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relipay A BRAND OF RNFI TRUSTED FORCE MULTIPLIER FOR INDIAN BFSI AND MORE RNFI SERVICES LIMITED RNFI Services Limited | Investor Presentation Q1 FY27
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RNFI SERVICES LIMITED | Q1 FY27 OBLIGATORY DISCLOSURE This presentation, along with the accompanying slides (collectively referred to as the “Presentation”), has been created by RNFI Services Limited (the “Company”) solely for informational purposes. It does not constitute an offer, recommendation, or invitation to buy or subscribe to any securities and should not be relied upon as the basis for any contractual or binding commitment. The Company will only make an offering of its securities through a statutory offering document that includes comprehensive information about the Company. The Company has prepared this Presentation using information and data it considers reliable. However, the Company does not make any express or implied representation or warranty regarding the truth, accuracy, completeness, fairness, or reasonableness of its contents, and reliance should not be placed on them. This Presentation may not be exhaustive and might not include all the information that could be deemed material. The Company expressly disclaims any liability for the contents or any omissions. Additionally, this Presentation contains forward-looking statements about the Company’s future business prospects and profitability, which involve a variety of risks and uncertainties. Actual results may differ significantly from those expressed in these statements. Factors contributing to these risks and uncertainties include, but are not limited to, fluctuations in earnings, the Company’s ability to manage growth, competition both within India and internationally, economic conditions in India and abroad, the ability to attract and retain skilled professionals, contract-related time and cost overruns, management of international operations, government policies and regulations, and prevailing interest and fiscal costs. The Company does not commit to making announcements should any of these forward-looking statements prove materially inaccurate or to updating them in the future.
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Over the past two years, we have strengthened thisecosystem through a series of strategic partnerships andacquisitions — including Payworld, Paysprint, and others— each adding a distinct layer of capability to ourplatform. Payworld has significantly expanded our retaildistribution footprint, bringing a large network of retailersand transaction volume into the RNFI fold, while Paysprinthas diversified our revenue base by introducing a B2B APIand SaaS-led connected-banking business that servesenterprises and NBFCs directly. The integration of theseacquisitions is now substantially complete, and we expectto begin realizing the benefits of this consolidatedplatform, with a positive impact on our financialperformance in the coming quarters. As these integratedcapabilities mature, we are well positioned to drive highercross-sell across our partner ecosystem, improvemonetization of our existing agent network, andstrengthen the overall margin profile of the business. As we had discussed earlier, Insurance and delinquentloan collection are two key growth engines for thisyear which continue to show strong traction, thoughtheir revenue contribution is still ramping up. Q3 andQ4 remain the strongest quarters for both segments,and we expect a meaningful step-up in scale duringthis period. Given the nature of these businesses, alarge part of the associated costs — field forceexpansion, technology build-out, and marketing — isfront-loaded, which has impacted margins thisquarter. This is a deliberate investment ahead ofgrowth, and we remain confident in the trajectory forboth products as we move into the second half.Even as we invest behind this growth, the Companyhas continued to demonstrate financial discipline andoperational resilience, supported by prudent capitalmanagement, strong internal controls, and a robustgovernance framework. Our approach is to balancethis strategic investment with a continued focus onoperational efficiency, optimized resource allocation,and a healthy financial position overall.Looking ahead, we remain committed to deliveringsustainable financial performance and creating long-term shareholder value through disciplined executionand responsible, well-governed growth. RNFI SERVICES LIMITED | Q1 FY27 MANAGEMENT COMMENTS R a h u l S r i v a s t a v a ( E x e c u t i v e D i r e c t o r ) R a h u l S r i v a s t a v a ( E x e c u t i v e D i r e c t o r ) N i m e s h K h a n d e l w a l ( C h i e f F i n a n c i a l O f f i c e r ) N i m e s h K h a n d e l w a l ( C h i e f F i n a n c i a l O f f i c e r )
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RNFI SERVICES LIMITED | Q1 FY27 VISION & ROADMAP From the very beginning, our vision has been to build a company capable of scaling massively, earning unwavering trust, and demonstrating resilience through every challenge. We draw inspiration from the leadership and legacy of India’s finest visionaries — Sir Mukesh Ambani, who embodies the spirit of scale and disruption; Sir Ratan Tata, who represents trust and integrity; and Sir Vijay Shekhar Sharma, whose grit and perseverance define entrepreneurial courage. In honor of these values, we have dedicated three of our conference rooms to these stalwarts — serving as a daily reminder of the principles that guide our journey: Scale, Trust, and Resilience.” We aim to bridge cutting-edge technology with financial inclusion, driving transformative growth while maintaining the highest standards of compliance, security, and sustainability. Our mission is to enable a digitally empowered Bharat, where individuals and institutions access simple, secure, and scalable financial services tailored to their needs. We aspire to be India’s leading BFSI force multiplier —empowering partners with seamless, innovative digital solutions to serve Bharat with unmatched reach and reliability. V I S I O N S C A L E T R U S T R E S I L I E N C E R O A D M A P
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8 % (10)% 1 1 . 5 C r . EBITDA 1 5 % 4 3 . 4 C r .GROSS PROFIT 12% 5 . 1 C r . PAT ( 1 9 ) % 1 . 9 % P A T M a r g i n ( N E T ) ( 1 7 ) % 4 . 3 % E B I T D A M A R G I N RNFI SERVICES LIMITED | Q1 FY27 HIGHLIGHTS SUMMARY (Q1 FY27 VS Q1 FY26) R E V E N U E 2 6 9 . 9 C r . Q 1 F Y 2 7 V S Q 1 F Y 2 6 E x p a n d e d t r a n s a c t i o n v o l u m e s d r o v e a n 8 % i n c r e a s e i n r e v e n u e . H i g h e r c o n t r i b u t i o n f r o m A d v a l o r e m w h i c h i m p r o v e d G r o s s P r o f i t b y 1 5 % , r e f l e c t i n g a s t r o n g e r b u s i n e s s m i x . I n v e s t m e n t s i n l e a d e r s h i p a n d n e w b u s i n e s s l i n e s i m p a c t e d E B I T D A a n d P A T m a r g i n s d u r i n g t h e q u a r t e r . R E V E N U E G R O W T H G R O S S P R O F I T I M P R O V E M E N T S T R A T E G I C I N V E S T M E N T S K E Y D R I V E R S B E H I N D P E R F O R M A N C E
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RNFI SERVICES LIMITED | Q1 FY27 THREE INTERCONNECTED ENGINES. ONE EXPONENTIAL GROWTH. SAHAYAKS S A H A Y A K S S A H A Y A K S T E C H T E C H P A R T N E R P A R T N E R PARTNER R N F I M o r e S a h a y a k s M o r e P a r t n e r s M o r e P r o d u c t s H i g h e r T h r o u g h p u t H i g h e r L T V / C A C E x p o n e n t i a l G r o w t h More Sahayaks More Products Per Sahayak 1 2 3 4 Better earnings Higher LTV V i n t a g e + T r u s t = S t r a t e g i c S t i c k i n e s s I n t e g r a t e d T e c h D e e p e r R e a c h + L o w e r C o s t M o r e P r o d u c t s P e r P a r t n e r 1 2 3 4
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RNFI SERVICES LIMITED | Q1 FY27 END-TO-END AI INTEGRATED PLATFORM
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RNFI SERVICES LIMITED | Q1 FY27 GRANULAR PRODUCT PORTFOLIO U P I C a s h W i t h d r a w a l EMI Collections Foreign Remittances Foreign Remittances Foreign Exchange Foreign Exchange Delinquent Loan Collection Delinquent Loan Collection Insurance Broking Service Insurance Broking Service Connected Banking Suite Payment Orchestration Suite Asset BC Asset BC Mutual Funds Mutual Funds Travel Travel
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M u t u a l F u n d T r a i l * R e c u r r i n g . C o m p o u n d s H i g h v o l u m e • L o w m a r g i n Payments A e p s , m i c r o - A T M , C R A H i g h v o l u m e • L o w m a r g i n Foreign CurrencyExchange H i g h v o l u m e • L o w m a r g i n D e l i n q u e n t C o l l e c t i o n s Low volume • High margin Insurance Broking Low volume • High margin Prepaid Instruments L o w V o l u m e . H i g h M a r g i n ForeignRemittances H i g h v o l u m e • H i g h m a r g i n H i g h v o l u m e • H i g h m a r g i n S c a l e s p e r c l i e n t Optimize Foreign Currency Exchange margins while leveraging large volumes Expand high-margin recurring and scalable businesses Scale API platform through client acquisition Grow insurance and collections for superior profitability Drive payments scale with efficiency-led margin improvement RNFI SERVICES LIMITED | Q1 FY27 PRODUCT PORTFOLIO POSITIONING
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RNFI SERVICES LIMITED | Q1 FY27 MAJOR EVENTS S E T U P S E T U P O N B O A R D I N G O N B O A R D I N G E s t a b l i s h e d r e g i o n a l L e a r n i n g & D e v e l o p m e n t c e n t e r s t o e n h a n c e t r a i n i n g , c a p a b i l i t y b u i l d i n g a n d e x e c u t i o n e x c e l l e n c e . R e i n f o r c e d t h e o r g a n i z a t i o n w i t h t h e a d d i t i o n o f h i g h - c a l i b r e s t r a t e g i c l e a d e r s . E M P A N E L M E N T E M P A N E L M E N T T I E U P T I E U P E m p a n e l m e n t w i t h a P r i v a t e S e c t o r B a n k a s a B u s i n e s s C o r r e s p o n d e n t ( B C ) . E x p a n d e d t h e R N F I M o n e y p o r t f o l i o t h r o u g h a s t r a t e g i c p a r t n e r s h i p w i t h Y a t r a . c o m . L I C E N S E L I C E N S E T I E U P T I E U P R N F I A s s e t D i s t r i b u t i o n P r i v a t e L i m i t e d r e c e i v e d A R N f r o m A s s o c i a t i o n o f M u t u a l F u n d s i n I n d i a ( A M F I ) C R A t i e u p w i t h w i t h a l a r g e P r i v a t e S e c t o r B a n k .
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G R O U P C H I E F O P E R A T I N G O F F I C E R D I R E C T O R A S S E T B C G R O U P C H I E F M A R K E T I N G O F F I C E R H E A D O F L E A R N I N G A N D D E V E L O P M E N T D I R E C T O R D I S T R I B U T I O N D I R E C T O R C R A B U S I N E S S D I R E C T O R S A L E S RNFI SERVICES LIMITED | Q1 FY27 ADDITION TO OUR LEADERSHIP “ S t r a t e g i c I n v e s t m e n t f o r F u t u r e G r o w t h ” S a m e e r N a g p a l S h y a m P a t r o K u l d e e p P a w a r A m i t B h o w m i k H a r p r e e t S i n g h A f s h a n A l i K h a n V i r e n d e r K u m a r W i t h e x t e n s i v e e x p e r i e n c e a c r o s s f i n a n c i a l s e r v i c e s , h e b r i n g s e x p e r t i s e i n b u s i n e s s o p e r a t i o n s , d i g i t a l f i n a n c i a l s e r v i c e s , d i s t r i b u t i o n a n d f i n a n c i a l i n c l u s i o n . H i s e x p e r i e n c e i n s c a l i n g t e c h n o l o g y - l e d f i n a n c i a l s e r v i c e s a n d d r i v i n g o p e r a t i o n a l e x c e l l e n c e s t r e n g t h e n s o u r g r o w t h a n d e x e c u t i o n c a p a b i l i t i e s . W i t h 2 0 + y e a r s o f e x p e r i e n c e a c r o s s B F S I a n d N B F C s , S h y a m P a t r o b r i n g s e x p e r t i s e i n g o v e r n a n c e , r i s k m a n a g e m e n t , d i g i t a l t r a n s f o r m a t i o n , f i n a n c i a l i n c l u s i o n a n d o r g a n i s a t i o n a l i n t e g r a t i o n . A n a l u m n u s o f I I F M a n d H a r v a r d B u s i n e s s S c h o o l , h e h a s l e d l a r g e - s c a l e i n i t i a t i v e s a c r o s s c o - l e n d i n g , m e r g e r s , t e c h n o l o g y a n d p o r t f o l i o a n a l y t i c s . W i t h 1 8 + y e a r s o f e x p e r i e n c e a c r o s s f i n t e c h , f i n a n c i a l s e r v i c e s , t e l e c o m a n d t e c h n o l o g y , h e b r i n g s e x p e r t i s e i n b r a n d s t r a t e g y , d i g i t a l m a r k e t i n g , c u s t o m e r a c q u i s i t i o n a n d b u s i n e s s g r o w t h . H i s t e c h n o l o g y - l e d a p p r o a c h t o b u i l d i n g b r a n d s a n d s c a l i n g c u s t o m e r e n g a g e m e n t a d d s s t r a t e g i c d e p t h t o R N F I S e r v i c e s ’ g r o w t h j o u r n e y . O v e r 2 d e c a d e s o f p r o f e s s i o n a l e x p e r i e n c e , A m i t B h o w m i k b r i n g s d e e p e x p e r t i s e i n l e a r n i n g a n d d e v e l o p m e n t , l e a d e r s h i p c a p a b i l i t y b u i l d i n g a n d h u m a n c a p i t a l t r a n s f o r m a t i o n . H i s e x p e r i e n c e i n d e v e l o p i n g h i g h - p e r f o r m i n g t e a m s a n d o r g a n i s a t i o n a l c a p a b i l i t i e s s t r e n g t h e n s R N F I S e r v i c e s ’ p e o p l e a n d g r o w t h a g e n d a . W i t h 2 0 + y e a r s o f e x p e r i e n c e a c r o s s f i n a n c i a l s e r v i c e s a n d d i s t r i b u t i o n - l e d b u s i n e s s e s , h e b r i n g s e x p e r t i s e i n s a l e s , b u s i n e s s d e v e l o p m e n t , c u s t o m e r a c q u i s i t i o n a n d m a r k e t e x p a n s i o n . H i s e x p e r i e n c e i n b u i l d i n g s c a l a b l e d i s t r i b u t i o n n e t w o r k s s u p p o r t s R N F I S e r v i c e s ’ f i n a n c i a l i n c l u s i o n a n d g r o w t h s t r a t e g y . H e b r i n g s e x p e r i e n c e a c r o s s f i n a n c i a l s e r v i c e s , w i t h e x p e r t i s e i n b u s i n e s s o p e r a t i o n s , c u s t o m e r e n g a g e m e n t a n d e x e c u t i o n . H i s u n d e r s t a n d i n g o f l a s t - m i l e f i n a n c i a l s e r v i c e s a n d c u s t o m e r - c e n t r i c s o l u t i o n s s u p p o r t s R N F I S e r v i c e s ’ f o c u s o n s c a l a b l e a n d a c c e s s i b l e f i n a n c i a l s e r v i c e s . H e b r i n g s e x t e n s i v e e x p e r i e n c e i n f i n a n c i a l s e r v i c e s , w i t h e x p e r t i s e a c r o s s s a l e s , d i s t r i b u t i o n , b u s i n e s s d e v e l o p m e n t a n d t e a m l e a d e r s h i p . H i s u n d e r s t a n d i n g o f t h e f i n a n c i a l s e r v i c e s e c o s y s t e m a n d e x e c u t i o n - l e d a p p r o a c h a d d s s t r e n g t h t o o u r e x p a n s i o n a n d d i s t r i b u t i o n c a p a b i l i t i e s .
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1 1 1 1 5 5 2 1 0 2 6 5 1 1 1 3 1 1 1 2 1 1 S h y a m P a t r o D i r e c t o r A s s e t B C 2 1 2 1 6 1 1 RNFI SERVICES LIMITED | Q1 FY27 DIRECTORS & MANAGEMENT R a n v e e r K h y a l i y a S i m r a n S i n g h R a h u l S r i v a s t a v a C h a i r m a n & M a n a g i n g D i r e c t o r F o u n d e r & C h i e f S t r a t e g y O f f i c e r E x e c u t i v e D i r e c t o r K i r a n d e e p S i n g h A v t a r S i n g h M o n g a E x e c u t i v e D i r e c t o r I n d e p e n d e n t D i r e c t o r D e e p a n k a r A g g a r w a l E x e c u t i v e D i r e c t o r K r i s h n a K u m a r D a g a S A n a n d H a r i s h K a u s h i k S a m e e r N a g p a l N i t e s h K u m a r S h a r m a A m i t S a c h a n C h i e f E x e c u t i v e O f f i c e r C E O - P a y s p r i n t H e a d F o r e x B u s i n e s s G r o u p C h i e f O p e r a t i n g O f f i c e r C h i e f T e c h n i c a l O f f i c e r H e a d I n s u r a n c e B u s i n e s s K u l d e e p P a w a r H a r p r e e t S i n g h P r a s h a n t K u m a r G r o u p C h i e f M a r k e t i n g O f f i c e r D i r e c t o r D i s t r i b u t i o n H e a d T e c h A I S u n i l K u l k a r n i V i r e n d e r K u m a r A s h o k K u m a r S i n h a V i v e k K u m a r M o n a K a p o o r I n d e p e n d e n t D i r e c t o r D i r e c t o r S a l e s I n d e p e n d e n t D i r e c t o r H e a d L e g a l I n d e p e n d e n t D i r e c t o r N e e r a j U p r e t i C h i e f C o m p l i a n c e O f f i c e r INDEPENDENT DIRECTORS N i m e s h K h a n d e l w a l C h i e f F i n a n c i a l O f f i c e r R a m a n B h a l l a C h i e f O p e r a t i n g O f f i c e r N o . o f y e a r s i n R N F I
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RNFI SERVICES LIMITED | Q1 FY27 SAHAYAKS GRANULARITY (THE NETWORK) * E x - F o r e x S a h a y a k s G r a n u l a r i t y ( T h e N e t w o r k ) H i g h L o w N o . o f A c t i v e R e l i p a y S a h a y a k s 2.4 L+ (Annually) 3 4 R a j a s t h a n G u j a r a t M a d h y a P r a d e s h M a d h y a P r a d e s h M a h a r a s h t r a D a m a n & D i u D a d r a & N a g a r H a v e l i T e l a n g a n a G o a K a r n a t a k a T a m i l N a d u A n d h r a P r a d e s h K e r a la 7 5 6 9 4 1 3 3 4 3 9 0 2 7 3 3 9 5 5 7 7 5 7 6 1 5 6 3 0 7 0 2 J a m m u & K a s h m ir H i m a c h a l P r a d e s h U t t a r P r a d e s h U tta ra kha n d B ih a r S ik k im T r i p u r a M e g h a l a y a Chandigarh Delhi Delhi Haryana Haryana P u n ja b A r u n a c h a l P r a d e s h A s s a m J h a r k h a n d O d is h a W e s t B e n g a l Chattishgarh 3 0 3 2 6 3 8 4 6 2 9 8 1 3 4 3 6 2 9 4 1 9 5 6 1 8 9 7 7 2 6 1 1 7 1 3 5 7 7 7 3 7 2 9 3 3 2 5 8 3 2 1 5 0 1 3 3 6 7 8 5 8 7 5 6 1 4 1 1 5 9 1 5 6 3 0 1 5 9 2 2 1 P u d u c h e r r y M a n i p u r N a g a l a n d M i z o r a m 4 3 9 2 7
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RNFI SERVICES LIMITED | Q1 FY27 GROWTH LEVERS Currently ~12% of revenue, at netmargins of 12-15% Insurance has been identifiedinternally as a priority vertical forcontinued scale-up Reliassure Insurance Brokers grewfrom ₹23 lakh to ₹508 lakh — a ~22×increase in one year — simply bydirecting the existing Sahayaknetwork at an already-held licence,with no new customer acquisition A direct reduction in cost base, andfaster development of new productson existing infrastructure AMFI registration has already been secured Revenue model is a recurring trail commission on AUM— a structure that compounds over time at minimalincremental cost, unlike one-off transaction fees Originated as a contrarian moveduring COVID, when the rest of theindustry was expanding lending ratherthan preparing for delinquency RNFI is a vendor to BGSS, a Bank ofBaroda subsidiary — a relationshipthat goes beyond simple serviceprovision into the lender's ownrecovery operations Deliberately structured as a low-margin product Its role is structural rather thanstandalone profit: it bringscustomers into the Sahayak's shopso that higher-margin products cansubsequently be offered AI-integrated Payment gatewayorchestration platform enablingenterprises to connect to multiplePAS via a single integration Increases acceptance success,optimizes routing & settlement, andreduces operational complexity Scalable SaaS model with recurringrevenue potential Driving cash collection business bypartnering with multiple banks Leveraging our strong on-groundnetwork for wider reach anddeeper market penetration Recurring revenue model with hightransaction volume potential The AD-II Authorised Dealer licence has already beenreceived, upgrading RNFI Money from a retail money-changer to a commercial dealer This opens access to B2B and NRI remittance flows,supported by an IndusInd Bank partnership Positioned as a market-access expansion — a foundation-laying step rather than a near-term margin contributor Will open multiple BC branches focused on lending Partnering with more banks to secure credit lines on a FLDG(First Loss Default Guarantee) model Leveraging RNFl's distribution network for customer sourcingand credit growth
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Q1 FY27 HIGHLIGHTS T R U S T E D F O R C E M U L T I P L I E R F O R I N D I A N B F S I A N D M O R E
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1 P R O D U C T 2 P R O D U C T S 3 P R O D U C T S 4 + P R O D U C T S Q 1 F Y 2 6 Q 1 F Y 2 7 RNFI SERVICES LIMITED | Q1 FY27 ACTIVE SAHAYAKS & PRODUCT CROSS SOLD 9 1 0 2 4 9 1 0 2 4 6 5 8 0 1 6 5 8 0 1 3 5 7 6 8 3 5 7 6 8 4 1 7 0 6 4 1 7 0 6 1 8 6 9 7 1 8 6 9 7 1 5 6 8 9 1 5 6 8 9 1 6 7 1 1 6 1 6 7 1 1 6 Total 1 9 7 3 4 1 9 7 3 4 2 1 4 4 5 2 1 4 4 5 1 4 2 7 4 8 1 4 2 7 4 8 ( 2 7 . 7 ) % ( 1 4 . 2 ) % ( 1 4 . 6 ) % 6 % 3 6 %
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FY21 FY22 5 FY23 FY24 FY25 FY26 Q1 FY27 5 RNFI SERVICES LIMITED | Q1 FY27 PRODUCTS CROSS SELL T O T A L N U M B E R O F C L I E N T S ( A G E - W I S E ) C R O S S S E L L 9 7 1 0 6 2 4 1 0 2 4 9 1 9 A d d e d i n F Y 2 7 T i l l F Y 2 6 N u m b e r o f P r o d u c t s Number of Partners 1 2 3 + Product countwise Partners 5 1 7 3 0 5 4 8 2 1 3 0 1 4 0
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RNFI SERVICES LIMITED | Q1 FY27 ARPU Q1 FY27 VS Q1 FY26 1522 1946 Q 1 F Y 2 6 Q 1 F Y 2 7 ARPU/Month (in ₹ ) 2 7 . 9 % AVERAGE REVENUE PER SAHAYAK (ARPU/MONTH)
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Revenue Gross Profit Gross Profit Margin EBITDA EBITDA Margin PAT PAT Margin Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 1 0 0 . 6 1 1 4 . 8 3 5 . 8 4 1 . 7 3 5 . 6 % 3 6 . 3 % 1 2 . 1 1 1 . 3 1 2 . 0 % 9 . 9 % 5 . 5 5 . 1 5 . 4 % 4 . 4 % 149.0 155.1 2.0 1.7 1.3% 1.1% 0.7 0.2 0.5% 0.1% 0.3 0.01 0.2% 0.0% 249.6 269.9 37.8 43.4 15.1% 16.1% 12.8 11.5 5.1% 4.3% 5.8 5.1 2.3% 1.9% N O N - F O R E X F O R E X O V E R A L L P E R F O R M A N C E RNFI SERVICES LIMITED | Q1 FY27 FINANCIAL HIGHLIGHTS- Q1 FY26 VS Q1 FY27 I N R i n C r .
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RNFI Services Limited | Investor Presentation Q1 FY27 LET’S GROW TOGETHER F o r a n y f u r t h e r q u e r i e s p l e a s e c o n t a c t ; M r . M o h i t C h a u h a n / M s . P a l a k A g a r w a l C o m p a n y S e c r e t a r y / I n v e s t o r R e l a t i o n s c s @ r n f i s e r v i c e s . c o m / p a l a k @ t w e n t y e i g h t h c o n s u l t i n g . c o m