Diginex Ltd is a US-listed company in the application software industry. Its financial year ends in March.
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Third-party market data · may be delayed
Under review: every model's value for Diginex Ltd is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.
Diginex Ltd valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Diginex has little or no product revenue yet; it used $15m of cash in the twelve months. That growth ranks 12 of 183 among the application software companies we cover. The diluted share count is up 47.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D.
Our model value for Diginex is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Diginex Ltd's trailing-twelve-month revenue grew 77.2% year on year, with a free-cash-flow margin of -406.6%. Where it stands out: revenue growth of 77.2% ranks 12 of 184 application software companies we cover. Where it lags: gross margin of -76.0% ranks 159 of 160 application software companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 88.5% while net income fell 497.5%: a 409pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Diginex Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.0 ~$0.2–$0.7 | Left out: out of range vs price (0.01x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Diginex Ltd with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.
Next results: November 6, 2026, after the close.
No analyst estimates are published for Diginex Ltd: too few analysts cover it.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $1.6M |
| FY24 Q4 | $1.3M |
| FY25 Q4 | $2M |
| FY26 Q4 | $3.6M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | -447.5% |
| FY24 Q4 | -620.5% |
| FY25 Q4 | -406.9% |
| FY26 Q4 | -688.3% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -405.5% |
| FY24 Q4 | -458.6% |
| FY25 Q4 | -382.1% |
| FY26 Q4 | -406.6% |
| Fiscal year | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 2 | 1 | 2 | 4 |
| Gross profit | — | −1 | −2 | −3 |
| EBITDA | −7 | −8 | −8 | −24 |
| Operating income | −7 | −8 | −8 | −25 |
| Net income | −9 | −5 | −5 | −31 |
| Diluted EPS | −$0.97 | −$0.75 | −$0.53 | −$1.20 |
| Growth (year on year) | ||||
| Revenue | — | −20.1% | +57.0% | +77.2% |
| Margins | ||||
| Gross margin | — | −73.5% | −84.0% | −76.0% |
| EBITDA margin | −447.4% | −612.6% | −400.8% | −671.8% |
| Operating margin | −447.5% | −620.5% | −406.9% | −688.3% |
| Net margin | −569.4% | −374.9% | −255.5% | −861.4% |
| Cash flow | ||||
| Cash from operations | −7 | −6 | −8 | −14 |
| Balance sheet | ||||
| Cash | 1 | 0 | 3 | 5 |
| Total debt | 0 | 1 | 0 | 0 |
| Net debt (negative = net cash) | −1 | 1 | −3 | −5 |
| Diluted shares | 9m | 12m | 18m | 26m |
| Last 12 months unless stated | DGNX | BMR | ORKT | SPAI | IVDA | TWAV | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $4m | $3m | $4m | $3m | $5m | $2m | $482m |
| Revenue growth, last 12 months | 77.2% | 1.0% | 43.8% | 92.6% | −36.0% | 4.1% | 12.0% |
| Revenue growth, 3-year average | — | — | — | — | −17.8% | −18.9% | 11.1% |
| Revenue growth, latest quarter | — | — | — | >999% | −47.5% | −11.8% | 11.9% |
| Gross margin | −76.0% | 89.7% | 44.2% | 62.2% | 32.2% | 52.3% | 69.2% |
| Operating margin | −688.3% | −208.6% | −131.4% | −513.8% | −68.5% | −121.8% | 1.1% |
| Operating margin, 3-year average | — | — | — | −588.4% | −79.8% | −136.4% | −0.8% |
| Net margin | −861.4% | −194.6% | −78.7% | −500.0% | −69.2% | −272.1% | 2.1% |
| Cash from operations / revenue | −390.1% | −151.9% | −80.4% | −287.6% | −64.1% | −142.2% | 18.2% |
| Free-cash-flow margin | −406.6% | −152.8% | −87.0% | −292.3% | −64.1% | −142.2% | 15.0% |
| Free-cash-flow margin, 3-year average | — | — | — | — | −94.3% | −109.4% | 16.2% |
| Stock pay / revenue | — | 22.1% | — | — | 1.4% | 13.7% | 9.3% |
| Change in share count | 47.7% | 2.4% | 9.1% | 44.0% | 2.4% | 386.5% | 2.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 77.2% | 12.0% | 12 of 184 |
| Change in growth rate Growth | +20.2pp | +0.2pp | 17 of 184 |
| Gross margin Profitability | -76.0% | 69.8% | 159 of 160 |
| Operating margin Profitability | -688.3% | 1.1% | 171 of 181 |
| Net margin Profitability | -861.4% | 2.1% | 176 of 185 |
| Free-cash-flow margin Cash generation | -406.6% | 15.2% | 172 of 180 |
| Change in share count Balance sheet | 47.7% | 1.7% | 149 of 163 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| UBS Group AG | $351,823 | 238K | 44.8% | New |
| Lightspeed Management Company, L.L.C. | $261,395 | 177K | 33.3% | New |
| Stonex Group Inc. | $47,451 | 30K | 6.0% | New |
| Jane Street Group, LLC | $29,843 | 20K | 3.8% | New |
| Xtx Topco Ltd | $27,472 | 19K | 3.5% | New |
| Geode Capital Management, LLC | $26,191 | 18K | 3.3% | New |
| Newedge Advisors, LLC | $18,577 | 13K | 2.4% | New |
| Integrated Wealth Concepts LLC | $6,125 | 4K | 0.8% | New |
| Simplex Trading, LLC | $5,880 | 4K | 0.7% | New |
| Tower Research Capital LLC (TRC) | $4,974 | 3K | 0.6% | New |
| Group One Trading LLC | $2,529 | 2K | 0.3% | New |
| Osaic Holdings, Inc. | $943 | 1K | 0.1% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Diginex Ltd's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Pelham Miles Christian Director | September 22, 2026 | Sell | 303,400 | $1.43 | $433,862 |
| Pelham Miles Christian Director | September 22, 2026 | Sell | 294,298 | $1.43 | $420,846 |
| Pelham Miles Christian Director | September 16, 2026 | Sell | 38,750 | $1.46 | $56,575 |
| Pelham Miles Christian Director | September 14, 2026 | Sell | 398,659 | $1.46 | $582,042 |
| Pelham Miles Christian Director | August 17, 2026 | Sell | 1,908,540 | $1.00 | $1.9M |
| Pelham Miles Christian Director | August 17, 2026 | Sell | 294,380 | $1.00 | $294,380 |
| Pelham Miles Christian Director | August 17, 2026 | Sell | 2,500,000 | $1.00 | $2.5M |
| Bridges Graham See Remarks | April 16, 2026 | Sell | 1 | $0.70 | $1 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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