The National Payments Corporation of India (NPCI), the non-profit umbrella organisation that runs the UPI network and other critical digital payment systems, has reported strong financials in FY25, characterised by a significant surplus. According to ICRA Research, NPCI is projected to see robust financial performance in FY2025, with operating income rising to ₹3,270 crore from ₹2,749 crore in FY2024, an 18.95% year-on-year (YoY) increase. The surplus after tax is expected to grow to ₹1,552 crore, up from ₹1,095 crore in the previous year, representing a 41.73% increase.

Its leverage was nil as of March 31, 2025. Strong internal accruals led to a healthy net worth of ₹6,412 crore as of March 31, 2025.

As of March 31, 2025, NPCI had unencumbered cash and cash equivalents of ₹2,288 crore, with nil borrowings, resulting in no repayment obligations. It also had lines of credit worth ₹13,667.06 crore from various banks to meet any shortfall in members’ accounts during the settlement of transactions across product segments.

With the increasing penetration of digital transactions and the launch of new products, NPCI’s total volumes and revenue have been on a rising trend, with a 33% YoY rise in transaction volumes in FY2025, driven by growth across products.

The total number of transactions across all products increased to 21,360 crore in FY2025 from 16,100 crore in FY2024.

ICRA believes that the RBI’s vision to provide every Indian with access to safe, secure, convenient, quick, and affordable e-payment options and to enhance cross-border payments is likely to result in favourable growth prospects for NPCI over the medium term.

Given this, ICRA has reaffirmed/assigned its rating on the company's short-term fund-based bank facilities worth ₹15,000 crore to [ICRA]A1+.

In its rationale, ICRA stated that the rating takes into consideration NPCI’s position as a prominent financial market infrastructure provider in the country. It is a key player for the clearing and settlement of retail transactions across various instruments/segments, and also operates its own card scheme under the RuPay brand name.