1. Opening Hook
NPST’s Q2 call felt like a Bollywood comeback montage—slow-mo walk, dramatic background score, and a CEO quoting Warren Buffett for moral authority. Just a year ago, revenues slipped, confidence wobbled, and investors squinted hard at the slides. Fast forward to November 2025, and management is back on stage, chest out, numbers flashing green.
A 39% QoQ revenue jump, 40% EBITDA growth, and profits sprinting back like nothing ever happened. The story this time? “De-risking,” “SaaSification,” and a lot of “trust us, Q3 will be even better.”
Is this a genuine turnaround powered by product depth and SaaS annuities—or just peak-cycle optimism dressed in fintech jargon?
Stick around. The numbers look clean, the commentary is confident, and the subtext gets far more interesting the deeper you read 😏
2. At a Glance
- Revenue ₹48.6 cr (+39% QoQ) – Apparently, diversification works when panic is properly channelled.
- EBITDA ₹15.7 cr (+40% QoQ) – Operating leverage finally remembered to show up.
- Net Profit ~₹10 cr (+38% QoQ) – Profits back from exile, with gifts.
- EBITDA Margin ~32% – Still chunky, despite management investing like a VC.
- PAT Margin ~20.4% – Healthy enough to keep skeptics quiet, for now.
- TSP share ~80–85% – Old engine still pulling most of the weight.
3. Management’s Key Commentary
“We are on a mission to be a leading Paytech coming out of India.”
(Every fintech ever, but NPST is at least showing quarterly proof now 😏)
“Revenue increased to ₹48.61 crore, a 39% jump quarter-on-quarter.”
(Yes, we noticed. Please don’t say “breakneck speed” again.)
“We committed to de-risk and diversify the business, and we delivered.”
(Translation: EvoK scared us straight.)
“Bank-in-a-Box opens opportunities across 2,000 banks in India.”
(Big TAM math, now waiting for small-bank cheque books.)
“RegTech accuracy is over 90% for fraud prediction.”
(Impressive—assuming customers pay for accuracy, not just dashboards.)
“TimePay has crossed 1 million users with zero burn.”
(Unicorn math without unicorn losses—rare flex 🦄)
“UPI volumes will grow 3x in four years.”
(RBI said it, so we’re quoting it loudly.)
4. Numbers Decoded
Metric Q2 FY26 QoQ Trend
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Revenue ₹48.6 cr ↑ Strong
