Digispice Technologies Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Digispice Technologies Ltd-$ filed with BSE on 21 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
DiGiSPICE Technologies reported Q4 and full-year FY26 results, with continuing-business PAT rising to about Rs 25 crore from roughly Rs 6.5 crore in FY25, and management described progress on the merger of Spice Money into DiGiSPICE ahead of a planned direct listing. Revenue for the year reached close to Rs 464 crore with gross margin of about Rs 200 crore and EBIT of roughly Rs 37 crore, while management highlighted growth in AEPS, BBPS collections, account openings, and credit disbursements. Management also discussed the recent launch of UPI Cash Point and provided updates on new products including insurance, credit cards, and MSME lending.
Numbers mentioned
PAT (continuing business): INR 25plus crores (FY26)
p. 5
“we have delivered a PAT of INR 25plus crores against about INR 6.5 crores in the previous year”
Dilip Modi, page 5 of the filed PDF · View the filing
Overall PAT: close to about INR19 crores (FY26)
p. 5
“it's close to about INR19 crores compared to INR20 lakhs in the last year”
Dilip Modi, page 5 of the filed PDF · View the filing
Revenue: close to INR464 crores (FY26)
p. 6
“we closed the year at close to INR464 crores, nearly a 4% year- on-year growth”
Dilip Modi, page 6 of the filed PDF · View the filing
Gross margin: INR200 crores (FY26)
p. 6
“a gross margin of INR200 crores, which is a 13% year-on-year growth”
Dilip Modi, page 6 of the filed PDF · View the filing
EBIT: close to INR37 crores (FY26)
p. 6
“EBIT of close to INR37 crores, which is a 2.4x year-on-year”
Dilip Modi, page 6 of the filed PDF · View the filing
Registered agents: 16.6 lakh (as of March 2026)
p. 6
“we've closed now close to 16.6 lakh registered agents as of March 2026”
Dilip Modi, page 6 of the filed PDF · View the filing
AEPS GTV growth: 15.9% year-on-year to INR59,000 crores (FY26)
p. 6
“AEPS, which is our core business, we grew 15.9% year-on-year to close the year at INR59,000 crores and a market share of close to 18%”
Dilip Modi, page 6 of the filed PDF · View the filing
BBPS collections: INR5,700 crores, 7.5% growth (FY26)
p. 6
“On collections, on BBPS, we did about INR5,700 crores, a 7.5% growth year-on-year”
Dilip Modi, page 6 of the filed PDF · View the filing
Accounts opened: 1.6 million accounts (FY26)
p. 6
“we've opened close to 1.6 million accounts for our banking partners with nearly a 1.6x growth year-on-year”
Dilip Modi, page 6 of the filed PDF · View the filing
Float balance growth: 45% year-on-year (FY26)
p. 6
“we've seen a growth in float balance in these accounts opened by nearly 45% year-on-year”
Dilip Modi, page 6 of the filed PDF · View the filing
Credit distribution disbursed: over INR600 crores, nearly 2.8x growth (FY26)
p. 6
“we've seen about over INR600 crores disbursed in the previous year, nearly a 2.8x growth”
Dilip Modi, page 6 of the filed PDF · View the filing
Overall GTV: INR127.9 thousand crores (FY26)
p. 8
“Overall GTV, we've grown from INR115.8 thousand crores in FY25 to INR127.9 thousand crores in FY26, which is a 10.5% growth year-on-year”
Aastha Garg, page 8 of the filed PDF · View the filing
Gross margin (business updates): INR201.2 crores, 13% growth (FY26)
p. 8
“we have also seen our gross margins expand in the last financial year from almost INR178 crores in FY25 to almost INR201.2 crores in FY26, which is a 13% growth”
Aastha Garg, page 8 of the filed PDF · View the filing
AEPS market share: 18.4% (FY26)
p. 8
“this growth where Spice Money has outpaced the industry has led to an increase in our market share from a 17.27% in the last financial year to 18.4% in financial year '26”
Aastha Garg, page 8 of the filed PDF · View the filing
UPI Cash Point GTV run rate: almost INR100 crores per month (current month, FY27 start)
p. 9
“we are already at a run rate of almost INR100 crores GTV for a month, and we are holding a market share of close to 30% to 35% in this product as well”
Aastha Garg, page 9 of the filed PDF · View the filing
Financial product distribution accounts opened: 16.5 lakh accounts, over INR305 crores float balance (till date)
p. 9
“till date, we've been able to open almost 16.5 lakh accounts with them with over INR305 crores of float balance that is lying in these accounts”
Aastha Garg, page 9 of the filed PDF · View the filing
Loan distribution disbursed: INR539.6 crores, 2.7x growth (FY26)
p. 10
“we've been able to disburse close to INR539.6 crores of loan in financial year '26 as compared to INR198.1 crores loan in FY25, which is a 2.7x growth”
Aastha Garg, page 10 of the filed PDF · View the filing
Credit business disbursement: INR66.7 crores, 3.3x growth (FY26)
p. 10
“the disbursement has grown from almost INR20.5 crores in FY25 to INR66.7 crores, which is a 3.3x growth in our year”
Aastha Garg, page 10 of the filed PDF · View the filing
Q4 gross margin: INR48.6 crores (Q4 FY26)
p. 16
“quarter 4, we have a gross margin of INR48.6 crores, which is INR3 crores down from the previous quarter”
Sunil Kapoor, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Profitability growth — 20% growth year-on-year · next 2-3 years
stated as an aspiration by Sunil Kapoor
p. 11
“we expect that at least in the profitability terms, we should be clocking 20% growth year-on-year in the coming 2, 3 years, what we envisage”
Sunil Kapoor, page 11 of the filed PDF · View the filing
Adhikari loan book growth — 2x to 3x · every year
stated as an aspiration by Dilip Modi
p. 12
“we are hoping that this business can grow 2x to 3x every year”
Dilip Modi, page 12 of the filed PDF · View the filing
Interest rate on Adhikari loans — close to 24%, 26%
stated as an aspiration by Dilip Modi
p. 12
“the vision is to go down to close to 24%, 26% and directionally keep moving lower to reduce cost of borrowing”
Dilip Modi, page 12 of the filed PDF · View the filing
UPI Cash Point share of AEPS-equivalent business — 50% of what we are doing in AEPS · next 1 to 2 years
stated as an aspiration by Sunil Kapoor
p. 14
“we envisage that this product with our presence will have almost in next 1 to 2 years, there will be a 50% of what we are doing in AEPS”
Sunil Kapoor, page 14 of the filed PDF · View the filing
Credit engine EBITDA — EBITDA positive · this quarter
stated firmly by Sunil Kapoor
p. 7
“we are hopeful that considering that in this quarter, we will be kind of achieving the EBITDA positive in the credit engine that’s -- we are calling it out as a new engine”
Sunil Kapoor, page 7 of the filed PDF · View the filing
Merger completion and Spice Money listing — direct listing on exchanges · within this financial year
stated conditionally by Dilip Modi
p. 5
“we are hoping that within this financial year, we can close this merger and Spice Money directly being listed on the exchange”
Dilip Modi, page 5 of the filed PDF · View the filing
Insurance product pipeline — at least five more products · next financial year
stated conditionally by Aastha Garg
p. 10
“at least five more products, insurance products are in pipeline for us in the next financial year to be introduced”
Aastha Garg, page 10 of the filed PDF · View the filing
Presence in South India — presence akin to the North · next 2, 3 years
stated as an aspiration by Dilip Modi
p. 11
“we hope and believe that over the next 2, 3 years, we can create a presence in the South akin to the presence we have in the North”
Dilip Modi, page 11 of the filed PDF · View the filing
Spice Pay build-out — more direct customer touch base, cross-sell/upsell · next 2 years
stated as an aspiration by Sunil Kapoor
p. 7
“hopefully, in the next 2 years, we will be having more on the Spice Pay and having a customer touch base directly and cross-selling and upselling products on that”
Sunil Kapoor, page 7 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management expects continued growth momentum and roughly 20% profitability growth annually over the next 2-3 years
Answered by Sunil Kapoor
Asked by Rushda Saifee: Outlook on top-line growth and EBITDA margins for FY27 and FY28
p. 11
“we should be clocking 20% growth year-on-year in the coming 2, 3 years, what we envisage”
Sunil Kapoor, page 11 of the filed PDF · View the filing
Management sees an opportunity via UPI Cash Point and financial product distribution to expand in the South over the next few years
Answered by Dilip Modi
Asked by Sailee Shah: Plans to increase presence in South India
p. 11
“there's a great opportunity for us to expand into South India because there is a very strong UPI adoption that we see in the South”
Dilip Modi, page 11 of the filed PDF · View the filing
Management described a flywheel of repeat loans and data-driven underwriting, with interest rates around 32-36%, declining for repeat borrowers
Answered by Sunil Kapoor
Asked by Sailee Shah: Growth and revenue expected from Adhikari loans, and interest rate charged
p. 12
“the interest rate is almost 32% to 36% that we charge”
Sunil Kapoor, page 12 of the filed PDF · View the filing
Management said there would likely be some impact but framed the platform as essential, with potential government support during downturns
Answered by Dilip Modi
Asked by Sailee Shah: Impact of macroeconomic uncertainties on financials
p. 12
“it will be wrong to say that there will not be an impact. We just have to wait and watch what that impact will be”
Dilip Modi, page 12 of the filed PDF · View the filing
Management attributed it to seasonality tied to subsidy cycles in H1, plus some reclassification effects
Answered by Dilip Modi
Asked by Utsav Baheti: Why did revenues show good traction in H1 but were subdued in H2 FY26
p. 13
“there's seasonality, which created the situation in H1 versus H2”
Dilip Modi, page 13 of the filed PDF · View the filing
Management explained the mechanics of merchants signing up as UPI Cash Point agents and described it as a bigger opportunity than AEPS
Answered by Dilip Modi
Asked by Utsav Baheti: How UPI Cash Point works and its market opportunity
p. 14
“we believe that this is a much bigger market than AEPS because by definition, you have UPI spread much more than AEPS”
Dilip Modi, page 14 of the filed PDF · View the filing
Management said it is not a separate regulator license but requires partnership with a bank under the BC framework, with the agent network being the key moat
Answered by Dilip Modi
Asked by Utsav Baheti: Licensing requirements for UPI Cash Point
p. 15
“it's not a license from the regulator, but it is a partnership with the bank under the business correspondent framework of the regulator”
Dilip Modi, page 15 of the filed PDF · View the filing
Management said expansion depends on final BC banking outlet guidelines expected by end of June, after which they plan to convert sticky agents into banking outlets
Answered by Dilip Modi
Asked by Rahul Ahuja: Target for banking outlet expansion in the next financial year
p. 15
“we're just waiting for these guidelines to be cleared by the end of June, which we think it will”
Dilip Modi, page 15 of the filed PDF · View the filing
Management attributed it to subsidy cycle effects and one-time year-end adjustments in Q4 versus Q3, not a structural change
Answered by Sunil Kapoor
Asked by Rahul Ahuja: What drove the quarter-on-quarter deterioration in EBITDA and gross margins despite stable GTV
p. 16
“there was some onetime adjustment in the previous quarters, which is kind of reflecting over here and in the quarter 4 also”
Sunil Kapoor, page 16 of the filed PDF · View the filing
Risks flagged
Macroeconomic uncertainty could affect discretionary spending and the broader economy
p. 12
“with expected inflation and other things, discretionary spending may reduce, but we are just -- we'll have to see what impact it has on essentials”
Dilip Modi, page 12 of the filed PDF · View the filing
Competitive pricing pressure in the CMS collections business
p. 9
“the CMS business in this cash collections pie has been under a high competitive pricing pressure, and we've been continuously solving that by strengthening our supply side”
Aastha Garg, page 9 of the filed PDF · View the filing
Regulatory uncertainty around business correspondent banking outlet guidelines pending clarification
p. 15
“There are some conditions around distance from branch and a fixed cost for the outlet, plus a connection to obligation to roll out certain unbanked rural outlets linked to the banking outlet”
Dilip Modi, page 15 of the filed PDF · View the filing
Loan performance risk given first loss default guarantee exposure
p. 12
“because we get the first loss default guarantee, we want to make sure that there are no untoward losses that hit us”
Dilip Modi, page 12 of the filed PDF · View the filing
Seasonality from subsidy cycles impacting AEPS GTV and market share
p. 8
“There's a slight dip primarily in the quarterly market share of Q4 FY26, and that has been due to the subsidy cycles that we have observed within the different states in the AEPS off-us cash withdrawal business”
Aastha Garg, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.