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DiGiSPICE Technologies Limited (DIGISPICE) Fair Value & Analysis

Financial Services · IN · Market cap ₹4.1B

DT DiGiSPICE Technologies Limited DIGISPICE · NSE
Price₹17.16
Fair Value₹15.46
Upside-9.9%
Quality62/100
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Weak Growth
Thin margins · 4.1% net margin
Low debt · generates free cash flow
Mixed vs. peers (7/13)
Narrow moat 25/100
Evidence: High Range ₹11.60 – ₹19.33 Share as image

Fair value as of: Aug 2, 2026

From 12 valuation models · updated 11 days ago

Share price −10.0% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

₹80.50 ₹15.38 Fair Value ₹15.46 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range ₹15.38 – ₹80.50 · fair‑value band ₹11.60 – ₹19.33 · the ₹17.16 price screens above the ₹15.46 fair value. Dashed = 300-day average. As of Aug 2, 2026.

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Analysis

DiGiSPICE Technologies Limited (DIGISPICE) currently trades at ₹17.16, while our model-based Fair Value estimate is ₹15.46, implying the stock looks roughly 9.9% fairly valued today. The Quality Score stands at 62/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, DiGiSPICE Technologies Limited generated revenue of ₹4.6B at a net margin of 4.1%. Revenue declined 8.2% year over year. It earns a return on equity of 9.8%. The balance sheet holds a net cash position of ₹2.6B. Fundamentals as of Aug 2, 2026

Our scenario range runs from ₹11.60 (bear case) to ₹19.33 (bull case); at ₹17.16, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 52% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -22% fair-value upside, at -10%, DIGISPICE screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹51.12 ₹63.53 ₹79.58 80
Residual Income ₹9.19 ₹9.78 ₹10.95 76
Rev-Margin DCF ₹32.35 ₹36.45 ₹41.06 74
All 12 models by family
DCF Models
Owner Earnings ₹21.55 ₹23.60 ₹26.37 31
5Y P/E Exit ₹36.55 ₹43.15 ₹49.49 38
10Y P/E Exit ₹41.57 ₹47.95 ₹54.61 35
Earnings-Based
Graham-Dodd ₹6.19 ₹13.48 ₹17.17 54
Dividend Discount
Gordon GGM ₹0.3600 ₹0.5500 ₹0.7500 70
DDM Multi-Stage ₹0.3600 ₹0.5100 ₹0.6700 61
Multiples
P/E Multiple ₹13.64 ₹18.19 ₹22.74 63
P/B Multiple ₹11.60 ₹15.46 ₹19.33 55
Asset-Based
NCAV (Graham) ₹5.62 ₹7.54 ₹11.25 50
Growth DCF
Growth DCF ₹51.12 ₹63.53 ₹79.58 80
Rev-Margin DCF ₹32.35 ₹36.45 ₹41.06 74
Economic Profit
Residual Income ₹9.19 ₹9.78 ₹10.95 76

Widest divergence: DCF Models (₹43.15) versus Dividend Discount (₹0.5100). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹4.6B
Revenue growth (YoY) -8.2%
Net margin 4.1%
Return on equity 9.8%
Free cash flow ₹706M FY2026
P/E ratio 21.3
More key figures
Operating margin -0.6%
EPS (TTM) ₹0.9300
EPS growth (YoY) +3,505%
Net cash ₹2.6B FY2026

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 64 · Market factors (momentum, volatility) 33

Profitability 30
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 78
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 77
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

DiGiSPICE Technologies Limited engages in the provision of tech-enabled local payments network services in India and internationally.

Full company description

DiGiSPICE Technologies Limited engages in the provision of tech-enabled local payments network services in India and internationally. Its platform, Spice Money, which offers cash-in/cash-out, mini-ATM transactions, and e-KYC-based account openings to money transfers, credit and loan services, insurance, and bill payments, as well as collection services, and current and savings accounts. The company also provides AePS, CMS, DMT, M-ATM, BBPS, recharges, PAN, and travel services through Adhikaris; and Spice Pay, a PPI wallet. In addition, it offers secured and unsecured lending products in rural and semi-urban markets; and bookings for trains, flights, buses, and hotels through the Travel Union platform. The company was formerly known as Spice Mobility Limited and changed its name to DiGiSPICE Technologies Limited in August 2019. The company was incorporated in 1986 and is based in Noida, India. DiGiSPICE Technologies Limited is a subsidiary of Spice Connect Private Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

DiGiSPICE Technologies Limited reported revenue of ₹4.6B in FY2026 versus ₹9.9B in FY2022, a compound −17.2%/yr. Reported net income was ₹190M in FY2026, compounding +36.8%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
₹4.6B
Latest YoY
−1.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−8.2%
Avg. growth/yr (20Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.2%
Revenue −17.2%/yr
FY22 ₹9.9B
FY23 ₹4.3B
FY24 ₹4.4B
FY25 ₹4.7B
FY26 ₹4.6B
Net income +36.8%/yr
FY22 ₹54.2M
FY23 −₹206M
FY24 ₹117M
FY25 −₹391M
FY26 ₹190M

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Cite: Fair Value Calculator (2026). "DiGiSPICE Technologies Limited Fair Value". https://www.fairvalue-calculator.com/stock/DIGISPICE

Peer Group

Financial Conglomerates · 54 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 64 · Top 25%
Fair Value upside −10% · Above median
Return on equity (TTM) 10% · Above median
Return on assets 1% · Below median
Net margin (TTM) 4% · Bottom 25%
Operating margin (TTM) -1% · Bottom 25%
Revenue growth -8% · Below median

Valuation Multiples vs Financial Conglomerates median · lower = cheaper

P/E (TTM) 21.3× · Pricier than median
P/B 1.76× · Pricier than median
P/S (TTM) 0.89× · Cheaper than median
P/FCF 0.1× · Cheaper than median
EV/EBITDA 3.6× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 20 · sector 10
FUTURE 0 · sector 35
PAST 39 · sector 32
HEALTH 100 · sector 84
DIVIDEND 0 · sector 42

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Financial Conglomerates stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
ORIX Corporation IX $40.31 $35.05 -13%
Bajaj Finserv Ltd BAJAJFINSV ₹2,065 ₹682.29 -67%
Yuanta Financial Holding 2885 66.70 TWD 35.75 TWD -46%
China Galaxy Securities Co 601881 ¥12.94 ¥18.92 +46%
Guosen Securities Co 002736 ¥10.34 ¥17.96 +74%
CNPC Capital Company 000617 ¥6.80 ¥5.78 -15%
Aditya Birla Capital Limited ABCAPITAL ₹399.25 ₹176.15 -56%
Freedom Holding FRHC $152.69 $32.75 -79%
Voya Financial, Inc VOYA $98.49 $76.48 -22%
Guangzhou Yuexiu Capital Holdings 000987 ¥7.72 ¥5.63 -27%

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Frequently asked questions

Is DiGiSPICE Technologies Limited (DIGISPICE) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of ₹15.46 versus a price of ₹17.16, about −10% (fairly valued).
What is the fair value of DIGISPICE?
Our model-based fair value for DiGiSPICE Technologies Limited is ₹15.46 (as of Aug 2, 2026), built from audited fundamentals. The current price is ₹17.16.
What is the quality score of DIGISPICE?
DiGiSPICE Technologies Limited has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of DiGiSPICE Technologies Limited (DIGISPICE)?
DiGiSPICE Technologies Limited reported trailing-twelve-month revenue of about ₹4.6B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of DIGISPICE?
The net profit margin of DiGiSPICE Technologies Limited is about 4.1%, meaning it keeps roughly 4.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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