Infibeam Avenues Ltd Q2FY26 – From Payment Gateway Powerhouse to AI Fintech Juggernaut: ₹1,965 Cr Quarterly Sales, ₹66.5 Cr PAT, RBI Licenses & Rediff Deal Drama

1.At a Glance

Infibeam Avenues Ltd — the digital payments gladiator of Gujarat — has officially evolved from being “that CCAvenue company” to a full-blown fintech-turned-AI machine. With₹1,965 crore revenueand₹66.5 crore profitin Q2FY26, this ₹5,624 crore market cap player now wears three crowns:RBI’s Physical Payment Aggregator license,Prepaid Payment Instrument approval, and an82.66% stake in Rediff.com(yes, that same Rediff from your dial-up days now runs UPI!).

At ₹20.1 a share (up 25% in 3 months), the stock trades at aP/E of 23.8, withBook Value ₹14.9,ROE 6.47%, andROCE 8.65%. Not bad for a company that once made e-commerce websites and is now trying to build AI-powered payment gateways for the world.

And as the Bhagavad Gita reminds us:“Karmanye vadhikaraste ma phaleshu kadachana.”(You have the right to work, not to the fruits of work.)Infibeam seems to have taken that literally — focusing on licenses, infrastructure, and tech karma, while profits play catch-up.

2.Introduction – When Gujarat Met Global Fintech

Once a modest web developer in Ahmedabad, Infibeam Avenues has now become India’s fintech ambassador — a blend of tech, transactions, and tenacity. It processes over₹3.8 trillion TPV in 9M FY25and commands8% market sharein India’s digital payments industry.

The irony? A company named “Infibeam” (infinite beam, perhaps?) is now the one shining a trillion-rupee light beam through India’s payment universe — viaCCAvenue,BillAvenue,GoPayments, and nowRediffPay.

But let’s be honest — fintech in India is a blood sport. Between Paytm’s existential crisis, Pine Labs’ IPO suspense, and PB Fintech’s P/E touching the stratosphere, Infibeam’s slow-and-steady, profitability-first model feels almost… un-Indian.

What it lacks in hype, it makes up for in licenses:

• RBI’s finalPayment Aggregator license(Physical) – ✅ Nov 2025
• RBI’sPrepaid Payment Instrumentin-principle nod – ✅ Oct 2025
• NPCI UPI TPAPapproval via RediffPay – ✅ Feb 2025

While others are still figuring out compliance, Infibeam is already setting up data centers for AI payments underQuantum Edge.

So, is this Gujarat’s answer to Razorpay + OpenAI? Buckle up — the numbers say, “maybe.”

3.Business Model – WTF Do They Even Do?

Infibeam Avenues makes money by moving money. Simple? Not really.

Their business hastwo main arms, but one clear brain — payment technology.

1️⃣ Payment Business (≈95% of revenue)

• CCAvenue– The crown jewel. Processes over₹2 trillionin 9M FY25, 200+ payment options, and can handle 2,400 TPS. Think of it as India’s PayPal, but compliant.
• BillAvenue– RBI-licensed BBPOU handling 1.2 million agents & 85% of BBPS billers. Processed₹214 billionworth of bills. If you paid your electricity bill, chances are Infibeam was somewhere in that transaction.
• GoPayments– The Bharat sidekick. Serves 110,000 agents, runs AEPS, BBPS, and DMT services, clocking₹156 billion TPV.
• ResAvenue&GeMprojects – Payment infra for hospitality and government portals. Because why not?

2️⃣ E-Commerce Platform Business (≈5%)

Cloud-based SaaS for enterprises. It ran platforms handling₹3.8 trillion TPV— but hold your tears, they sold it toRediff.com for ₹800 crorein FY26, now owning 82.66% of Rediff. It’s like selling your left arm to your own body.

So now?Infibeam is officially