Alldigi Tech Ltd Forensic Report - SOIC x StockScans Report

as of Jul 2026

Alldigi Tech’s record is fundamentally clean: seven years of unqualified audit opinions, operating cash flow that has outpaced profit every year since FY21, and a Big Four auditor that has never resigned. Two things deserve attention. First, the company calls itself “debt free” while consolidated lease liabilities have nearly tripled to ₹170.69 crore, pushing the debt-equity ratio up. Second, a 73.39% promoter block sits above a board that is entirely non-executive and has cycled through CEOs, CFOs, and company secretaries year after year, with family succession emerging in FY26.

Key findings

  1. Lease liabilities nearly tripled to ₹170.69 crore, yet the company calls itself “debt free” Major - Consolidated lease liabilities rose from ₹63.20 crore at 31 March 2025 to ₹170.69 crore at 31 March 2026, driven by lease renewals in Chennai and Bengaluru and new leases for a Manila expansion. The debt-equity ratio increased due to new building leases. Despite carrying ₹170.69 crore in interest-bearing lease obligations, the company states it is “debt free” and has no conventional borrowings.
  2. A 73.39% promoter block sits above a fully non-executive board with continuous KMP churn and emerging family succession Major - Digitide Solutions Limited held 73.39% of voting capital as of 31 March 2026, with zero pledge across all reported periods. The board had no Executive Director or Managing Director in office during FY2025-26, and the CEO position was vacant from 31 December 2025 until 18 March 2026. CEOs, CFOs, and company secretaries have turned over in FY20, FY23, FY25, and FY26. In FY26, Mr. Sameer Ahluwalia, CEO of the holding company, was appointed as Additional Director, and Ms. Ruchi Ahluwalia, an employee of the holding company, was appointed as Additional Director in May 2025.
  3. A new ₹18.52 crore GST demand has emerged, while a 17-year-old TANGEDCO tariff dispute remains unresolved Minor - The company disclosed a contingent liability for a GST demand of ₹18.52 crore received via an amended order dated 21 January 2026, against which an appeal was filed on 20 April 2026 and no provision has been made. The TANGEDCO dispute, originating from a January 2008 demand for tariff reclassification, has a principal provision of ₹2.21 crore made, while the Belated Payment Surcharge of ₹4.57 crore is treated as a contingent liability as of 31 March 2026.
  4. Profit impacts came from a one-time labour-code provision, a prior-year divestment gain, and a foreign-tax-credit reversal Minor - In FY2026, the company recognised an exceptional item of ₹7.81 crore for incremental gratuity and compensated absence provisions triggered by Labour Codes notified on 21 November 2025. In FY2025, it recognised an exceptional gain of ₹17.08 crore on the slump sale of its Labour Law Compliance division, which closed on 30 April 2024. A provision of ₹10.31 crore for foreign tax credit was reversed in FY2026 due to expiry of the scrutiny time limit and a favourable assessment conclusion.
  5. Revenue quality is supported by improving DSO and strong cash collections, but customer concentration persists Minor - Billed DSO improved from 53 days in FY25 to 43 days in FY26, and consolidated trade receivables fell to ₹69.26 crore from ₹71.88 crore a year earlier. Management stated in the Q4 FY26 call that full-year cash collections were ₹626.1 crore against revenue from operations of ₹598.7 crore, an excess of ₹27.4 crore. As at 31 March 2026, ₹19.68 crore of consolidated trade receivables were due from two customers each exceeding 10% of total outstanding.
  6. The US subsidiary investment remains fully impaired at ₹12.14 crore through FY26 Minor - In FY2020, Alldigi recorded an exceptional provision of ₹12.14 crore for impairment of its entire investment in US subsidiary Allsectech Inc., following material losses from a lost customer contract and prior class-action settlements. As at 31 March 2026, the company maintained a 100% provision for impairment on its investment in Alldigi Tech Inc., USA, amounting to ₹12.14 crore.
  7. Only minor, historical procedural penalties from stock exchanges have been resolved Minor - In FY2020, NSE levied a penalty of ₹5.75 lakhs for delayed appointment of the requisite number of directors, which the company paid under protest. In FY2021, NSE levied a further ₹1.35 lakhs on the same matter. The company also paid ₹6,31,680 in FY2022-23 for non-compliance under Regulation 19(2) of the Listing Regulations, which was subsequently complied with from May 14, 2022.
  8. Deloitte Haskins & Sells has been the statutory auditor since FY2020 with no resignations Clean - Deloitte Haskins & Sells was appointed at the 20th AGM on 30 September 2019 for a five-year term and re-appointed at the 25th AGM in FY2024 for a second five-year term through FY2029. The engagement partner rotated from C Manish Muralidhar to Rekha Bai in FY2025. The shareholder resolution to re-appoint Deloitte passed with 99.9999% votes in favour at the 25th AGM on 2 August 2024.

What to watch

Bottom line: This is a disclosed and audited record with genuine cash generation and a Big Four auditor that has stayed in place for seven years. The risk sits in two places: the gap between the “debt free” label and ₹170.69 crore of lease obligations that have rewritten the balance-sheet ratios, and a governance structure where a 73.39% promoter block operates above a board with no executive directors and a pattern of KMP departures. Watch the GST appeal and the TANGEDCO resolution, and read the lease-liability note before the “debt free” claim.