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View Claim Ledger →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.
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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.
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MFI/NBFC consolidation impacting collections
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Agent Network
1.6M
+6.7% YoY
Registered agents on Spice Money platform, up from 1.5M last year.
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.
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Guidance and risk preview
Management expects steady-state gross margins in the range of 44-45% on a quarterly average basis.
Slowdown in lending by MFIs and NBFCs due to NPA consolidation has reduced collections volumes, which may persist for another quarter or two.
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