7,668.85
Cash and cash equivalents	39,955.69	63,386.50
Bank balances other than above	24,339.18	35,262.00
Loans	16.94	8.39
Others	7,967.32	4,632.50
Other current assets	20,530.21	21,239.17
Total Assets	4,35,848.60	3,58,679.20
Equity
Equity share capital	10,456.42	10,456.15
Instruments entirely in nature of equity	2,278.86	2,278.86
Other equity	51,984.45	43,936.69
Non-controlling interests	18,511.18	15,883.67
Non current Liabilities
Borrowings	-	1,995.45
Lease liabilities	2,810.19	3,180.36
Provisions	1,514.57	1,324.52
Other non-current liabilities	-	0.32
Current liabilities
Borrowings	83,945.72	71,284.56
Trade payables
Due to micro and small enterprises	4.52	3.37
Due to other than micro and small enterprises	1,074.98	714.71
Lease liabilities	990.13	902.28
Other financial liabilities	2,36,960.95	1,93,903.56
Other current liabilities	20,034.54	8,437.73
Short-term provisions	2,486.84	1,835.68
Current tax liabilities	2,795.25	2,541.30
Total Equity and Liabilities	4,35,848.60	3,58,679.20

FINO PayTech Limited Consolidated Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Revenue
Revenue from operations	1,65,382.83	1,33,931.18
Other income	21,059.91	15,808.34
Total income	1,86,442.74	1,49,739.52
Expenses
Purchase of goods and services	1,11,464.34	17,079.16
Changes in inventories of finished goods, work-in-progress and stock-in-trade	-79.34	985.92
Employee benefits expenses	21,417.20	18,426.75
Finance costs	6,504.36	5,793.99
Interest on deposits	3,997.16	2,775.80
Depreciation and amortization expenses	7,309.95	6,321.25
Other Expenses	24,369.47	90,400.81
Total expenses	1,74,983.14	1,41,783.68
Profit Before Tax	11,459.60	7,955.84
Current Tax	1,637.03	50.31
Tax provision for earlier years	1.48	-143.25
Deferred tax	72.53	-34.60
Profit/(Loss) for the year	9,748.56	8,083.38
Other comprehensive income
Items that will not be reclassified to proft or loss:
Remeasurement of defined benefit liability/(Asset)	-76.99	-63.01
Equity investments through other comprehensive income – net change in fair value	-377.86	-
Income tax related to items that will not be reclassified to P&L	23.83	-
Items that will be reclassified to profit or loss:
Investment measured at FVOCI	104.03	245.96
Other Comprehensive income for the year (net of Tax)	-326.99	182.95
Total Comprehensive Income for the year	9,421.57	8,266.32
Profit attribute to:
Owners of the Company	7,382.26	5,941.36
Non-Controlling Interests	2,366.30	2,142.02
Other Comprehensive Income attribute to:
Owners of the Company	-275.01	145.02
Non-Controlling Interests	-51.98	37.93
Total Comprehensive Income attribute to:
Owners of the Company	7,107.25	6,086.38
Non-Controlling Interests	2,314.32	2,179.95
Earnings Per Share attribute to Owners of the Company
Basic	5.80	5.69
Diluted	5.74	4.59

FINO PayTech Limited Consolidated Consolidated Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Cash flow from operating activities
Profit Before tax from continuing operations	11,459.60	7,955.83
Adjustments to reconcile (loss) / profit before tax to net cash used in operating activities
Depreciation	7,309.95	6,321.25
Profit / Loss on sale of fixed assets	-3.21	-
ESOP expense	1,242.46	471.52
Interest income	-20,481.80	-15,702.65
Interest & finance charges	6,101.32	5,430.79
Interest on unwinding of lease liability	403.04	363.20
Gain on disposal of ROU asset	-8.32	-19.23
ECL on security deposit written (back)/off	-12.72	26.67
Other liabilities written back	-18.36	-
Creditors written back	-186.83	-
Provision for loan losses expenses	-5.09	-16.82
Bad Debts	302.62	-
Provision for doubtful debts and assets	-261.36	320.68
Net loss on disposal of fixed assets	35.89	-
Operating profit before working capital changes	5,877.19	5,151.25
Working capital adjustments:
(Increase)/Decrease in inventories	-79.34	985.88
(Increase) / decrease in trade receivables	826.64	-796.06
(Increase) / decrease in other current assets	672.30	-6,775.07
(Increase)/decrease in current financial assets - loans	3.55	124.94
(Increase)/decrease in other current financial assets	-3,328.77	1,683.27
(Increase) / decrease in non current financial assets – others	47.33	-310.57
(Increase)/decrease in other non-current assets	578.25	-636.68
(Increase)/decrease in non-current financial assets – loans	-0.46	-0.71
(Increase)/decrease in trade payables	548.24	-1,533.06
(Increase)/decrease in other current liabilities	11,613.46	6,028.74
(Increase)/decrease in other current financial liabilities	43,041.06	52,271.23
(Increase)/decrease in other non-current liabilities	-0.32	-2.24
(Increase)/decrease in provisions	766.40	325.66
Cash generated from / (used in) operations before adjustments for interest received and interest paid	60,565.54	56,516.60
Interest received	88.28	204.04
Cash used in operations	60,653.80	56,720.62
Income tax paid	-1,047.96	2,789.12
Net cash (used) / generated from operating activities	59,605.84	59,509.74
Cash flows from investing activities
Acquisition of property, plant and equipment and Capital work in progress	-13,800.54	-8,821.30
Proceeds from sale of property, plant and equipment	5.67	-6.67
Acquisition of computer software	-2,650.53	-1,727.48
Acquisition of investments	-64,398.85	-59,897.63
Stake sale of subsidiary	-	-2.55
Proceeds from fixed deposits	-25,834.95	-2,500.27
Interest received	20,384.11	15,498.61
Net Cash used in investing activities	-86,295.09	-57,457.28
Cash flows from financing activities
Proceeds from issue of equity shares	11.50	72.57
Proceeds from subordinate debt	-1,995.45	2.37
Proceeds of short term borrowings (net)	12,661.17	27,840.93
Interest on Lease Liability	-401.86	-351.09
Principal payments of lease liability	-931.93	-787.08
Interest & finance charges paid	-6,084.98	-5,375.28
Net cash generated from financing activities	3,258.44	21,402.42
Net increase / (decrease) in cash and cash equivalents	-23,430.81	23,454.88
Cash and cash equivalents at the beginning of the year	63,386.50	39,931.63
Cash and cash equivalents at the end of the year	39,955.69	63,386.50

Summary of the Cash Flow Statement for the years 2025 and 2024:

Operating Activities

The company generated strong cash flows from operating activities, with net cash inflow of ₹59,605.84 lakhs in FY 2024–25 compared to ₹59,509.74 lakhs in FY 2023–24. Profit before tax rose to ₹11,459.60 lakhs from ₹7,955.83 lakhs. Non-cash adjustments such as depreciation (₹7,309.95 lakhs) and ESOP expense (₹1,242.46 lakhs) added back to cash flows, while interest income (₹20,481.80 lakhs) was deducted. Significant inflows were generated from working capital changes, particularly increases in other current financial liabilities (₹43,041.06 lakhs) and other current liabilities (₹11,613.46 lakhs). After accounting for taxes and interest, operating activities continued to provide healthy liquidity, reflecting stability in core operations.

Investing Activities

Cash flows from investing activities reflected substantial outflows of ₹86,295.09 lakhs in FY 2024–25 compared to ₹57,457.28 lakhs in FY 2023–24. The outflows were driven by acquisition of investments (₹64,398.85 lakhs), capital expenditure on property, plant and equipment (₹13,800.54 lakhs), and computer software purchases (₹2,650.53 lakhs). Although the company earned significant interest income from investments (₹20,384.11 lakhs), the scale of investment outflows outweighed these inflows. This demonstrates that the company allocated a large portion of its funds toward building long-term assets and financial instruments.

Financing Activities

The company recorded a net inflow of ₹3,258.44 lakhs from financing activities in FY 2024–25, down from ₹21,402.42 lakhs in FY 2023–24. Key contributors included net proceeds from short-term borrowings of ₹12,661.17 lakhs. However, repayments of lease liabilities (₹931.93 lakhs), finance charges paid (₹6,084.98 lakhs), and reduced equity inflows (₹11.50 lakhs versus ₹72.57 lakhs last year) limited overall financing inflows. Compared to the prior year, the company adopted a more moderate approach in raising funds from external sources.

Net Position

Overall, the company reported a net decrease in cash and cash equivalents of ₹23,430.81 lakhs during FY 2024–25, in contrast to a net increase of ₹23,454.88 lakhs in the previous year. Closing cash and cash equivalents stood at ₹39,955.69 lakhs against ₹63,386.50 lakhs at the beginning of the year. While operating activities continued to provide strong cash generation, the large outflows from investing activities outweighed both operating inflows and financing support, resulting in reduced year-end liquidity.

Financial Ratios of FINO PayTech Limited

Particulars	2025	2024
Current Ratio	2.06	1.62
Debt-Equity Ratio	-	0.04%
Debt Service coverage ratio	10.31	-3.48
Return on Equity Ratio	0.69%	-1.63%
Inventory turnover ratio	10.22	15.99
Trade Receivables turnover ratio	4.11	2.84
Trade Payables turnover ratio	2.76	1.21
Net Capital turnover ratio	0.28	0.58
Net Profit ratio	30.74%	-58.75%
Return on Capital employed	1.10%	-1.64%
Return on Investment	0.69%	-1.63%

Summary of the financial ratios for FINO PayTech Limited for the year 2025 and 2024:

Current Ratio

The current ratio improved from 1.62 in 2024 to 2.06 in 2025, indicating that the company has strengthened its short-term liquidity position. A ratio above 1 suggests that current assets are more than sufficient to cover current liabilities, and the upward movement highlights better working capital management and a stronger buffer for meeting short-term obligations.

Debt-Equity Ratio

The company’s debt-equity ratio was negligible in both years, at 0.04% in 2024 and effectively nil in 2025. This reflects that the company is largely equity-funded with very little reliance on external debt. Such a structure reduces financial risk but may also limit the benefits of leverage if debt could be used efficiently for growth.

Debt Service Coverage Ratio (DSCR)

The DSCR improved sharply from -3.48 in 2024 to 10.31 in 2025. A negative ratio last year indicated insufficient operating earnings to cover debt servicing obligations. The strong positive ratio in 2025 shows a significant turnaround, with operating profits comfortably covering interest and debt repayments, pointing to enhanced financial stability.

Return on Equity (ROE)

ROE increased from -1.63% in 2024 to 0.69% in 2025. The negative return in 2024 reflected losses attributable to shareholders. In 2025, the positive return shows that equity capital is now generating earnings, albeit modest. This improvement is a sign of recovery in profitability and efficient use of shareholders’ funds.

Inventory Turnover Ratio

Inventory turnover declined from 15.99 in 2024 to 10.22 in 2025. A lower turnover indicates that inventory is being held for a longer period before being sold. This may suggest slower sales growth or higher inventory buildup, which could affect working capital efficiency. The company may need to monitor inventory management closely to prevent overstocking.

Trade Receivables Turnover Ratio

The ratio improved from 2.84 in 2024 to 4.11 in 2025, suggesting that receivables are being collected faster. This improvement reflects stronger credit control and better cash flow management, as funds are recovered from customers more quickly than in the previous year.

Trade Payables Turnover Ratio

The ratio rose from 1.21 in 2024 to 2.76 in 2025. A higher ratio indicates that the company is settling its payables more quickly. While this demonstrates prompt payments to suppliers and possibly stronger supplier relationships, it may also reduce the cash buffer if credit terms are not fully utilized.

Net Capital Turnover Ratio

The net capital turnover ratio fell from 0.58 in 2024 to 0.28 in 2025, showing reduced efficiency in generating sales from net working capital. The decline suggests that a larger proportion of capital is tied up in working capital without a proportionate rise in revenues, indicating lower asset utilization efficiency.

Net Profit Ratio

There was a major turnaround in profitability, with the net profit ratio rising from -58.75% in 2024 to 30.74% in 2025. The negative margin last year indicated heavy losses, while the strong positive margin in 2025 reflects robust profitability and cost control. This improvement highlights a successful recovery in operational and financial performance.

Return on Capital Employed (ROCE)

ROCE improved from -1.64% in 2024 to 1.10% in 2025. A negative ratio in the previous year indicated that capital employed was not generating sufficient returns. The positive value in 2025 suggests that the company is now able to generate operating profits from its overall capital base, though the efficiency level is still low and leaves scope for further improvement.

Return on Investment (ROI)

ROI also turned around from -1.63% in 2024 to 0.69% in 2025. The negative return reflected investment losses last year, while the positive return in 2025 shows that investments are now yielding gains. Although modest, the improvement signals better performance of deployed funds and contributes to shareholder value creation.