DiGiSPICE lifts BBPS share to 16% as CMS stays flat

DiGiSPICE Technologies Limited increased BBPS to 16% of collections gross transaction value (GTV) in Q2 FY27, from 11% a year earlier, as BBPS collections rose 17.3% year on year to Rs 1,692 crore while overall collections fell 19.9% to Rs 10,376 crore. The shift reflects management's stated pivot from price-sensitive CMS to higher-margin BBPS.

Why is DiGiSPICE changing its collections strategy?

DiGiSPICE is transitioning from highly price-sensitive corporate CMS partnerships to higher-margin BBPS business, according to management. The company said CMS remained flat quarter on quarter in Q2 FY27 amid a price-sensitive market, while BBPS expanded, making the mix shift a stated part of its longer-term strategy.

The quarterly figures show the differing trends. CMS GTV was Rs 8,684 crore in Q2 FY27, compared with Rs 8,622 crore in Q1 FY27, while total BBPS collections rose 12.6% sequentially. Overall collections increased 2.5% from Rs 10,125 crore in Q1 FY27 but remained below Rs 12,946 crore in Q2 FY26.

DiGiSPICE had 87 live CMS clients in Q2 FY27, including one client added during the quarter, compared with 78 clients in Q2 FY26. Management said it intends to scale existing partnerships while pivoting the collections business toward BBPS, rather than ending CMS activity.

How did DiGiSPICE's CMS and BBPS collections change in Q2 FY27?

CMS was nearly flat sequentially in Q2 FY27, while BBPS EMI-Customer and BBPS Others both increased. BBPS EMI-Customer collections reached Rs 1,255 crore, up from Rs 1,192 crore in Q1 FY27 and Rs 1,099 crore in Q2 FY26. BBPS Others rose to Rs 437 crore from Rs 311 crore sequentially and Rs 343 crore a year earlier.

The year-on-year comparison identifies CMS as the source of the overall decline. CMS fell by Rs 2,820 crore between Q2 FY26 and Q2 FY27, whereas total BBPS increased by Rs 250 crore. DiGiSPICE reported a 17.3% year-on-year rise in BBPS collections despite the 19.9% reduction in overall collections.

The annual data had shown growth before the latest quarterly comparison. Total collections rose 6.9% from Rs 48,472 crore in FY25 to Rs 51,795 crore in FY26, with CMS increasing from Rs 43,162 crore to Rs 46,093 crore. BBPS EMI-Customer rose from Rs 4,184 crore to Rs 4,462 crore, and BBPS Others increased from Rs 1,126 crore to Rs 1,240 crore.

What does the 16% BBPS share mean for DiGiSPICE?

The 16% BBPS share means BBPS made up a larger part of DiGiSPICE's Q2 FY27 collections even though the overall collections pool was smaller than a year earlier. BBPS generated Rs 1,692 crore of the Rs 10,376 crore total in Q2 FY27, compared with Rs 1,442 crore of Rs 12,946 crore in Q2 FY26.

Both BBPS components contributed to the change. BBPS EMI-Customer accounted for Rs 1,255 crore in Q2 FY27, while BBPS Others contributed Rs 437 crore. BBPS Others added Rs 126 crore sequentially, exceeding the Rs 63 crore sequential increase in BBPS EMI-Customer collections.

CMS nevertheless remained the largest collection line. Its Rs 8,684 crore Q2 FY27 GTV was substantially above the Rs 1,692 crore BBPS total. The disclosed strategy is to increase the contribution of BBPS, which management describes as higher margin, while maintaining CMS relationships in a market affected by pricing pressure.

How is DiGiSPICE expanding its BBPS collection funnel?

DiGiSPICE expanded its live BBPS EMI biller base to 224 in Q2 FY27 from 194 in Q2 FY26, while BBPS EMI agents increased to four from one. The company said its billers collect EMIs from more than 58 lakh yearly customers, providing the operating base for the BBPS EMI-Customer category.

BBPS EMI billers represented 71% of the reported collections client funnel in both Q2 FY26 and Q2 FY27. CMS represented 29% of the funnel in Q2 FY26 and 28% in Q2 FY27, while BBPS EMI agents accounted for 1% in the latest quarter. The client count data therefore shows biller additions without a material shift in the funnel's biller weighting.

DiGiSPICE also had 23 live service categories in BBPS Others in Q2 FY27. That category generated Rs 437 crore during the quarter, compared with Rs 343 crore in Q2 FY26. Management attributed growth to new enterprise partnerships and BBPS-led digital collections while continuing to cite pricing pressure in CMS.

How does the collections shift fit DiGiSPICE's wider operating plan?

The collections transition is occurring alongside payments-product expansion. DiGiSPICE reported UPI Cash Point GTV of Rs 908 crore in Q2 FY27, up from Rs 276 crore in Q1 FY27, while AEPS Cash Deposit GTV was Rs 451 crore after Rs 452 crore in the preceding quarter. The company plans to take third-party cash deposits live by the end of Q3 FY27.

The company reported an agent network of 17.25 lakh in September 2026, including 14.4 lakh agents in Tier 4, 5 and 6 small towns. It identified deeper adoption of products including credit, current and savings accounts, UPI Cash Point and Spice Money UPI across established networks in the East and Central belt as a growth lever.

At the company level, revenue was Rs 118.6 crore in Q2 FY27, up 10% from Rs 107.8 crore in Q1 FY27 but below Rs 124.6 crore in Q2 FY26. Continuing-business profit after tax was Rs 9.5 crore, up 5% sequentially, while first-half FY27 continuing-business profit after tax rose 30% to Rs 18.6 crore. The presentation does not disclose separate revenue or profitability for CMS and BBPS.

Conclusion

DiGiSPICE's Q2 FY27 data shows that BBPS is gaining weight within collections: BBPS rose to Rs 1,692 crore and 16% of GTV, while CMS remained broadly steady sequentially at Rs 8,684 crore. BBPS growth partly moderated the effect of a lower CMS comparison against Q2 FY26, but CMS continues to account for most collections GTV.

The next disclosed measures to watch are whether DiGiSPICE adds to its 224 live BBPS EMI billers, develops the 23 BBPS Others service categories and keeps CMS stable amid pricing pressure. Separately, the proposed merger of Spice Money with DiGiSPICE remains subject to National Company Law Tribunal approval, with the next hearing scheduled for November 26, 2026.