Alldigi Tech Q3 FY26: ₹152 Cr Revenue, 30% EBITDA Margin, 8.5% Dividend Yield — BPO Company or Cash Machine in Disguise?
1. At a Glance – The Call Center That Quietly Became a Cash Cow
If Indian stock markets were a Bollywood movie, Alldigi Tech would be that side character who barely gets screen time but walks away with all the money, the girl, and the sequel rights. While everyone is busy drooling over SaaS companies burning cash like a Diwali rocket, this boring BPO company is sitting quietly with 30% EBITDA margins, 27% ROE, and throwing dividends like prasad at Tirupati.
And yet, the stock is down ~25% in one year. Classic Indian investor behavior: ignore consistent performers, chase stories, then cry later.
Let’s decode this quietly efficient machine.
Because somewhere between ₹152 Cr quarterly revenue, ₹45.9 Cr EBITDA, and ₹20.8 Cr profit, there’s a story.
A story of:
Payroll processing turning into tech
Customer service turning into margin expansion
And a company that went from “hello sir, how can I help you?” to “hello sir, we just printed cash”
But wait… before you get too excited…
Why is a company with:
14x P/E (below industry ~20x)
8.5% dividend yield
31% ROCE
…not getting market love?
Is this a hidden gem… or a boring uncle stock nobody wants to invite to the party?
2. Introduction – From Call Center to Cash Generator
Let’s rewind.
Alldigi Tech (formerly Allsec Tech) started in 1998 when outsourcing meant answering angry American customers complaining about their internet not working.
Fast forward 25 years.
Now it processes:
~19 million employee records annually
Payrolls across 69 countries
And serves Fortune 100 clients
Basically, this is not your average “Hello sir, please restart your router” company anymore.
This is:
HR tech
Payroll SaaS-lite
BPM services
Compliance outsourcing
All rolled into one.
And backed by:
Quess Corp
Ultimately supported by Fairfax Holdings (Canada)
So yes, this is not some shady penny stock operator running a call center from a basement in Noida.
This is a structured global outsourcing machine.
But here’s the twist…
Despite all this:
Revenue growth is decent (~10%)
Margins are improving
Cash flow is strong
The stock? Sleeping like a government employee on lunch break.
So the real question is:
👉 Is the market missing something? 👉 Or is this just a low-growth dividend cow?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
Alldigi Tech has two main businesses:
1. EXM (HR / Payroll Tech)
This is the “salary department” for companies.
They handle:
Payroll
Leave management
Compliance
Reimbursements
HR systems
Think of them as: 👉 The company that makes sure you get paid… correctly.
Segment margin: ~15%
2. CXM (Customer Experience + BPM)
This is the classic BPO business, but upgraded.
They do:
Customer support
Back office processing
Risk & compliance
Healthcare processing
Insurance support
Segment margin: ~38%
So essentially:
Segment
What It Does
Margin
EXM
HR & payroll systems
15%
CXM
Customer + backend services
38%
Now pause.
👉 Which segment do you think management loves more?
