NSE: NPST | CMP: â‚ą2,049 | M-Cap: â‚ą3,973 Cr
🛸 India’s most explosive fintech nobody’s heard of outside LinkedIn. From â‚ą15 Cr in FY21 to â‚ą173 Cr in FY25 revenue – with 35% EBITDA margins and 112% profit CAGR – is NPST building India’s next Paytm… or just riding UPI’s coattails?
1. đź“Ś At a Glance
Incorporated in 2013, Network People Services Technologies Ltd (NPST) is a fintech infra player that helps banks go digital – building UPI stacks, RegTech dashboards, payment gateways, and more. It’s a TSP (Third Party Provider) and also operates in PPaaS (Payment Platform as a Service), the B2B cousin of the flashy fintech apps you see in IPL ads.
2. 🧨 Introduction with Hook
“UPI toh sab use karte hain, but kisi ne poocha – who’s building it for the banks?”
NPST is that nerdy coder behind the scenes, silently making ₹173 Cr in FY25, with a 35% OPM and an ROE of 55.7%. From signing African contracts to clocking 312% stock return in 3 years, this micro-cap has quietly become one of India’s most profitable tech dwarfs.
But wait – P/E of 88, CMP/BV of 38.3, and no dividends? Is this just another “growth-at-any-bloody-price” trade?
3. đź’Ľ WTF Do They Even Do? (Business Model)
NPST is basically the invisible fintech plumber. Here’s what they offer:
- 🔗 UPI Stack Enablement: Enables banks to offer UPI via their app – without building infra in-house. (Example: Your co-op bank’s UPI is likely NPST-powered.)
- 🏦 BBPS, AEPS, IMPS: Payment
