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View Claim Ledger →DiGiSPICE Technologies Limited — Q4 FY26
DiGiSPICE reported a solid FY26 with revenue from continuing operations at ₹464 crore (+4% YoY), EBITDA at ₹37 crore (2.4x YoY), and PAT at ₹25 crore (vs ₹6.5 crore last year).
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DiGiSPICE reported a solid FY26 with revenue from continuing operations at ₹464 crore (+4% YoY), EBITDA at ₹37 crore (2.4x YoY), and PAT at ₹25 crore (vs ₹6.5 crore last year). Growth was driven by Aadhaar-enabled payments (market share 18.4%), credit disbursement (₹600 crore, 2.8x YoY), and new products like UPI cashpoint (₹100 crore monthly run-rate). Management guided for 20% PAT growth over the next 2-3 years and expects the credit business to turn EBITDA positive next quarter. Risks include macroeconomic headwinds impacting rural discretionary spending and regulatory uncertainty around BC banking outlet guidelines.
DiGiSPICE ने वित्त वर्ष 2026 में अच्छा प्रदर्शन किया। कंपनी की मुख्य कमाई 464 करोड़ रुपये रही, जो पिछले साल से 4% ज्यादा है। कंपनी ने 37 करोड़ रुपये का परिचालन लाभ कमाया, जो पिछले साल से ढाई गुना है। शुद्ध लाभ 25 करोड़ रुपये रहा, जबकि पिछले साल यह 6.5 करोड़ रुपये था। यह वृद्धि आधार-आधारित भुगतान, कर्ज वितरण और UPI कैशपॉइंट जैसी नई सेवाओं से हुई। कंपनी को अगले 2-3 सालों में शुद्ध लाभ में 20% बढ़ोतरी की उम्मीद है। लेकिन ग्रामीण इलाकों में खर्च कम होने और नियमों में बदलाव से जोखिम हो सकता है।
Promises0 met · 2 missedRisks3 trackedTranscriptfull text
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Risk Intelligence
Macroeconomic uncertainty impacting rural demand
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Read Transcript →Quarter Snapshot
Agent Network
1.7M
+134% over 5 years
Agent base expanded from 1M in FY22 to 1.7M in FY26, with 13.2 lakh agents in tier 4-6 towns.
Aadhaar Cash Withdrawal Market Share
18.4%
+113bps YoY
Market share increased from 17.27% in FY25 to 18.4% in FY26, outpacing industry growth of 9%.
Credit Disbursement
₹600Cr
+2.8x YoY
Total loans disbursed in FY26 grew to ₹600 crore from ₹198 crore in FY25, driven by repeat loans and higher ticket sizes.
UPI Cashpoint Monthly Run-rate
₹100Cr
+3x MoM
Launched in March 2026, UPI cashpoint reached ₹100 crore monthly GTV with 30-35% market share.
What Changed vs Last Quarter
NEW
20% PAT growth per annum over next 2-3 years
Management expects PAT to grow at 20% year-on-year for the next 2-3 years, driven by operating leverage and new product scaling.
NEW
Credit business to turn EBITDA positive next quarter
The credit engine (lending business) is expected to achieve EBITDA positivity in Q1 FY27.
NEW
UPI cashpoint to reach 50% of Aadhaar cash withdrawal volumes in 1-2 years
Management expects UPI cashpoint volumes to reach half of the Aadhaar cash withdrawal business within 1-2 years.
DROPPED
Gross margin to settle at 44-45%
Management expects steady-state gross margins in the range of 44-45% on a quarterly average basis.
DROPPED
Credit 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.
DROPPED
UPI cash point launch in Q4
Spice Money plans to enable UPI-based cash withdrawals at agent points by the end of Q4 FY26.
DROPPED
Discontinued 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.
NEW RISK
Macroeconomic uncertainty impacting rural demand
Inflation and economic slowdown could reduce discretionary spending and affect transaction volumes, though essential payments may be more resilient.
NEW RISK
Regulatory clarity on BC banking outlets
New BC banking outlet guidelines are under consultation; delays or unfavorable terms could slow expansion of higher-value banking outlets.
NEW RISK
Seasonality and subsidy cycle dependence
Aadhaar cash withdrawal volumes are influenced by government subsidy cycles, causing quarterly volatility (H1 vs H2).
RISK GONE
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.
RISK GONE
Credit 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.
RISK GONE
Subsidy flow normalization
Elevated subsidy flows in H1 FY26 boosted GTV; normalization could lead to continued muted growth in near-term transaction volumes.
Fast read
Guidance and risk preview
Management expects PAT to grow at 20% year-on-year for the next 2-3 years, driven by operating leverage and new product scaling.
Inflation and economic slowdown could reduce discretionary spending and affect transaction volumes, though essential payments may be more resilient.
View Risks →