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Kandarp Digi Smart BPO Ltd

KANDARP

NSE

₹65.500.00%19 Oct 2026

Reports

IT Enabled Services and BPO

Kandarp Digi Smart BPO Ltd

KANDARP

NSE

₹65.50

0.00%

19 Oct 2026

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IT Enabled Services and BPO

Indices

Business Overview: What the company does, in plain English.

Kandarp Digi Smart BPO Ltd. is a verification factory for India’s lenders and insurers - when a bank approves a loan or an insurer issues a policy, it is Kandarp’s network of roughly 1,000 to 1,500 field workers, spread across about 400 locations, that checks whether the borrower or policyholder is who they claim to be. The company began in 2001 as a management-services firm and has since narrowed its focus to a single, high-stakes task: background verification and due diligence for the BFSI (Banking, Financial Services, and Insurance) industry, operating as both a Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO) provider. Its recurring approach is to act as a risk-mitigation partner - it does not lend money or underwrite policies, but its work determines whether those transactions happen at all, and it delivers that work by orchestrating a large outsourced field force rather than by employing an army of its own.

Business segments

A single engine - field verification for BFSI - run through a lean core that coordinates a nationwide network of outsourced agents, now being augmented by an in-house software platform under development.

1. Field verification services: the risk gatekeeper for loans and insurance

The company deploys a PAN-India network of outsourced field agents to physically verify the identity, background, and documents of loan applicants and insurance customers before a bank or insurer takes them on.

Checks what a computer cannot - the service is physical, on-the-ground verification: a field agent visits an applicant’s home or business to confirm the person exists, lives there, and matches the paperwork, which is why the company operates at roughly 400 locations and needs 1,000 to 1,500 people rather than a server room.
Paid per completed case - revenue is recognized only when a service agreement is fully performed, using the completed-service-contract method, so the company earns its fee at the moment the verification file is closed and delivered to the client.
The workforce is rented, not owned - roughly 93% of total other expenses go to outsourced service providers and retainer-based arrangements, meaning the company’s direct employee base is deliberately small (employee benefits were ₹123.64 lakhs in FY24) while the field muscle is flexed up or down through third-party agents as client demand shifts.
BFSI is the anchor, but not the ceiling - the core customer base is corporate and business entities in banking, financial services, and insurance, including recent additions like Muthoot Homefin (India) Limited and India Mortgage Guarantee Corporation Private Limited, yet the company sees a largely untapped opportunity in employee background checks for both white-collar and blue-collar workers, which would stretch the same verification engine from B2B into B2C.
No inventory, no factory, no foreign exchange - because it is a pure service company, Kandarp holds no physical stock, has no exports or imports, and earns no foreign currency, making it a domestic-only operation with a cost structure dominated by people and travel rather than raw materials.

2. In-house verification software: building the digital twin of the field network

A verification platform under development that aims to sell the same checking capability as a software tool to a wider set of customers - from banks and NBFCs to small shops and households.

From service to product - the company began developing its own comprehensive verification and background-checking software, recognizing it as an intangible asset for the first time in FY25 with a 20-year amortization life, signalling a shift from purely selling manual verification to eventually selling a platform that others can use themselves.
Aimed at six customer types - the target market for the software spans Banks and NBFCs, Insurance Companies, Other Corporates, Small offices and shops, Households, and a catch-all “Others,” which is a far broader funnel than the current BFSI-focused field-service client list.

Group structure and partners

Kandarp sits inside a web of fellow subsidiaries under Reliable Data Services Ltd., and many of its largest customers and service providers are entities within that same group.

The holding company is also a customer - Reliable Data Services Ltd. is both the parent and a major related-party customer, alongside fellow subsidiaries like Authentic Healthcare Services Pvt. Ltd., Sharp Eagle Investigation Pvt. Ltd., Vibrant Educare Pvt. Ltd., and RDS Allied Services Private Limited, meaning a significant portion of revenue comes from within the group.
Nine fellow subsidiaries orbit the parent - the group includes entities spanning healthcare, agri-services, keyboard technology, factoring, and real-estate development, creating a diversified family of companies of which Kandarp is the verification-and-due-diligence specialist.
Funded by bank debt against its receivables - the company runs a cash-credit facility from HDFC Bank secured on all its book debts, plus long-term unsecured borrowings from Tata Capital Financial Services, Fed Bank Financial Services, and Growth Source Financial, and has aggregate working-capital limits above five crore rupees sanctioned against current assets.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹59Cr

Close Price

₹65.50

Industry

IT Enabled Services and BPO

Price To Earnings

31.80

Price To Sales

1.48

Revenue

₹40Cr

Rev Gr TTM

Revenue Growth TTM

63.33%

PAT Gr TTM

PAT Growth TTM

15.83%

Standalone

Numbers

Percentage

Quarter	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	6	7	7	9	7	10	9	16	23	16
Growth YoY Revenue Growth YoY%			21.4	29.7	-1.1	5.3	24.6	63.6	171.7	4.0
Expenses ExpensesCr	5	6	6	8	6	8	8	13	22	14
Operating Profit Operating ProfitCr	1	1	1	2	1	2	1	3	2	2
OPM OPM%	11.8	11.8	7.4	17.7	13.8	19.5	11.7	16.9	8.1	12.2
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	1	0	0	0	0	1	0
PBT PBTCr	1	1	0	1	1	2	1	2	2	2
Tax TaxCr	0	0	0	0	0	0	0	1	0	0
PAT PATCr	0	0	0	1	0	1	0	1	1	1
Growth YoY PAT Growth YoY%			-35.0	55.1	19.2	-7.9	-9.7	88.6	157.1	-14.4
NPM NPM%	6.9	7.0	3.7	8.3	4.5	7.3	3.3	8.4	3.1	6.9
EPS EPS₹	0.0	0.0	0.4	0.1	0.3	0.8	0.3	1.5	0.8	1.3

Quarter	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	6	7	7	9	7	10	9	16	23	16
Growth YoY Revenue Growth YoY%			21.4	29.7	-1.1	5.3	24.6	63.6	171.7	4.0
Expenses ExpensesCr	5	6	6	8	6	8	8	13	22	14
Operating Profit Operating ProfitCr	1	1	1	2	1	2	1	3	2	2
OPM OPM%	11.8	11.8	7.4	17.7	13.8	19.5	11.7	16.9	8.1	12.2
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	1	0	0	0	0	1	0
PBT PBTCr	1	1	0	1	1	2	1	2	2	2
Tax TaxCr	0	0	0	0	0	0	0	1	0	0
PAT PATCr	0	0	0	1	0	1	0	1	1	1
Growth YoY PAT Growth YoY%			-35.0	55.1	19.2	-7.9	-9.7	88.6	157.1	-14.4
NPM NPM%	6.9	7.0	3.7	8.3	4.5	7.3	3.3	8.4	3.1	6.9
EPS EPS₹	0.0	0.0	0.4	0.1	0.3	0.8	0.3	1.5	0.8	1.3

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	11	10	10	13	16	17	24	40
Growth Revenue Growth%		-9.4	4.2	23.0	25.8	2.5	47.4	63.3
Expenses ExpensesCr	9	8	10	11	14	14	21	36
Operating Profit Operating ProfitCr	2	2	0	2	2	3	4	4
OPM OPM%	20.9	18.7	3.4	11.9	13.2	17.1	15.2	9.7
Other Income Other IncomeCr	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	1	1	1	1
PBT PBTCr	2	2	0	1	1	2	3	3
Tax TaxCr	0	0	0	0	0	1	1	1
PAT PATCr	1	1	0	1	1	1	2	2
Growth PAT Growth%		-24.7	-90.5	739.7	15.2	-0.9	57.5	16.3
NPM NPM%	13.4	11.2	1.0	6.9	6.3	6.1	6.5	4.7
EPS EPS₹	21.3	16.0	1.5	1.4	1.1	1.1	2.0	2.0

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	11	10	10	13	16	17	24	40
Growth Revenue Growth%		-9.4	4.2	23.0	25.8	2.5	47.4	63.3
Expenses ExpensesCr	9	8	10	11	14	14	21	36
Operating Profit Operating ProfitCr	2	2	0	2	2	3	4	4
OPM OPM%	20.9	18.7	3.4	11.9	13.2	17.1	15.2	9.7
Other Income Other IncomeCr	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	1	1	1	1
PBT PBTCr	2	2	0	1	1	2	3	3
Tax TaxCr	0	0	0	0	0	1	1	1
PAT PATCr	1	1	0	1	1	1	2	2
Growth PAT Growth%		-24.7	-90.5	739.7	15.2	-0.9	57.5	16.3
NPM NPM%	13.4	11.2	1.0	6.9	6.3	6.1	6.5	4.7
EPS EPS₹	21.3	16.0	1.5	1.4	1.1	1.1	2.0	2.0

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	6	9	9	9	9
Reserves ReservesCr	5	6	6	2	8	9	11	13
Current Liabilities Current LiabilitiesCr	3	5	10	11	9	7	9	12
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	1	1	1
Total Liabilities Total LiabilitiesCr	9	12	17	19	26	26	29	43
Current Assets Current AssetsCr	6	7	10	10	14	14	19	33
Non Current Assets Non Current AssetsCr	3	5	7	9	12	11	11	10
Total Assets Total AssetsCr	9	12	17	19	26	26	29	43

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	6	9	9	9	9
Reserves ReservesCr	5	6	6	2	8	9	11	13
Current Liabilities Current LiabilitiesCr	3	5	10	11	9	7	9	12
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	1	1	1
Total Liabilities Total LiabilitiesCr	9	12	17	19	26	26	29	43
Current Assets Current AssetsCr	6	7	10	10	14	14	19	33
Non Current Assets Non Current AssetsCr	3	5	7	9	12	11	11	10
Total Assets Total AssetsCr	9	12	17	19	26	26	29	43

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	1	2	-3	-4	-1	1	-2
Investing Cash Flow Investing Cash FlowCr	-1	-1	-3	-1	-5	0	1	-4
Financing Cash Flow Financing Cash FlowCr	1	0	1	4	9	2	-1	7
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	1	0	1
Free Cash Flow Free Cash FlowCr	-1	-1	-1	-4	-7	-1	-1	-2
CFO To PAT CFO To PAT%	60.0	57.1	1,560.2	-342.2	-358.0	-137.3	50.5	-122.2
CFO To EBITDA CFO To EBITDA%	38.5	34.1	459.6	-199.5	-171.6	-49.4	21.8	-58.5

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	1	2	-3	-4	-1	1	-2
Investing Cash Flow Investing Cash FlowCr	-1	-1	-3	-1	-5	0	1	-4
Financing Cash Flow Financing Cash FlowCr	1	0	1	4	9	2	-1	7
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	1	0	1
Free Cash Flow Free Cash FlowCr	-1	-1	-1	-4	-7	-1	-1	-2
CFO To PAT CFO To PAT%	60.0	57.1	1,560.2	-342.2	-358.0	-137.3	50.5	-122.2
CFO To EBITDA CFO To EBITDA%	38.5	34.1	459.6	-199.5	-171.6	-49.4	21.8	-58.5

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					15	21	71	117	59
Price To Earnings Price To Earnings					14.9	21.1	44.2	62.8	31.8
Price To Sales Price To Sales					0.9	1.3	2.9	2.9	1.5
Price To Book Price To Book					0.9	1.2	3.6	5.4	2.7
EV To EBITDA EV To EBITDA					8.3	9.0	19.9	30.4	15.5
Profitability Ratios Profitability Ratios
GPM GPM%	96.5	95.9	97.7	98.7	99.4	99.5	100.0	100.0	100.0
OPM OPM%	20.9	18.7	3.4	11.9	13.2	17.1	15.2	9.7	9.7
NPM NPM%	13.4	11.2	1.0	6.9	6.3	6.1	6.5	4.7	4.7
ROCE ROCE%	31.6	20.5	3.9	15.2	7.8	9.0	12.5	12.8	12.8
ROE ROE%	25.6	16.2	1.5	11.4	6.0	5.7	8.1	8.5	8.5
ROA ROA%	16.0	9.4	0.6	4.8	3.9	4.0	5.5	4.3	4.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					15	21	71	117	59
Price To Earnings Price To Earnings					14.9	21.1	44.2	62.8	31.8
Price To Sales Price To Sales					0.9	1.3	2.9	2.9	1.5
Price To Book Price To Book					0.9	1.2	3.6	5.4	2.7
EV To EBITDA EV To EBITDA					8.3	9.0	19.9	30.4	15.5
Profitability Ratios Profitability Ratios
GPM GPM%	96.5	95.9	97.7	98.7	99.4	99.5	100.0	100.0	100.0
OPM OPM%	20.9	18.7	3.4	11.9	13.2	17.1	15.2	9.7	9.7
NPM NPM%	13.4	11.2	1.0	6.9	6.3	6.1	6.5	4.7	4.7
ROCE ROCE%	31.6	20.5	3.9	15.2	7.8	9.0	12.5	12.8	12.8
ROE ROE%	25.6	16.2	1.5	11.4	6.0	5.7	8.1	8.5	8.5
ROA ROA%	16.0	9.4	0.6	4.8	3.9	4.0	5.5	4.3	4.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	RIDDHICORP	ICODEX	ODIGMA	KANDARP	WEWIN	HGM	PCS
Market CapitalizationMkt CapCr	69	63	63	59	51	51	50
Close PriceClose₹	57.94	40.25	20.06	65.50	50.50	40.51	24.00
IndustryIndustry	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO
Price To EarningsPE	9.17	7.80		31.80	18.50		28.57
Price To SalesPS	0.15	2.43	1.30	1.48	0.55	0.90	122.64
RevenueRevenueCr	458	26	48	40	94	57	0
Revenue Growth TTMRev Gr TTM%	52.4%	18.6%	19.5%	63.3%	18.9%	85.8%	10.8%
PAT Growth TTMPAT Gr TTM%	-37.3%	-20.8%	-353.7%	15.8%	174.5%	-232.1%	18.8%

	RIDDHICORP	ICODEX	ODIGMA	KANDARP	WEWIN	HGM	PCS
Market CapitalizationMkt CapCr	69	63	63	59	51	51	50
Close PriceClose₹	57.94	40.25	20.06	65.50	50.50	40.51	24.00
IndustryIndustry	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO	IT Enabled Services and BPO
Price To EarningsPE	9.17	7.80		31.80	18.50		28.57
Price To SalesPS	0.15	2.43	1.30	1.48	0.55	0.90	122.64
RevenueRevenueCr	458	26	48	40	94	57	0
Revenue Growth TTMRev Gr TTM%	52.4%	18.6%	19.5%	63.3%	18.9%	85.8%	10.8%
PAT Growth TTMPAT Gr TTM%	-37.3%	-20.8%	-353.7%	15.8%	174.5%	-232.1%	18.8%