Supply chain financing company Veefin Solutions reported a 106.5% increase in its consolidated net profit to ₹16 Cr in the fourth quarter (Q4) of the fiscal year 2025-26 (FY26) from ₹7.8 Cr in the preceding December quarter.

Operating revenue rose 26.6% to ₹131.3 Cr from ₹103.7 Cr in Q3 FY26. Including other income of ₹5.3 Cr, total income stood at ₹136.6 Cr.

Meanwhile, total expenses increased 17.1% to ₹107.4 Cr from ₹91.8 Cr in the previous quarter.

The company didn’t disclose YoY comparison. “The company was required to publish quarterly financial results for the first time for the quarter ended December 31, 2025. Accordingly, quarterly financial results for the quarter ended March 31, 2025 were not applicable and comparative figures for the said quarter have therefore not been presented,” it said. 

Founded in 2020 by Gautam Udani and Raja Debnath, Veefin offers supply chain financing and digital lending solutions to banks, financial institutions, fintech companies, B2B marketplaces, and enterprises. 

Over the past year, the company has expanded across the fintech SaaS stack by picking up stakes in companies such as digital marketing firm White Rivers Media, GenAI startup Walnut AI, and lending enablement platform EpikInDiFi. 

Earlier in September last year, Veefin’s board also cleared a proposal to raise ₹94 Cr through a preferential allotment of equity shares and convertible warrants – second fundraise since its IPO in 2023. 

Veefin’s Subsidiaries Locked In A Dispute

In its filing with the exchanges, Veefin also disclosed a dispute between its subsidiary Estorifi Solutions Limited and the promoters of its step-down subsidiary Epikindifi Software & Solutions Private Limited, which arose in Q4 FY26. 

The issue pertained to governance and control rights under the applicable shareholders’ agreement, said the company’s independent auditors. 

“Although Epikindifi had been considered a subsidiary of Estorifi based on such contractual rights, Estorifi was unable to exercise such rights in practice during the period under review, including due to lack of access to financial information and limitations in participation in governance processes,” added the auditor note.

Given the dispute, Epikindifi’s accounts have been consolidated with Veefin’s up until Q3 FY26 and not consolidated for the following period, the company’s auditors noted. 

Notably, in September Veefin had announced that it would merge itself with Estorifi, which connects corporates and SMEs with banks and NBFCs for their working capital needs. The company had cited improved structural clarity, cross-selling potential, operational efficiencies, and enhanced investor value as the justification for the merger. 

Where Did Veefin Spend in FY26?

For the full FY26, Veefin net profit zoomed 96% to ₹ 31.96 Cr as against ₹16.25 Cr in the year ago fiscal. Meanwhile revenue from operations also jumped 339% to ₹345.1 Cr in the fiscal under review compared to ₹78.6 Cr in FY25.

In line with the top line, Veefin’s total expenses in FY26 surged to ₹300 Cr, over 5X of the previous year’s figure of ₹59.9 Cr.

• Cost for Earning Revenue: Expenses under this head, which includes software and server cost, were Veefin’s largest line item in FY26 at ₹114.1 Cr in FY26, up 13.3X from the year-ago figure of ₹8.5 Cr. 
• Employee Benefit Expenses: Spending on employee benefits nearly tripled to ₹95.6 Cr from ₹27.4 Cr in the previous year.
• Finance Costs: Veefin’s finance costs surged to ₹11.9 Cr in FY26, around 17.5X of the FY25 figure of ₹68 Lakh. 
• Other Expenses: The company recorded other expenses of ₹60.3 Cr, more than triple of the FY25 sum of ₹18.2 Cr. 

Veefin’s stock ended the day up 4.13% at ₹349.40 on the BSE SME.

The post Veefin Solutions Q4: Profit Rises 106% QoQ To ₹16 Cr, Revenue Up 27% appeared first on Inc42 Media.