Price
Financials
Consolidated, Rs crore| Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 10.55 | 10.58 | 11.10 | 8.14 | 7.26 | 11.08 | 10.11 | 12.55 |
| Expenses | 9.22 | 9.24 | 10.36 | 7.54 | 8.57 | 7.98 | 11.51 | 14.50 |
| Operating Profit | 1.33 | 1.34 | 0.74 | 0.60 | -1.31 | 3.10 | -1.40 | -1.95 |
| OPM % | 12.61% | 12.67% | 6.67% | 7.37% | -18.04% | 27.98% | -13.85% | -15.54% |
| Other Income | 0.37 | 0.21 | 0.43 | 0.29 | 0.06 | 0.25 | 0.02 | 0.07 |
| Interest | 0.25 | 0.35 | 0.31 | 0.27 | 0.12 | 0.31 | 0.33 | 0.39 |
| Depreciation | 0.22 | 0.22 | 0.25 | 0.33 | 0.29 | 0.22 | 0.27 | 0.35 |
| Profit before tax | 1.23 | 0.98 | 0.61 | 0.29 | -1.66 | 2.82 | -1.98 | -2.62 |
| Tax % | 27.64% | 0.00% | 37.70% | 20.69% | 1.81% | 9.22% | 2.02% | -0.76% |
| Net Profit | 0.88 | 0.98 | 0.38 | 0.22 | -1.68 | 2.57 | -2.02 | -2.61 |
| EPS in Rs | 2.28 | 1.82 | 0.78 | 0.35 | -3.08 | 4.69 | -3.70 | -4.76 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 19.32 | 19.64 | 20.86 | 21.14 | 19.20 | 18.31 | 22.65 |
| Expenses | 18.14 | 18.13 | 17.91 | 18.48 | 17.86 | 16.52 | 26.00 |
| Operating Profit | 1.18 | 1.51 | 2.95 | 2.66 | 1.34 | 1.79 | -3.35 |
| OPM % | 6.11% | 7.69% | 14.14% | 12.58% | 6.98% | 9.78% | -14.79% |
| Other Income | 0.47 | 0.62 | 0.46 | 0.58 | 0.71 | 0.32 | 0.09 |
| Interest | 0.63 | 0.49 | 0.43 | 0.59 | 0.58 | 0.43 | 0.72 |
| Depreciation | 0.17 | 0.17 | 0.33 | 0.43 | 0.58 | 0.50 | 0.62 |
| Profit before tax | 0.85 | 1.47 | 2.65 | 2.22 | 0.89 | 1.18 | -4.60 |
| Tax % | 35.29% | 29.93% | 22.64% | 15.32% | 32.58% | 24.58% | 0.43% |
| Net Profit | 0.55 | 1.03 | 2.06 | 1.87 | 0.61 | 0.89 | -4.63 |
| EPS in Rs | 610.00 | 1,050.00 | 5.12 | 3.50 | 1.15 | 1.61 | -8.47 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 3% | 2% | 24% | ||
| Compounded Profit Growth | % | % | % | -627% | ||
| Stock Price CAGR | % | % | -27% | -45% | ||
| Return on Equity | % | 1% | -5% | -21% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 4.00 | 5.48 | 5.48 | 5.48 | 5.48 |
| Reserves | 3.79 | 4.86 | 2.94 | 16.90 | 17.70 | 18.58 | 13.92 |
| Borrowings | 2.09 | 2.27 | 2.79 | 6.70 | 2.86 | 4.98 | 12.35 |
| Other Liabilities | 4.01 | 3.90 | 3.03 | 3.60 | 2.62 | 3.22 | 3.21 |
| Total Liabilities | 9.90 | 11.04 | 12.76 | 32.68 | 28.66 | 32.26 | 34.96 |
| Fixed Assets | 0.36 | 0.47 | 1.22 | 1.97 | 2.02 | 1.53 | 12.99 |
| CWIP | 0.47 | 0.47 | 1.33 | 4.29 | 9.41 | 11.56 | 0.00 |
| Investments | 2.65 | 5.16 | 5.99 | 13.26 | 4.51 | 3.19 | 0.73 |
| Other Assets | 6.42 | 4.94 | 4.22 | 13.16 | 12.72 | 15.98 | 21.24 |
| Total Assets | 9.90 | 11.04 | 12.76 | 32.68 | 28.66 | 32.26 | 34.96 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 0.70 | 4.24 | 1.32 | -5.00 | 0.56 | -0.54 | -2.88 |
| Cash from Investing Activity | -2.81 | -2.49 | -2.61 | -11.78 | 3.72 | -0.90 | 2.04 |
| Cash from Financing Activity | -0.55 | -0.30 | 0.09 | 16.86 | -4.43 | 1.69 | 6.65 |
| Net Cash Flow | -2.66 | 1.45 | -1.20 | 0.08 | -0.15 | 0.25 | 5.81 |
| Free Cash Flow | 0.35 | 3.97 | -0.82 | -9.14 | -4.99 | -2.70 | -3.41 |
| CFO/OP | 59% | 307% | 45% | -163% | 84% | -18% | 79% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 58.38 | 40.89 | 44.44 | 72.86 | 79.84 | 141.93 | 100.88 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 58.38 | 40.89 | 44.44 | 72.86 | 79.84 | 141.93 | 100.88 |
| Working Capital Days | 11.90 | -44.60 | -27.47 | 27.45 | 121.67 | 157.48 | 55.43 |
| ROCE % | 29.88% | 36.36% | 14.47% | 5.33% | 5.85% | -12.77% |
| Mar 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Promoters | 73.00% | 73.00% | 73.00% | 73.00% | 73.00% | 73.00% |
| FIIs | 11.27% | 3.92% | 3.92% | 15.76% | 15.14% | 13.10% |
| Public | 15.72% | 23.08% | 23.08% | 11.25% | 11.86% | 13.91% |
| No. of Shareholders | 184 | 170 | 161 | 136 | 184 | 184 |
Fundamentals
Market Cap₹ 38.0 Cr.
Current Price₹ 69.4
Book Value₹ 35.4
ROCE-12.8 %
ROE-21.4 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)24%
Compounded Profit Growth (TTM)-627%
Consolidated figures.
Valuation
Market capRs 38 Cr
Enterprise valueRs 44 Cr
P/E (TTM)19.79x
Price to book1.70x
Price to sales1.80x
EV / EBITDA13.64x
EV / EBIT15.73x
EV / sales2.09x
Earnings yield5.05%
P/E, 3-year average30.13x
P/B, 3-year average2.58x
Profitability
Operating margin (excl. other income)12.58%
Operating margin (incl. other income)15.33%
EBITDA margin15.33%
Pre-tax margin10.50%
Net profit margin9.08%
ROE13.10%
ROCE14.48%
ROA8.45%
ROE, 3-year average24.01%
ROCE, 3-year average27.03%
ROA, 3-year average11.90%
ROIC (approx.)8.33%
Tax rate15.32%
Other income / net worth2.59%
Growth
Sales growth (latest year)1.34%
Profit growth (latest year)-6.34%
Sales CAGR, 3 years3.05%
Profit CAGR, 3 years46.55%
Per share
EPS (TTM)Rs 3.50
EPS (latest year)Rs 3.50
EPS, 3-year averageRs 352.88
Book value per shareRs 40.84
Sales per shareRs 38.58
Cash flow per shareRs -9.12
Free cash flow per shareRs -6.22
Efficiency
Asset turnover0.65x
Fixed asset turnover10.73x
Debtor days73 days
Debtors turnover5.01x
Cash conversion cycle101 days
Working capital days55 days
Leverage
Total debtRs 7 Cr
Cash and bankRs 0 Cr
Net debtRs 6 Cr
Debt to equity0.30x
Net debt / EBITDA1.91x
Interest coverage4.76x
Owners' fund to total sources68.48%
Debt to assets20.50%
Cash flow
Cash from Operating Activity (latest year)Rs -5 Cr
Cash from Investing Activity (latest year)Rs -12 Cr
Cash from Financing Activity (latest year)Rs 17 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -3 Cr
FCFE (approx.: FCF + change in debt)Rs 0 Cr
Cash from ops / profit, 5 years-8.17x
Statement figures
Net sales (TTM)Rs 21 Cr
Net sales (latest year)Rs 21 Cr
Operating profit excl. other income (latest year)Rs 3 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 3 Cr
PBDT (TTM)Rs 3 Cr
Profit before tax (TTM)Rs 2 Cr
Tax (latest year)Rs 0 Cr
Net profit (TTM)Rs 2 Cr
Net profit (latest year)Rs 2 Cr
Depreciation (TTM)Rs 0 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 0 Cr
Total expenditure (latest year)Rs 18 Cr
Total income (latest year)Rs 22 Cr
Share capitalRs 5 Cr
ReservesRs 17 Cr
Shareholders' fundsRs 22 Cr
Total assetsRs 33 Cr
Net blockRs 2 Cr
Capital work in progressRs 4 Cr
InvestmentsRs 13 Cr
ReceivablesRs 4 Cr
Other liabilitiesRs 4 Cr
Shares outstanding (crore)0.55
Ownership
Promoter holding73.00% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 19.8 is at the 10th percentile of its own 3.3-year range
(median 51.5, low 11.7, high 211.1).
P/B 1.70 is at the 8th percentile (median 11.11).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | VERTEXPLUS | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +20.6% | -2.8% | +23.4 pts |
| 1 month | +48.0% | -6.8% | +54.8 pts |
| 3 months | -40.2% | -7.6% | -32.6 pts |
| 6 months | -50.0% | +0.4% | -50.4 pts |
| 1 year | -37.1% | -9.9% | -27.2 pts |
| 2 years | -33.3% | -13.6% | -19.8 pts |
| 3 years | -69.6% | +14.2% | -83.8 pts |
Red flags
F-score 2 of 8| explain | Weak cash conversion Cash from operations was 11% of net profit over the last 3 years |
| explain | High accruals Profit exceeded operating cash by 21% of total assets in 2026 |
| explain | Receivables outrunning sales Receivables grew 66% vs sales +1% in 2026 |
| explain | Debt up, profit down Borrowings up 140% while net profit fell in 2026 |
| look | Share dilution Share count up 38% in a year, -100% in three |
| look | On NSE surveillance On NSE surveillance: ESM |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Mar 2026Sales ₹13 Cr +54.2% vs Mar 2024.
Net loss ₹3 Cr.
Activity
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| eMudhra Ltd | 5,189 | 45.1 | 15.7 % |
| Datamatics Global Services Ltd | 4,855 | 19.1 | 20.4 % |
| R Systems International Ltd | 3,509 | 16.7 | 19.5 % |
| BLS E-Services Ltd | 2,922 | 50.3 | 16.4 % |
No bulk or block deals on record.
No corporate actions on record.
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
EPS in the scrip is zero (4 trailing quarters)ESM: stage 1Less than 100 unique PAN traded in previous 30 daysMandatory Market making period in SME scrip is overSME scrip is not regularly traded