Digispice Technologies Ltd

Financial Performance

• Q1 FY27 continuing Spice Money PAT: INR 9 crores.
• Credit engine breakeven achieved; new engines contributing to profitability.
• EBITDA for the quarter: INR 8.6 crores, ~6.5x QoQ.
• PAT for quarter: INR 6.6 crores, up from INR 2.8 crores.
• Asset-light, zero-debt profile maintained.
• Revenue mix flattish; gross margin stable despite product mix shift.

Operational Update

• Agent base reached 16.85 lakh by Q1; CAGR 12.9% over 5 years.
• Adhikaris: 1.68 million; 2.5 lakh towns covered.
• Monthly active customers: 27 million; annual: 170 million.
• AEPS GTV: INR 13,300 crores; market share ~18%; July 18.3%.
• BBPS GTV: INR ~1,500 crores this quarter.
• Savings accounts opened: ~1.8 million; float balances up 45% YoY.
• Credit disbursement: INR ~200 crores this quarter; 64% YoY.
• Lending partners: seven.
• CICO GTV margins expanded 50.7% QoQ.
• UPI Cash Point GTV: INR 276 crores this quarter; exit near INR 500 crores in Q2.
• New secured card categories and two-wheeler insurance launched.

Q&A Highlights

• Three-year vision centers on transactions; data enables new products; profitability via scale.
• No formal fundraising planned; internal accruals; war chest if needed.
• Insurance growth moderated; expansion via insurer-tech; portfolio expansion next quarter.
• Credit climate: no stress; underwriting remains cautious in open market.
• Five-year margin target: 50%+ from financial products; long-run credit margins to contribute.
• Active Adhikaris approach: not replacements; focus on increasing income and onboarding new.

Outlook and Guidance

• Merger expected by end-FY27; DigiSpice to become Spice Money listed entity.
• Discontinued businesses to be closed; reporting will reflect separate lines.
• No formal fundraising; rely on internal accruals; cash reserves for future needs.
• Focus remains on expanding financial product distribution and rural digitization.

Meeting Details

• Date: 7 August 2026; Time: not disclosed.
• Type/Mode: group, virtual.
• Event/Organizer: Investors/Analysts Conference Call.
• Key participants: Whole-time Director & Company Secretary.
• Purpose: investor/analyst call for engagement; discussion of company updates.
• Recording: available on company website.
• Presentations: submitted to BSE/NSE on 6 August 2026; uploaded on site.

UDIN corrections

• Incorrect UDINs were used in June 2026 Limited Review Reports.
• Standalone UDIN corrected to 26094533QRTWZM4532; consolidated UDIN corrected to 26094533SFFDAZ6322.

Business Overview

• Spice Bharat Stack is a fintech platform delivering payments, banking, and financial services.
• Agent network: 1.68 lakh Adhikaris across 2.58 lakh towns.
• Serves 2.75+ crore monthly customers and 170 million annual interactions.
• Q1 FY'27 continuing-business PAT ₹9 Cr; overall PAT ₹6.6 Cr.
• Merger with Digispice Technologies aims to form a pure-play listed fintech.
• VIP packs contributed 47% of GTV in Q1 FY'27.
• Insurance offerings launched; FD-backed credit cards partnerships.
• 60,000+ Adhikaris opened 17.7 Lakh CASA accounts; monthly float ~₹0.17 Cr.
• Vyapaar Loan (MSME) rolled out Q3'26; ~89% QoQ growth.
• Onboarded 7 lenders for Credit Distribution; launched 5+ secured credit categories in Q1.
• NCLT: shareholders approved Spice Money-Digispice scheme on July 13, 2026.

Key Operational Highlights

• GTV/GM declined in Q1 FY27 due to lower Collections and CICO contributions.
• BBPS contribution to GTV rose to 15% in Q1 FY27.
• 86 CMS clients across 15.8k branches live; 219 billers live on BBPS.
• 210+ NSDL-backed banking outlets are live.
• Geographic reach: 2.58 lakh towns; 6,471 blocks.
• VIP packs drive cross-sell; 47% of GTV from VIP in Q1 FY27.
• Collections transition from CMS to BBPS (Agent Mode) underway.

Financial Performance

• FY26 Revenue ₹464.6 Cr; FY25 ₹448.5 Cr; YoY +4%.
• Q1 FY27 Revenue ₹107.8 Cr; QoQ +0.6%.
• GTV FY26 ₹1,27,895 Cr; YoY +10.5%.
• Gross Margin on Revenue: 44.6% in Q1 FY27; 43.3% FY26.
• EBITDA FY26 ₹20.8 Cr; Q1 FY27 ₹8.6 Cr.
• EBIT FY26 ₹37.3 Cr; Q1 FY27 ₹12.7 Cr.
• PAT (Continued) ₹25.4 Cr FY26; ₹9.0 Cr Q1 FY27.
• PAT (Total) ₹6.6 Cr Q1 FY27; onetime ₹2.1 Cr real estate provision.
• Gross margin on Customer GTV: 0.17% in Q1 FY27.
• Indirect costs fell 17% QoQ.

Capital Structure & Liquidity

• No debt or equity actions disclosed in this update.
• Merger process indicates potential changes to capital structure.

Strategic Priorities & Outlook

• Merger aims to create a pure-play listed fintech; focus on execution and product innovation.
• Scale Lending and embedded finance; expand across high-potential districts.
• VIP subscriptions to drive stickiness; cross-sell FDs, RDs, and savings.
• Launch additional investment products in coming quarters.

Risks & Mitigation

• CMS market commoditized; shift to BBPS (Agent Mode) to improve margins.
• Q1 GTV/GM decline due to lower collections; mitigate via cost controls and diversified engines.

Governance & Leadership

• NCLT accepted merger motion; shareholders approved Spice Money-Digispice scheme on July 13, 2026.
• Second motion petition filed with NCLT on July 24, 2026.
• Management emphasises execution and shareholder value post-merger.

Meeting Details

• Date and time: Friday, August 7, 2026, 03:00 PM.
• Type and mode: group investor conference call; virtual webinar via Zoom.
• Event/organiser: Q1 FY27 Earnings Call hosted by DiGiSPICE Technologies Limited.

Participants

• Senior management team to participate from the company.

Purpose

• Discuss Q1 FY27 earnings for quarter ended June 30, 2026.

Additional Notes

• Registration is compulsory; joining details provided after registration.

Appointment of Executive Director (WTD & CS)

• Change type: Appointment.
• Person: Mr. Pankaj Arora, Executive Director (Whole-time Director and Company Secretary).
• Effective date: 1 August 2026, for one year.
• Rationale: Board approved appointment; shareholder approval within three months.
• Profile: ICSI member with ~16 years' experience.
• Not related to other directors.
• Not debarred by SEBI or authorities.
• Term: One year.

Meeting Details

• Board meeting scheduled for 5 August 2026; time and venue not disclosed.

Key Agenda Items

• Unaudited standalone and consolidated financial results for quarter ended 30 June 2026 to be considered.

Other Notes

• Trading window closed for designated persons and their Immediate Relative(s) from 1 July 2026 to 7 August 2026.