01 — At a Glance
The Company That Renamed Itself From Infibeam to AvenuesAI (Like Instagram to Instagram)
- 52-Week High / Low₹21.1 / ₹12.6
- Q3 FY26 Gross Revenue₹2,381 Cr
- Q3 FY26 Net Revenue₹149 Cr
- Q3 FY26 PAT₹86 Cr
- Q3 EPS (₹)₹0.21
- Book Value₹12.0
- Price to Book1.19x
- Debt / Equity0.02x
- Interest Coverage28.9x
- FY26 PAT Guidance₹250–275 Cr
The Setup: AvenuesAI (formerly Infibeam Avenues) just delivered Q3 FY26 results that look like they were written by two different companies. Gross revenue +122% YoY, but net revenue +6% YoY. PAT +59% YoY. Margins expanding. The stock down -15.6% in three months. This is what happens when a payment gateway decides to cosplay as a venture-backed AI startup.
02 — Introduction
A Fintech That Sounds Like a Real Estate Developer
You know the feeling when someone you went to school with suddenly changes their name on LinkedIn to something more “global” and starts posting about “synergies”? That’s AvenuesAI right now. Except instead of rebranding, it’s rebranding. From Infibeam Avenues to AvenuesAI. Not a subtle move.
But here’s the thing: behind the rebrand is an actual business. A payment gateway with ₹2,381 crore in quarterly gross transaction value, processing over 2 trillion rupees annually, ranking among India’s top 3 B2B payment gateways, and maintaining an 8% market share in India’s digital payments sector. It’s the plumbing system that your UPI didn’t know it needed.
The company operates CCAvenue (the flagship RBI-approved payment aggregator), BillAvenue (BBPS platform for utility bills), GoPayments (55,000+ agents, financial inclusion play), and increasingly, Rediff (the 1990s portal that got acquired and is now being positioned as a consumer fintech play). Then they threw AI on top of everything and called it a day.
In February 2026, management called Q3 a “genuine inflection point.” They’re not wrong. Gross revenues up 122%, but net revenues lagging. EBITDA margins expanding to 66%, PAT margins at 58%. Guidance for FY26 upgraded to ₹75–80 billion revenue and ₹250–275 crore PAT. The management concall was basically: “We’re growing fast, staying profitable, and making the business more intelligent with AI.” Which is the corporate equivalent of “we’re doing fine, relax.”
Concall Confession (Feb 2026): Management explicitly framed the strategy as shifting “from a pipe to a decision/intelligence layer.” In English: they’re moving from “we process payments” to “we decide which payments should succeed.” That’s a bigger business if it works.
03 — Business Model: WTF Do They Actually Do?
They Run India’s Boring, Essential, And Wildly Profitable Pipes
Strip away the AI gibberish, and AvenuesAI is a plumbing company. Your shopping cart → needs a payment → goes through CCAvenue → succeeds (hopefully) → money lands in merchant account. That’s 95% of their revenue, up from 88% in FY22. The other 5% is an e-commerce SaaS platform that nobody talks about.
Their core product, CCAvenue, is an RBI-approved Payment Aggregator. It offers 200+ payment options (cards, wallets, UPI, bank transfers, whatever) and can handle 2,400 transactions per second. In 9M FY25, it processed ₹2+ trillion in TPV. That’s real money, real merchants, real scale.
Secondary plays: BillAvenue processes ₹214 billion in utility and bill payments (top 10 BBPOU ranking). GoPayments runs 110,000+ agents across 10,000 pin codes doing everything from AEPS (atm-style withdrawals) to money transfers. Rediff, the acquisition that made headlines, comes with 65 million monthly users—theoretically—and is being positioned as a consumer fintech entry point via RediffPay (UPI services via Axis Bank as PSP, approved in Feb 2025).
The genius: AvenuesAI doesn’t make money on fixed fees. It makes money on take-rate (bps), which is sliding. Q3 net take rate: 11.2 bps. Q3 FY25 net take rate: 8.2 bps. So they’re raising rates, great. But also competing harder, losing rates, bad. Net-net, they’re offsetting with volume and mix.
Market Share8%Digital Payments
Merchants Served10M+Daily adds: 2,000
TPV (9M FY25)₹3.8 Tn+6% vs FY24
Agent Network1.31MBBPS + GoPayments
The Rediff Play: In Aug 2024, AvenuesAI acquired 54% of Rediff.com India. Yes, the ’90s portal. Now 82.66% owned. RediffPay launched Feb 2025 with UPI, wallets, and financial wellness positioning. Management expects Rediff to contribute 2–4% of revenue initially, scaling to 10% eventually. Translation: massive bet on consumer payments, low burn, phased approach.
💬 Question: If CCAvenue is the pipes, is Rediff the tap, or is it supposed to be the sink? Comment your confusion below.
04 — Financials Overview
Q3 FY26: The Numbers That Don’t Make Sense At First
Result type: Quarterly Results (Consolidated) | Q3 EPS: ₹0.21 | Annualised EPS (Q3×4): ₹0.84 | FY26 Guidance: ₹250–275 Cr PAT
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Gross Revenue | 2,381 | 1,070 | 1,280 | +122% | +86% |
| Net Revenue | 149 | 140 | 139 | +6.4% | +7.2% |
| Net Take Rate (bps) | 11.2 | 8.2 | 9.5 | +300 bps | +170 bps |
| EBITDA (Adj.) | 98 | 78 | 71 | +25% | +38% |
| EBITDA Margin % | 66% | 56% | 51% | +1000 bps | +1500 bps |
| PAT (Adj.) | 86 | 54 | 68 | +59% | +26% |
| EPS (₹) | 0.21 | 0.15 | 0.18 | +40% | +17% |
The Math That Needs Explaining: Gross revenue +122% but net revenue +6%? Here’s why: they’re processing way more transactions (volume explosion), but at lower take rates. That’s called a “mix shift to enterprise and large-ticket volumes.” In English: big merchants pay less per rupee, but you make more absolute rupees. Management is deliberately choosing margin over headline growth. Also, their net take rate jumped to 11.2 bps from 8.2 bps, so they’re pricing power is intact. EBITDA margins expanded massively to 66% from 56%—that’s operational leverage kicking in as AI automation reduces manual work.
05 — Valuation: Fair Value Range
Is This a ₹14 Stock or a ₹40 Stock Pretending To Be Humble?
