olivLaw · US equity research
Diginex Limited DGNX
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
Diginex Limited is a technology company offering SaaS solutions for ESG reporting, supply chain due diligence and advisory services on sustainability strategy. Driven by tightening regulatory demands, the company expanded through three acquisitions in fiscal 2026, reaching revenue of 3.6 million USD while posting a net loss of 31.2 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Diginex Limited (DGNX) stock was 1.33 USD (−10.74% on the day), with market capitalisation 38.7 m USD, beta 1.20, 52-week range 0.85–160.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.1
- neutral
- Bollinger (20, 2)
- 1.12 – 1.51
- in the upper half of the band · %B 0.54 · band width 30.3%
- SMA 50 / 200
- 1.34 / 2.87
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.9% | −1.1% | +5.0 pp | — |
| 3 months | −4.3% | −0.5% | −3.9 pp | — |
| 6 months | −14.7% | +4.4% | −19.1 pp | — |
| Year to date | −96.0% | +12.3% | −108.3 pp | — |
| 1 year | −99.1% | +13.5% | −112.6 pp | −11.9% |
| 3 years | unavailable | +76.4% | unavailable | −11.9% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.6 m | 1.3 m | 2.0 m |
| Revenue YoY | unavailable | −20.1% | +57.0% |
| Net income | -9.3 m | -4.9 m | -5.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.97 | -0.75 | -0.53 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -569.4% | -374.9% | -255.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 3.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 4.6 m USD
- Total assets
- unavailable USD
- Debt / equity
- unavailable
- Current ratio
- 3.79x
- ROE
- unavailable
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.6 m | 1.3 m | 2.0 m | SEC (XBRL)· 14 Jul 2025verified |
| Research & development | 2.1 m | 1.3 m | 831.1 k | SEC (XBRL)· 14 Jul 2025verified |
| Operating income | -7.3 m | -8.1 m | -8.3 m | SEC (XBRL)· 14 Jul 2025verified |
| Depreciation & amortisation | 1.0 k | 103.3 k | 125.6 k | SEC (XBRL)· 14 Jul 2025verified |
| EBITDA | -7.3 m ≈ | -8.0 m ≈ | -8.2 m ≈ | SEC (XBRL)· 14 Jul 2025derived |
| Interest expense | 220.5 k | 552.7 k | 410.2 k | SEC (XBRL)· 14 Jul 2025verified |
| Pre-tax income | -9.3 m | -4.9 m | -5.2 m | SEC (XBRL)· 14 Jul 2025verified |
| Income tax | — | 8.9 k | — | SEC (XBRL)· 14 Jul 2025verified |
| Net income | -9.3 m | -4.9 m | -5.2 m | SEC (XBRL)· 14 Jul 2025verified |
| Diluted EPS | -0.97 | -0.75 | -0.53 | SEC (XBRL)· 14 Jul 2025verified |
| Weighted average diluted shares | 9.5 m | 12.0 m | 17.5 m | SEC (XBRL)· 14 Jul 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.2 m | 76.6 k | 3.1 m | SEC (XBRL)· 14 Jul 2025verified |
| Current assets | — | 581.8 k | 6.0 m | SEC (XBRL)· 14 Jul 2025verified |
| Accounts payable | — | 1.4 m | 907.5 k | SEC (XBRL)· 14 Jul 2025verified |
| Short-term debt | — | 1.1 m | — | SEC (XBRL)· 14 Jul 2025verified |
| Current liabilities | — | 14.3 m | 1.6 m | SEC (XBRL)· 14 Jul 2025verified |
| Equity | — | -23.0 m | 4.6 m | SEC (XBRL)· 14 Jul 2025verified |
| Shares outstanding at year end | — | — | 23.0 m | SEC (XBRL)· 14 Jul 2025verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -6.6 m | -5.9 m | -7.7 m | SEC (XBRL)· 14 Jul 2025verified |
| Investing cash flow | — | — | -10.0 k | SEC (XBRL)· 14 Jul 2025verified |
| Financing cash flow | 6.5 m | 4.8 m | 10.7 m | SEC (XBRL)· 14 Jul 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 23.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 38.7 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 23.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | unavailable | unavailable | — |
| EBIT margin · Quality | -406.9% | 14 (vs peers) | 36% |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue growth (YoY) · Growth | 57.0% | 86 (vs peers) | 36% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.8x | 100 (on a fixed band) | 27% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth· partial86/100 · 1/2 factors with a value
- Quality· partial14/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DIGINEX LIMITED (DGNX). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: revenue 2.0 m USD in 2025; YoY growth 57.0%; net margin -255.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 23.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue growth (YoY): 57.0%
- Current ratio: 3.8x
What contradicts it
- EBIT margin: -406.9%
Not assessed (insufficient data or a ratio without meaning): Gross margin, FCF margin, Revenue CAGR 3Y, Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| ATHMAutohome Inc. | 10.4 bn | 53.5 | 6.3% | 443.2% | +11.1% | −5% / −18% |
| FIRYFiry Inc. | 4.3 bn | — | -63.0% | -60.2% | +12.5% | +107% / +94% |
| EVTCEVERTEC, Inc. | 2.1 bn | 22.9 | 14.4% | 9.0% | +10.2% | +20% / −6% |
| INFQInfleqtion, Inc. | 1.9 bn | — | -70.8% | — | unavailable | unavailable / unavailable |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| YEXTYext, Inc. | 775.0 m | 40.6 | 27.8% | 5.9% | +6.1% | −7% / +18% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| OOMAOoma, Inc. | 524.7 m | 49.8 | 11.7% | 3.6% | +6.5% | +69% / +64% |
| SOPHSOPHiA GENETICS SA | 477.3 m | — | -110.0% | -102.2% | +18.6% | +42% / +73% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| SOHUSohu.com Limited | 355.1 m | 1.0 | 35.8% | 67.4% | −2.4% | −12% / +70% |
| EGHT8x8, Inc. | 326.4 m | 55.5 | 3.5% | 0.6% | +2.9% | +16% / −27% |
| SYSo-Young International Inc. | 146.7 m | — | -14.6% | -15.9% | +8.4% | −29% / +86% |
| TCXTucows Inc | 140.3 m | — | — | -21.2% | +7.7% | −42% / −41% |
| DTCXDatacentrex, Inc. | 39.8 m | — | -36.2% | -165.4% | +939,640.5% | −75% / −81% |
| DGNXDiginex Limited | 38.7 m | — | — | -255.5% | +57.0% | −99% / unavailable |
| PHUNPhunware, Inc. | 36.6 m | — | -13.7% | -471.7% | −19.9% | −14% / −69% |
| DDIDoubleDown Interactive Co., Ltd. | 34.1 m | 0.3 | 11.4% | 28.5% | +5.5% | +48% / +72% |
| SJScienjoy Holding Corporation | 23.5 m | — | -66.6% | -47.3% | −4.9% | +28% / −68% |
| CHRCheer Holding, Inc. | 14.0 m | 0.1 | 7.6% | 17.2% | +1.1% | −77% / −100% |
| VSVersus Systems Inc. | 5.6 m | — | -14.6% | -78.4% | +3,711.3% | −40% / −69% |
1- and 3-year price returns: for DGNX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Aug 2026; since then the company filed 6-K (27 Oct 2026), 6-K (09 Oct 2026), 6-K (07 Oct 2026), 6-K (24 Sept 2026), 6-K (04 Sept 2026), 6-K (17 Aug 2026).
In brief
Diginex Limited is a technology company offering SaaS solutions for ESG reporting, supply chain due diligence and advisory services on sustainability strategy. Driven by tightening regulatory demands, the company expanded through three acquisitions in fiscal 2026, reaching revenue of 3.6 million USD while posting a net loss of 31.2 million USD 1.
SWOT
Strengths
- The company offers an integrated range of software, data and advisory services covering ESG reporting, carbon accounting and supply chain due diligence.
- The fiscal 2026 acquisitions expanded the product portfolio and geographic presence, especially in Europe.
- The company is listed on Nasdaq, giving it access to capital markets for financing.
Weaknesses
- The company is not profitable and recorded operating losses in all three years presented.
- Revenue is small relative to costs, and part of the revenue came from one-off sales rather than recurring subscriptions.
- Integrating several new acquisitions and loss-making businesses creates operational and management risks.
Opportunities
- Demand for mandatory ESG reporting could grow if regulations expand and apply to more companies.
- Cross-selling the acquired products to existing client bases could generate additional revenue.
- Expansion into new markets, such as the Middle East through a dedicated subsidiary, could open new revenue sources.
Threats
- Competition from larger firms with established brands could limit growth and market share.
- Delays in adopting ESG regulations could slow demand for the company's products.
- Cyberattacks and data security breaches could damage the company's reputation and revenue.
Risks
- Lack of profitabilityhigh
The company is not profitable and there is no assurance it will achieve a return for investors; if business development fails, the sustainability of operations could be questioned 1.
- Dependence on ESG regulation adoptionhigh
Revenue depends on the adoption of ESG reporting requirements; if this adoption does not grow as expected, the business and financial condition could be adversely affected 1.
- Integration of acquisitionsmedium
The company expanded through three acquisitions and must integrate loss-making businesses; if integration fails, results could be affected 1.
- Cybersecuritymedium
The platform handles confidential and personal data; security breaches could affect reputation, operations and legal exposure 1.
- Need for additional capitalmedium
If the business does not develop sufficiently, the company could need additional capital, and financing might be obtained on unfavorable terms 1.
Investment thesis
What would need to be true (bull case)
- If ESG reporting requirements expand, demand for the company's platforms and data could grow quickly, and revenue could rise well above current levels.
- Acquisition integration and cost reduction could lead to a more efficient cost structure, and cross-selling could add recurring revenue.
- Expansion in Europe and the Middle East could open new markets with growing demand for sustainability reporting.
What would break the thesis
- The company is not profitable and has accumulated operating losses in all three years presented; if cost reduction fails, losses could persist.
- Revenue is small and part of the growth came from one-off sales, which could make future results more volatile.
- Larger rivals with established brands could limit market share, and regulatory delays could reduce demand.
What to watch
- Development of recurring subscription revenue compared with one-off sales2027
- Results of integrating the three acquisitions and reduction of general and administrative expenses2027
- Trend in operating loss and the need for additional financingnext 10-K
- Timing of ESG reporting mandates that drive product demand2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Aug 2026; since then the company filed 6-K (27 Oct 2026), 6-K (09 Oct 2026), 6-K (07 Oct 2026), 6-K (24 Sept 2026), 6-K (04 Sept 2026), 6-K (17 Aug 2026).
The business
Diginex Limited is a holding company based in the Cayman Islands with its principal place of business in London, conducting its business through subsidiaries. It develops end to end software as a service (SaaS) solutions for ESG reporting and supply chain due diligence, and adds advisory services ranging from reporting solutions and training to carbon footprint advice 1. The company was listed on the Nasdaq Capital Market in January 2025 under the ticker DGNX 1.
In the fiscal year ended March 31, 2026, Diginex acquired Matter DK ApS (ESG and sustainability data analytics), The Remedy Project (human rights advisory) and Plan A.earth GmbH (carbon accounting and ESG reporting) 1. These acquisitions shifted operations toward Europe and the United Kingdom, where a large share of staff is now based 1.
The company is not yet profitable: the operating loss was 24.9 million USD in fiscal 2026, and general and administrative expenses rose to 28.5 million USD, partly due to acquisition costs and share-based compensation 1. Management has stated that integrating the acquired businesses and reducing the cost base are key elements of its strategy 1.
Segments
Software Solutions
The Software Solutions segment includes the group's core sustainability platforms, corporate carbon accounting programs and decarbonization software engines. Software solutions revenue was 2.7 million USD in fiscal 2026, up from 1.3 million USD the prior year 1. Revenue also includes a one-off white label licence sale in Indonesia that contributed 1.6 million USD 1.
Data
The Data segment covers commercial ESG index analytics, multi-tier market data registries and third-party transaction tracking datasets. Data sales were 0.6 million USD in fiscal 2026, coming from the Matter acquisition 1.
Advisory
The Advisory segment covers sustainability consulting, supply chain human rights risk mapping and legal remediation frameworks. Advisory fees were 0.3 million USD in fiscal 2026, broadly flat year on year 1.
Market context
Demand for ESG reporting and supply chain due diligence is growing, partly due to regulatory requirements, and the company states its products are built to meet these needs 1. The market is competitive, with longer-established rivals that have well-known brands and larger marketing budgets, and consolidation through mergers and acquisitions is increasing 1. The company's activity is still small relative to the market, with revenue of 3.6 million USD for fiscal 2026 1.
The shift toward mandatory ESG reporting is the main driver of demand for the company's products, and delays in adopting these rules could reduce revenue 1. Consumer preferences for supply chain transparency may also increase demand for software and advisory services 1.
Trends
- Mandatory ESG reportingtailwind
Requirements to report on ESG components are increasing, supporting demand for the company's reporting and carbon accounting products; the company directly links its revenue to the adoption of these requirements 1.
- Regulatory delaysheadwind
If adoption of ESG reporting mandates is delayed, the company's revenue could be affected, since demand depends on these requirements 1.
- Industry consolidationmixed
Consolidation through mergers and acquisitions in the ESG software industry can offer access to new products and clients, but can also intensify competition 1.
- Demand for supply chain transparencytailwind
Consumers and clients increasingly ask for transparency about product sourcing, which could raise demand for the company's due diligence solutions 1.
Competitive position
The company acknowledges that its service market is highly competitive, with rivals that have longer histories, established brands and larger marketing budgets 1. The environment is marked by consolidation through mergers and acquisitions, and the company itself completed acquisitions in fiscal 2026 1.
The company's differentiation relies on its ability to develop competitive products, including through artificial intelligence, and on integrating acquired businesses to reduce costs and cross-sell to client bases 1.
- Longer-established ESG software and service providers
The source refers generally to older rivals with well-known brands and larger marketing budgets, without naming them.
- ESG software vendors
The company operates in an ESG software sector where mergers and acquisitions are active; specific competitors are not named in the source.
- Sustainability consulting firms
The company's ESG advisory services compete with other consulting providers, not named in the source.
- ESG data and index providers
The Data segment faces providers of ESG indices and data registries, not named in the source.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)24 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Annual report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)29 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / Diginex Limited · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.