The Indian digital payment ecosystem has witnessed unprecedented growth, driven by technological innovations, increasing internet penetration, and proactive government initiatives. This study aims to assess the financial performance of five leading fintech companies—Paytm, Lendingkart, Pine Labs, PolicyBazaar, and InCred—who are at the forefront of this digital revolution. Employing a structured analytical framework that includes ratio analysis, cash flow analysis, DuPont analysis, Piotroski F-Score, and Altman Z-Score, the research provides a comprehensive evaluation of each firm's liquidity, profitability, efficiency, and financial health over FY 2023 and FY 2024. The study utilizes secondary data from official financial reports to compare operational performance and highlight key trends across the sector. Findings reveal varying degrees of financial stability and growth potential among the selected firms, with some demonstrating strong capital efficiency and others showing areas of concern in solvency or profitability. The paper concludes with practical insights for investors, regulators, and industry stakeholders, emphasizing the importance of financial resilience and strategic management in sustaining competitiveness in India's evolving fintech landscape.