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 Ltd would 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 spicy 55% YoY, from ₹5.7 crore to ₹8.8 crore in Q2 FY26, even as sales rose modestly to ₹471 crore. Operating margin inched up to 6.02%, proving that even in fintech, kaam kam margin zyada drama bhi possible hai. The company’s ROE at 25.2% and ROCE at 29.4% would make most NBFCs blush.
The stock trades at a P/E of 38x, slightly above the industry 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 that actually made money by helping others make money. Thus was born RNFI 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 of 1.69 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 in foreign 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 subsidiary RNFI Money Pvt Ltd from FFMC to Authorised 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, layered B2B 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 — offering AEPS, 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 like mobile 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 subsidiary RNFI Money Pvt Ltd, this division dominates forex transactions. FY24 data says 68% of its revenue came from foreign exchange activities — and now, with the AD Category II upgrade, RNFI can officially export the “jugaad model” overseas.
d) Direct Insurance Broking: Through Reliassure, 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 like Relimoney, Relicollect, Reliconnect, and PaySprint add 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)
Source table
Metric
Q2 FY26 (Sep 2025)
Q2 FY25 (Sep 2024)
Q1 FY26 (Jun 2025)
YoY %
QoQ %
Revenue
471.4
458.0
459.0
+2.9%
+2.7%
EBITDA
13.35
11.83
11.81
+12.8%
+13.0%
PAT
8.79
5.67
5.77
+55.1%
+52.3%
EPS (₹)
3.14
2.45
2.08
+28.2%
+50.9%
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 operating expenses under control even as the top line stayed stable. QoQ growth in profit was double-digit, and the EPS consistency shows scaling power without burning cash like a typical startup circus.
5. Valuation Discussion – Fair Value Range Only
Let’s do the math (don’t worry, no GST applied).
a) P/E Method: Annualised EPS = ₹12.56 Industry P/E = 30x → Fair Range
