Imagine a fintech so efficient it squeezes 72% ROCE out of a ₹148 crore top line — and then imagine the market rewarding that wizardry with a 122x P/E. That’s NPST in Q1 FY26: revenue at ₹33.6 crore, PAT ₹7.2 crore, and margins fatter than your neighbour’s mithai box. From UPI switches to CBDC experiments, NPST has gone from “who?” in 2013 to “take my money” in 2025. The only catch? At 43x book value, even Warren Buffett would roll his eyes.
2) Introduction
Welcome to India’s fintech theatre, where the plot twists are written not by Bollywood but by the NPCI, RBI, and every bank CEO tired of creaky IT systems. Into this chaos walks NPST, a fintech born in 2013 that decided to play both the Technology Service Provider (TSP) and Payment Platform-as-a-Service (PPaaS) card. In English: the company is basically the plumber of the Indian banking sector, making sure UPI pipes don’t leak, CBDC taps don’t explode, and merchant QR codes actually beep when scanned.
Banks love NPST because it saves them from building payment plumbing in-house. Fintechs love NPST because it hands them APIs and says, “Here, play with this toy set and don’t break compliance.” Merchants tolerate NPST because the QR and soundboxes actually work.
Today, the company runs ~700 merchant locations, ~15 banks, 150k+ merchants, 15 billion+ transactions a year, and enough APIs to make a CTO weep. And yet — despite all this — NPST doesn’t pay dividends. Because why share mithai when valuations already taste like jalebi?
3) Business Model (WTF Do They Even Do?)
NPST is like the guy who builds the backstage rigging for a rock concert. You don’t see him, but if he screws up, the entire show collapses.
Two Verticals:
TSP (Technology Service Provider): Payment switches, UPI rails, IMPS, mobile banking engines, and the famous “Super App” that banks now flash in investor calls.
PPaaS (Payments Platform-as-a-Service): EvoK 3.0, the cloud-native darling that handles online + offline pay-ins, pay-outs, AutoPay, dispute management, chargebacks, fraud monitoring, and even “CBDC switch” bragging rights.
Products in the wild:
Qynx: Offline merchant platform with QR codes and soundboxes.
ODR: Online dispute resolution — because every UPI fight needs a referee.
Bill Aggregation Switch: NPST now handles your boring BBPS bill payments.
Super App: A 3-in-1 buffet of banking + lifestyle services.
Translation: If you’ve used UPI, there’s a non-zero chance NPST was somewhere in the plumbing, silently charging rent on each packet of data.
4) Financials Overview
Source table
Metric
Q1 FY26
Q1 FY25
Q4 FY25
YoY %
QoQ %
Revenue (₹ Cr)
33.6
58.9
26.4
-42.9%
+27.5%
EBITDA (₹ Cr)
9.8
20.8
8.8
-53.0%
+10.8%
PAT (₹ Cr)
7.2
15.6
6.0
-54.0%
+20.0%
EPS (₹)
3.7
8.1
3.1
-54.3%
+19.4%
Commentary: Q1 YoY numbers look like a car crash (sales halved, profit halved). But QoQ is a cheeky comeback story. Annualised EPS: ₹14.8. At CMP ₹2,302, that’s a 122x multiple — i.e., you need 122 years of NPST’s current earnings to pay for a share. Great-grandkids will inherit this
