First Fintec Ltd (532379)
🎯 Key Takeaways
- First Fintec Ltd appears to be a mature, cash-generative software company operating with minimal capital structure and no debt, but its financial performance shows signs of stagnation and potential distress. The company has not demonstrated revenue or profit growth over the past several quarters, with flat financials and zero cash flow activity, suggesting limited reinvestment or operational expansion.
- Revenue declined 3.3% QoQ to ₹19 in Q3FY11.
- ⚠️ No revenue or profit growth over multiple quarters, with financials appearing frozen since 2010, signaling potential business stagnation.
📖 The Story
First Fintec Ltd appears to be a mature, cash-generative software company operating with minimal capital structure and no debt, but its financial performance shows signs of stagnation and potential distress. The company has not demonstrated revenue or profit growth over the past several quarters, with flat financials and zero cash flow activity, suggesting limited reinvestment or operational expansion. Despite high historical ROE and ROCE figures, these metrics are likely inflated due to a small equity base and lack of reinvestment, indicating a plateau or decline in operational scale.
📰 What's Happening
The most recent board meeting on August 29, 2026, approved the AGM scheduled for September 29, 2026, via video conferencing, redesignated U.J. Rao as CFO & COO, and reappointed PC Surana & Co as statutory auditors until 2030-31. Shareholders will vote remotely using NSDL e-voting from September 26 to 28, 2026, with book closure from September 23 to 29. The filings confirm governance continuity but no strategic or financial initiatives beyond routine compliance. The board emphasized adherence to SEBI regulations for remote participation, with no mention of new business lines, product launches, or capital allocation plans.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Mar 2010 | Jun 2010 | Sep 2010 | Dec 2010 |
|---|---|---|---|---|
| Revenue | 14 | 16 | 20 | 19 |
| Operating Profit | 5 | 5 | 7 | 3 |
| OPM % | 33.8% | 33.9% | 33.6% | 16.9% |
| Net Profit | 5 | 5 | 7 | 3 |
| EPS | ₹1.27 | ₹2.74 | ₹1.70 | ₹0.82 |
The company's quarterly financials from December 2010 to September 2010 show flat revenue (₹14–20 crore) and stagnant profitability, with operating profit margins hovering around 33–34% but no upward trend in absolute terms. Net profit and EPS remain unchanged across quarters, indicating no growth in earnings. The lack of recent financial updates in the filings suggests the company has not reported new results since early 2010, and current metrics reflect a plateaued business with no visible recovery or expansion. The absence of updated financials in recent board meetings raises concerns about operational momentum.
🔮 Management Outlook & What's Next
Management has not provided forward-looking guidance or strategic outlook in the recent board meeting filings. The focus has been on procedural matters related to the AGM, auditor reappointment, and governance compliance, with no commentary on business performance, market conditions, or future expectations. The redesignation of U.J. Rao as CFO & COO signals leadership continuity but does not indicate a shift in strategy. Without explicit guidance on growth, margins, or capital allocation, management's outlook remains silent on future trajectory.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 |
| Reserves | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 |
| Total Liabilities | 13 | 12 | 12 | 12 |
| Fixed Assets | 3 | 11 | 3 | 3 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 13 | 12 | 12 | 12 |
The balance sheet as of March 2026 shows a minimal capital structure with equity of ₹10 crore, zero reserves, and no borrowings, resulting in total assets of ₹12 crore. This ultra-low leverage and static asset base suggest the company is not investing in growth or new ventures, and capital allocation is not a driver of strategy. The lack of debt and reinvestment implies the business may be in a maintenance or wind-down phase, with no visible expansion or acquisition activity.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -0 |
| Investing | +0 |
| Financing | +0 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 47.4% | 47.4% | 47.4% | 47.4% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 44.5% | 44.4% | 44.3% | 44.8% |
| # Shareholders | 11,474 | 11,431 | 11,390 | 11,331 |
Promoter holding remains stable at 47.4% over the last four quarters, with no FII or DII ownership reported in recent periods. Public shareholding has slightly declined from 44.51% to 44.31%, and the number of shareholders has marginally decreased, indicating limited institutional interest. The absence of foreign or domestic institutional investors and stagnant promoter stake suggest low confidence from broader markets, with no signs of accumulation or strategic stakebuilding.
⚖️ Peer Comparison — IT - Software
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| TCS | 8.55 L Cr | 17.2 | 63.2% | 46.7% | 0.00 |
| INFY | 4.68 L Cr | 15.6 | 44.9% | 32.7% | 0.00 |
| HCLTECH | 3.55 L Cr | 20.3 | 31.6% | 23.2% | 0.00 |
| WIPRO | 1.80 L Cr | 14.4 | 18.1% | 15.1% | 0.19 |
| TECHM | 1.59 L Cr | 28.1 | 24.8% | 17.4% | 0.00 |
| LTM | 1.35 L Cr | 25.7 | 30.5% | 21.6% | 0.00 |
| OFSS | 1.07 L Cr | 31.3 | 60.3% | 43.6% | 0.00 |
| PERSISTENT | 88,521 | 45.6 | 32.7% | 24.5% | 0.00 |
| COFORGE | 88,049 | 40.4 | 25.6% | 20.7% | 0.04 |
| MPHASIS | 47,828 | 25.0 | 22.3% | 17.8% | 0.17 |
⚠️ Risk Factors
1. No revenue or profit growth over multiple quarters, with financials appearing frozen since 2010, signaling potential business stagnation. 2. Absence of updated financial results in recent filings raises concerns about reporting compliance or operational relevance. 3. Zero cash flow from operations, investing, and financing activities indicate no liquidity generation or movement, suggesting possible business dormancy. 4. Lack of institutional or foreign investor interest and minimal public float may lead to liquidity risks and limited marketability.
📋 Recent Filings
-
🟡 Board Meeting 1 September 2026First Fintec Limited will hold its AGM on September 29, 2026, via video conferencing, adopting FY25-26 audited financials and appointing PC Surana & C...
-
🟡 Board Meeting 29 August 2026First Fintec Limited announced the outcome of its board meeting held on August 29, 2026, approving the notice for its Annual General Meeting scheduled...
🧠 Analyst's Read
The company exhibits characteristics of a dormant or non-operational entity with no visible growth drivers, reinvestment, or market engagement. Investors should monitor for any future financial disclosures or strategic announcements, but current indicators suggest limited upside and elevated operational and liquidity risks without a clear path to revival.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts for your stocks — summarized by AI daily
Set up your AI Radar — pick stocks, get daily email summaries of new filings.
Set up AI Radar — FreeFree account · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research
About · Privacy Policy · Terms of Service · Pricing
Today's Announcements · Screener · Insights · AI Chat
Data provided by CMOTS Internet Technologies Pvt Ltd