Alldigi Tech Ltd — Q4 FY26
Alldigi Tech delivered a strong FY26 with revenue of ₹598.7 Cr (+9.6% YoY) and EBITDA of ₹162 Cr (+25% YoY), margins expanding 340 bps to 27.1%.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered2Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Why revenue growth exceeded payroll processed growth this quarter?
Asked by Hash Kunanani, AON Alpha
Management explained multiple factors causing divergence, including one-time revenues and international mix.
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Question
this quarter you know revenue growth is significantly higher than uh the payroll process number so is this because of uh you know uh our foray into the international markets where the realization is higher and can this divergence continue um over the next few quarters.
Abhinav (CFO)
Uh you're right. Our payroll process has been growing year on year. Uh so the revenue if you you have to look at it not exactly directly proportional to the growth of the number of employees because there are revenue streams on the payroll side which comes from our one-time change requests.
Partial answer
Medium priority
Are international HRO margins similar to domestic?
Asked by Hash Kunanani, AON Alpha
Acknowledged international margins are higher but did not quantify the difference.
no specific margin numbers given
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Question
does that mean our realization and margin in the international HRO business is similar to the domestic one?
Abhinav (CFO)
So hush uh international margins typically tend to be slightly higher but uh as you would note our domestic margin itself are uh pretty decent. So so yeah both the domestic and international margins remain uh uh reasonably good.
Answered
High priority
Is BPO headcount decline client-specific or strategic?
Asked by Hash Kunanani, AON Alpha
Clearly stated it was a strategic move, not client-specific.
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Question
there was a headcount decline in this uh quarter and I think that has been the that that has led to you know uh a revenue decline also. Um so is there is this client specific or anything to call out uh in this particular segment?
Abhinav (CFO)
Yes, there's been a headong decline and uh this is a strategic move that we've done of moving away from some of our low margin business and also a strategic intent of increasing our international business compared to the domestic one.
Answered
High priority
Will BPO rationalization continue in coming quarters?
Asked by Hash Kunanani, AON Alpha
Provided clear guidance that it will continue through FY27.
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Question
is this rationalization exercise uh will this continue for a few quarters or was this just a one quarter uh impact?
Abhinav (CFO)
We should anticipate this uh probably not on a quarter timeline but you know for the FY27 we would continue to exercise this intent of moving away from low margin business.
Answered
High priority
What are the new CEO's focus areas and long-term vision?
Asked by Hash Kunanani, AON Alpha
CEO outlined strategic direction and specific initiatives like AI-enabled platforms.
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Question
what has been the focus areas uh in the company since you've joined and you know where do you see this uh company 2 three years from now from a you know segmental aspect what happens to the HRO business the PPM business so on and so forth
Natrajan Lakshman (CEO)
the direction is very clear we want to grow both the segments of the business and uh no more move towards technology enablement rather than just an uh FTE business on the DPM side and on the payroll side continue to enhance uh our platforms
Evasive
Medium priority
Which part of business is most at risk from AI?
Asked by Kesha Girk, Counter Cyclical PMS
Did not identify any specific segment at risk; instead discussed AI as opportunity.
reframed risk as opportunityno specific segment identified
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Question
I wanted to understand that which part of our business is most at risk from the AI.
Natrajan Lakshman (CEO)
I wouldn't call it a risk you know it's both you know a challenge and an opportunity. So you know it's it's not overall a risk you know and this is something which we've identified
Answered
High priority
What was constant currency revenue growth for FY26?
Asked by Kesha Girk, Counter Cyclical PMS
Provided exact breakdown of constant currency growth and currency impact.
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Question
our fullear revenue went up by uh roughly 10% and I believe the Indian currency itself has depreciated by more than that or around uh the similar magnitude in the past one year. So basically what has been the constant currency growth in the revenue if at all for FI26?
Abhinav (CFO)
u 3.3% is the growth uh attributable to the currency depreciation and uh 6.3% is the growth attributable to uh the various efforts uh uh which the company has been making.
Partial answer
High priority
Can 28% margins sustain? Any one-time currency effect?
Asked by Kesha Girk, Counter Cyclical PMS
Reiterated long-term margin growth target but did not confirm if 28% is sustainable.
no specific margin guidance for next quarter
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Question
can we expect these margins that we did in the last quarter of around 28% to sustain going forward or is there any one-time effect of currency depreciation and so on?
Abhinav (CFO)
we expect the margins to remain robust uh like in our previous calls also we have guided that we typically target one to one and a half% kind of margin growth um yearon-year basis and we'll continue to uh derive that
Partial answer
High priority
What is the revenue growth outlook for FY27?
Asked by Kesha Girk, Counter Cyclical PMS
Repeated 'mid-teens' growth aspiration but did not commit to a specific figure.
no specific number givenattributed past miss to strategic shift
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Question
for the current year what kind of revenue growth? I mean in the past we were talking about roughly 15% kind of uh revenue caggr but last year clearly it was far below that. So what was the reason for that and now what is the outlook?
Abhinav (CFO)
we should see you know the mid team growth for this year as well in terms of revenue.
Partial answer
Medium priority
How do you see HRO growth and margins going forward?
Asked by Raguram, Your India Ventures
Gave qualitative outlook but no quantitative margin guidance.
no specific margin numbersqualitative comparison only
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Question
how you see HRO going forward. The second is on u the EITA margin. Abinat mentioned that the AITA margin for both HRO domestic and HRO international are anyway pretty significantly high. So this is something that u is is how is that as compared to how you have seen in your previous u in your previous companies and how do you see it going forward
Natrajan Lakshman (CEO)
we should continue to see a growth uh Ragu and uh yes uh margin wise you know if I if I compare it with my previous experience we pretty much there in in some cases we are slightly higher
Evasive
High priority
When will BPM get a large client like the healthcare one?
Asked by Raguram, Your India Ventures
Acknowledged pipeline but refused to give a timeframe for closing large deals.
no timeline givenblamed macro conditions
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Question
The last burst of growth that came in for Aldigi has been from the large healthcare clients that we that we onboarded about 18 months back or nearly 24 months back. that is something that is missing in the last about 12 months in terms of one large one or two large brands getting onboarded. How do you see and what is the what what is the time frame and how do you see Ali breaking that kind of a uh barrier
Natrajan Lakshman (CEO)
we do have some pretty big names that uh brands that we are actually targeting in fact uh we've been in discussion with them in FY26 as well but when you look at uh uh you know the global macroeconomic conditions
Answered
High priority
What is the outlook for RCM business entry?
Asked by Raguram, Your India Ventures
Confirmed RCM entry, provided scaling update, and outlined target industries.
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Question
we have been trying to get into the RCM business. There has been obviously some uh last quarter there was uh a hint that some some RCM business initially would start to come in with maybe some 40 seats 45 seats kind of a thing but uh there were also some indications that uh previously had been given to us that if we don't really get into it in an organic way we would also consider an inorganic way of uh of entering that business. How is the outlook for that?
Natrajan Lakshman (CEO)
RCM is definitely one of our uh you know focus areas or the area of interest for us going you know for FY27 and as you rightly mentioned we've already entered into the RCM for so we've been uh processing the RCM BPM part for almost uh a quarter now and the good news is it is scaled up it's doubled up now
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Full year revenue grew roughly 10% | 10% | 9.6% | Matches filing |
| BPM segment margin in Q4 was 13.6% | 13.6% | 28% | Understated vs filing |
| TND segment margin close to 44% | 44% | 28% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.