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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 72/100Rev +109% YoY · PAT +47% YoY · +8% QoQ · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
49NeutralSMA20 -8.9% / mo · MACD +
Technical chart
CCAVENUEdaily · 1Y · AUTO-1.2%Daily history is available from 2026-02-03; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 51. Wait for confirmation.
- SMA20 falling (~9.8% over last month) — short-term momentum negative.
- RSI(14) at 51 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 19% off 52W high · 22% 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 & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 37.1%.
- 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.
- Valuation is weaker at 15/30; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter pledge is zero. Key concern: ROCE is low at 7.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 88th pctile, median 62 · Micro: 60th pctile, median 73
137 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 18.50
- P/B
- 1.15
- EV/EBITDA
- 12.59
- Market Cap
- 5477.00Cr
Profitability
- ROE
- 6.64%
- ROCE
- 7.71%
- 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
- 3.84
- Book Value
- 13.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 537.00 Cr
- EPS TTM
- 0.90
Shareholding
- Promoter Hold
- 27.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.