DUDIGITAL GLOBAL LTD. (DUGLOBAL)
SME CapIT stocks · SME cap · NSE
Dudigital Global is an Indian provider of visa and consular outsourcing services, operating 35 centers across 6 countries. It offers government-mandated visa processing, identity & digital document verification (DuVerify), and global recruitment services. The company emphasizes technology-driven solutions for global mobility, holding multiple ISO certifications.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -95% YoY · margin compression · Rev +28% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹23.9 Cr | +28.5% | -22.3% |
| EBITDA | ₹-0.7 Cr | -142.0% | -108.6% |
| Operating margin | -3.0% | -1048 bps | -2965 bps |
| PAT | ₹0 Cr | -94.7% | -99.3% |
| PAT margin | 0.2% | +337 bps | -1926 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
DUGLOBAL reported strong H1FY26 consolidated results with revenue up 20% YoY to Rs 308 Mn. EBITDA surged 74% YoY to Rs 82 Mn (27% margin), and PAT increased 45% YoY to Rs 60 Mn (19% margin), driven by new verticals and organic growth. Standalone PAT grew 144.5% YoY.
DUGLOBAL delivered robust H1FY26 results, with consolidated PAT up 45% YoY, driven by new contracts in South Korea and Thailand and organic growth. The company's strategic focus on tech-enabled visa processing, digital verification (DuVerify), and global recruitment positions it for continued expansion. However, the sustainability of this high growth and margin expansion, particularly from new verticals, warrants close monitoring given the relatively small base.
Expanding Global Presence
Secured 3-year MEA contracts for consular/passport/visa services in Seoul and Thailand in May 2025.
Scaling Digital Platforms
DuVerify successfully implemented in Georgia and South Korea, designed for rapid deployment across new countries.
Global Recruitment Ecosystem
Developing a structured, technology-enabled manpower supply chain to solve pain points for international employers.
New Visa Application Centres
Successfully opened and operating Indian Consular Application Centres (ICACs) in Seoul, South Korea, and Bangkok/Chiang Mai, Thailand.
Technology Infrastructure Upgrade
Developing a CRM system and migrating from Tally to Microsoft Dynamics 365 Business Central for streamlined management.
Global Travel Rebound
Post-COVID global travel is strongly rebounding, driving unprecedented visa demand from tourism and business mobility.
Outsourcing Trend
Embassies face strain from rising application volumes, making outsourcing a necessity; only 35% of visa processing is currently outsourced.
Digital Transformation
Governments are shifting from in-house to outsourced models, leveraging eVisas, biometrics, and AI for improved efficiency.
India Outbound Tourism
India's travel expenditure is projected to grow from Rs 150 Bn (2019) to Rs 410 Bn (2030 E), driven by rising disposable income.
Economic Performance
Company performance is subject to the performance of the Indian economy and various international markets.
Competition
The company operates in a competitive environment, facing risks from industry performance and competition.
Strategy Implementation
Risks include the company's ability to successfully implement its strategy and adapt to technological changes and advancements.
Dependence on Government Contracts
Revenue is tied to government-mandated visa processing, where DU Global acts as an intermediary and does not influence visa approval outcomes.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation explicitly compares H1FY26 figures to H1FY25, indicating a half-yearly comparison. This is suitable for assessing performance trends over a longer period, especially for a business that might have seasonal elements or project-based revenue recognition.
Consolidated Revenue Growth
Rs 307.7 Mn in H1FY26, an increase of 20.0% YoY.
Consolidated EBITDA Margin
26.7% in H1FY26, up 832bps YoY.
Consolidated PAT Margin
19.4% in H1FY26, up 338bps YoY.
New Consular/Visa Contracts
Secured 3-year MEA contracts for Seoul (South Korea) and Bangkok/Chiang Mai (Thailand) in May 2025.
Global Expansion Focus
Management views FY25-26 as a milestone year, strengthening global presence with new wins in South Korea and Thailand.
Digital Platform Scaling
Focused on scaling digital platforms DuVerify and DuVisas in new markets to position DU Global as a technology-led global player.
Global Recruitment Ecosystem
Aiming to build an organized global recruitment ecosystem, leveraging India's talent strength to become a reliable provider.
High-Growth Phase
Management believes the company is entering a high-growth phase, redefining mobility and verification for governments and enterprises.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New MEA/Embassy Contracts | Secured 3-year MEA contracts for Seoul and Thailand in May 2025. | Announcements of additional government contracts in new geographies (Europe, Middle East, Asia). |
| Digital Platform Deployment | DuVerify implemented in Georgia and South Korea. | Successful deployment and adoption of DuVerify and DuVisas in new countries and use cases. |
| Global Recruitment Vertical Performance | Developing a structured manpower supply chain. | Growth in recruitment volumes, client acquisitions, and revenue contribution from this new vertical. |
| Consolidated EBITDA Margin | 26.7% in H1FY26. | Sustained or further expansion of EBITDA margins, indicating efficient operations and value from new verticals. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -11.1% / mo · MACD + · near 52W low
Technical chart
DUGLOBALdaily · 1Y · AUTO-40.9%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 48.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~12.5% over last month) — short-term momentum negative.
- RSI(14) at 48 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 48% off 52W high · 11% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 34 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 34 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 24/25 to the score.
- Balance sheet contributes 10/15 to the score.
- Valuation contributes 4/30 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 23rd percentile of the scored universe and 17th percentile within IT. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-18 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · IT: 17th pctile, median 69 · SME: 24th pctile, median 64
2 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.09.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-18 Cr.
- ▸Promoter holding fell 1.5%.
- ▸Only 0 years of positive FCF.
- ▸ROE is low at 6.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 31.90
- P/B
- 1.78
- EV/EBITDA
- 16.33
- Market Cap
- 184.00Cr
Profitability
- ROE
- 6.06%
- ROCE
- 8.14%
- ROA
- 5.07%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 90.00%
- EPS 5Y
- 110.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 110.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 4.78×
- Altman Z
- 8.03
- Book Value
- 14.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -18.15 Cr
- EPS TTM
- 0.80
Shareholding
- Promoter Hold
- 54.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 10%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.