1. Opening HookWhen your forex card competes with Visa delays and tariff tantrums, you know it’s peak desi fintech season. WSFx Global Pay strutted into Q2 FY26 like a monk who just discovered AI automation — calm outside, margin fire inside. The CEO called the 89% QoQ surge “broad-based,” but investors heard “finally, we’re not just travel money counters.” In a market where even rupees are confused which corridor to flow through, WSFx seems to have found its digital dharma.As the Bhagavad Gita says, “Action is greater than inaction.” Stick around; this story’s FX gets spicier.
2. At a Glance
- Revenue ₹34.96 Cr (+90% QoQ):CFO swears it’s not seasonal wizardry — just September magic.
- PBT ₹4.86 Cr (vs ₹0.16 Cr):A comeback even Bollywood would envy.
- PAT ₹3.67 Cr:Profits finally joined the call.
- EBITDA Margin 18%:The CFO’s new mantra — “discipline meets discount FX.”
- Turnover ₹2,063 Cr (+89% QoQ):Because fintech growth graphs don’t do subtle.
- Digital share 59%:AI meets AD2 — Alexa, book my remittance.
3. Management’s Key Commentary
“Despite Student Segment de-growth, we delivered strong profitability.”(Translation: Students didn’t fly, but our margins did. 😏)
“Competition from banks, AD2s, and fintechs remains intense.”(Read: We’re all fighting for the same airport kiosk.)
“We launched our Multi-Currency Black Card supporting 12 currencies.”(Translation: Finally, a card that travels more than your boss.)
“Smart Switch Card will go live by December.”(Read: We’re beta testing your vacation money.)
“Zaggle partnership will be a big product for us.”(Translation: Someone else’s customer base looks juicier than ours.)
“Global Pay Card to be tokenized with Samsung & Google Pay soon.”(Finally, you can tap your way to forex freedom — or bankruptcy.)
“D2C ecosystem expansion includes SIM cards, insurance, and lounge passes.”(Read: From rupees to lounges, we’ll monetize your every layover.)
“Student Segment fell 22%, US down 40%, but UK & Germany saved the day.”
(Translation: Uncle Sam ghosted us, but Berlin called back.)
“Corporate Segment grew steadily, +9% QoQ.”(Read: CFOs finally stopped hoarding rupees.)
4. Numbers Decoded
| Metric | Q2 FY26 | Q1 FY26 | QoQ Change | Comment |
|---|---|---|---|---|
| Turnover | ₹2,063 Cr | ₹1,091 Cr | +89% | Seasonal boost, not black magic |
| Revenue | ₹34.96 Cr | ₹18.4 Cr | +90% | Students returned — at least digitally |
| PBT | ₹4.86 Cr | ₹0.16 Cr | 🚀 | From latte money to profit |
| PAT | ₹3.67 Cr | ₹0.12 Cr | 🪄 | Margin fairy finally visited |
| Digital Share | 59% | 52% | +7% | Every rupee now coded |
| Corporate Partners | 900+ | 870 | +30 | Partnerships = modern jugaad |
| B2B Partners | 700+ | 650 | +50 | Network FX on steroids |
Seasonal peak, controlled costs, and student diversification kept the rupee merry.
5. Analyst Questions
Q:Receivables shot up 4x — are customers ghosting?A:Nope, just cheque lag and card float math. (Translation: Trust our accounting yoga.)
Q:Growth outlook?A:Muted macro, bullish micro. (In fintech language: “We’ll grow unless the world collapses.”)
Q:Credit card threat?A:Freebies can’t buy loyalty — only FOREX cards can. 😏
Q:PACB license update?A:“Work in progress” — corporate for “check back in 2026.”
Q:DreamFolks tie-up?A:
