RNFI Services LimitedQ1 FY27 Results & Financial Update
RNFI Services Limited: Q1 FY27 consolidated results and company financials – revenue ₹270.78 Cr, PAT ₹5.06 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore RNFI Services Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
RNFI Services Limited posted consolidated total income from operations of INR 270.7845 crore for the quarter ended 30 June 2026, driven by contributions across forex, business correspondent, non-business correspondent, and direct broking segments.
Consolidated profit before tax (PBT) for Q1 FY27 stood at INR 6.8976 crore, while consolidated profit after tax (PAT) reached INR 5.0587 crore after accounting for tax expenses of INR 1.8389 crore.
Total comprehensive income for the quarter was reported at INR 4.9790 crore, factoring in other comprehensive loss items such as remeasurements of defined benefit plans.
Profit attributable to the owners of the company for the period was INR 4.5787 crore, with non-controlling interests accounting for INR 0.4800 crore of the total consolidated PAT.
Basic and diluted earnings per share (EPS) for the quarter stood at INR 1.82, based on the weighted average number of equity shares outstanding during the period.
Total consolidated expenses for the quarter were INR 263.8869 crore, led by direct costs of operation amounting to INR 226.5369 crore across forex and non-full-fledged money changer activities.
Employee benefit expenses stood at INR 24.1785 crore, while finance costs and depreciation and amortisation expenses were recorded at INR 0.5771 crore and INR 4.0283 crore, respectively.
01 · Business model
What does RNFI Services do?
RNFI Services Limited operates as a technology-driven financial services provider, delivering a diverse suite of digital solutions spanning business correspondent services, non-business correspondent operations, foreign exchange services, and direct broking across life and general insurance categories.
The company conducts its operations through a robust corporate structure comprising multiple subsidiaries and step-down entities, including RNFI Money Private Limited, Paysprint Private Limited, Reliassure Insurance Brokers Private Limited, Relicollect LLP, Reliconnect LLP, RNFI Fintech Private Limited, Ciphersquare Digital Private Limited, RNFI Asset Distribution Private Limited, and Sprintteck Innovations Private Limited.
The revenue model is diversified across transaction fees, commissions, foreign exchange margins, and brokerage services, catering to retail customers and institutional partners through digitally enabled distribution channels.
02 · Historical context
What shaped the business before this quarter
The company previously raised funds through an initial public offering (IPO) on July 25, 2024, raising INR 60.4904 crore net of issue expenses.
The company completed preferential issues of convertible warrants and equity shares on October 22, 2025, and May 30, 2026, raising INR 24.6149 crore.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹270.78 Cr |
| Total income | ₹270.78 Cr |
| Profit before tax | ₹6.90 Cr |
| Profit after tax | ₹5.06 Cr |
| EPS | ₹1.82 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Generated INR 155.0977 crore in revenue during Q1 FY27, representing the largest single revenue contributor on a consolidated basis.
Contributed INR 114.8135 crore to consolidated revenue from operations for the quarter.
Life and general insurance direct broking contributed INR 14.7329 crore to the consolidated top line during the quarter.
Delivered INR 23.3918 crore in consolidated operating revenue for the June 2026 quarter.
The Full Fledged Money Changer segment generated INR 155.0977 crore in revenue during the quarter.
Generated revenue of INR 114.8135 crore for the quarter.
Business correspondent operations contributed INR 23.3918 crore in revenue.
What drove margins
Total direct operational costs reached INR 226.5369 crore, with full-fledged money changer direct costs accounting for INR 153.3531 crore and non-full-fledged operations accounting for INR 73.1838 crore.
Employee costs were maintained at INR 24.1785 crore for the quarter, reflecting workforce investments across the parent entity and subsidiaries.
Other expenses stood at INR 8.5081 crore, while depreciation and amortisation expenses were INR 4.0283 crore and finance costs remained modest at INR 0.5771 crore.
Direct costs of operation remained the largest expense head, led by Full Fledged Money Changer direct costs of INR 153.3531 crore and Non Full Fledged Money Changer direct costs of INR 73.1838 crore.
Employee benefit expenses stood at INR 24.1785 crore for the quarter.
Depreciation and amortisation expenses were recorded at INR 4.0283 crore, while finance costs stood at INR 0.5771 crore.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
For Q1 FY27, segment revenues were reported as follows: Non-Business Correspondent INR 76.6888 crore, Business Correspondent INR 23.3918 crore, Forex INR 155.0977 crore, and Direct Broking (Life & General Insurance) INR 14.7329 crore.
Segment profit before tax for Q1 FY27 showed Non-Business Correspondent at INR 3.5299 crore, Business Correspondent at INR 1.0384 crore, Direct Broking at INR 1.6317 crore, and Forex reporting a loss before tax of INR 0.1757 crore.
Non-Business Correspondent reported PBT of INR 3.5299 crore, Business Correspondent recorded PBT of INR 1.0384 crore, Direct Broking registered PBT of INR 1.6317 crore, while the Forex segment posted a loss before tax of INR 0.1757 crore.
06 · Strategy & new businesses
How the company is trying to change its growth mix
During the period ended 30 June 2026, the Board of Directors approved the acquisition of up to 75% of the paid-up share capital of Ambition Services Private Limited, structured partially through a fresh issue of shares and partially through share transfer.
The board approved the 'RNFI Employee Stock Option Plan, 2026' ('ESOP 2026') during the quarter, which received members' approval through a postal ballot on 10 July 2026, with NSE in-principle approval under process.
The Board of Directors approved the acquisition of up to 75% of the paid-up share capital of Ambition Services Private Limited during the period.
07 · Reported developments
What changed operationally
The company received approval from the National Stock Exchange (NSE) on 14 July 2026 for the listing of 296,292 equity shares of INR 10 each issued upon the conversion of warrants.
The company received approval from the National Stock Exchange on July 14, 2026, for the listing of 296,292 equity shares issued upon the conversion of warrants.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Out of INR 25.00 crore earmarked for working capital requirements from IPO proceeds, the entire amount has been fully utilized as of 30 June 2026.
Unutilized amounts from IPO proceeds include INR 2.6350 crore out of INR 10.8134 crore allocated for Micro ATMs/laptops/servers and INR 8.8814 crore out of INR 19.3770 crore for inorganic growth and strategic initiatives, temporarily parked in bank and deposit accounts.
Capital allocation & funding
The consolidated debt-equity ratio stood at 0.18 as of 30 June 2026, compared to 0.15 as of 31 March 2026.
The consolidated current ratio improved to 1.72 as of 30 June 2026 from 1.68 as of 31 March 2026.
The consolidated debt-equity ratio stood at 0.18 times as of June 30, 2026.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Auditor Review Report
Statutory auditors Kushal S Poonia & Co. issued an unmodified limited review report on both standalone and consolidated unaudited financial results for Q1 FY27.
10 · Key Q&A
The quarter, answered directly
What does RNFI Services do?
RNFI Services Limited operates as a technology-driven financial services provider, delivering a diverse suite of digital solutions spanning business correspondent services, non-business correspondent operations, foreign exchange services, and direct broking across life and general insurance categories.
What is the clearest takeaway from Q1 FY27?
RNFI Services Limited posted consolidated total income from operations of INR 270.7845 crore for the quarter ended 30 June 2026, driven by contributions across forex, business correspondent, non-business correspondent, and direct broking segments.
What drove revenue or demand?
Generated INR 155.0977 crore in revenue during Q1 FY27, representing the largest single revenue contributor on a consolidated basis.
What mattered most for margins or profitability?
Total direct operational costs reached INR 226.5369 crore, with full-fledged money changer direct costs accounting for INR 153.3531 crore and non-full-fledged operations accounting for INR 73.1838 crore.
What changed operationally beyond the headline numbers?
During the period ended 30 June 2026, the Board of Directors approved the acquisition of up to 75% of the paid-up share capital of Ambition Services Private Limited, structured partially through a fresh issue of shares and partially through share transfer.
What should the next disclosure help confirm?
Monitor the completion and financial integration of the acquired 75% stake in Ambition Services Private Limited.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Ambition Services Acquisition Execution: Monitor the completion and financial integration of the acquired 75% stake in Ambition Services Private Limited.
- 02
ESOP 2026 Implementation: Track receipt of final in-principle approval from the National Stock Exchange for the 'ESOP 2026' plan.
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