NeRL Narrows FY25 Losses as Revenue Grows 10% YoY

25 August 2025

• Financial Performance (FY25 vs FY24): NERL delivered steady top-line growth in FY25, though it remains loss-making. Total income for the year grew 10.1%, reaching ₹12 Cr from ₹11 Cr in FY24. This was driven by a 12.5% rise in revenue from operations to ₹9.7 Cr (vs. ₹8.6 Cr) and stable other income of ₹2.4 Cr (vs. ₹2.3 Cr). Profit Before Tax (PBT) stood at a loss of ₹5 Cr, compared with a loss of ₹7 Cr last year – an improvement of 21.0% YoY. Net Loss (PAT) narrowed to ₹4 Cr, compared with ₹5 Cr in FY24, a 20.6% improvement. Earnings per share (EPS) improved from -₹0.62 in FY24 to -₹0.49 in FY25.
• Operational Metrics (FY25 vs FY24): NERL’s operational metrics showed strong growth, led by Emerging Businesses. eNWR quantity grew 40.0% YoY to 138.4 Lakh MT from 98.9 Lakh MT. Value of eNWRs rose 16.7% YoY to ₹66,663 Cr, supported by higher adoption. Loans against eNWRs increased 9.3% YoY to ₹3,293 Cr. Client adoption strengthened, with active depositor/client accounts growing 18.4% YoY to 11,821. On the financial side, the balance sheet remained debt-free, with total assets at ₹58 Cr and equity at ₹46 Cr. Cash balances declined to ₹1 Cr from ₹2 Cr, but liquidity remains healthy. Investments in technology and infrastructure continued, with IT expenses up 25.6% YoY, reflecting its commitment to long-term scalability.
• Strategic Developments: In FY25, NERL continued its shift towards Emerging Businesses, which now contribute ~76% of eNWR value compared with 66% in FY24. The company expanded its pledgee participants (84 in FY25 vs. 76 in FY24) and grew active accounts base, reinforcing its ecosystem. However, since the company continues to be loss-making despite revenue growth, tracking its ability to scale operations profitably and control rising costs will be crucial. Sustained adoption of eNWRs, stronger traction in financing, and cost efficiency will determine how quickly NERL can move towards profitability in the coming years.