NPCI FY26: Revenue Growth Masks Margin Compression

NPCI, which operates UPI, RuPay, and FASTag, saw revenue rise 22% year-on-year to Rs 4,240 Cr in FY26, but profit declined 32% over the same period, per Entrackr. The gap signals rising infrastructure costs as payment volume scales—watch for how MDR on UPI (coming soon) reshapes unit economics for banks and fintechs relying on the rails.

Source: Entrackr ↗