--- title: "NPST’s revenue rose 45%; goods cost ₹27.78 crore, from ₹1 lakh a year earlier" summary: "NPST’s results for July to September: where 45% revenue growth came from, the ₹27.78 crore goods line, its UAE subsidiary, and what the parent company’s revenue did." url: https://www.thetechbag.com/blog/npst-revenue-45-percent-resold-goods format: Note desk: "Markets & the AI economy" region: India published: 2026-11-11 facts_checked: 2026-11-11 author: TechBag (The TechBag Journal) tags: ["NPST results","NPST share","NPST Q2 results","UPI switch company","NPST","Network People Services Technologies","UPI","payment switch","technology service provider","earnings","stock-in-trade","payment hardware","soundbox","UAE subsidiary","preferential allotment","NSE","fintech"] cover: https://www.thetechbag.com/blog/covers/npst-revenue-45-percent-resold-goods.png --- # NPST’s revenue rose 45%; goods cost ₹27.78 crore, from ₹1 lakh a year earlier *NPST’s results for July to September: where 45% revenue growth came from, the ₹27.78 crore goods line, its UAE subsidiary, and what the parent company’s revenue did.* Note · Markets & the AI economy · By TechBag · Published 2026-11-11 · Facts checked 2026-11-11 · Canonical: https://www.thetechbag.com/blog/npst-revenue-45-percent-resold-goods NPST, the Thane company whose software runs UPI and other payment switches for Indian banks, grew its revenue 45% in July–September, to ₹67.74 crore from ₹46.68 crore. In the same quarter it booked ₹27.78 crore of costs for goods, a line that stood at ₹1 lakh a year earlier.[1] The parent company’s own revenue fell 1.5%, to ₹45.90 crore; the growth came from its subsidiaries.[1] Network People Services Technologies filed the results with the stock exchanges on the evening of 11 November. ₹67.74 cr consolidated revenue, July–September, up 45% NSE filing ₹27.78 cr cost line for goods, against ₹1 lakh a year earlier NSE filing ₹45.90 cr the parent company’s revenue, down 1.5% NSE filing ₹13.22 cr consolidated profit after tax, up 34% NSE filing ## What NPST sells, and what the goods are NPST describes itself as a technology service provider to banks and fintechs: the transaction engine behind UPI, IMPS and bill payments, for more than 20 banks and about 90 million transactions a day. It also sells merchant-acquiring platforms, QR and soundbox systems, fraud tools, and payment hardware: soundboxes, smart point-of-sale terminals, micro-ATMs and hardware security modules.[3] The UPI volumes its customers process are tracked in [our October UPI note](https://www.thetechbag.com/blog/upi-october-record-1-lakh-crore-a-day). The ₹27.78 crore sits under “changes in inventories of finished goods, work-in-progress and stock-in-trade”, an expense, not revenue.[1] The 11 November filing does not say what the goods were. When an investor asked about the same line in August, joint managing director Ashish Aggarwal said it was “the hardware that we are supplying to the bank for the offline payment”, delivered inside turnkey projects; the chief executive, Deepak Chand Thakur, added that the hardware is realised at early project milestones while software and services are spread out.[2] TechBag countWhat the rest of the business could have earned The filing gives the goods’ cost, not what they were sold for. If they were sold at or above cost, the rest of revenue was at most ₹39.96 crore, 14% below a year earlier.[1] ## Where the growth sits **Figure: The parent’s revenue fell; the subsidiaries’ rose from ₹7 lakh to ₹21.84 crore** *NPST revenue from operations by quarter, the parent company and the rest of the group (consolidated minus standalone), ₹ crore* Jul–Sep 2025 46.61 46.68 ₹ crore Apr–Jun 2026 49.89 56.48 ₹ crore Jul–Sep 2026 45.9 21.84 67.74 ₹ crore | | Parent company | Rest of the group | | --- | --- | --- | | Jul–Sep 2025 | 46.61 | 0.07 | | Apr–Jun 2026 | 49.89 | 6.59 | | Jul–Sep 2026 | 45.9 | 21.84 | Source: NPST, consolidated and standalone results, NSE filing of 11 November 2026 · as of 11 November 2026 · The rest of the group is consolidated revenue minus the parent’s, so it is net of sales within the group. NPST has three subsidiaries: SSK Citizen Services and Timepay Digital Infotech in India, and NPST Global Solutions LLC in the UAE, wholly owned. The auditor’s report shows one subsidiary outside India, which can only be the UAE company, with revenue of ₹23.96 crore in the quarter and ₹30.60 crore in the half-year, and a quarterly profit of ₹3.17 crore. NPST’s own auditor did not review those figures; a local auditor did.[1] Of the ₹27.78 crore goods line, ₹9.81 crore was the parent’s.[1] The same board meeting approved a further US$1 million investment in the UAE company.[1] In August the company told investors international business was 10–12% of revenue.[2] ## Profit, cash and what to watch Consolidated profit after tax was ₹13.22 crore, up from ₹9.84 crore. Other income more than doubled, to ₹5.21 crore from ₹2.00 crore; in the half-year, ₹9.65 crore of ₹10.15 crore was interest. NPST raised ₹300 crore in a preferential allotment in September 2025 and had spent ₹56.52 crore of it by 30 September; it held ₹209.24 crore in bank balances other than cash.[1] Operations used ₹15.91 crore of cash in April–September, against ₹7.77 crore a year earlier.[1] NPST’s results call is on Friday, 13 November, at 2pm.[4] The questions it leaves: what the goods in the quarter were, who bought them, and what the UAE company sells. How we did this Figures as of 11 November 2026, 8pm IST All results are from NPST’s filing of 11 November, whose tables are scanned pages; we read them as images and converted ₹ lakh to crore. The goods figure is the expense line the filing labels “changes in inventories of finished goods, work-in-progress and stock-in-trade”; inventories on the balance sheet rose only ₹3.63 crore in the half, so the line mostly records goods bought and passed on. Our arithmetic: the 45% and 34% rises; the rest of the group as consolidated minus standalone revenue; ₹17.97 crore of the goods line outside the parent; and the ceiling of ₹67.74 crore minus ₹27.78 crore, which is ₹39.96 crore, against ₹46.68 crore a year earlier (minus 14.4%). That ceiling holds only if the goods were not sold below cost. Identifying the overseas subsidiary as the UAE company rests on it being the only one outside India in the filing’s list. The other-income figure is consolidated; the parent alone reported ₹5.44 crore. Spotted an error? Write to us; corrections are published at the foot of the piece. Sources 1. [NPST (Network People Services Technologies), outcome of board meeting: unaudited consolidated and standalone results for the quarter and half year to 30 September 2026, with limited review reports (NSE)](https://nsearchives.nseindia.com/corporate/NPST_11112026175821_BM_Outcome_11112026_signed.pdf) — 11 November 2026 2. [NPST, transcript of the Q1 FY27 earnings call held on 12 August 2026 (NSE)](https://nsearchives.nseindia.com/corporate/NPST_14082026152137_Transcript_of_Investor_Call_signed.pdf) — 14 August 2026 3. [NPST, investor presentation for the quarter to 30 June 2026 (NSE)](https://nsearchives.nseindia.com/corporate/NPST_11082026201608_SE_intimation_of_investor_presentation_30062026_signed.pdf) — 11 August 2026 4. [NPST, intimation of the Q2 FY27 earnings conference call (NSE)](https://nsearchives.nseindia.com/corporate/NPST_05112026124558_SE_Intimation-Schedule_of_Investor_Call_FY_26-27_Q2.pdf) — 5 November 2026 **Disclosure.** TechBag is a software reseller: it earns a margin when a reader buys through it, including from vendors named here. The analysis is TechBag’s own; no vendor paid for or saw this piece before publication. Facts are labelled reported, TechBag count or our view. Go deeper on TechBag - [UPI averaged ₹1 lakh crore a day in October](https://www.thetechbag.com/blog/upi-october-record-1-lakh-crore-a-day) — the payment volumes NPST’s bank customers switch - [MapmyIndia: automotive up 52%, government down 38%](https://www.thetechbag.com/blog/mapmyindia-automotive-up-52-government-down-38) — another Indian software company’s quarter, read line by line - [Amagi’s ad impressions rose 65%, revenue 27%](https://www.thetechbag.com/blog/amagi-ad-impressions-up-65-revenue-27) — an Indian software firm whose headline growth needs its base