Fino Payments Bank Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Fino Payments Bank Ltd trades at ₹140, in a downtrend and 37 weeks into that stage. That is −20.7% against its own 200-day average. It sits at 10% of a 52-week range of ₹119 to ₹329. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (3 weeks and counting).

Today the stock is in a downtrend — week 37 of stage 4, confirmed. At ₹140 it trades −20.7% versus its 200-day average and sits at 10% of its 52-week range (₹119–₹329).

Against the market, two honest reads. Cumulative: over the last 4.8 years the stock moved −74% while the NIFTY 500 moved +48% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (3 weeks and counting; last ahead the week of 2026-08-21) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.

Fino Payments Bank Ltd trades at 1.4× P/BV, near the bottom of its own range — cheaper only 4% of the time. Its long-run median P/BV is 3.8×, measured across 4.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/BV of 1.4× is near the bottom of its own range — cheaper only 4% of the time, against a long-run median of 3.8× measured over 4.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The honest context for that discount: a bank earning about 7% on its equity is worth less per rupee of book, and the market has priced that in rather than overlooked it. The discount closes only if the returns themselves improve.

Why the multiple sits where it does: over the past year book value grew while the price moved −50.0% — price and book moved together, holding the multiple in its range.

The price move, decomposed: over 3y, of the −26.3%/yr price move, ~+14.8%/yr came from book-value growth and ~−41.1 pp from the multiple (compressing). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the book-value line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Fino Payments Bank Ltd was paying for profit growth of about 15.0% a year. Today the market pays 1.4× P/BV, the 4th percentile of its own 5-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is the whole of what a buyer is backing.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Fino Payments Bank Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −76.7% latest against +16.1% at its 12-quarter best), ROE slipping at 7.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

32.6/100 — rank 8 of 9 in Banks - Small Finance · 80% evidence confidence

Fino Payments Bank Ltd scores 32.6 out of 100 against the 9 companies it is compared with in Banks - Small Finance, ranking 8. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 11.7 + 10.8 + 7.1 + 3 = 32.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.

Fino Payments Bank Ltd reported ₹72.0 Cr of income in the Jun 26 quarter, +18.0% year on year. That is the 11th straight quarter of year-on-year growth. Over 8 years it has compounded at 40.9% a year. The last full year, FY26, came in at ₹248 Cr. The last four reported quarters add to ₹259 Cr.

FY26 revenue came in at ₹248 Cr (+27.2% on the year), capping 8 years at 40.9% compound. The latest quarter (Jun 26) printed ₹72.0 Cr, +18.0% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +23.1% growth against the decade's 40.9% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +22.7% over the last 4 quarters against +26.4%/yr over the last 8 — rolling over; TTM profit −76.7% vs −53.4%/yr — rolling over.

Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.

Fino Payments Bank Ltd's net margin is −19.4% in the Jun 26 quarter, −48.9 percentage points against the same quarter a year ago. Across 9 fiscal years the net margin has ranged −418.8% to 119.4%. The current quarter sits inside that band.

The latest quarter's net margin is −19.4%, −48.9 pp against the same quarter a year ago. Across 9 fiscal years the net margin has ranged −418.8%–119.4%.

Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Fino Payments Bank Ltd posted a net loss of ₹14.0 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹52.0 Cr. That loss is 19.4% of the quarter's revenue. The same quarter a year earlier earned ₹18.0 Cr. 1 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹−14.0 Cr, −177.8% year on year. On the full year, FY26 printed ₹52.0 Cr (−44.1%).

🚨 Why profit moved: revenue contributed +18.0% and the margin −48.9 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −81.3% vs revenue +23.1%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.

Loan-book quality history is not available for Fino Payments Bank Ltd, so this section names the gap rather than estimating a ratio. No gross or net non-performing-asset series is filed in a form this page can read, and none is inferred from the profit line. The income, margin and return sections above carry the evidence this business does report.

We do not hold quarterly loan-book quality numbers for this bank, so this section states that plainly rather than working around it.

Why: loan-book quality is the engine room of a bank, and its drivers — slippages, recoveries, provisioning — sit below what we hold for this name; the sections around it carry the reads we can stand behind.

The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.

Fino Payments Bank Ltd's revenue grew +27.2% in FY26 to ₹248 Cr, so the book is growing. The latest quarter ran +18.0% year on year. The net margin on that income is −19.4%, −48.9 percentage points against a year ago. Interest income is a proxy for the book; rate moves can shift it a few points in any one year.

FY26 revenue was ₹248 Cr, +27.2% on the year, and the latest quarter ran +18.0% year on year. The net margin on that revenue is −19.4% this quarter (−48.9 pp YoY) — growth with a narrowing margin on it.

The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.

Returns on equity and assets Two numbers rate a bank: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys. ROE above ~13–15% earns its keep; below that, growth builds book slowly.⚠ unverified

Fino Payments Bank Ltd earns a return on equity of 7% in FY26. Its trough over the ladder below was −32% in FY19. On the asset side every ₹100 of the balance sheet earned about ₹1.10, which is the return before leverage is applied.

FY26 ROE came in at 7%, recovered from a FY19 trough of −32%. On assets, the latest reading is about 1.10% — every ₹100 the bank deploys earns roughly ₹1.10 a year. That return is below the bar a bank must clear to compound book value quickly — which is also the honest reason the stock trades where it does.

Why: the ROE ladder shows the move; the deposit-cost and provisioning drivers behind it sit below what we hold.

Debt

For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.

A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 6.0 points of Fino Payments Bank Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 0.0% of the company. Foreign institutions moved −4.8 points over the same window, to 0.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −6.0 points over 8 quarters to 0.0%; Foreign institutions: −4.8 points over 8 quarters to 0.3%; Promoters: +0.0 points over 8 quarters to 75.0%.

🚨 Why the register moved: domestic institutions drove it (−6.0 points), alongside foreign institutions (−4.8 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Fino Payments Bank Ltd: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.

The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.

Frequently asked questions