Mumbai: Veefin Solutions, the BSE SME-listed banking technology company best known for its supply chain finance (SCF) platform, has reported a 127 per cent year-on-year jump in consolidated net profit to ₹24.9 crore for the first half of FY27 (April–September 2026), up from ₹11 crore in the same period a year earlier. Consolidated revenue from operations more than doubled to ₹238.8 crore from ₹110.4 crore.
The board approved the unaudited results on 26 October 2026. These are the company’s first numbers under Indian Accounting Standards (Ind AS), which Veefin adopted voluntarily from 1 April 2026, with prior-period figures restated on the same basis.
Sequential momentum in Q2
The September quarter drove much of the half-year gain. Q2 FY27 net profit rose 61 per cent quarter-on-quarter to ₹15.3 crore from ₹9.5 crore in Q1, while operating revenue grew 9 per cent to ₹124.7 crore from ₹114.2 crore. Profit before tax for the quarter stood at ₹22.9 crore. For the half year, consolidated profit before tax rose about 152 per cent to ₹35.3 crore.
Against the preceding six months, growth was more modest. H1 FY27 revenue was about 3 per cent higher than the ₹232.7 crore reported in H2 FY26, and net profit was up 9 per cent from ₹22.8 crore. Total expenses for the half rose 109 per cent to ₹205.3 crore, in step with the larger operating base.
By segment, services generated ₹88.2 crore of Q2 revenue and products ₹36.5 crore. On a standalone basis, recurring fees made up 89.8 per cent of quarterly revenue, and existing clients accounted for nearly 70 per cent.
Pipeline tilts beyond SCF and beyond India
Veefin’s open deal pipeline grew to ₹920 crore at the end of Q2, up from ₹760 crore at the end of Q1. It covers 77 active deals in 16 countries. During the quarter the company added ₹240 crore of new opportunities and signed ₹46 crore of contracts.
The mix shows how the company is broadening. Supply chain finance is still the largest single category at 35 per cent of pipeline value, but 65 per cent now sits in other products: digital lending (23 per cent), trade and cash management (18 per cent) and digital banking (16 per cent). About 84 per cent of the pipeline value comes from outside India, and Southeast Asia alone accounts for 56 per cent.
This fits the strategy Chairman and Managing Director Raja Debnath set out in the company’s FY26 annual report. Veefin is moving from SCF specialist to a multi-product enterprise banking platform that lets banks modernise one workflow at a time rather than replace core systems wholesale.
Cash flow is the watch point
Earnings rose, but cash generation went the other way. Consolidated operating cash flow was a net outflow of ₹15.8 crore in H1 FY27, against an inflow of ₹24.7 crore a year earlier. The main cause was a ₹70.4 crore increase in other current assets. Collections are improving, though: standalone days sales outstanding fell to 88 days in H1 from 99 days in FY26 and 149 days in FY24.
The board also approved a scheme to merge subsidiaries Estorifi Solutions and GlobeTF Solutions into Veefin Solutions. In August 2026 the company allotted ₹50 crore of non-convertible debentures through private placement. On leadership, Pavan Chamarty has joined as Chief Delivery Officer from Tech Mahindra, and Akash Munjal has been promoted to Chief Customer Officer.
For banks and NBFCs choosing technology partners for working capital and digital lending stacks, Veefin’s results show a growing contract base. They also show that international expansion will need tight control of working capital.
