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+6.7% YoY
Registered agents on Spice Money platform, up from 1.5M last year.
DIGISPICETECHNOLOGIES
Information Technology
15 Feb 2026
Digispice Technologies Ltd — Q3 FY26
Digispice Technologies (Spice Money) reported a muted Q3 FY26 with GTV declining ~4% QoQ due to normalization of subsidy flows and consolidation in the MFI/NBFC sector impacting collections.
✓ Verified against BSE filing
2-Min Summary
Digispice Technologies (Spice Money) reported a muted Q3 FY26 with GTV declining ~4% QoQ due to normalization of subsidy flows and consolidation in the MFI/NBFC sector impacting collections. However, gross margin improved to 47% (from ~44% guided steady state) driven by cost optimization and mix shift away from low-margin CMS. PAT for the quarter was ₹2.4 crore (9M PAT ₹16.5 crore vs ₹4 crore prior year), reflecting operating leverage as indirect costs were held flat. Management highlighted operating leverage kicking in, with 9M EBITDA of ~₹21 crore vs ₹4 crore YoY. New engines—credit (disbursements of ₹19.2 crore in Q3 vs ₹20.5 crore in full FY25) and insurance—are gaining traction. Guidance: gross margins to settle at 44-45%; credit distribution to scale in H2 FY27; UPI cash point launch expected in Q4. Risk: continued slowdown in MFI/NBFC lending could pressure collections revenue.
Key Numbers
APS Market Share
18.64%
+130bps YoY
Market share in Aadhaar-enabled payment system (AEPS) for cash withdrawal.
Credit Disbursements (Q3)
₹19.2Cr
+87% YoY
Disbursements in Q3 FY26 vs ₹10.3Cr in Q3 FY25 (implied from FY25 full year ₹20.5Cr).
CASA Float Balance
₹260Cr
+30% YoY
Float balances in current and savings accounts opened via Spice Money.
Management Guidance
Gross margin to settle at 44-45%
Management expects steady-state gross margins in the range of 44-45% on a quarterly average basis.
marginsCredit distribution to scale in H2 FY27
Management expects credit distribution (secured loans) to scale meaningfully in the second half of FY27 after building the open API stack.
growthUPI cash point launch in Q4
Spice Money plans to enable UPI-based cash withdrawals at agent points by the end of Q4 FY26.
expansionDiscontinued business to be zero by H1 FY27
The loss from discontinued business (PAD) is expected to be reduced to zero by the first half of FY27.
otherKey Risks
MFI/NBFC consolidation impacting collections
Slowdown in lending by MFIs and NBFCs due to NPA consolidation has reduced collections volumes, which may persist for another quarter or two.
medium · management_commentaryCredit distribution scale-up delayed
Management indicated that scaling credit distribution may take another 2-3 quarters, implying potential delays in revenue contribution from this segment.
medium · analyst_questionSubsidy flow normalization
Elevated subsidy flows in H1 FY26 boosted GTV; normalization could lead to continued muted growth in near-term transaction volumes.
low · data_observationNotable Quotes
We are beginning to see operating leverage kick in... for the 9 months this financial year we delivered close to 20 crores profit compared to 4 crores for the 9 months previous year.
Our goal is to build a full stack financial services distribution plane for small merchants and consumers in Bharat.
We have successfully validated this model for our own SMA base... in this quarter alone we have delivered disbursements of almost 19.2 crores.