DigiSpice Technologies Ltd(DIGISPICE)

NSE: DIGISPICEBSE: 517214

₹ 13.82-0.14%refreshed 26 Oct, 01:10 pm ISTMarket cap: ₹ 324 crWebsite: www.digispice.comUpdated: 24 Oct 2026

About

DigiSpice Technologies runs Spice Money, a rural fintech network that is now its sole focus. Its agents (Adhikaris) provide cash withdrawal, bill payments, account opening, credit and insurance services. In FY26 the network had 16.6 lac Spice Money Adhikaris serving close to 27 million customers a month across 2.57 lac small towns and villages, and it processed Rs 1,28,000 crore of Gross Transaction Value (GTV). Revenue was Rs 464.65 Cr in FY26, and Spice Money's AePS off-us market share was 18.41% in FY26.^[1][2][3]

Business segments

There is one reported segment, Financial Technology Services (Spice Money), which made up 100% of revenue in FY26.^[4]
AePS (Aadhaar-enabled payment system) generated 59% of total gross margin in FY26.^[1]
In FY26, Collections made up about 41% of total GTV and about 19.6% of gross margin.^[1]
The Cash In/Out share of the business fell from 73% in FY21 to 56% in FY26.^[1]

Products and licences

Services include AePS cash withdrawal and deposit, UPI Cash Point, BBPS bill payments, cash management services (CMS), CASA account opening, credit, insurance, credit cards and Travel Union.^[1][5]
Spice Money holds PPI, BBPS, IRCTC Principal Agency and AUA/KUA licences. It acts as a corporate banking correspondent and as an insurance corporate agent.^[1]
UPI Cash Point went live in March 2026 and had reached an annualised GTV run-rate of Rs 3,500 cr, as stated in the FY26 annual report.^[3][1]
Two-Wheeler Insurance was launched in July 2026, with 5+ further insurance products in the pipeline.^[5]
More than 50,000 full-KYC PPI wallets had been opened to date as of the FY26 annual report. About 54,200 Spice UPI accounts were opened by May 2026, with about 57% active.^[1]

Agent network and reach

Registered agents (Adhikaris) numbered 16.85 Lakhs in Q1 FY27, against 16.6 lakh in FY26.^[5][3]
In FY26, about 4 lac Adhikaris were active each month, completing nearly 4.5 cr transactions a month.^[1]
Around 80,000 high-throughput Adhikaris contributed 85% of total GTV in FY26.^[1]
In FY26, 23% of active Adhikaris offered two or more financial products beyond basic cash withdrawal.^[1]
Over 1.62 lakh new subscription packs were sold in FY26.^[1]

Key operating numbers

AePS off-us market share was 17.93% in Q1 FY27, against 18.21% in Q4 FY26. It recovered to 18.3% in July 2026.^[5]
AePS off-us market share was 18.41% in FY26, against 17.27% in FY25. AePS off-us GTV was ₹59,405 Cr in FY26, up 15.9% YoY.^[3]
AePS cash withdrawal GTV was ₹13,330 Crs in Q1 FY27, down 7.7% YoY. UPI Cash Point GTV was ₹276 Cr in Q1 FY27.^[5]
BBPS GTV was ₹1,499 Crs in Q1 FY27, up 14.2% YoY. BBPS made up 15% of collections GTV in Q1 FY27, against 9% in Q1 FY26.^[5]
CMS GTV reached Rs 46,080 crore in FY26, up 7%.^[1]
Customer GTV was ₹1,27,895 Cr in FY26, up 10.5% YoY.^[3]

Banking and credit distribution

Lifetime CASA accounts opened stood at 17.7 Lakhs+ in Q1 FY27 (1.6x YoY), against 16.5 lac in FY26.^[5][1]
The float balance in these accounts was ₹320+ Crs in Q1 FY27 (up 45% YoY), against Rs 305 cr in FY26 and Rs 210 cr a year earlier.^[5][1]
Credit disbursement through partner lenders was ₹198.5 Crs in Q1 FY27, up 64% YoY. For FY26 it was ₹539.6 Cr, up 2.7x YoY.^[5][3]
Gold loans distributed grew from Rs 114 cr in FY25 to Rs 334 cr in FY26.^[1]
Loans to Adhikaris were ₹30.8 Crs in Q1 FY27 (2.8x YoY), against Rs 67 cr for FY26 and Rs 20 cr in FY25. Management said the credit business reached breakeven in Q1 FY27.^[5][1]
About 4,000 credit cards were distributed in FY26.^[1]

Plans and targets

Management targets a UPI Cash Point GTV exit run-rate of about ₹500 Cr in Q2 FY27.^[5]
Management targets financial product distribution and credit to make up 50%+ of gross margin within 5 years.^[5]
Mutual fund products with NSDL Payments Bank are planned for launch in the coming quarters.^[5]
Expansion in South and West India is to be accelerated through UPI Cash Point, an AePS third-party money transfer product and financial product distribution.^[5]
Discontinued businesses are to be fully wound down and closed by the end of FY27.^[5]

Recent developments

Shareholders approved the scheme to merge Spice Money into DigiSpice on July 13, 2026. The second motion was filed with the NCLT on July 24, 2026, and completion is targeted by March 2027.^[5]
The FY26 annual report states that the company is debt-free and uses only cash credit facilities to manage treasury funds.^[1]

Market Cap

₹324 Cr

High / Low

₹27 / 14

Stock P/E

17.5

Price / Book

1.4

Book Value

₹10

EPS

₹0.8

No. of Shares

23.45 Cr

ROCE

12.1%

ROE

8.5%

OPM

7.6%

Debt / Equity

0.35

Sales

₹465 Cr

Net Profit

₹19 Cr

Promoter holding

72.6%

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DigiSpice Technologies Ltd(DIGISPICE)

About

Business segments

Products and licences

Agent network and reach

Key operating numbers

Banking and credit distribution

Plans and targets

Recent developments

Signal history

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Verdict

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