Prepared pursuant to Regulation 34, read with Part B of Schedule V, of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.
Management Discussion and Analysis
This Management Discussion and Analysis should be read in conjunction with the Board s Report, the audited standalone and consolidated financial statements, the notes forming part thereof, and the reports of the statutory auditors for the financial year ended 31 March 2026.
This Management Discussion and Analysis should be read in conjunction with the Boards Report, the audited standalone and consolidated financial statements, the notes forming part thereof, and the reports of the statutory auditors for the financial year ended 31 March 2026.
The global economy remained resilient but uneven during 2025-26, amid geopolitical tensions, changing trade policies, volatile energy markets, and differing inflation and interest-rate conditions across economies. The International Monetary Funds July 2026 World Economic Outlook Update projected global growth of 3.0% in 2026 and 3.4% in 2027. The outlook remains subject to geopolitical developments, commodity price movements, financial conditions, and trade policy uncertainty.
Structural transformations, particularly the rapid adoption of artificial intelligence, supply chain restructuring, and demographic changes, continue to reshape global commerce and cross-border activity. Continued business investment and the growth of digital transactions are expected to provide a strong foundation for cross-border mobility services.
India continued to record strong economic growth during FY 2025-26. According to the Ministry of Statistics and Programme Implementations provisional estimates, real GDP grew by 7.7% supported by robust services activity, consumption, and investment.
Indias expanding global connectivity, rising outbound tourism, increasing student mobility, growing overseas employment opportunities, and sustained business travel continue to support demand for visa facilitation, travel management, and allied services. These structural trends provide a favourable backdrop for the Companys business across both domestic and international markets.
According to the World Travel & Tourism Council (WTTC) Economic Impact Research, in CY2025, the travel and tourism sector contributed US$263.6 billion to the Indian economy and supported 46.2 million jobs. WTTC forecasts the sectors contribution to rise to US$286.1 billion and support 48.1 million jobs in CY2026.
These trends underscore Indias important role as both a major outbound source market and an international hub, supporting long-term structural growth in cross-border mobility services.
The Company operates in the travel management, visa processing, support and allied services industry. Governments and diplomatic missions across the world increasingly engage specialized service providers to manage non-discretionary administrative activities related to visa, passport, consular and citizen services. Depending on the scope of individual contracts, these services may include appointment scheduling, application acceptance, document verification and handling, biometric enrolment where authorized, customer assistance, fee collection and value-added support services.
The industry is characterized by tender-based procurement, stringent service-level agreements, information security requirements and regulatory compliance across multiple jurisdictions. Service providers are required to establish and operate service centers within prescribed timelines while
1 maintaining high standards of operational efficiency, data privacy and customer service. Competitive differentiation is therefore driven by execution capabilities, technology, infrastructure, compliance standards, geographic presence, service quality and the ability to efficiently mobilize operations across diverse markets.
The global mobility services industry continues to evolve with increasing digitalization of visa and consular processes, greater adoption of technology-enabled customer interfaces and growing emphasis on cybersecurity and data protection. Governments are increasingly seeking to improve operational efficiency and applicant experience through technology-enabled service delivery while maintaining robust regulatory oversight. These developments continue to create opportunities for established service providers with scalable operations, strong compliance frameworks and proven execution capabilities.
Against this backdrop, DuDigital Global Limited continues to strengthen its presence through its integrated service offerings across travel management, visa processing and allied services. The Companys expanding international footprint, compliance-driven operating model and focus on technology-enabled service delivery position it to participate in opportunities arising from increasing global mobility and the continued outsourcing of administrative citizen services by governments and diplomatic missions.
The global Travel & Tourism sector continued to demonstrate strong growth during 2025, despite geopolitical and economic uncertainties. According to the World Travel & Tourism Council (WTTC), Travel & Tourism contributed a record US$11.6 trillion to the global economy in 2025 and supported approximately 366 million jobs worldwide. International overnight arrivals reached approximately 1.54 billion, while international visitor spending reached approximately US$2.02 trillion.
The outlook for international air travel also remains positive. According to the International Air Transport Association (IATA), airlines are expected to carry approximately 5.2 billion passengers in 2026, with the industry-wide passenger load factor projected at a record 83.8%. IATA expects the global airline industry to generate a net profit of approximately US$41 billion in 2026.
The continued expansion of international travel, education, employment and cross-border mobility supports underlying demand for visa, consular and related administrative services. At the same time, governments are increasingly seeking technology-enabled and outsourced solutions to improve efficiency, applicant experience, security and compliance.
The global visa outsourcing industry represents a specialized market characterized by high regulatory requirements, stringent security standards and significant barriers to entry. Nuvamas industry research estimates the global visa outsourcing market at approximately US$2.6 billion and indicates that around 40% of visa processing is outsourced to third-party service providers, compared with approximately 22% in 2010. These estimates indicate significant scope for further outsourcing as governments seek to improve operational efficiency and focus internal resources on core sovereign functions.
The outsourcing model enables governments and diplomatic missions to leverage specialized infrastructure, technology, operational expertise and scalable service delivery capabilities. The industry is therefore expected to benefit from continued outsourcing of non-core administrative processes, particularly in markets where governments are seeking to modernize service delivery and improve applicant experience.
The visa and mobility services market comprises a diversified mix of visa categories, each with distinct regulatory requirements, processing workflows and seasonal demand patterns. Key categories include:
Tourist Visas: Supported by international leisure travel, rising disposable incomes and the continued expansion of global tourism.
Business Visas: Driven by cross-border trade, corporate travel, short-term assignments and international business activity.
Student Visas: Supported by increasing international education mobility and established higher-education corridors.
Work Visas: Driven by international labour mobility and demand for skilled and vocational workers across sectors and geographies.
Permanent Residency and Allied Consular Services: Including immigrant visas, residency and citizenship programmes, document attestation and related administrative services.
India represents a significant and rapidly growing outbound travel and mobility market. According to industry research by Net scribes, Indias outbound tourism market was valued at approximately 2.14 trillion in 2023 and is projected to reach approximately 5.01 trillion by 2030, representing a CAGR of approximately 14.27% during 2024-2030. The number of Indian international travelers is also projected to exceed 50 million by 2030.
International education remains an important component of Indias global mobility ecosystem. Approximately 1.34 million Indian students were pursuing higher education abroad in 2024, compared with approximately 1.32 million in 2023 and 907,000 in 2022, according to data attributed to the Ministry of External Affairs.
At the same time, changes in immigration and student-visa policies in key destination markets have influenced the distribution and volume of outbound student mobility. These developments are encouraging students and families to consider a wider range of international education destinations. Education therefore continues to represent an important and recurring component of Indias broader mobility ecosystem.
The global visa and consular outsourcing industry is concentrated among a limited number of established operators, reflecting the high barriers to entry associated with government procurement, security standards, regulatory compliance, technology infrastructure and operational scale.
Nuvamas industry research estimates that VFS Global has a market share of approximately 50-55% while BLS International and TLScontact each account for approximately 10-15%. These figures are industry estimates and should be viewed accordingly.
VFS Global reported 69 client governments, 4,023 application centres and operations across 166 countries as of 31 December 2025, highlighting the scale and geographic reach of the leading global operator.
TLScontact expanded its UK operations in October 2024 with the opening of 32 new UK Visa & Citizenship Application Service Points. BLS International has also pursued an active inorganic growth strategy, including the completion of its acquisition of iDATA in July 2024, Citizenship Invest in October 2024 and other strategic acquisitions during FY2024-25.
Other established operators, including IVS Global, Global Visa Center World and Almaviva, together with regional and specialized service providers, also compete for contracts across individual markets. Large-scale government procurement continues to favour providers with established compliance credentials, operational infrastructure, technology capabilities and a demonstrated track record of delivering services across multiple jurisdictions.
DuDigitals Global Access business provides a platform connecting international workforce requirements with skilled Indian workers. The business addresses the growing India-GCC labour corridor and the broader demand for skilled and vocational workers across international markets. According to Ministry of External Affairs data, India issued 448,440 emigration clearances in 2025 for workers from Emigration Check Required (ECR) countries. The number of clearances has increased from the levels recorded during the pandemic period, reflecting continued demand for overseas employment opportunities.
India also remains the worlds largest recipient of remittances. Remittance inflows into India reached a record US$135.5 billion in FY2024-25, according to Government of India economic data.
The Reserve Bank of Indias Sixth Round of Indias Remittances Survey found that GCC countries accounted for approximately 37.9% of Indias inward remittances in FY2023-24, while the United States accounted for 27.7% highlighting both the continued importance of the Gulf region and the growing contribution of advanced economies to Indias remittance inflows.
Governments in both source and destination markets are increasingly strengthening overseas recruitment, emigration, skills certification and worker-protection frameworks. NITI Aayogs May 2026 paper, States Framework: Advancing International Mobility for Skilled Workers, highlights the importance of strengthening institutional skilling and international mobility mechanisms to support Indias participation in global labour markets. Against this backdrop, Global Access aims to combine recruitment support, skills assessment, trade testing and mobility-related services to facilitate more structured international workforce movement. The Companys focus on skills certification and compliance-led processes is intended to support employers and workers navigating increasingly formalized international recruitment and mobility requirements.
The global visa and mobility services industry is being reshaped by rapid technological evolution. The increasing adoption of electronic visas and digital application processes has the potential to reduce reliance on physical application center visits in certain markets, creating a structural shift in traditional Visa Application Centre operations. At the same time, digital visa processes require robust capabilities in document verification, identity verification, fraud detection, data security and regulatory compliance. As governments increasingly digitize their visa and consular processes, technology-enabled verification and authentication capabilities are becoming an increasingly important component of the mobility ecosystem.
This creates opportunities for technology platforms such as DuVerify, which is designed to support automated and secure verification processes. The Companys technology focus is aligned with the broader industry movement towards digital-first service delivery, while its operational capabilities remain relevant to markets where physical application centers and assisted services continue to play an important role. The industry is also witnessing greater emphasis on data protection, cybersecurity, data localization and sovereign hosting requirements. Regulations such as the General Data Protection Regulation (GDPR), together with country-specific data protection and localization frameworks, are increasing the importance of secure technology infrastructure and compliance capabilities.
Another important trend is the increasing adoption of Value-Added Services (VAS) and the expansion of mobility providers into adjacent services. Such services can enhance applicant convenience, improve customer experience and diversify revenue streams beyond core application-processing activities. Overall, the convergence of physical service delivery, digital applications, identity verification, document authentication, cybersecurity and mobility-related services is creating a broader technology-enabled global mobility ecosystem. This evolution provides opportunities for companies with established operational capabilities, technology platforms and strong compliance frameworks to participate across multiple stages of the mobility value chain.
3. Company Overview and Developments
DuDigital Global Limited, together with its subsidiaries, operates in the travel management, visa processing, international recruitment, document verification and allied services segment. The Company provides technology-enabled administrative support solutions across visa, passport, consular and citizen services, while also offering international recruitment, trade testing, mobility support and document verification services. Through its integrated service portfolio, compliance-driven operating model and growing international presence, the Company delivers secure, efficient and customer-centric solutions across multiple geographies.
The Company continues to strengthen its capabilities by leveraging technology-enabled processes, robust compliance frameworks and operational expertise to deliver high-quality services to governments, diplomatic missions, institutional clients and individuals. Its diversified service offerings and expanding international footprint position the Company to benefit from the growing demand for cross-border mobility, outsourced citizen services and workforce solutions.
During FY 2025-26, the Company further strengthened its international presence through strategic investments in overseas entities. DuDigital Global (Korea) LLC, a wholly owned subsidiary incorporated in Seoul, South Korea, was established with paid-up capital of KRW 200 million (approximately US$150,000), in line with the Companys strategy to establish a local operating presence in the Korean market. In addition, DuDigital Global LLC, UAE, invested in DuDigital Global (Thailand) Co., Ltd., a Thailand-based entity, acquiring a 49% shareholding.
These investments and overseas establishments support the Groups strategy of expanding its geographic footprint, enhancing local market presence and strengthening its ability to serve clients across key international markets. The establishment of entities in Seoul and Bangkok is expected to support the Companys international expansion by enabling closer engagement with local stakeholders and strengthening its operational capabilities in East and Southeast Asian markets.
As at 31 March 2026, the consolidated financial statements comprise the Holding Company together with its Indian and overseas subsidiaries and other entities consolidated in accordance with the applicable accounting standards. Details of these entities, including their countries of incorporation, ownership interests and nature of relationship with the Company, are disclosed in the notes forming part of the audited consolidated financial statements.
The Group operates in a single reportable business segment comprising Visa Processing Services, which is considered the only reportable segment in accordance with Ind AS 108 - Operating Segments. Accordingly, separate segment-wise financial information is not required to be disclosed. This wording is consistent with the Companys previously reported basis for segmentation under Ind AS 108.
During FY 2025-26, the Company continued to strengthen its integrated service portfolio across domestic and international markets. Growth was supported by its diversified service offerings, expanding international presence and continued focus on operational excellence, customer service and regulatory compliance. The Companys integrated business model enables it to leverage operational capabilities across its service offerings while maintaining consistent service standards for its clients.
5. Financial performance with respect to operational performance
The following figures are based on the audited financial statements for the year ended 31 March 2026.
Amounts are in lakh.
| Particulars | Standalone FY26 | Standalone FY25 | Change | Consolidated FY26 | Consolidated FY25 | Change |
| Revenue from operations | 2,974.67 | 2,798.86 | 6.3% | 5,467.25 | 4,815.86 | 13.5% |
| Total income | 3,442.62 | 3,109.57 | 10.7% | 5,994.53 | 5,385.75 | 11.3% |
| Profit before tax | 308.08 | 394.83 | (22.0%) | 686.14 | 595.19 | 15.3% |
| Profit after tax | 238.06 | 298.43 | (20.2%) | 601.78 | 339.78 | 77.1% |
| Total comprehensive income | 249.03 | 306.02 | (18.6%) | 988.59 | 475.14 | 108.1% |
| Total assets | 10,217.45 | 9,445.46 | 8.2% | 11,882.45 | 9,955.45 | 19.4% |
| Total equity* | 9,464.89 | 8,493.89 | 11.4% | 10,384.50 | 8,692.60 | 19.5% |
*Consolidated total equity includes non-controlling interests.
During FY 2025-26, the Company continued to strengthen its operations across its core service offerings. Revenue from operations increased by 6.3% to 2,974.67 lakh, while total income increased by 10.7% to 3,442.62 lakh, compared with the previous financial year. Profit before tax stood at 308.08 lakh, compared with 394.83 lakh in FY 2024-25, while profit after tax stood at 238.06 lakh, compared with 298.43 lakh in the previous year. The decline in profitability was primarily attributable to higher operating and employee-related expenses and other costs associated with the Companys business operations and expansion. The impact was partly offset by an increase in other income. The Companys continued investments in strengthening its operating capabilities and expanding its business are expected to support its long-term growth.
On a consolidated basis, the Group continued to strengthen its operating performance during FY 2025-26. Revenue from operations increased by 13.5% to 5,467.25 lakh, while total income increased by 11.3% to 5,994.53 lakh. Profit before tax increased by 15.3% to 686.14 lakh, while profit after tax increased by 77.1% to 601.78 lakh, compared with 339.78 lakh in FY 2024-25. Total comprehensive income increased to 988.59 lakh, compared with 475.14 lakh in the previous year. The increase was significantly influenced by foreign currency translation differences arising from the Groups overseas operations.
Consolidated total assets increased by 19.4% to 11,882.45 lakh as at 31 March 2026, compared with 9,955.45 lakh as at 31 March 2025. Consolidated trade receivables increased to 4,083.14 lakh as at 31 March 2026 from 2,978.47 lakh as at 31 March 2025. The auditors drew attention, through an emphasis-of-matter paragraph, to trade receivables of foreign subsidiaries amounting to 3,052.57 lakh as at 31 March 2026, net of subsequent collections. The auditors noted that the recoverability of these balances is dependent on ongoing collection efforts and managements assessment of their expected realisation. The matter was highlighted by the auditors without modification of their audit opinion. Accordingly, the Company continues to monitor the receivables closely and remains focused on strengthening collection and recovery processes.
The audited consolidated financial statements also contain disclosures relating to material uncertainties regarding the going-concern position of certain subsidiaries. DuDigital Worldwide Private Limited had no revenue from operations during the period, which resulted in significant doubt regarding its ability to continue as a going concern. The Holding Company has agreed to provide further financial assistance to meet its obligations until the revival of the subsidiarys business. In the case of OSC Global Processing Private Limited, the subsidiary had accumulated losses of 257.77 lakh and a negative net worth of 246.77 lakh as at 31 March 2026. These circumstances create material uncertainty regarding its ability to continue as a going concern. The Holding Company has agreed to provide further financial assistance to meet its obligations and support the subsidiary until its business is revived.
Based on the financial support committed by the Holding Company and managements assessment of future business prospects, the respective financial statements have been prepared on a going-concern basis. The auditors reports were not modified in respect of these matters.
| Operational indicator | FY 2025-26 |
| Applications processed | 1.8M+ |
| Operating centers / service locations | 35 |
| Countries of operation | 7 |
| Government / mission clients | 4 |
| Employees (as on 31st March, 2026) | 150 Employees |
The global mobility and citizen services industry continues to offer significant long-term growth opportunities, supported by increasing international travel, cross-border employment, overseas education and continued digital transformation of government services. Governments and diplomatic missions are increasingly outsourcing non-discretionary administrative functions to specialised service providers to enhance operational efficiency, improve customer experience and maintain high standards of regulatory compliance.
Dudigital Global Limited is well positioned to benefit from these evolving industry trends through its diversified service portfolio, expanding international presence and technology-enabled operating platform. The Company continues to evaluate opportunities that align with its long-term growth strategy while maintaining a disciplined approach towards execution and compliance.
Key growth opportunities for the Company include:
Continued expansion of outsourced visa, passport, consular and citizen services by governments and diplomatic missions across domestic and international markets. Participation in new government and institutional tenders, supported by the Groups expanding international footprint and operational capabilities. Increasing demand for international travel, overseas education, workforce mobility and business travel, driving higher demand for visa facilitation and allied services. Expansion of international recruitment, trade testing, document verification and mobility support services, leveraging the Companys integrated service offerings. Growing adoption of technology-enabled service delivery, including digital onboarding, workflow automation and document verification solutions, to improve operational efficiency and customer experience.
1 Opportunities to strengthen customer relationships through cross-selling of value-added services, subject to contractual approvals and regulatory requirements. Strategic partnerships, joint ventures and selective acquisitions that complement the Companys geographic presence, service capabilities and long-term growth objectives. To deliver a highly focused execution strategy, DuDigital categorizes its structural opportunities into Core Expansion Priorities and Secondary Support Opportunities:
Korea & Thailand Centre Scaling: Actively scaling operations toward target utilization at our newly established subsidiaries in Seoul (South Korea) and Bangkok (Thailand). These strategic travel and trade corridors possess exceptionally high densities of outbound traveler traffic, providing high transactional margin potential upon reaching optimal operational density. International Recruitment (Global Access) and Trade-Testing: Leveraging our differentiated, accredited trade-testing and skills-certification centers to capture high-margin corporate placement contracts within the booming India-GCC labor corridor, fully aligned with the NITI Aayog 2026 framework and eMigrate immigration clearance requirements. DuVerify Platform Transaction Scaling: Capitalizing on sovereign digitization by expanding the deployment of our proprietary background-checking, digital onboarding, and automated document verification engine (DuVerify) for governments, corporate entities, and global academic institutions.
Sovereign Tender Conversion: Converting active bids and pre-qualifications in our global contract pipeline into multi-year signed mandates, backed by our expanded international trust and corporate credentials. Ancillary Value-Added Services (VAS): Expanding premium localized offerings (such as Prime-Time appointments, Document Scanning, Premium Lounge access, and priority couriers) across existing VAC physical networks to drive up Average Revenue Per User (ARPU). Strategic Partnerships & JVs: Evaluating selective joint ventures, acquisitions, or technical integrations that complement our geographical reach or enhance our technological capabilities in identity assurance.
| Risk | Potential impact | Management focus |
| Tender and contract risk | Delay, loss or non-renewal of contracts may affect revenue and center utilization. | Bid discipline, contract monitoring, service-level compliance and geographic diversification. |
| Geopolitical and travel risk | Political instability, diplomatic developments, travel restrictions or security events may disrupt operations and application volumes. | Business-continuity planning, country monitoring and diversification. |
| Receivables and credit risk | Delayed collections can affect liquidity and may require impairment provisions. | Ageing reviews, collection follow-up, customer-level monitoring and expected-credit-loss assessment. |
| Cyber-security and data-privacy risk | A security incident may cause disruption, contractual exposure and reputational damage. | Access controls, security monitoring, incident-response arrangements, employee awareness and vendor oversight. |
| Regulatory risk | Non-compliance with tender, immigration, labour, data or corporate-law requirements may result in penalties or loss of business. | Compliance monitoring, legal review, internal audit and maker-checker controls. |
| Foreign-exchange risk | Currency movements may affect overseas revenue, costs, assets and translation reserves. | Periodic review of foreign-currency exposures and contractual safeguards where feasible. |
| Subsidiary performance risk | Loss-making or pre-revenue subsidiaries may require financial and managerial support. | Entity-level budgets, performance reviews, funding controls and turnaround measures. |
| Reputation and service-quality risk | Poor applicant experience, misconduct or unclear sale of optional services may damage government and customer trust. | Service-quality monitoring; transparent pricing; complaint resolution; ethics training; mystery audits; strict disciplinary action. |
| Human-capital risk | Attrition or shortage of trained staff may affect service levels and mobilization. | Competitive compensation; training; succession planning; retention initiatives; standard operating procedures and knowledge repositories. |
The Group maintains internal financial and operational controls designed with reference to the nature, scale and complexity of its activities. The control framework includes delegated authorities, segregation of duties, maker-checker processes, reconciliations, approval controls, compliance monitoring and oversight by management and the Audit Committee. The final assessment of adequacy and operating effectiveness should be read with the statutory auditors report on internal financial controls and the Boards Report.
The Groups employees support center operations, applicant services, technology, finance, compliance and client management. The Groups human-resource priorities include role-based training, performance management, employee engagement, ethical conduct, workplace safety and retention of critical skills. Industrial relations remained cordial during the year. As at 31 March 2026, the Group employed 150 people.
Our forward-looking strategic outlook has been structured to support a focused and disciplined path towards operational stability, sustainable growth and improved cash-flow conversion:
Scaling Korea and Thailand: Progressively increasing utilisation across the Companys newly established operations in Seoul and Bangkok, with a focus on building business volumes, strengthening local capabilities and achieving operating efficiencies.
Stabilising Affected Operations: Implementing business continuity measures and cost-optimisation initiatives to maintain operational resilience in locations experiencing regional or political disruptions, including Bangladesh.
Converting the Tender Pipeline: Actively pursuing suitable government and institutional contracts and progressing opportunities in the pre-qualification pipeline towards formal, multi-year engagements.
Expanding DUVerify and Value-Added Services: Increasing transaction volumes on the Companys DuVerify platform while expanding the availability and adoption of relevant value-added services across its physical service network, subject to contractual and regulatory requirements.
Improving Collections and Cash Conversion: Strengthening the management of trade receivables, particularly foreign trade receivables, through tighter credit controls, improved collection processes and streamlined billing and reconciliation procedures to support faster cash conversion.
Disciplined Cost and Capital Allocation: Maintaining stringent control over administrative overheads, standardising back-office functions and prioritising capital expenditure towards technology and digital assets that support operational efficiency and long-term growth.
Crucially, the Companys strategic planning distinguishes between the structural, long-term growth opportunities in global mobility- including the expanding middle-class traveller base, increasing international higher education mobility and growing demand for cross-border workforce solutions and short-term transactional volatility arising from geopolitical developments, changes in visa policies and working-capital cycle considerations. The Company remains focused on strengthening the resilience and scalability of its diversified business model while maintaining disciplined execution, prudent capital allocation and a strong focus on sustainable long-term growth.
The audited financial results have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, and other applicable accounting principles, practices and policies.
No alternative accounting treatment has been applied in the preparation of the audited financial results.
Statements in this MD&A concerning objectives, expectations, estimates, plans or outlook may constitute forward-looking statements. Actual results may differ materially from those expressed or implied in such statements due to various factors, including economic conditions, changes in government and travel policies, geopolitical developments, competition, contract awards and renewals, foreign exchange movements, technology and cyber-security risks, receivable collections, regulatory changes and other factors.
The Company undertakes no obligation to update or revise any forward-looking statements, except as may be required under applicable law.
The MD&A has been prepared with reference to the following sources:
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Regulation 34 and Schedule V, Part B.
DuDigital Global Limited: Audited standalone and consolidated financial results for the year ended 31 March 2026, approved by the Board of Directors on 28 May 2026 and filed with the National Stock Exchange of India Limited.
Ministry of Statistics and Programme Implementation: Provisional Estimates of Annual GDP for FY 2025-26, released on 5 June 2026.
International Monetary Fund: World Economic Outlook Update, July 2026.
International Air Transport Association: Global Outlook for Air Transport, June 2026.
World Travel & Tourism Council: Economic Impact Research, 2025.
Additional Sources and References
Nuvama Institutional Equities: Visa outsourcing sector research, 2025.
Reserve Bank of India: Sixth Survey on Remittances, RBI Bulletin, March 2025.
Reserve Bank of India: Inward remittance data for FY 2024-25.
Research and Markets: Outbound Tourism Market in India (2025-2030), 2025.
Ministry of External Affairs: Indian students enrolled in foreign universities, based on parliamentary replies, 2024.
International Air Transport Association: Industry outlook and passenger forecasts, December 2025.
Ministry of External Affairs / eMigrate: Emigration clearances granted, published through data.gov.in , 2025.
NITI Aayog: Working Paper, States Framework: Advancing International Mobility for Skilled Workers, May 2026.
VFS Global: Corporate disclosures on network coverage and client governments, 2025.
World Bank KNOMAD: Bilateral Remittance Flows database, 2025.
Grand View Research: Global Identity Verification Market Size, Share & Trends Analysis Report, March 2026.
IMARC Group: India Identity Verification Market Size, Share, Trends and 10-Year Forecast, February 2026.
The financial percentages presented in this MD&A have been calculated based on the audited financial figures disclosed above. Company-specific statements that are not supported by the audited financial results or other relevant source documents have been excluded. The employee count remains the only mandatory Schedule V data point requiring an internally certified figure prior to publication.
The final Annual Report should reproduce the ratios and explanations exactly as disclosed in the audited financial statements under the amended Schedule II to the Companies Act, 2013. Explanations are required for material movements, generally including changes of 25% or more, and should identify the underlying financial or operational cause rather than state Not Applicable.
| Ratio | FY 2025-26 | FY 2024-25 | % Change | Management explanation |
| Current ratio | 8.72 | 8.58 | 1.57 % | Not Applicable |
| Debt-equity ratio | 0.01 | 0.01 | 19.11 % | Not Applicable |
| Debt service coverage ratio | 2.60 | 2.96 | -12.30 % | Not Applicable |
| Return on equity | 0.03 | 0.04 | -27.66 % | Decrease mainly on account of increase in average shareholders equity. |
| Inventory turnover ratio | 0 | 0 | 0.00 % | Not Applicable |
| Trade receivables turnover ratio | 1.52 | 2.44 | -37.76 % | Decrease mainly on account of increase in average trade receivables during the year. |
| Trade payables turnover ratio | 18.63 | 13.02 | 43.12 % | Increased mainly on account of increase in net purchases during the year. |
| Net capital / working-capital turnover ratio | 0.82 | 0.72 | 14.47 % | Not Applicable |
| Net profit ratio | 0.08 | 0.11 | -24.94 % | Not Applicable |
| Return on capital employed | 0.01 | 0.01 | 0.00 % | Not Applicable |
15 Details of Any Change in Return on Net Worth as Compared to the Immediately Previous Financial Year
The Net worth of the Company for the financial year ended March, 31st, 2025 was 84.93 Crore which increased to 94.64 Crore as on March 31st 2026.
Rajinder Rai Chairman and Executive Director DIN: 00024523
Date: September 01, 2026 Place: New Delhi
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