| Market Cap | ₹825.3 CrNSE SME |
|---|---|
| Revenue TTM | ₹988.91 CrGrowth: 5.48% YoY |
| P/E Ratio | 28.48Industry: 34.23 |
| RSI | 53.12Neutral Zone |
Key highlights
- RBI letter dated October 29, 2026, conveys no-objection for change in control of SPSPL
- Acquisition includes Payworld Digital Solutions and its subsidiary Smart Payment Solutions
- SPSPL is an RBI-authorised issuer of Prepaid Payment Instruments (PPIs)
- Strategic move to complement existing banking correspondent and insurance services
- Transaction involves executing remaining tranches and a mandatory public notice by SPSPL
RBI Greenlights Acquisition of Licensed PPI Issuer
The Reserve Bank of India has officially conveyed its no-objection to RNFI Services for the acquisition of control over Smart Payment Solutions Private Limited (SPSPL). This regulatory clearance, detailed in an RBI letter dated October 29, 2026, enables the company to execute the remaining tranches of the proposal involving Payworld Digital Solutions Private Limited and its subsidiary, SPSPL. The transaction is expected to be completed following the issuance of a mandatory public notice by SPSPL, adhering to all applicable central bank requirements for changes in control of regulated entities.
Strategic Rationale for Digital Payment Expansion
- Direct entry into the regulated Prepaid Payment Instrument (PPI) issuance market
- Synergistic integration with existing banking correspondent and collection services
- Broadening of the group's portfolio of regulated financial service licenses
- Strengthening of the Relipay brand's presence in the digital payments ecosystem
- Expansion of the company's product suite to include licensed wallet and card solutions
Financial Performance and Recent Growth Milestones
RNFI Services reported operating revenue of ₹269.91 crore for the quarter ended June 30, 2026, marking a 12.77% sequential growth. While the quarterly net profit stood at ₹4.58 crore, the company has maintained a strong annual trajectory with TTM revenue reaching ₹988.91 crore. This acquisition follows other significant 2026 milestones, including the perpetual AD-II forex license for its subsidiary RNFI Money in September and a corporate business correspondent contract with Punjab & Sind Bank for 150 locations.
The company also secured AMFI registration for mutual fund distribution in May 2026.
| Date | Announcement | Amount |
|---|---|---|
| 18 Sep 2026 | RBI approval granting perpetual validity and scope expansion (trade remittances and Forex Correspondents) for subsidiary RNFI Money's AD-II forex licenceSource: NSE filing | – |
| 27 Aug 2026 | NSE in-principle approval for listing up to 27,84,517 equity shares under RNFI Employee Stock Option Plan 2026Source: NSE filing | – |
| 25 Jun 2026 | NSE in-principle approval for listing 2,96,292 equity shares allotted upon conversion of preferential warrantsSource: NSE filing | – |
| 08 May 2026 | AMFI registration approval granted to subsidiary RNFI Asset Distribution Private Limited for mutual fund distributionSource: scanx.trade | – |
| 17 Mar 2026 | Full-scale launch and rollout of UPI QR-based cash withdrawal service across merchant network in partnership with Jio Payments BankSource: stockscans.in | – |
What to watch next
- Issuance of mandatory public notice by Smart Payment Solutions Private Limited
- Final execution of the remaining acquisition tranches for PDSPL and SPSPL
- 31 Dec 2026: Deadline for deployment at 150 Punjab & Sind Bank locations
- Integration of PPI services into the Relipay merchant and consumer platforms
| Share price | ₹325 |
|---|---|
| Market capitalisation | ₹825.30 Cr |
| Revenue (annual) | ₹968.60 Cr |
| Net profit (annual) | ₹28.98 Cr |
| Revenue (latest quarter) | ₹269.91 Cr+12.77% vs previous quarter |
| Net profit (latest quarter) | ₹4.58 Cr-39.70% vs previous quarter |
| P/E (TTM) | 28.48×Sector 19.7× |
| Promoter holding | 64.25%-0.10% QoQ |
| FII holding | 1.35%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by RNFI Services Limited announcing the receipt of RBI no-objection for the acquisition of Smart Payment Solutions. Market figures from a third-party data provider.
