Diasoft's profit plunged 77.3% in FY 2026, yet dividend yield remains high

In FY 2026 (ended March 31, 2026), Diasoft's net profit fell 77.3% YoY, and net margin contracted from 23.9% to 5.6%. Despite this, the trailing 12-month dividend yield remains high at 17.87%, sustaining investor interest.

Key figures, RUB bn

What the report showed and what's behind it

In the reported period FY 2026, revenue fell 2.8% YoY, while net profit dropped 77.3%. This sharp profit decline amid moderate revenue contraction points to significant deterioration in operational efficiency or one-off factors. Over the trailing twelve months (LTM), net profit was RUB 544.2 million, notably below the year-ago level given the reported-period dynamics.

Margins and costs

Net margin for FY 2026 was 5.6% versus 23.9% a year earlier – a decline of 18.3 percentage points. This suggests costs grew faster than revenue or significant losses occurred. EBITDAC LTM (EBITDA minus capitalised development) is negative at minus RUB 794.8 million, indicating a high share of capitalised development costs not covered by current EBITDA.

Debt, cash flow, capex

On the latest balance sheet, net cash position was RUB 701.8 million (negative net debt). Net debt to EBITDA LTM is minus 1.15, reflecting a level, not a trend. Over the trailing twelve months, net debt increased by RUB 1.2 billion, while versus the previous reporting date it decreased by RUB 0.8 billion. Capitalised development, as indicated by negative EBITDAC, is a significant expense item affecting cash flow.

Valuation and what to watch in the next report

Due to capitalised development, EV/EBITDA overstates valuation, so the focus is on EV/EBITDAC LTM, which is minus 18.6 (derived from EV/EBITDA LTM of 18.6 but with negative EBITDAC). Current EV/EBITDA LTM of 18.6 is above its own three-year average of 14.9, indicating a more expensive valuation relative to history. P/E LTM is 22.1, and trailing 12-month dividend yield is 17.87%. In the next report, watch revenue dynamics, margin recovery, and changes in EBITDAC.

Valuation on the latest reported figures