RNFI Services Q3 FY26: ₹257.84 Cr Sales, ₹9.52 Cr PAT, 59% Profit Jump — But Is This Fintech a Forex Shop in Disguise?
1. At a Glance – Blink and You’ll Miss the Margins
RNFI Services Ltd is trading at ₹304, sitting on a market cap of ₹762 crore, after delivering Q3 FY26 sales of ₹257.84 crore and PAT of ₹9.52 crore. Quarterly profit jumped 59.43% YoY, while sales grew 5.56% YoY.
Return over 3 months? A painful –17.5%. ROCE? A solid 29.4%. ROE? A respectable 25.2%. Debt-to-equity? Just 0.27. Book value? ₹53.9. Price-to-book? 5.64.
This is a freshly listed NSE SME fintech that claims to be a B2B and B2B2C financial services platform. But here’s the twist: 68% of FY24 segment revenue came from Full Fledged Money Changer (Forex).
So is this a fintech unicorn in the making… Or a very busy foreign exchange counter wearing a digital costume?
Let’s investigate.
2. Introduction – Fintech, But Make It Desi
RNFI Services was incorporated in 2015. In less than a decade, it has built a nationwide network of 1,69,447 active “Sahayaks” (H1 FY25), each generating an average revenue of ₹1,278 per month.
That’s nearly 1.7 lakh digital foot soldiers selling:
Aadhaar Enabled Payment System (AEPS)
IMPS
Domestic Money Transfer (DMT)
Railway tickets
Air tickets
Insurance broking
EMI collections
Forex exchange
And apparently… everything short of chai.
The company operates as a Business Correspondent (BC) for multiple banks and also runs Non-BC services and forex operations through RNFI Money Private Limited.
And then came the IPO.
On July 29, 2024, the company raised ₹7,081.20 lakhs (₹70.81 crore) via IPO of 67.44 lakh shares. Since then? Preferential allotments, warrants at ₹270, regulatory upgrades, and strategic acquisitions.
But here’s the real question:
Are we looking at a scalable fintech engine… Or a high-volume, low-margin forex pipeline?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
RNFI is basically the middleman of middlemen.
They sit between:
Banks
NBFCs
Payment banks
Insurance companies
Forex customers
Retail shopkeepers
They operate through “Relipay Sahayaks” — small retailers who provide financial services to customers.
Their 4 Main Verticals:
Business Correspondent (BC)
AEPS, MATM, DMT
RBI-regulated services
Earn commissions
Non-BC
Recharges
Ticket booking
BBPS
PAN services
Full Fledged Money Changer (FFMC)
Buy/sell foreign currency
This is the revenue beast
Direct Insurance Broking
Earn commission from policies
FY24 Segment Split:
FFMC: 68%
Direct Broking: 11%
Non-BC: 13%
BC: 8%
Let’s be honest.
When 68% revenue comes from forex, you’re not a fintech — you’re a currency machine with a login page.
Agree?
4. Financials Overview – Numbers Don’t Lie (But They Whisper)
