Diginex Ltd earns about -114% on equity, but has diluted owners by 142% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $1.63M1 | $1.3M1 | $2.04M1 |
| Net income | −$9.26M2 | −$4.87M2 | −$5.21M2 |
| Operating cash flow | −$6.59M3 | −$5.86M3 | −$7.67M3 |
| Capital expenditure | — | — | — |
| Free cash flow (derived) | — | — | — |
| Total debt | — | — | — |
| Cash & equivalents | $1.18M4 | $76,6204 | $3.11M4 |
| Diluted shares | 9.5M | 9.5M | 23.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $1.98 of net worth that earned you −$2.27 last year.
It earned an average -114% on equity over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 142% over 3 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 20-F/A filed 2026-02-09 · periods ending 2023-03-31, 2024-03-31, 2025-03-31 · accession 0001493152-26-005657 (Revenue)
- 20-F/A filed 2026-02-09 · periods ending 2023-03-31, 2024-03-31, 2025-03-31 · accession 0001493152-26-005657 (ProfitLoss)
- 20-F/A filed 2026-02-09 · periods ending 2023-03-31, 2024-03-31, 2025-03-31 · accession 0001493152-26-005657 (CashFlowsFromUsedInOperatingActivities)
- 20-F/A filed 2026-02-09 · periods ending 2023-03-31, 2024-03-31, 2025-03-31 · accession 0001493152-26-005657 (CashAndCashEquivalents)