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DiGiSPICE Files NCLT Application for Merger of Spice Money and Two Other Subsidiaries
DiGiSPICE Technologies has reached a significant milestone in its corporate restructuring by filing a joint application with the NCLT Delhi Bench on March 7, 2026. The proposed scheme involves the merger of Spice Money Limited, E-Arth Travel Solutions, and Vikasni Fintech into DiGiSPICE Technologies. This consolidation, which has been in progress since August 2024, aims to streamline the group's fintech and travel operations. The merger is now awaiting final statutory clearances and approvals from the NCLT, shareholders, and creditors.
Key Highlights
Joint application filed with NCLT Delhi Bench on March 7, 2026, at 02:20 A.M.
Merger involves three transferor companies: Spice Money Limited, E-Arth Travel Solutions, and Vikasni Fintech.
DiGiSPICE Technologies Limited will act as the Transferee Company in the consolidated entity.
The scheme follows a series of regulatory updates dating back to the initial announcement on August 8, 2024.
Final implementation remains contingent upon NCLT sanction and meeting dispensations for creditors and shareholders.
💼 Action for Investors
Investors should view this as a positive step toward corporate simplification and monitor the NCLT's final approval timeline for potential valuation re-rating. No immediate action is required until the swap ratios or final merger terms are fully executed.
DiGiSPICE 9M FY26 Profit Surges to ₹20 Cr; AePS Market Share Hits 18.64%
DiGiSPICE Technologies reported a significant turnaround in profitability, with 9M FY26 profits reaching ₹20 crores compared to ₹4 crores in the previous year. While Q3 saw a 4% dip in Gross Transaction Value (GTV) due to seasonal subsidy fluctuations and MFI sector consolidation, the company maintained stable gross margins through operating leverage. The lending vertical is scaling rapidly, with Q3 performance nearly matching the total volume of the entire previous financial year. The company remains zero-debt and is expanding into UPI Cash Points and insurance products.
Key Highlights
9M FY26 net profit increased to ₹20 crores from ₹4 crores in 9M FY25.
AePS market share in the Off-Us segment consolidated at 18.64% with a network of 1.6 million agents.
Lending business in Q3 FY26 achieved disbursal volumes nearly equal to the full previous financial year.
GTV experienced a 4% QoQ decline attributed to lower subsidy flows and restructuring in the MFI/NBFC sector.
Company is launching UPI Cash Points in Q4 to allow cash withdrawals via UPI apps at agent locations.
💼 Action for Investors
Investors should focus on the scaling of the high-margin lending and insurance verticals which are diversifying the revenue base. The significant jump in 9M profits indicates that the platform's operating leverage is finally translating into bottom-line growth.
DiGiSPICE Q3 FY26: PAT from Continued Ops Jumps 7x YoY to ₹6.7 Cr; Credit Business Nears Breakeven
DiGiSPICE reported a strong year-on-year performance for Q3 FY26, with PAT from continued operations surging 7x to ₹6.7 Cr despite a slight 4% sequential decline in Customer GTV to ₹30,951 Cr. The company's AEPS market share improved to 18.64%, and credit disbursements saw a massive 108% YoY growth to ₹122 Cr. While revenue dipped 8% QoQ due to lower GTVs and reclassifications, operational efficiencies drove EBITDA up 4.2x YoY to ₹6 Cr. The credit business is approaching breakeven, and the company is expanding its product suite into insurance and gold savings.
Key Highlights
PAT from continued operations grew 7x YoY to ₹6.7 Cr, while EBITDA rose 4.2x YoY to ₹6 Cr.
Credit disbursements surged 108% YoY to ₹122 Cr, with the credit segment nearing operational breakeven.
AEPS market share increased to 18.64% despite a broader industry slowdown in transaction volumes.
CASA (Current Account Savings Account) openings reached 15.1 lakhs lifetime, growing 1.8x YoY.
Float balance increased by 44% YoY to over ₹260 Cr, enhancing liquidity and platform stickiness.
💼 Action for Investors
Investors should monitor the credit segment's transition to profitability and the scaling of new insurance and gold products. The improvement in market share and operational efficiency suggests a strengthening competitive position in the rural fintech space.
DiGiSPICE Q3 FY26 Standalone Revenue Falls to ₹96.55 Lakhs; Net Loss Widens to ₹283.28 Lakhs
DiGiSPICE Technologies reported a sharp sequential decline in standalone revenue to ₹96.55 lakhs for Q3 FY26, down from ₹208.10 lakhs in Q2. The total comprehensive loss widened significantly to ₹283.28 lakhs from ₹79.84 lakhs in the previous quarter. The company is in the process of exiting its Digital Technology Services business to pivot entirely toward Fintech via Spice Money. A major merger with Spice Money and other group entities is currently pending NCLT approval.
Key Highlights
Standalone revenue from operations dropped 53.6% quarter-on-quarter to ₹96.55 lakhs.
Net loss for the quarter widened to ₹283.28 lakhs from ₹79.84 lakhs in Q2 FY26.
Recorded an exceptional loss of ₹85.53 lakhs related to the impact of new labour codes.
Loss from discontinued operations (DTS segment) contributed ₹47.92 lakhs to the quarterly deficit.
The company is awaiting NCLT approval for the merger of Spice Money Limited into itself.
💼 Action for Investors
The standalone performance is weak as the company transitions its core business model. Investors should focus on the Spice Money merger progress and consolidated fintech growth rather than standalone figures.