Veefin Solutions Ltd. · BSE:VEEFIN
Veefin Solutions — H1 FY2026 Earnings Presentation
37 slides from Veefin Solutions's earnings presentation, Nov 14, 2025
Slide 1: BSE Regulation 30 disclosure letter
Date: November 14, 2025 To, BSE Limited The Corporate Relationship Department Phiroze Jeejeebhoy Towers, 1st Floor, Dalal Street, Mumbai – 400 001 Ref: Scrip Code: 543931 ISIN: INE0Q0M01015 Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Dis
Slide 2: Think Digital Banking. Think Veefin
V EE F IN Think Digital Banking. Think Veefin
Slide 3: Safe Harbour Statement
Safe Harbour Statement Veefin Solutions Limited No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are
Slide 4: Summary - Veefin H1 FY2026 Highlights
Summary - Veefin H1 FY2026 Highlights Profitable Core- Building the Disciplined Sustained Our Engine for Multi-Product Execution & Growth Growth Platform Financial Strength & Visibility 54% EBITDA Six products - Trade, Capital allocation We grew revenues over profitability in SCF CMS, Corporate & Re
Slide 5: Veefin at a Glance
at a Glance Global $40B+ Products Clients 80+ FIs & 300+ Awards Enterprise Across Corporates Supply Chain Finance Software 24+ annualized Product Trade Finance disbursements Provider to Cash Management Countries Most Innovative Banks & NBFCs since 2020 Corporate Internet Banking 108% SCF Solution 20
Slide 6: Leadership Depth That Powers Global Scale
Business, Product, & Technology Leadership Ketan Zaveri Raja Debnath Gautam Udani Parag Ekbote Leadership CTO Chairperson, MD Whole-time, Director, COO CBO Depth That Exp: 26+ Years Exp: 32+ Years Exp: 27+ Years Exp: 18+ Years Powers Global Scale Sreejith Gopinathan Sorabh Dhawan Jigar Shah Sagar Ma
Slide 7: Leadership Depth - Why this matters?
Leadership Depth - Why this matters? Deep domain expertise across Strong industry networks Mature leadership ensures Unified Goal – To Build SCF, CMS, Trade, Digital accelerate enterprise capital allocation discipline India’s 1st Global BFSI and risk control. product powerhouse Lending, and Core Ban
Slide 8: Highlights Since Last Earnings Call
Highlights Since Last Earnings Call Amalgamation Continued Operational Named Most Non-SCF Preferential announced → rollout of PSB team for PSBX Innovative Pipeline Round (BSE BSE filing done Xchange hired across SCF Solution of Generated – approval the country 2025 by Trade, Cash, pending) - Euromon
Slide 9: Building One Unified Veefin
Building Consolidating subsidiaries into V EE F IN One Unified Synergies in R&D, sales and Veefin Ltd for scale and clarity. Single P&L → Veefin clear visibility. corporate governance. Expected to be Strengthens EPS-accretive balance sheet from FY 2027 for future IP onward. investment.
Slide 10: Simplified Structure
Simplified Structure Veefin Solutions Limited (Refer Note 1) Note 1: Simplified Structure. Stronger Business: SCF , PSBX, Cash Management, Trade Finance Foundation Merger of subsidiaries Estorifi & GlobeTF into Veefin approved by Board & filed with BSE (18 ~26% ~20% 47.50% Oct 2025); NCLT approval e
Slide 11: Amalgamation Update & Timeline
Amalgamation Update & Timeline Simplifying Structure and aligning ownership with operations Board BSE/SEBI BSE/SEBI Shareholder NCLT Effective Approval Filing Approval Approval Approval Date Status Status Status Status Status Status Done Done Submitted – Pending Pending Pending Awaiting Approval Com
Slide 12: Structure & Reporting Framework
Structure & Reporting Framework Revenue Profit Consolidated Entity / Subsidiary Veefin Stake Business Status / Remarks Consolidated? (Effective %) GlobeTF Solutions 56.75 % Full 56.75% Operating subsidiary; revenues fully consolidated. Ltd Controlled subsidiary for reporting; early-stage IP Estorifi
Slide 13: Financial Highlights – Standalone
Financial Highlights – Standalone (Reported post-capitalization) Includes capitalized R&D costs under IGAAP - AS 26
Slide 14: Financial Highlights – Consolidated
Financial Highlights – Consolidated (Reported post-capitalization) Includes capitalized R&D costs under IGAAP - AS 26
Slide 15: Standalone vs Consolidated
Standalone vs Consolidated (H1 FY 26) REVENUE EBITDA PAT EPS ₹ 110.04 Cr ₹ 20.14 Cr ₹ 8.21 Cr ₹ 3.08 ₹ 2.77 ₹ 6.44 Cr ₹ 12.56 Cr ₹ 26.38 Cr Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated
Slide 16: Balancing Profitability & IP Investment
Standalone Adjusted EBITDA EBITDA H1 FY 23-24 H2 FY 23-24 H1 FY 24-25 H2 FY 24-25 H1 FY 25-26 Balancing ₹ 14.44 Cr ₹ 12.56 Cr Profitability ₹ 0.85 Cr ₹ 8.27 Cr ₹ 2.66 Cr & IP Investment ₹ -18.71 Cr ₹ -23.57 Cr ₹ -31.20 Cr ₹ -15.90 Cr ₹ -24.37 Cr (How to read our numbers) • We report profit after cap
Slide 17: Financial Structure & Profit Drivers
Financial Structure & Subsidiaries & Profit Drivers Acquired Entities IP build centers (no revenue) + acquired companies (revenues consolidated; 3 profitable, 1 loss-making). Veefin Standalone Multi-product IP build (operationally loss- making pre-capitalization; profitable post-capitalization). Pro
Slide 18: Segment Summary Table
V EE F IN Segment Summary Table Revenue Segment EBITDA % Comment Contribution SCF High 54% Profitable pre/post capitalization Veefin Standalone Moderate Negative (pre-cap) IP incubation phase Subsidiaries Negligible Negative IP build centers Acquired Company Moderate Mixed 3 profitable, 1 loss makin
Slide 19: Supply Chain Finance - Profitable Core
EBITDA Revenue Supply Chain Finance - Profitable Core ₹ 24.64 Cr ₹ 26.38 Cr ₹ 12.56 Cr ₹ 14.4 Cr SCF business EBITDA margin > 54 %; cash positive stand-alone ₹ 14.92 Cr 40+ banks/NBFCs across 15 ₹ 8.27 Cr ₹ 12.68 Cr countries. ₹ 2.66 Cr $40 B+ annualized disbursements. ₹ 5.84 Cr ₹ 0.85 Cr High renew
Slide 20: Veefin Product Suite – A Strategically Balanced Portfolio
Veefin Product Suite – A Strategically Balanced Portfolio Monetizing Strategic IP Entry & Products Investments Differentiator Supply Chain Trade Finance Loan Origination System (LOS) Finance (SCF) Cash Management System (CMS) Fraud & Risk Analytics Loan Origination Corporate Internet Banking (CIB) S
Slide 21: Multi-Product IP Investment Philosophy
Multi-Product IP Investment Philosophy Developing 6 Shared microservices Capitalized under product lines & UX framework. IGAAP - AS 26 criteria; simultaneously, not amortized over 10 yrs sequentially. Investment today → multi-product revenue tomorrow.
Slide 22: A Strong Repeatable Enterprise Sales Engine
A Strong Repeatable Enterprise Sales Engine Product-Wise Geographic Mix Win rates Pipeline improving Total qualified 85 deals across 24 countries as multi- pipeline product suite offers higher ₹396 Cr 21% 10% touchpoints. Active Deals 35 20% 40% 47% 10 large (>INR 17Cr each) 32% 30% Deals in advance
Slide 23: Veefin Product TAM - 2025E Annual Software Spend
Veefin Product TAM - 2025E Annual Software Spend & Strategic Position Transaction Banking Software Cluster Product Line TAM (USD Bn) Veefin Strategic Position Supply Chain Finance (SCF) 2.0 - 3.5 Proven leadership; profitable and scaled; platform anchor for cross-sell. Trade Finance 3.0 - 5.5 Develo
Slide 24: Economics of Enterprise Sales
Economics of Enterprise Sales High Acquisition Cost / long sales cycle → High LTV. Once live, average client tenure > 7 years (very low churn). Cross-sell & upsell engine → Add Trade, CMS, Internet Banking to existing SCF clients. Incremental margins > 70 % on cross- sold modules. Objective: Grow re
Slide 25: Product Investment & Capitalization Policy
Product Investment & As per IGAAP – AS 26 Only reusable Capitalization Policy IP capitalised; criteria for maintenance capitalization of R&D expensed immediately. Practice consistent Cash flow fully with Global SaaS reflected; improves technology company matching of cost and reporting. revenue. Amor
Slide 26: Revenue, Receivables & DSO movement
Revenue, Receivables & Revenue, Receivables & DSO movement: DSO movement: Standalone Consolidated 40 37.32 155 120 160 110.04 35 150 138 140 149 100 126 30 120 26.38 145 78.6 80 76.42 25 105 100 20.76 140 19.53 20 17.98 60 80 49.55 135 135 15 60 40 9.59 130 130 10 24.97 40 125 20 5 9.75 20 0 120 0 0
Slide 27: Drivers of Durable Growth & Profitability
Drivers of Durable Growth & Profitability 108 % YoY growth Transitioning from with > 90 % revenue single-segment fintech → visibility. multi-product platform IP Moat – Working Recurring SaaS Capital finance and more revenues & cross-sell on a single chassis engine ensure durability. Experienced Lead
Slide 28: Outlook FY 2026
Outlook FY 2026 Revenue Growth target Standalone → 75–85 % YoY Consolidated 290 – 300 % YoY Margin expansion as IP investment plateaus. Continued cash flow discipline and global expansion. Target closure of ~15 % of $45 m pipeline within FY 26.
Slide 29: Closing Message
Closing Message Profitable core → Funding Innovation. Think Digital Banking. Think Veefin. Cross-sell engine Deepening Client Relationships Recurring SaaS base Long-term Revenue Visibility
Slide 30: Think Digital Banking. Think Veefin
V EE F IN Think Digital Banking. Think Veefin www.veefin.com
Slide 31: Half Yearly Standalone Income Statement
Half Yearly Standalone Income Statement Particulars (INR Cr) H1-FY26 H1-FY25 Y-o-Y Revenue from Operations 26.38 12.68 108.0% Operating Expenses 13.81 10.02 37.8% EBITDA 12.57 2.66 372.6% EBITDA Margins (%) 47.65% 20.98% 2,667 Bps Depreciation 3.20 1.19 168.9% Finance Cost 2.64 0.21 1,157.1% Other I
Slide 32: Half Yearly Consolidated Income Statement
Half Yearly Consolidated Income Statement Particulars (INR Cr) H1-FY26 H1-FY25 Y-o-Y Revenue from Operations 110.04 19.09 476.4% Operating Expenses 89.91 13.23 579.6% EBITDA 20.13 5.86 243.5% EBITDA Margins (%) 18.29% 30.70% (1,241) Bps Depreciation 7.35 1.66 342.8% Finance Cost 3.66 0.17 2,052.9% O
Slide 33: Historical Standalone Income Statement
Historical Standalone Income Statement Particulars (INR Cr) FY23 FY24 FY25 H1-FY26 Revenue from Operations 13 21 37 26 Operating Expenses 8.2 11.8 21 13 EBITDA 4.8 9.2 16 13 EBITDA Margins (%) 36.92% 43.81% 43.24% 50.00% Depreciation 0 1 2 3 Finance Cost - 0 1 3 Other Income 0 - 1 1 PBT 5 8 14 8 Tax
Slide 34: Historical Standalone Balance Sheet
Historical Standalone Balance Sheet Particulars (INR Cr) FY23 FY24 FY25 H1-FY26 Particulars (INR Cr) FY23 FY24 FY25 H1-FY26 EQUITY AND LIABILITIES ASSETS Equity Share Capital 18 23 23 24 Non-Current Assets Reserves & Surplus 25 96 129 154 Money received against Share Property, Plant and Equipment 1
Slide 35: Historical Consolidated Income Statement
Historical Consolidated Income Statement Particulars (INR Cr) FY23 FY24 FY25 H1-FY26 Revenue from Operations 14 25 79 110 Operating Expenses 9 14 54 90 EBITDA 5 11 25 20 EBITDA Margins (%) 34.29% 45.20% 31.65% 18.18% Depreciation 0 1 5 7 Finance Cost - 0 1 4 Other Income 0 - 2 1 PBT 5 10 21 10 Taxes
Slide 36: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet Particulars (INR Cr) FY23 FY24 FY25 H1-FY26 Particulars (INR Cr) FY23 FY24 FY25 H1-FY26 EQUITY AND LIABILITIES ASSETS Equity Share Capital 18 23 23 24 Non-Current Assets Reserves & Surplus 26 99 423 492 Property, Plant and Equipment 1 2 6 9 Money received agains
Slide 37: Veefin 4.0 Working Capital On A Single Chassis
Veefin 4.0 Working Capital On A Single Chassis COMMON EXTERNAL CHANNELS WEB MOBILE API H2H CHATBOTS BRANCHES OPERATIONAL SYSTEMS CAPABILITIES SSO FINTECH DIGITAL CUSTOMER ONBOARDING PRODUCT ONBOARDING ENTITLEMENT SETUP MASTER SETUP PRE-CHECKERS (LIMIT ETC.) FX INQUIRY ENGAGEMENT MULTI-LINGUAL HUB 2-