Alldigi Tech Ltd Q1FY26/AGM FY25 concall decoded: Payrolls, bots, and a Rs 30 dividend flex

Opening Hook
When your chairman opens with Manila, Chennai and… a Rs 30 interim dividend, you know the ITES plot is thickening. Alldigi (ex-Allsec) just wrapped FY25 with record revenue of ₹546.3 crore (+16.4%), EBITDA ₹129 crore (+12.1%), and PAT ₹83 crore (+30.2%). Why it matters now? Because post-Quess three-way demerger (effective April 1, 2025), Alldigi sits under Digitide—bigger canvas, tougher comps, and a loud promise: double-digit growth in both BPM and Tech & Digital. Translation: AI will do the heavy lifting; governance will do the talking. Stick around—there’s Buzzily for SMEs, 17 million payroll records, and a tidy ₹16.9 crore gain from pruning the low-synergy LLC branch. (26th AGM transcript)

At a Glance
• Revenue up 16.4% YoY – “Digitide effect” plus stronger intl mix
• PAT up 30.2% – cost discipline > powerpoint
• Interim dividend ₹30/sh – CFO didn’t forget shareholders
• Intl mix 63% (vs 57%) – margins hitch a ride abroad
• LLC divested (₹22.1 cr; gain ₹16.9 cr) – focus over FOMO

Management’s Key Commentary
“We ramped delivery with new centres in Manila and Chennai; Bengaluru consolidated.”
— Translation: seats before slides; cost before claps.

“Post-demerger, Alldigi under Digitide brings sharper focus and larger global reach.”
— Translation: more feet on street, fewer feet on neck.

“BPM (ex-CXM) will grow double digits; AI-infused proposals drive value.”
— Translation: bots write SOWs; humans chase POs.

“T&D (ex-EXM) leads in managed payroll—17M records, upgrades to SmartPay 4, Smart HR.”
— Translation: we’re the plumbing; don’t underestimate the pipes.

“Buzzily (SME SaaS) live with 27+ customers; higher-margin optionality.”
— Translation: small tickets, sweet unit economics (if CAC behaves).

“Segment margins: BPM ~12–13%; T&D high-30s to low-40s; steady YoY uptick.”
— Translation: grind + mix = +100 bps… unless we reinvest it first.

Numbers Decoded

Analyst Questions
• BPM growth engine? Onshore US sales via Digitide, AI in proposals, cross-sell—target mid-to-high teens. Translation: land logos locally, automate centrally.
• T&D throttle? Multi-country payroll, partnerships, Buzzily; ACV up ~50% YoY. Translation: bigger baskets, more SKUs per CFO.
• Margins & mix? BPM ~12–13%; T&D ~late-30s/early-40s; intl yields better take-rates. Translation: chase dollars, not