RNFI Services Ltd Q2 FY26: Fintech’s Fast and Furious Quarter with 55% Profit Jump, 471 Cr Sales & RBI Upgrade Drama

1. At a Glance

If the fintech world had a Desi “Fast & Furious” series,RNFI Services Ltdwould be the diesel engine roaring through the regulatory checkpoints at 200 km/h. Listed on NSE SME, this ₹871 crore market-cap B2B2C fintech powerhouse has turned into a multi-lane money highway — blending business correspondent services, forex trading, API banking, insurance, and digital payments — all while wearing the calm face of a compliance saint.

At₹349 per share (Nov 25, 2025), RNFI has zoomed 160% over the past year. Quarterly profit jumped a spicy55% YoY, from ₹5.7 crore to ₹8.8 crore in Q2 FY26, even as sales rose modestly to ₹471 crore. Operating margin inched up to6.02%, proving that even in fintech, kaam kam margin zyada drama bhi possible hai. The company’sROE at 25.2%andROCE at 29.4%would make most NBFCs blush.

The stock trades at a P/E of38x, slightly above theindustry median of 31x, but with a growth story this loud and RBI licenses dropping like confetti, who’s really counting?

2. Introduction – When Fintech Meets Jugaad

Once upon a time in 2015, when everyone was trying to invent “the next Paytm,” a bunch of folks decided to build something more practical — a fintech thatactuallymade money by helping others make money. Thus was bornRNFI Services Ltd, the great desi B2B2C connector of Bharat’s digital ecosystem.

While most fintechs burn cash faster than a wedding DJ playing “Chogada Tara,” RNFI quietly built a distribution army of1.69 lakh “Relipay Sahayaks”, bringing banking and digital services to the kirana counter near you.

Fast forward to FY25-26, RNFI isn’t just selling devices and recharges. It’s now dealing inforeign exchange, insurance broking, API banking, and collection services— basically, every financial transaction short of selling you a kidney loan.

And in the latest quarter, RBI upgraded their subsidiaryRNFI Money Pvt Ltdfrom FFMC toAuthorised Dealer (AD) Category II, which basically means they can now handle outward remittances. Translation: “We’re going global, baby.”

So, if India’s fintech scene were a classroom, RNFI isn’t the kid showing off new gadgets; it’s the quiet topper who also sells the gadgets to others.

3. Business Model – WTF Do They Even Do?

Let’s break it down — RNFI isn’t your typical app-based fintech throwing cashback parties. This company runs a deep, layeredB2B and B2B2C ecosystem, with its services reaching everyone from banks and NBFCs to last-mile agents in rural India.

Their empire is divided into four main verticals —

a) Business Correspondent (BC):Under RBI norms, RNFI acts as the digital middleman for banks — offeringAEPS, MATM, DMT, and other payment infrastructure. Think of it as the courier between your wallet and your bank, only faster and RBI-approved.

b) Non-Business Correspondent:This vertical handles portal-based services likemobile recharges, IRCTC ticket bookings, bill payments (BBPS), and PAN services. Basically, the stuff that keeps small-town India financially alive.

c) Full-Fledged Money Changer (FFMC):Handled by its subsidiaryRNFI Money Pvt Ltd, this division dominates forex transactions. FY24 data says68% of its revenuecame from foreign exchange activities — and now, with the AD Category II upgrade, RNFI can officially export the “jugaad model” overseas.

d) Direct Insurance Broking:ThroughReliassure, RNFI earns commissions on life and general insurance products. It’s not LIC 2.0, but it’s quietly nibbling at the commission pie.

Group companies likeRelimoney,Relicollect,Reliconnect, andPaySprintadd even more spice — providing everything from API banking to debt collections to SaaS-based fintech solutions.

Ever wondered how your village-level agent magically pays bills, sends money, and books tickets? Odds are, an RNFI backend is humming behind that screen.

4. Financials Overview (Quarterly Figures in ₹ crore)

Data Type:Quarterly (Consolidated)

Annualised EPS = ₹3.14 × 4 = ₹12.56 → P/E ≈ 27.8× (versus current 38× based on TTM).Not bad for a fintech that actually shows real profits.

Commentary:Margins improved to 6%, suggesting that for once, rising fintech costs didn’t eat the samosa. RNFI has managed to keep