💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew by 64.6% YoY to INR 48.16 Cr in FY25. In H1FY26, consolidated revenue reached INR 30.77 Cr, a 20% increase YoY. Standalone revenue, primarily from visa and consular services, grew by 74% in FY25 and 26% in H1FY26 to INR 17.9 Cr.

Geographic Revenue Split

The company is expanding internationally with a significant developing business presence in Bangladesh. While specific percentage splits per country are not disclosed, international expansion and diversification across geographies are cited as primary drivers for the 65% consolidated revenue growth.

Profitability Margins

Consolidated Net Profit (PAT) margin improved from 2.7% in FY24 to 7.1% in FY25. In H1FY26, the PAT margin further expanded to 19.4% (INR 6.0 Cr), representing a 338 bps YoY improvement. Standalone PAT margin for H1FY26 stood at 24.2%, up 1,172 bps YoY.

EBITDA Margin

Consolidated EBITDA margin increased from 11.6% in FY24 to 13.3% in FY25. In H1FY26, EBITDA margin surged to 26.7% (INR 8.21 Cr), an 832 bps increase YoY, driven by the addition of new verticals and improved operational efficiencies.

Capital Expenditure

Net worth increased from INR 77.93 Cr in FY24 to INR 84.93 Cr in FY25. Specific INR figures for new CAPEX projects are not disclosed, but the company is investing in 'Digital Transformation Platforms' and 'AI Based Automation Tools' to support its global scale.

Credit Rating & Borrowing

The company maintains a very low Debt-Equity ratio of 0.01. Consolidated borrowings as of September 2025 stood at INR 5.92 Cr (Non-current) and INR 0.52 Cr (Short-term). Finance costs for H1FY26 were INR 0.88 Cr, a decrease from INR 1.55 Cr in H1FY25.

⚙️ Operational Drivers

Raw Materials

As a service provider, the primary 'raw materials' are human capital and technology. Employee benefit expenses represented 41.2% of consolidated revenue in H1FY26 (INR 12.67 Cr). Direct costs accounted for approximately 10.6% of revenue (INR 3.27 Cr).

Import Sources

Not applicable as the company provides visa and consular services. Operations are spread across India, Bangladesh (DuDigital BD Pvt Ltd), and the UAE (DuVerify LLC-FZ).

Key Suppliers

Not disclosed in available documents as the company is service-oriented rather than manufacturing-oriented.

Capacity Expansion

The company is expanding its service capacity through new subsidiaries such as DuVerify LLC-FZ (added May 2023) and Virtuworld Tourism LLC. It is also scaling operations in Bangladesh and India to handle higher volumes of visa processing.

Raw Material Costs

Direct costs for H1FY26 were INR 3.27 Cr. Employee benefit expenses, the largest operational cost, rose to INR 12.67 Cr in H1FY26 from INR 7.85 Cr in H1FY25 to support a 20% growth in revenue and international expansion.

Manufacturing Efficiency

Not applicable. Service efficiency is tracked via the Net Capital Turnover Ratio, which improved by 109% to 0.72 in FY25, reflecting higher sales generated per unit of capital employed.

Logistics & Distribution

Not applicable; however, the company manages a global distribution of consular services through its subsidiaries in India, UAE, and Bangladesh.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be achieved through geographic diversification to reduce dependency on single markets, the addition of new business verticals like identity verification (DuVerify), and the adoption of AI-based automation to improve margins. The company is also actively meeting with institutional investors to support its international expansion strategy.

Products & Services

Visa processing services, consular services, passport services, and digital identity verification solutions (DuVerify).

Brand Portfolio

DUGLOBAL, DuDigital, DuVerify, OSC Global, Virtuworld Tourism.

New Products/Services

The company recently launched DuVerify LLC-FZ (May 2023) for identity verification services. New verticals and organic growth contributed to a 74% YoY increase in consolidated EBITDA in H1FY26.

Market Expansion

Targeting international expansion beyond current hubs in India and Bangladesh, specifically focusing on the UAE market through DuVerify and Virtuworld Tourism LLC.

Strategic Alliances

The company operates through several key subsidiaries and JVs including OSC Global Processing Pvt Ltd and Intermobility Visa Solutions Pvt Ltd to manage specialized visa contracts.

🌍 External Factors

Industry Trends

The industry is shifting toward digital visa processing and AI-based identity verification. DUGLOBAL is positioning itself by adopting digital transformation platforms to remain competitive against other global visa service providers.

Competitive Landscape

Competes with global visa outsourcing firms. Competitive pressure is managed through the adoption of new technology and diversification into niche segments like identity verification.

Competitive Moat

The company's moat is built on its specialized regulatory licenses for consular services and its established geographic network. This is sustainable due to high entry barriers in government-regulated visa processing, though it requires constant technological upgrades.

Macro Economic Sensitivity

Highly sensitive to the travel and tourism sector. Macroeconomic volatility and policy changes regarding international travel directly impact the volume of visa applications processed.

Consumer Behavior

Increased demand for international travel and digital-first consular services is driving the 20% YoY revenue growth in H1FY26.

Geopolitical Risks

Political instability or geopolitical tensions in key markets like Bangladesh or the Middle East could disrupt service delivery and impact the company's growth trajectory.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by international visa and consular protocols. The company must comply with Section 143 of the Companies Act 2013 regarding internal financial controls.

Environmental Compliance

Not disclosed as the company's operations are office-based service centers with minimal environmental footprint.

Taxation Policy Impact

Consolidated tax expense for H1FY26 was INR 1.54 Cr on a Profit Before Tax of INR 7.52 Cr, implying an effective tax rate of approximately 20.5%.

Legal Contingencies

The company has pending litigations disclosed in Note 35 of the financial statements. Additionally, there is a regulatory observation regarding the implementation of daily backups of electronic books of accounts on servers located in India to comply with Rule 3(5) of the Companies Act.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the vulnerability to unforeseen global events (e.g., pandemics or regional conflicts) that could halt international travel, potentially impacting revenue by over 50% based on sector sensitivity.

Geographic Concentration Risk

Significant revenue and resource dependency on the Bangladesh market (DuDigital BD Private Limited) poses a concentration risk.

Third Party Dependencies

Dependent on government embassies and consulates for the underlying service contracts that drive visa processing volumes.

Technology Obsolescence Risk

Risk of competitors adopting superior AI or automation tools. The company is mitigating this by implementing its own AI-based automation and CRM systems.

Credit & Counterparty Risk

Trade receivables stood at a level resulting in a turnover ratio of 2.44. The company monitors credit exposure through regular audits and a 'maker-checker' rule to ensure the accuracy of financial records.