Annual reportSep 2026
Sep 2026 · Shareholders meeting 5 Sep - FY26 annual report released; 19th AGM on September 29, 2026, with book closure September 23-29.
Source: Nse
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.
₹21.1
-1.90 · -8.26%
Market cap ₹169 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 08:06 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
56Neutralfull bear SMA stack · SMA20 -13.8% / mo · MACD + · near 52W low · sector +19.3pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 100
Sector 3M: +13.7% vs Nifty 500 -5.6%
IT FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
DUGLOBALD candles · FIT view-50.4%Latest close ₹21.10 on 2026-10-21
Bar
-8.3%
RSI
46
MACD hist
0.35
52W pos
9%
2026-10-21O ₹23.00H ₹23.00L ₹21.05C ₹21.10Vol 10,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DUGLOBALNifty ITNifty 500
- DUGLOBAL
- -25.8%
- Nifty 500
- -6.5%
- Nifty IT
- +12.0%
- Vs Nifty 500
- -19.3 pp
Chart stats
21 Oct 2026- From 52W high
- -56.9%
- 52W range position
- 9%
- ATR (14)
- 6.3%
- Volume vs 20D
- 0.07x
- Avg traded value
- ₹0.3 Cr
- 20D price channel
- ₹18.5 - ₹24.7
₹49
₹18.5 - ₹49
₹1.3
Latest completed session
20-session average
84.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST39
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +28.5% · PAT -94.7% YoY
Technical
Neutral56
Price trend and sector-relative-strength timing.
Valuation
Legacy model+17.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence58
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100PAT -95% YoY · margin compression · Rev +28% YoY
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹23.9 Cr | +28.5% | -22.3% |
| EBITDA | ₹-0.7 Cr | NDF | -108.6% |
| Operating margin | -3.0% | NDF | -2965 bps |
| PAT | ₹0 Cr | -94.7% | -99.3% |
| PAT margin | 0.2% | NDF | -1926 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 30.80
- P/B
- 1.62
- EV/EBITDA
- 15.06
- Market Cap
- 169.00Cr
Profitability
- ROE
- 5.77%
- ROCE
- 7.90%
- ROA
- 5.07%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 90.00%
- EPS 5Y
- 108.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 107.00%
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
- 8.48 Cr
- EPS TTM
- 0.80
Shareholding
- Promoter Hold
- 54.09%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 23.9-22.3% vs prev
Net Profit
₹ CrLatest: 0.0-99.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 46. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~16.0% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 57% off 52W high · 14% 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 & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation6/30
Growth24/25
Quality0/20
Balance Sheet10/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
-7
Raw sum
39
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
39/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 17.8%.
- Growth contributes 24/25 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 1/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
30.8
PB
1.6
EV/EBITDA
15.1
ROE
5.8%
ROCE
7.9%
FCF Yield
—
Debt/Equity
0.1
MoS
+17.8%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
39
Previous: 39
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+17.8%
Previous: +10.4%
Score history
12 stored score snapshots. Latest stored move: +2 points.
21 Oct 2026
v4.3-runtime-valuation
40
40
40
40
40
40
37
37
37
37
37
39
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹16.1
-31.1% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹25.68
+17.8% MoS
PEG
0.29
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ROXHITECH
SME
Rox Hi-Tech Ltd.
IT Services / Digital
match 131
35
9.2
13.4%
-344%
WATCHLIST
DELAPLEX
SME
Delaplex Ltd.
IT Services / Digital
match 130
51
12.3
15.7%
+47%
FAIR VALUE
TECHLABS
SME
Trident Techlabs Ltd.
IT Services / Digital
match 130
35
32.4
10.1%
+5%
WATCHLIST
MACOBSTECH
SME
Macobs Technologies Ltd.
IT Services / Digital
match 129
22
65.5
8.3%
-105%
OVERVALUED
ENSER
SME
Enser Communications Ltd.
IT Services / Digital
match 128
48
12.4
24.7%
+70%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-01T16:45:59.315Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
58Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 22nd percentile of the scored universe and 17th percentile within IT. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
22nd percentile
overall median 67 · IT: 17th pctile, median 69 · SME: 24th pctile, median 64
Evidence depth
Financial-only
2 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
62
acceptable · quarterly consistency
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.
Continue researching DUDIGITAL GLOBAL LTD.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Annual reportSep 2025
Sep 2025 · General Updates 7 Sep - Web-link sent for 19th AGM notice and FY 2025-26 annual report; AGM on September 29, 2025.
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual report
Copy of Newspaper Publication 6 Sep - Newspaper ad for AGM notice, annual report 2025-26, book closure September 23-29, and e-voting dates.
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.