Niyogin Fintech Limited

Financial Services — Credit Services · BSE

₹45.50−₹1.22 (−2.61%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of Niyogin Fintech Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Niyogin Fintech Limited, together with its subsidiaries, operates as a non-banking finance company in India. It operates through Financing Related Activities and Technology Related Activities segments.

IndustryCredit Services

SectorFinancial Services

Employees72

Annual revenue₹244 Cr

How does it make money?

Turns over ₹244 Cr a year. Of every ₹100 of sales, about ₹-0 reaches shareholders as profit, with ₹16 left at the operating level before interest, tax and depreciation. Each of its 72 employees supports ₹3.40 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹3.40 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, STATE BANK OF INDIA, HDFC BANK LTD, ICICI BANK LTD.. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +142% while net margin moved -99% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+142%

Margin effect-99%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✓ ROE has improved by 6.3 points over the period

Quality vs. Valuation

Company Quality

60/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

31/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

16.8x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -17.4% to 16.5% over 3 years.
Return on equity is rising
ROE has improved from -6.5% to -0.1%.
Return on capital is rising
ROCE has improved from -9.1% to 2.1%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 2 high

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.9x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -17.4% to 16.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 26% a year✓ 34.3% CAGR
Latest reported year was -23.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 14%✓ 16.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ -0.1%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 3x✗ 1.9x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

5 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 4 neutral · 6 weak

Market Cap

₹506 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

1.66x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-0.15

Loss-making

Negative earnings per share — the business is losing money

ROE

-0.1%

Weak

Weak capital efficiency

ROCE

2.1%

Weak

Low return on total capital employed

Debt/Equity

0.68x

Moderate

Moderate leverage

Revenue Growth (YoY)

-23.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

97.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹103 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

2.8%

Weak

Thin margins leave little room for error

Net Margin

-0.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.55

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.09

Defensive

Steadier than the market

52W Range Position

36%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

49.3 / 52.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

35.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹101 Cr	₹191 Cr	₹235 Cr	₹244 Cr	+34.3%
EBITDA	-₹18 Cr	-₹7 Cr	-₹4 Cr	₹40 Cr	—
EBITDA Margin	-17.4%	-3.6%	-1.9%	16.5%	—
PAT (Net Profit)	-₹18 Cr	-₹17 Cr	-₹16 Cr	-₹0 Cr	—
EPS	₹-1.87	₹-1.78	₹-1.64	₹-0.05	—
ROE	-6.5%	-6.0%	-4.9%	-0.1%	—
ROCE	-9.1%	-7.6%	-5.3%	2.1%	—
Total Debt	₹0 Cr	₹54 Cr	₹96 Cr	₹225 Cr	+1376.1%
Free Cash Flow	-₹59 Cr	-₹41 Cr	-₹110 Cr	-₹103 Cr	—

🟢 Revenue has grown at 34.3% a year over 3 years.

🟢 EBITDA has turned positive, from -₹18 Cr to ₹40 Cr.

🟢 EBITDA Margin has risen from -17.4% to 16.5% over 3 years (+33.9 pts).

🟢 ROE has risen from -6.5% to -0.1% over 3 years (+6.3 pts).

🟢 ROCE has risen from -9.1% to 2.1% over 3 years (+11.1 pts).

🔴 Total Debt has grown at 1376.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹709 Cr

Total Liabilities

₹377 Cr

Cash & Equivalents

₹55 Cr

Operating Cash Flow

-₹81 Cr

Capex

-₹22 Cr

Shareholding (proxy)

Institutional Holding

13.1%

Insider Holding

61.4%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
STATE BANK OF INDIA	10.3x	15.2%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%

Recent News

2 mixed4 general

Niyogin Fintech Ltd. Share Price News: Price Rise Analysis

Univest, 18 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Compare with

Equitymaster, 16 Oct

Niyogin Fintech shareholders approve stake reduction in Iserveu

scanx.trade, 28 May

Niyogin Fintech, Sammaan Capital Ink ₹500 Cr Deal

Equitypandit, 10 Sept

Niyogin Fintech gets NCLT first motion approval for composite scheme

scanx.trade, 22 Sept

Niyogin Fintech Ltd. Share Price Fall: Price Action Review

Univest, 14 AugPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Watch Items

Revenue growth is negative (-23.9%) on the latest reported period — check if this is one-off or a trend.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality

WeakProfitability · Valuation · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 4 tripwires tripped — Return on equity stays above 8%; Interest cover stays above 3x · see Key things to watch ↑