DIGISPICE

DiGiSPICE Technologies financials

Market cap
₹403 Cr
Sector
Information Technology
Calls analysed
7
Latest concall · Q1 FY27 · call held 07 Aug 2026

DiGiSPICE Technologies Limited Q1 FY27

EBITDA ₹8.6 cr PAT ₹9 cr Gross Margin ₹48.1 cr

What went well

  • PAT for the continuing business stood at INR 9 crores for Q1 FY27, indicating strong underlying profitability.
  • EBITDA reached INR 8.6 crores, an almost 6.5x increase compared to the previous quarter, driven by operating efficiency.
  • Overall PAT grew significantly from INR 2.8 crores in the last quarter to INR 6.6 crores in Q1 FY27, a QoQ growth of 135.7%.

What to watch

  • Revenue remained 'pretty flattish' due to a change in product mix.
  • AEPS market share experienced a slight dip to 17.93% in Q1, though it recovered to 18.3% in July.
Read the full call →

What DiGiSPICE Technologies Limited does

DiGiSPICE Technologies operates Spice Money, a B2B2C platform where a network of local agents provides assisted digital banking and payment services — AePS cash withdrawal/deposit, UPI Cash Point, money transfer, bank account opening, bill payment, ticket booking, PAN card services and insurance — to customers across small towns. It also runs Spice Pay, a PPI-wallet-based UPI app for direct customer and merchant payments, and a lending business that disburses transaction-data-backed credit (Adhikari loans to agents, Vyapaar loans to MSMEs) through partner NBFCs and banks. Additional lines include Cash Management Services and Bharat Bill Payment System (BBPS) collections for enterprises, NBFCs and MFIs, and distribution of third-party accounts, FD-backed credit cards and insurance products. These services run on PPI, BBPS, IRCTC Principal Agency, IRDAI Corporate Agency and AUA/KUA licenses held by the company.

Segments

  • Spice Money (agent-led banking & payments)
  • Spice Pay
  • Lending business
  • Collections business
  • Financial product distribution
Spice Money registered agents
16.6 lakh+ (as of Mar-2026)
Small-town coverage
2.57 lakh+ small towns across 6,454 blocks
Customers served (monthly)
2.75 Cr+
Cumulative customer reach
170 million+ customers
Employees
1,000+
Enterprise collection partners
85
Founded 1986Headquarters New Delhi, India (Registered Office); Noida, Uttar Pradesh (Corporate Office)Employees 1,000 (FY26) Company website

Guidance record · Q1 FY27

what the last two calls moved 12 tracked 0 delivered 3 missed 9 open
  • New UPI Users Target went quiet said Q3 FY25 Promised: bring in another 300 million to the UPI platform Q1 FY27: No mention. Focus remains on UPI Cash Point service GTV, not new user acquisition.
  • AePS Market Share at risk said Q3 FY25 Promised: closer to 20% plus market share on an all-India basis Q1 FY27: Market share dipped to 17.93% in Q1, recovering to 18.3% in July. Remains below the 20%+ target.
  • Monthly Credit Distributed on track said Q2 FY26 Promised: nearly Rs. 100 crores a month Q1 FY27: Q1 disbursement at INR 30.8 crores (~10.3 cr/month). Strong 55% QoQ growth keeps it on track for delayed H2 FY27 scaling target.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 12.9%, net profit down 4.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue109 113 117 124 125 +14%109 −3%107 −8%108 −13%
EBITDA-3 -2 1 6 7 +333%6 +472%1 +69%9 +34%
Net profit-7 -20 -12 7 7 +198%2 +112%3 +123%7 −5%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −36.6% 1Y

₹15.0₹20.0₹25.0₹30.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q3 FY26 — 25 Feb 2026Q4 FY26 — 21 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹26.59 on 10 Sept 2025 → ₹16.87. High ₹32.57 (16 Sept 2025), low ₹15.38 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+2.0%
7 Aug
Q4 FY26
0.0%
21 May
Q3 FY26
−0.4%
25 Feb
Q2 FY26
+0.5%
17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 7.3% a year over 3 years, FY23 to FY26. Operating margin widened to 4.4%.

Year endingFY23FY24FY25FY26
Revenue₹584 Cr₹439 Cr₹448 Cr₹465 Cr
Operating profit₹-1 Cr₹14 Cr₹-3 Cr₹21 Cr
Operating margin-0.1%3.1%-0.7%4.4%
Interest₹1 Cr₹2 Cr₹3 Cr₹2 Cr
Depreciation₹24 Cr₹7 Cr₹6 Cr₹8 Cr
Net profit₹-22 Cr₹12 Cr₹-39 Cr₹19 Cr
Net margin-3.7%2.7%-8.7%4.1%
Cash from operations₹6 Cr₹42 Cr₹12 Cr₹64 Cr
Free cash flow₹-6 Cr₹37 Cr₹3 Cr₹48 Cr
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹61 Cr₹61 Cr₹62 Cr₹62 Cr₹62 Cr₹63 Cr
Reserves₹177 Cr₹186 Cr₹170 Cr₹184 Cr₹165 Cr₹172 Cr
Borrowings₹34 Cr₹54 Cr₹84 Cr₹26 Cr₹13 Cr₹84 Cr
Other liabilities₹260 Cr₹399 Cr₹392 Cr₹378 Cr₹487 Cr₹488 Cr
Total liabilities₹531 Cr₹700 Cr₹708 Cr₹649 Cr₹727 Cr₹806 Cr
Fixed assets₹106 Cr₹104 Cr₹85 Cr₹71 Cr₹79 Cr₹78 Cr
Capital work in progress₹5 Cr₹4 Cr₹2 Cr₹6 Cr₹4 Cr₹16 Cr
Investments₹1 Cr₹0 Cr₹0 Cr₹38 Cr₹0 Cr₹0 Cr
Other assets₹419 Cr₹592 Cr₹620 Cr₹534 Cr₹644 Cr₹712 Cr
Total assets₹531 Cr₹700 Cr₹708 Cr₹649 Cr₹727 Cr₹806 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.37 pp while promoters trimmed −0.32 pp. The shareholder count shrank 8% to 38,587.

Promoters
72.6%
Public
27.4%

Since Jun 2025

  • Public +0.37 pp
  • Promoters −0.32 pp
  • FIIs −0.04 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.2%, Public 26.8%.Dec '23: Promoters 73.0%, Public 27.0%.Mar '24: Promoters 73.0%, FIIs 0.1%, Public 27.0%.Jun '24: Promoters 72.9%, Public 27.1%.Sep '24: Promoters 72.7%, Public 27.3%.Dec '24: Promoters 72.6%, Public 27.4%.Mar '25: Promoters 73.0%, FIIs 0.0%, Public 27.0%.Jun '25: Promoters 73.0%, FIIs 0.0%, Public 27.0%.Sep '25: Promoters 72.8%, FIIs 0.1%, Public 27.2%.Dec '25: Promoters 72.7%, Public 27.3%.Mar '26: Promoters 72.7%, Public 27.3%.Jun '26: Promoters 72.6%, Public 27.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of DiGiSPICE Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Spice Connect Private Limited 72.21%−0.06 pp
Independent Non Promoter Trust 6.78%unchanged
Independent Non Promoter (Spice Employee Benefit) Trus 4.33%unchanged
Mediatek India Technology Private Limited 1.53%−0.09 pp
Dilip Modi 0.43%unchanged
Wsfx Global Pay Limited 0.00%unchanged
Divya Modi 0.00%unchanged
Exponentially I Mobility Llp 0.00%unchanged
S Global Innovation Centre Pte. Limited 0.00%unchanged
Veena Modi 0.00%unchanged
MODI HOLDINGS PRIVATE LIMITED (Erstwhile known as Rajarshi Modi Private Limited) 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse DiGiSPICE Technologies Limited

Guides on how to read this kind of business and the numbers that matter.