1. DICE acquisition - Asset purchase closed May 13, 2026 for \~₹68 crore (down from ₹123 crore), bringing the spend management suite, 85+ enterprise contracts, and \~100 AI professionals; contract novation expected complete by end Q2 FY27, with billing starting Q2. Dice revenue guided at ₹15-16 crore this year at 90%+ gross margins, with payments-rail integration adding revenue from Q3.
2. GreenEdge golf rewards - Q1 FY27 revenue grew \~160% YoY to \~₹44 crore with EBITDA of \~₹4.3 crore; Amex partnership extended 3 years and NPCI program strengthening. Management projects 40-50% standalone revenue growth from GreenEdge for FY27, and the higher margins lifted consolidated Propel points margin to 7.1%.
3. Save business tax-regime tailwind - New income tax rules enabled wallets under the new regime, raised meal allowance from ₹50 to ₹200 per meal and gift wallet from ₹5,000 to ₹15,000; \~73% of Q1 FY27 new users came from existing clients via upsells. This expands per-user wallet value and deepens the sticky multi-year contracts that anchor cross-selling.
4. Fleet OMC and CGD contracts - Signed 5-year HPCL aggregator agreement June 30, 2026 for the Drive Track Plus program with slab-wise commissions on user spend; fleet transactions up 43% YoY in Q1 FY27 with \~₹100 crore annualized spend. Adani Total Gas, Megha Gas, and IRM Energy are already onboarded, making Zaggle the dominant CGD software provider.
5. Zoyer procure-to-pay scale-up - A large retail chain has \~2,000 of \~19,000 stores onboarded, with the balance rolling out in coming months; DICE clients Hindalco, Bajel, and Dezerv start billing Q2 FY27. Zoyer was zero at IPO and is expected to overtake all other businesses given its wider use case.
6. 86400 UPI infrastructure - Q1 FY27 EBITDA grew 214% YoY to \~₹8.8 crore on 40% margins; signed LankaPay as first international partner plus Union Bank and Maharashtra State Cooperative Bank. UPI MDR tailwind lets the payment switch command higher bank margins, and the 38.91% stake contributes profit-share without consolidation.
7. International expansion - UAE subsidiary in ADGM opening within Q2 FY27 with Save, Zoyer, and Propel; US operations targeted by FY-end, leveraging DICE's Middle East client relationships. GIFT City subsidiary incorporated February 2026 for cross-border payments, and the Unobanc investment (19.9% stake, ₹8 crore) adds an RBI-licensed forex channel.
8. AI-driven operating leverage - Development cycles cut from 75+ days to under 30, IT team "considerably downsized," and \~12.5% of expense base optimized in FY26 through internal AI; Project Shiva patent filing planned. Capitalized development costs nearly doubled to ₹56 crore in H2 FY26, building the product for global markets.
9. M&A pipeline - \~₹430-440 crore of QIP proceeds remain after three announced acquisitions, with 2-3 more targeted in adjacent domestic and international markets. Management is disciplined and selective, having walked away from EffiaSoft after due diligence, and acquired companies add revenue on top of organic growth guidance.