Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Oct - Newspaper Advertisement - Notice of Record Date for Consolidation of Equity Shares.
Source: Bse
AvenuesAI Limited (CCAVENUE)
Micro CapFinancial Services stocks · Micro cap · NSE
AvenuesAI Limited (formerly Infibeam Avenues) is a global fintech company providing AI-native transaction infrastructure. It offers omni-channel B2B digital payments solutions (CCAvenue), enterprise eCommerce software platforms (RediffOne), and lending solutions, integrating AI across payments, workflows, and consumer ecosystems.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:50 pm ISTDetails
Quote19 Oct, 05:50 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:50 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 +38.5% / mo · RSI overbought · MACD + · near 52W high
Stock trend: 61
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CCAVENUED candles · FIT view+830.3%Latest close ₹130.05 on 2026-10-19
Daily history is available from 2026-02-03; the requested 1Y window is partially covered.
Bar
-4.1%
RSI
98
MACD hist
7.24
52W pos
95%
2026-10-19O ₹135.65H ₹135.65L ₹122.42C ₹130.05Vol 13.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CCAVENUENifty Financial ServicesNifty 500
- CCAVENUE
- +654.8%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +660.4 pp
Chart stats
19 Oct 2026- From 52W high
- -4.1%
- 52W range position
- 95%
- ATR (14)
- 7.1%
- Volume vs 20D
- 0.09x
- Avg traded value
- ₹22.5 Cr
- 20D price channel
- ₹13.6 - ₹135.7
₹135.7
₹12.9 - ₹135.7
₹9.3
Latest completed session
20-session average
799.7% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +109.4% · PAT +46.5% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model+42.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 72/100Rev +109% YoY · PAT +47% YoY · +8% QoQ · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,680 Cr | +109.4% | +7.6% |
| EBITDA | ₹100 Cr | +40.8% | +9.9% |
| Operating margin | 3.7% | -230 bps | +0 bps |
| PAT | ₹85 Cr | +46.5% | -4.5% |
| PAT margin | 3.2% | -136 bps | -40 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.30
- P/B
- 1.01
- EV/EBITDA
- 11.21
- Market Cap
- 4826.00Cr
Profitability
- ROE
- 6.64%
- ROCE
- 7.72%
- ROA
- 4.40%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 64.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 61.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 14.46×
- Altman Z
- 3.68
- Book Value
- 136.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 537.00 Cr
- EPS TTM
- 8.91
Shareholding
- Promoter Hold
- 27.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 7,585+113.9% vs prev
Net Profit
₹ CrLatest: 153-4.4% vs prev
Return on Equity
%Latest: 3.6-24.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 98. Wait for confirmation.
- SMA20 rising (~27.8% over last month) — short-term momentum positive.
- RSI(14) at 98 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 4% off 52W high · 907% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation20/30
Growth18/25
Quality0/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 42.8%.
- Growth contributes 18/25 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
16.3
PB
1.0
EV/EBITDA
11.2
ROE
6.6%
ROCE
7.7%
FCF Yield
—
Debt/Equity
0.1
MoS
+42.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+42.8%
Previous: +42.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
51
52
54
54
67
67
67
67
67
67
57
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹165.12
+21.2% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹227.21
+42.8% MoS
PEG
0.53
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
STYL
Micro
Seshaasai Technologies Limited
IT Services / Digital
match 138
56
21.0
23.3%
+25%
FAIR VALUE
HAPPSTMNDS
Micro
Happiest Minds Technologies Limited
IT Services / Digital
match 124
35
20.8
13.8%
-34%
WATCHLIST
OSWALPUMPS
Micro
Oswal Pumps Limited
IT Services / Digital
match 120
86
8.8
35.2%
+79%
DEEP VALUE
SHILCTECH
Small
Shilchar Technologies Limited
IT Services / Digital
match 119
59
33.6
37.8%
-0%
FAIR VALUE
DATAMATICS
Small
Datamatics Global Services Limited
IT Services / Digital
match 119
55
18.1
16.0%
+34%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-08T07:54:44.679Z
Management commentary snapshot
AvenuesAI exceeded FY26 guidance with 103% YoY gross revenue growth and 58% YoY PAT growth, driven by strategic transformation into an AI-native transaction infrastructure platform and strong TPV expansion.
The company is actively transforming into an AI-native transaction infrastructure, integrating payments, merchant OS, AI orchestration, and consumer ecosystems. FY26 results exceeded guidance, with strong TPV and revenue growth, validating the strategic shift. The focus on operating leverage from automation and international expansion supports the long-term thesis.
Growth engines
AI-Native Transaction Infrastructure
Transformation into an AI-native platform integrating payments, merchant OS, AI orchestration, and consumer ecosystems drove record FY26 performance.
Rediff Ecosystem Expansion
Increased stake in Rediff to 82.66% strengthens ecosystem synergies and platform integration, leveraging Rediff for low-CAC consumer acquisition.
International Expansion
Plans to expand into multiple countries over 3-5 years, targeting 12-15% international contribution to Payments Net Revenue by FY28, with Australia & USA operational by FY27.
Enterprise AI & PrivateGPT Solutions
Expansion into PrivateGPT and on-premise enterprise AI solutions positions the company for the emerging turnkey enterprise AI solutions market globally.
Capacity and execution
Regulatory Moat
Secured RBI authorization for Offline Payment Aggregation, in-principle approval for PPIs, and IFSCA approval for PSP at GIFT-IFSC, expanding regulated fintech infrastructure.
PayCentral.ai Launch
Launched India’s first Agentic Payment Platform built on Google’s AP2 framework, enabling secure and autonomous AI-agent-led payment transactions.
CCAvenue CommerceAI & MCP Protocol
Launched CommerceAI powered by proprietary Model Context Protocol (MCP) for AI agents to autonomously orchestrate secure payment workflows.
RediffPay UPI Platform
RediffPay commenced CUG testing after NPCI TPAP approval, paving the way for a financial wellness-focused UPI ecosystem.
Tailwinds
Digital Payments Growth in India
India's rapidly growing UPI economy and digital payments market provide a strong domestic growth environment, supported by RediffPay's upcoming UPI platform.
AI Adoption
Increasing adoption of AI across industries creates demand for AI-native transaction infrastructure and enterprise AI solutions, aligning with the company's strategic shift.
Regulatory Support for Fintech
Key regulatory approvals (RBI, IFSCA) expand operational capabilities and strengthen the company's position in the regulated fintech space.
Headwinds
Payments NTR Decline
Payments NTR declined 43% YoY in Q4 FY26 and 40% YoY in FY26, attributed by management to strategic volume expansion during peak festive season.
Risk radar
Fluctuations in Foreign Exchange Rates
Actual results could differ materially due to fluctuations in foreign exchange rates.
Changes in Global Economic Conditions
Changes in global economic conditions and consumer spending could impact performance.
Regulatory Changes
Changes in government policies or regulations of India, particularly relating to the administration of the company’s industry, pose a risk.
Competition
Competition is identified as a factor that could cause actual results to differ materially.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation provides financial results primarily on a Year-over-Year basis for both the quarter (Q4 FY26 vs Q4 FY25) and the full fiscal year (FY26 vs FY25), which is suitable for assessing the impact of strategic transformations and overall growth trajectory.
Sector KPIs management disclosed
Transaction Processing Value (TPV)
Q4 FY26 TPV was INR 1.66 trillion, up 101% YoY. FY26 TPV was INR 5.038 trillion, up 55% YoY.
Payments Net Take Rate (NTR)
Q4 FY26 Payments NTR was 6 bps, down 43% YoY. FY26 Payments NTR was 7 bps, down 40% YoY. This is from MDR-based options, with strategic volume expansion during peak festive season.
Number of Merchants
10+ million merchants (online + offline) as of Q4 FY26.
Gross Revenue
Q4 FY26 Gross Revenue was INR 24,895 million, up 115% YoY. FY26 Gross Revenue was INR 81,158 million, up 103% YoY.
Management forward view
Structural Inflection Point
The company is at a structural inflection point, transforming from a payment gateway to an AI-native transaction infrastructure.
Operating Leverage from Automation
Strengthening long-term operating leverage through AI-led automation and intelligence layers.
Global Positioning
Corporate rebranding to AvenuesAI Limited sharpens global positioning under the CCAvenue brand and aligns with AI-led growth.
Compounding Flywheel
Growth increases intelligence, and intelligence increases margin, creating a compounding flywheel effect.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Payments NTR | 6 bps (Q4 FY26) | Monitor if NTR stabilizes or improves as AI-led value-added services gain traction, offsetting strategic volume-driven declines. |
| International Contribution to Net Revenue | Not explicitly stated for current period, but target is 12-15% by FY28. | Track progress on international expansion and its contribution to Payments Net Revenue towards the FY28 target. |
| Merchant Additions | 10+ million total merchants | Observe the rate of new merchant additions, especially for RediffOne and integrated AI platforms, to gauge ecosystem adoption. |
| AI Product Monetization | New AI platforms like PayCentral.ai and CommerceAI launched. | Assess the monetization success and adoption rates of new AI-native products and services. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 88th percentile within Financial Services. Main check: financial discipline is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
137 docs text-extracted · 56 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Financial Services: 88th pctile, median 62 · Micro: 60th pctile, median 73
Evidence depth
Financial-only
137 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
48
watch · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.09.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE is low at 7.7%.
- ▸ROE is low at 6.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching AvenuesAI Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Business Responsibility and Sustainability Reporting (BRSR) 3 Sep - September 3, 2026: AvenuesAI submitted FY2025-26 BRSR with annual report.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Newspaper Advertisement - Notice of 16th AGM and E-voting information.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Newspaper Advertisement - 16th Annual General Meeting through Video Conferencing /Other Audio Visual Means facility.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.