Indifi Posts Rs 371 Crore Revenue in FY26 and Returns to Profitability After a Tough FY25
Gurugram-based MSME-focused digital lending platform Indifi Technologies has turned profitable in FY26, swinging from a Rs 45 crore loss in FY25 to a Rs 5.2 crore profit, even as revenue growth stayed modest.
Here’s how the numbers broke down. Indifi’s revenue from operations grew just 3% year-on-year to Rs 371.1 crore in FY26, up from Rs 360.4 crore in FY25, a sharp slowdown compared to its 22% growth the year before. Revenue from the sale of services grew a healthier 19% to Rs 25.3 crore, while other fees and commissions income rose 11% to Rs 12.4 crore.
The real story here is cost discipline, not top-line expansion. Finance costs remained Indifi’s largest expense at Rs 147.4 crore, up slightly from Rs 142.6 crore in FY25, but overall total expenditure actually declined 12% to Rs 376.8 crore from Rs 426.7 crore the year before. A sharp reduction in impairment costs, essentially losses from bad loans, combined with tighter control over operating expenses, is what pulled the company back into the black.
The bigger picture adds useful context. Indifi’s co-founder and executive chairman Alok Mittal had previously indicated that the company returned to profitability starting Q2 FY26 after a period of provisioning pressure, and said the business was comfortably levered with sufficient equity for FY26 growth, with no near-term plans to raise fresh equity. Since starting operations in 2015, Indifi has helped more than 1.6 lakh MSMEs across 400 cities access credit, building its business primarily around processing fees on loan disbursals and service fees from lenders for loan origination, servicing and collection.
The reality check worth noting: 3% revenue growth is a meaningful deceleration from the 22-60% growth rates Indifi posted in prior years, this is a story of a lender choosing discipline and risk control over aggressive scaling, at least for this fiscal year.
From provisioning pressure to a return to the black, Indifi’s FY26 numbers show that for MSME lenders in India, profitability sometimes means growing slower on purpose.
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