Veefin SolutionsShare price, financial results, shareholding and management
- Market cap
- ₹588 cr
- Stock P/E
- 18.4peers 23.6
- Book value
- ₹233
- Price to book
- 0.99
- EV / operating profit
- -
- Market cap to sales
- 1.70
- ROCE · FY26
- 11.1%
- ROE · FY26
- 6.1%
- ROE, 3-year average
- 6.8%
- Operating margin · FY26
- 22.0%peers 14.0%
- Sales growth, 3 years
- 191.0%
- Profit growth, 3 years
- 99.9%
- Debt to equity
- 0.17peers 0.10
- Borrowings
- ₹101 cr
- Interest cover
- 5.3×
- Cash from business / op. profit
- 100%
- Debtor days
- 141
- Pledged
- 0.00%
- Promoter holding
- 34.73%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 4,833
- 52-week high / low
- ₹403 / ₹206
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Veefin Solutions share price chart
Close on 6 Nov 2026 · -2.08% on the day · Vol 23,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -4.2%
- 3 months
- -19.6%
- 6 months
- -26.0%
- 1 year
- -36.4%
- Traded a day, 20 days
- ₹0.90 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +339% | +97% |
| 3 years, a year | +191% | +100% |
| Latest half, H1 FY26 | +476% | +99% |
About Veefin Solutions: business, products and customers
Veefin Solutions makes software that banks and lending companies use to give loans, finance suppliers and manage cash and trade. It also owns service businesses that supply IT staff, digital media and tax work. Its shares trade on BSE SME.
Veefin Solutions builds banking software: supply chain finance, loan origination and loan management for retail, small business and corporate loans, collections, fraud and risk tools, and newer products for cash management, trade finance and internet banking. All ten products in use run on one shared platform, so a bank that starts with one module can add others without a fresh build. Its customers are banks, non banking finance companies and other financial institutions, and the company also runs PSB Xchange, a marketplace that connects corporate borrowers with lenders.
A typical software deal pays in three layers: one time implementation fees billed on milestones until the system goes live, usually within about nine months, then licence fees, then yearly maintenance from the second year, over contracts of about five years. So a signing shows up in revenue slowly, and today's revenue mostly reflects deals signed in earlier years. The company capitalises much of its product development, so spending on building software sits on the balance sheet and is charged as amortisation over time rather than as a cost in the year.
Read more about the business
Since FY25 the group has bought or consolidated several service businesses, such as Nityo Tech, Infini Systems and White Rivers Media, which charge for people's time at much lower margins than software. Services made up about two thirds of group revenue in FY26, so the group margin is far below that of the listed software company on its own; the company itself asks readers to judge the software business on the standalone figures. The offer document says no listed company in India or abroad offers a similar line of products.
What is new: GlobeTF Solutions and Estorifi Solutions are being merged into the company, with an appointed date of 1 April 2026, and BSE gave in principle approval on 11 September 2026 to move the shares to its main board. Subsidiaries have raised debt, including debentures issued by Nityo Tech, for which the promoters have pledged most of their shares.
From the offer document, the annual report for FY26, the August 2026 investor presentation, the May and August 2026 earnings calls and exchange announcements of September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 191% a year over three years.
- It brings in more cash than it shows as profit: ₹77 cr against ₹32 cr in FY26.
- It has little debt for its size: debt to equity 0.17.
To watch
- The NCLT order on merging GlobeTF Solutions and Estorifi Solutions into the company (Investor presentation, August 2026, p.16).
- The move to the BSE main board after the in principle approval of 11 September 2026 (Exchange announcement, 21 September 2026, p.1).
- Repayment of the subsidiaries' debentures and release of the pledged promoter shares (Encumbrance disclosure, 21 September 2026, p.5; Earnings call, August 2026, p.17).
- Lender integrations on PSB Xchange, where the managing director sees ten to twelve live banks as the turning point (Earnings call, August 2026, p.14).
- Customers take longer to pay than before: 141 days in FY26, against 43 in FY21.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Veefin Solutions revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Veefin Solutions half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | |
|---|---|---|---|---|---|
| Sales | 9.05 | 15.92 | 19.09 | 59.51 | 110.04 |
| Expenses | 7.56 | 6.48 | 13.20 | 40.90 | 89.90 |
| Operating profit | 1.50 | 9.43 | 5.89 | 18.61 | 20.14 |
| OPM | 16.6% | 59.3% | 30.8% | 31.3% | 18.3% |
| Interest | 0.04 | 0.31 | 0.20 | 0.52 | 3.66 |
| Depreciation | 0.23 | 0.71 | 1.66 | 3.44 | 7.35 |
| Profit before tax | 1.25 | 8.42 | 4.17 | 16.34 | 10.38 |
| Net profit | 0.98 | 6.42 | 4.13 | 12.13 | 8.21 |
Veefin Solutions profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 1 | 7 | 14 | 24.97 | 78.60 | 345.13 |
| Expenses | 1 | 5 | 9 | 14.04 | 54.14 | 268.13 |
| Operating profit | 0 | 1 | 5 | 10.93 | 24.46 | 77 |
| OPM | 12.0% | 17.0% | 37.0% | 43.8% | 31.1% | 22.0% |
| Other income | 0 | 0 | 0 | 0.02 | 1.85 | 7.16 |
| Interest | 0 | 0 | 0 | 0.34 | 0.69 | 12 |
| Depreciation | 0 | 0 | 0 | 0.94 | 5.10 | 18 |
| Exceptional and other items | · | · | · | · | · | -1.97 |
| Profit before tax | 0 | 1 | 5 | 9.67 | 20.52 | 52.19 |
| Tax rate | 0.0% | 0.0% | 20.0% | 23.6% | 20.8% | 38.8% |
| Net profit | 0 | 1 | 4 | 7.39 | 16.26 | 31.96 |
| EPS ₹ | 57.69 | 733.87 | 2.33 | 3.60 | 5.92 | 8.92 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY23 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY22 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Veefin Solutions profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 12.0% | 17.0% | 37.0% | 43.8% | 31.1% | 22.0% |
| Tax rate | 0.0% | 0.0% | 20.0% | 23.6% | 20.8% | 38.8% |
| ROCE | · | 10.5% | 17.2% | 11.4% | 7.1% | 11.1% |
| ROE | · | 20.0% | 15.1% | 8.7% | 5.6% | 6.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Veefin Solutions debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Veefin Solutions balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 18 | 23 | 23 | 25 |
| Reserves | 1 | 9 | 26 | 102 | 428 | 571 |
| Net worth | 1.01 | 9.01 | 44 | 125 | 451 | 596 |
| Borrowings | 5 | 4 | 1 | 5 | 13 | 101 |
| Other liabilities | 2.99 | 2.99 | 7 | 15 | 58 | 306 |
| Total liabilities | 9 | 16 | 52 | 145 | 522 | 1,003 |
| Fixed assets | 9 | 14 | 41 | 94 | 363 | 736 |
| Capital work in progress | 0 | 0 | 0 | 0 | 35 | 7 |
| Investments | 0 | 0 | 0 | 0 | 0 | 8 |
| Other assets | 0 | 2 | 11 | 51 | 124 | 252 |
Veefin Solutions cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 1 | 0 | 0 | 8 | -3 | 77 |
| Cash from investing | -7 | -6 | -24 | -45 | -273 | -339 |
| Cash from financing | 6 | 6 | 26 | 68 | 287 | 235 |
| Net cash flow | 0 | 0 | 2 | 31 | 11 | -27 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 43 | 46 | 193 | 143 | 231 | 141 |
| Cash conversion cycle | 43 | 46 | 193 | 143 | 231 | 141 |
| Working capital days | -3,650 | -108 | 108 | 101 | 148 | -24 |
Veefin Solutions peers and competitors
Listed SME companies in the same industryBy sales, Veefin Solutions is number 1 of the 33 listed SME companies in it - services.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Veefin Solutions | 588 | 18.4 | 345 | 32 | 22.0% | 0.17 |
| Sahana System | 1,028 | 15.1 | 331 | 67.9 | 30.1% | 0.07 |
| Unified Data Tech Solutions | 966 | 23.6 | 288 | 41 | 14.0% | 0.00 |
| Dove Soft | - | - | 274 | 23 | 12.0% | 0.10 |
| Meta Infotech | 138 | 12.5 | 270 | 11 | 7.0% | 0.11 |
| Rox Hi Tech | 175 | 10.3 | 203 | 16.9 | 13.0% | 0.53 |
| Exato Technologies | 685 | 42.8 | 168 | 16 | 15.0% | 0.24 |
| Enser Communications | 122 | 12.2 | 101 | 10 | 18.8% | 0.94 |
| Praruh Technologies | 212 | 23.6 | 101 | 9 | 14.0% | 0.00 |
| Optivalue Tek Consulting | 541 | 39.3 | 90.7 | 13.8 | 19.7% | 0.09 |
| Globtier Infotech | 26 | 28.2 | 75.4 | 0.9 | 9.2% | 0.03 |
| Median of the 10 others | 212 | 23.6 | 185 | 14.9 | 14.0% | 0.10 |
Veefin Solutions shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Veefin Solutions shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 23 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 39.84% | 39.84% | 37.40% | 35.25% | 35.25% | 36.36% | 34.73% | 34.73% |
| Foreign investors (FIIs) | 0.05% | 0.00% | 1.60% | 1.69% | 2.29% | 2.38% | 3.23% | - |
| Indian institutions (DIIs) | 1.16% | 1.95% | 2.88% | 2.37% | 0.14% | 0.12% | 0.08% | - |
| Number of shareholders | 1,232 | 1,844 | 3,259 | 4,893 | 5,251 | 5,099 | 4,993 | 4,833 |
Veefin Solutions study: the business from its own documents
Read from 11 of the company's own documentsVeefin Solutions so far
From the company's own record
- 21 Sept 2026Exchange's in-principle approval received
- 30 June 2026Promoters at 34.73%
- 10 Sept 2024Highest close since listing, ₹734.45
Veefin Solutions key facts from the filings
Each figure with the document it comes from
- Institutions served
- 50+
- Banks, NBFCs and financial institutions across 16 countries using ten products in production.Investor presentation, August 2026, p.4
- Qualified pipeline
- USD 80.13 mn
- Five year contract value across 52 banks at June 2026; about 70% is outside India and 70% beyond supply chain finance.Investor presentation, August 2026, p.18 and p.19; Earnings call, August 2026, p.17
- Wins in Q1 FY27
- USD 15.27 mn
- Five new clients, including six products for one large digital bank in the GCC.Investor presentation, August 2026, p.6
- Recurring revenue
- 74%
- Share of standalone revenue in Q1 FY27 that recurs; exports gave 49% of it.Investor presentation, August 2026, p.10
- Product against services
- ₹120.7 cr and ₹224.4 cr
- FY26 group revenue by segment; services margin was 11.8% against 25.2% for products.Annual report FY26, p.88
Show 5 more facts
- Standalone revenue FY26
- ₹70.7 cr
- Up 89.5%, with an operating EBITDA margin of 53.9%.Annual report FY26, p.88
- Days to get paid
- 149 → 80 days
- Standalone days sales outstanding from FY24 to Q1 FY27, the company reports.Investor presentation, August 2026, p.11
- Promoter shares pledged
- 31.70% of the company
- Pledged with Axis Trustee for debentures of the step down subsidiary Nityo Tech; promoters hold 34.73%.Encumbrance disclosure, 21 September 2026, p.4 and p.5
- Product spending capitalised
- ₹187 cr
- Group capital spending on product IP in FY26; management said FY27 would be lower.Earnings call, May 2026, p.12
- PSB Xchange lenders live
- 3 of 32
- Seven more integrations in progress; 94 corporate deals and ₹5,800 cr of approved limits on the platform.Investor presentation, August 2026, p.17
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says FY27 is about turning its pipeline into contracts, selling more products to existing clients, getting more lenders live on PSB Xchange and completing the merger of GlobeTF and Estorifi. On the May 2026 call the managing director said at least a quarter of the pipeline should convert within six months and that capital spending on products would be lower than in FY26. The managing director also said the subsidiaries' debentures, of two and three years, are meant to be repaid early, and that the move to the BSE main board is in its final listing steps.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Veefin earns high margins on banking software sold on long contracts, and around it the group now runs larger, low margin service businesses.
Its weak spots are slow and lumpy cash from long implementations, debt raised in subsidiaries with most promoter shares pledged, and many group companies that make the numbers hard to read.
StrongCan it set its own prices?In software, banks pick it for its single platform and add more modules over time, which supports high margins.
AverageHow strong is it against rivals?It wins on technology but can fall short against vendors with decades of history at large banks.
AverageWho are its customers?More than fifty financial institutions in many countries spread the risk, but every software customer is a bank or lender.
WatchDoes it need a lot of money?Building products and buying businesses has taken a lot of money, and subsidiaries have borrowed at high rates against pledged promoter shares.
StrongCan it keep finding new work?The pipeline refilled after a large quarter of wins, and half the banks in it are looking at more than one product.
AverageDo good and bad years swing a lot?Recurring licence and maintenance fees steady the software business, but deals are chunky and the services side has a weak first quarter.
Who runs Veefin Solutions?
Promoters, directors and officers; tap a name for the background
RDRaja DebnathPromoter, Chairman and Managing Director · holds 29.30%
MBA from the University of Oxford, master's in management studies from Jamnalal Bajaj Institute of Management Studies and a mechanical engineering degree from the University of Pune. Around 20 years in digital technology services, banking and consulting, with senior roles at GE Money, Kotak Mahindra Bank, Ernst and Young and the International Finance Corporation. Leads strategy, new products and partnerships.
Offer document, p.157; Annual report FY26, p.108GVGautam Vijay UdaniPromoter, Whole-time Director and Chief Operating Officer · holds 5.43%
Master's in management information systems from New Jersey Institute of Technology and a computer engineering degree from the University of Mumbai. Founded Infini Systems in 2010 and co-founded other start-ups; responsible for engineering and delivery, product quality, finance, fund raising and human resources.
Offer document, p.157; Annual report FY26, p.3 and p.108PMPayal Mehul MaisheriChief Financial Officer
Chartered accountant with a master's in commerce from the University of Mumbai; about ten years in tax and finance before joining, including running a chartered accountancy practice and working at Deloitte Haskins & Sells. Chief financial officer since 27 March 2023.
Offer document, p.165 and p.166ABAjay Babu RajendranNon-Executive Director
Master's in management studies from the University of Mumbai and a chemical engineering degree from the Maharaja Sayajirao University of Baroda; chairman of Meraki Group and Sobha Engineering and Contracting in Dubai, with interests in real estate, construction and schools.
Offer document, p.157DSDeepti SharmaIndependent Director
Post graduate diploma in operations management from Narsee Monjee Institute of Management Studies and a master's in commerce; operations manager at Tiivra Ventures.
Offer document, p.157 and p.158Veefin Solutions latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H1 FY26: sales ₹110 cr (+476%), net profit ₹8.2 cr (+99%) on H1 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 34.73%.
- Main board migration: the exchange's in-principle approval received, 21 Sept 2026 (migration tracker).
Veefin Solutions announcements
10 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026PDF ↗
- Company UpdateIncrease in aggregate number of Employee Stock Option and equity shares reserved under ''Veefin- Employee Stock Option Plan 2023''PDF ↗
- AGM/EGMDisclosure of Voting Results of the 6th Annual General Meeting (AGM) of the company held on September 29, 2026PDF ↗
- AGM/EGMDisclosure of Voting Results of the 6th Annual General Meeting (AGM) of the company held on September 29, 2026PDF ↗
- AGM/EGMSummary of proceedings of the 6th AGM of the Company held on Tuesday, 29th September, 2026 via video conference / other audio visual meansPDF ↗
- Insider Trading / SASTStakeholders are hereby informed that the trading window of the company shall be closed w.e.f. 01st October, 2026 till the declaration of the financial result fPDF ↗
- Insider Trading / SASTThe Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) PDF ↗
- Insider Trading / SASTThe Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on September 23,PDF ↗
- Company UpdateIntimation regarding receipt of In-Principle Approval for Migration of Equity Shares from BSE SME Platform to the Mainboard of BSE LimitedPDF ↗
- Company UpdatePursuant to Regulation 30 of the SEBI (LODR) Reg, 2015 please find enclosed herewith newspaper publication regarding notice of hearing in relation to Scheme of PDF ↗
Veefin Solutions annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Veefin Solutions share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Veefin Solutions' data · 7
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,55,39,417 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY22 (₹733.87) and FY23 (₹2.33) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Veefin Solutions
What does Veefin Solutions do?
Veefin Solutions makes software that banks and lending companies use to give loans, finance suppliers and manage cash and trade. It also owns service businesses that supply IT staff, digital media and tax work. Its shares trade on BSE SME.
What is the share price of Veefin Solutions?
₹230 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Veefin Solutions?
₹588 cr at the close on 6 Nov 2026, on 2,55,39,417 shares.
What is the P/E of Veefin Solutions?
18.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Veefin Solutions' revenue and profit?
Revenue ₹345 cr and profit after tax ₹32 cr in FY26.
Who are the promoters of Veefin Solutions?
Raja Debnath, Gautam Vijay Udani; promoters held 34.73% at 30 June 2026.
What is Veefin Solutions' website?
www.veefin.com
More SME companies like Veefin Solutions
Other listed SME companies in it - services, the closest in size first, each read from its own documents.
- Exato TechnologiesEXATO · BSE SME · IT - ServicesMarket cap ₹586 cr
- Sancode TechnologiesSANCODE · BSE SME · IT - ServicesMarket cap ₹638 cr
- Optivalue Tek ConsultingOPTIVALUE · NSE Emerge · IT - Services · listed 2025Market cap ₹479 cr
- TechD CybersecurityTECHD · NSE Emerge · IT - Services · listed 2025Market cap ₹413 cr
- Infinity InfowayINFINITY · BSE SME · IT - ServicesMarket cap ₹398 cr
- Unified Data Tech SolutionsUNIFIED · BSE SME · IT - ServicesMarket cap ₹921 cr
Built from 3 earnings call transcripts, 3 investor presentations, 3 annual reports, 1 offer document, 1 result filing, 10 exchange announcements, 8 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.