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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY18

₹ crore	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q4 FY18
Revenue from operations	108	107	109	125	124	117	113	109	110	106	110	113	234	252	243	257	263	278	248	237	229	186	185	175	167	104	94.1	105	104	113	95.1	83.6	77
Other income	6.1	7.5	5.9	5.7	5.6	6.1	6.2	5.1	7.4	5.8	5.9	9.4	5.7	11.2	7.3	4.5	4.2	10.1	3.8	4.2	2.7	7.1	4.9	9.3	3.3	2.5	1.9	3.6	3.8	7.8	5	2.3	6.1
Total expenses	102	108	106	120	120	118	117	114	111	104	109	110	234	260	258	269	270	282	248	234	232	198	187	174	165	113	99.2	106	106	114	102	84.1	74.3
EBITDA	8.6	1.2	6	6.9	6.4	0.7	−1.6	−3	0.5	6.5	2.6	4.1	0.9	−1.3	−7.9	−5.9	0.5	1.5	4.7	7.5	0.9	−3.3	2.1	6.4	7.6	−1.8	1.1	3.9	3.7	3.5	−1.5	4.6	7.5
EBITDA margin	7.9%	1.1%	5.5%	5.6%	5.2%	0.6%	-1.4%	-2.7%	0.5%	6.1%	2.4%	3.6%	0.4%	-0.5%	-3.2%	-2.3%	0.2%	0.5%	1.9%	3.2%	0.4%	-1.8%	1.1%	3.7%	4.6%	-1.7%	1.2%	3.7%	3.5%	3.1%	-1.5%	5.5%	9.7%
Finance costs	0.4	0.5	0.5	0.3	0.7	0.7	0.8	0.6	0.4	0.4	0.6	0.4	0.5	0.6	0.4	0.2	0.1	0.3	0.3	0.3	0.3	0.5	0.3	0.3	0.5	0.9	1.2	1.1	1.1	0.8	0.6	0.6	0.5
Depreciation	2	1.8	2.2	2.2	1.8	1.6	1.5	1.5	1.2	4.1	1.1	1	0.9	5.9	6.4	6	7.1	6.1	5.1	4.4	4.2	8.4	3.8	5.4	5.1	6.6	5.1	4.5	4.4	4.4	4.5	4.5	4.2
Profit before tax	10.3	6.3	5.1	10.2	9.5	−9.3	−17.3	−5.8	6.3	45.4	6.8	9.2	−0.9	−1.3	−7.4	−7.6	−2.6	5.1	2	7	−0.8	−3.6	2.9	8.5	5.3	−51.2	−5.1	1.9	1.9	6.1	−1.6	1.9	−45
Tax	3.3	1.8	1.7	2.9	2.5	1.9	1.3	1.5	1.8	3.6	3.3	3.3	−0.1	0.6	−0.7	1.3	1.4	1.7	1.1	2.7	1.3	0.8	0.8	1.9	2.9	0.4	0.7	0.1	0.9	−2.7	−0	3	3.7
Net profit	6.6	2.8	2.4	7.2	6.9	−12.3	−19.5	−7.3	0.2	37.5	−1.7	−1.7	−22.3	−1.8	−6.9	−8.9	−4.1	3.4	1.3	4.2	−2.2	−4.6	1.8	6.4	1.9	−52.2	−5.8	1.3	1	8	−1.7	−1.3	7.6
Net margin	6.1%	2.6%	2.2%	5.7%	5.6%	-10.5%	-17.3%	-6.7%	0.2%	35.4%	-1.5%	-1.5%	-9.5%	-0.7%	-2.8%	-3.5%	-1.6%	1.2%	0.5%	1.8%	-0.9%	-2.5%	1.0%	3.7%	1.1%	-50.2%	-6.2%	1.2%	1.0%	7.1%	-1.8%	-1.5%	9.9%
EPS (₹)	0.30	0.18	0.15	0.30	0.30	-0.48	-0.80	-0.31	0.19	1.81	0.15	0.26	-0.04	-0.08	-0.29	-0.35	-0.19	0.13	0.02	0.17	-0.10	0.22	0.09	0.57	0.08	-1.97	-0.24	0.04	0.02	0.34	-0.12	-0.10	-2.31
Net profit YoY	−4.9%	+122.5%	+112.3%	+197.7%	+2765.8%	−132.7%	−1047.9%	−324.6%	+101.1%	+2175.2%	+75.2%	+80.5%	−445.0%	−152.4%	−649.8%	−312.7%	−88.9%	+175.5%	−30.8%	−35.3%	−213.2%	+91.2%	+131.1%	+409.4%	+84.9%	−755.2%	−239.7%	+199.2%	–	+5.0%	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	465	448	439	1,015	991	712	407	377	281
Other income	24.6	24.8	26.9	27.1	20.7	24.5	11.7	18.4	13.2
Total expenses	454	460	435	1,057	997	724	425	382	294
EBITDA	20.5	−3.4	13.5	−14.6	14.6	12.8	6.9	15.4	5.7
EBITDA margin	4.4%	-0.7%	3.1%	-1.4%	1.5%	1.8%	1.7%	4.1%	2.0%
Finance costs	2	2.5	2	1.3	1.2	1.6	4.2	2.6	2.1
Depreciation	8	5.9	7.1	25.4	19.9	22.7	20.6	18	17
Profit before tax	31	−26	60	−18.9	13.2	13	−52.5	13.2	−67.6
Tax	8.9	6.5	10.1	2.7	6.7	6.4	2	2.9	8.1
Net profit	19.3	−38.9	11.8	−21.6	6.7	5.6	−55.7	9.1	−44.7
Net margin	4.1%	-8.7%	2.7%	-2.1%	0.7%	0.8%	-13.7%	2.4%	-15.9%
EPS (₹)	0.93	-1.41	2.15	-0.93	0.23	0.52	-2.15	0.27	-2.96
Net profit YoY	+149.5%	−429.5%	+154.5%	−422.9%	+19.9%	+110.0%	−713.5%	+120.3%	–

EPS is as filed for each period and is not restated for later bonus issues or splits.

Cash flow

annual · ₹ crore

₹ crore	FY26	FY25	FY24	FY23	FY22
Operating cash flow	64.4	11.6	41.8	6	149
Investing cash flow	−50.1	13.7	5.5	−37.4	−119
Financing cash flow	3.8	48.3	−55.7	−4.5	−7.9
Capital expenditure	16	8.8	2.1	7.6	12.7
Free cash flow (CFO − capex)	48.4	2.8	39.7	−1.6	136

Net profit trend

annual, ₹ crore

FY21

₹5.6

FY22

₹6.7+20%

FY23

₹−21.6−423%

FY24

₹11.8+155%

FY25

₹−38.9−429%

FY26

₹19.3+150%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	5 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	5 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	13 May 2026	PDF XBRL
Q4 FY26	Standalone · audited	13 May 2026	PDF XBRL
Q3 FY26	Consolidated	12 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	12 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	11 Nov 2025	PDF XBRL
Q2 FY26	Standalone	11 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	12 Aug 2025	PDF XBRL
Q1 FY26	Standalone	12 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY268.65 MB FY2510.68 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 29.9×17.7×

P/B5Y avg 2.27×1.43×

ROEFY26, on average equity8.6%

Net margin4.1%

Debt / equity0.35×

Revenue CAGR (3Y)-22.9%

Profit CAGR (3Y)–

EPS (TTM)₹0.91

Market cap₹335 Cr

Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.

P/B vs history

1.43×

vs 8-point avg 2.27× (−37%)

1.37× low2.27× avg3.55× high

History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹806 Cr+13%

Net worth₹235 Cr+10%

Total borrowings₹82 Cr+7%

Cash & bank balances₹215 Cr+9%

Investments₹0 Cr+0%

Inventories₹1 Cr−55%

Trade receivables₹29 Cr+7%

Trade payables₹15 Cr−13%

Change vs the same date a year earlier.

Revenue mix FY26

Financial Technology Services (Spice Money)100.0%result ₹42.8 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23	Sept 23
Promoter	72.64	72.70	72.70	72.76	72.96	72.96	72.64	72.74	72.89	72.97	73.00	73.18
FII	–	0.00	0.00	0.06	0.04	0.04	0.00	0.00	0.00	0.06	0.00	0.00
Retail	13.11	13.21	13.03	12.85	12.63	12.11	11.91	11.91	10.13	8.97	8.71	8.50
Other public	14.25	14.09	14.27	14.33	14.37	14.89	15.45	15.35	16.98	18.00	18.29	18.32

38,587 shareholders · NSE shareholding pattern filings.