Veefin Solutions reports rapid growth driven by landmark GCC deal and recurring revenues

Veefin Solutions’ Q1 FY2026 sees revenue and profits more than double, with major client wins and improved margins signalling rapid expansion amid strategic deal with Gulf Co-operation Council bank.

Veefin Solutions said its first quarter of fiscal 2026 showed sharp growth across the business, with revenue, EBITDA and profit after tax all more than doubling from a year earlier. The company also said margins improved, helped by stronger execution on existing accounts and a larger mix of recurring business.

Management pointed to five new client wins during the period, including what it described as a landmark six-product deal with one of the largest digital banks in the Gulf Co-operation Council. The company said the contract supports its strategy of selling more than one product into the same customer base. It added that recurring revenue accounted for 74% of the total, while 77% of revenue came from existing clients.

The business also said cash collection improved markedly, with days sales outstanding falling to 80 from 149 in fiscal 2024. That suggests tighter working capital control, even as the company continues to scale. StockAnalysis.com said Veefin generated 3.45 billion rupees in revenue for the year ended March 31, 2026, underscoring how quickly the company has expanded over the past year.

Still, some of the company’s more ambitious growth targets appear likely to take time to show up in reported results. Management said the qualified pipeline stood at $80.13 million, with most of it outside India and outside supply chain finance, but it also acknowledged that recent wins will be recognised over several quarters. The company said its amalgamation process is moving ahead, with four of seven steps complete, while the lower consolidated EBITDA margin reflects the weaker economics of the services arm.