52-week range
Price risk
Balance sheet & cash
What is the price implying?
At a P/E of 34.0x, the price would imply about 21.5%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Below the ₹1,000 cr market-cap floor used for the lists.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Technology Services The market-wide Expectations lists
What changed?
- Sep '26Slipped to the 2nd quartile of Technology Services on operating margin (from the top quartile).
- Sep '26Volume reached 44.4x its 50-day median on 2026-09-09; price +8.9% that day.
- Jun '26Slipped to the 3rd quartile of Technology Services on ROCE (from the 2nd quartile).
- May '26Volume reached 19.7x its 50-day median on 2026-05-22; price +11.0% that day.
- Mar '26Fell 47% from the Nov 2025 peak to the Mar 2026 low.
- Dec '25Moved into the top quartile of Technology Services on operating margin (from the 2nd quartile).
Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.
Where price and fundamentals disagree, market-wide Rewind the whole market to any month
Are profits backed by cash?
4 of 5 checks are within range, 1 near a threshold.
Tap a check to see how it is measured.
Other income reliance25%Near threshold
Other income as a share of pre-tax profit (trailing twelve months): 24.6%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate24%Within range
Median quarterly effective tax rate over about 2.5 years: 24.3%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion1.74xWithin range
Operating cash flow divided by net profit over the last three fiscal years: 1.74x (cash from operations ₹158 cr, net profit ₹91 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow4 of 5 yrsWithin range
Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history—Not enough data
Not enough reported data to compute this.
Capital work in progress7% of fixed assetsWithin range
Capital work-in-progress is 7% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days—Not enough data
Not enough reported data to compute this.
How to read this
Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.
How rough has the ride been?
Monthly share price
Last 90 trading days
Drawdown from peak
Largest drawdowns
-47.0% (2025-11 peak to 2026-03 low, not yet recovered)
Most recent volume spikes
2026-09-25: 11.4x the 50-day median, price +6.0% that day
2026-09-24: 5.1x the 50-day median, price +0.9% that day
2026-09-16: 7.8x the 50-day median, price +3.3% that day
Where does it rank among Technology Services peers?
Each cell is the company's percentile rank among its Technology Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).
Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.
The Technology Services sector page Watch it move against Technology Services in the Observatory
What else looks like this?
Companies with the most similar financial profile today, regardless of industry.
| Company | Sector | Similarity | Closest on |
|---|---|---|---|
| CONTROL PRINT (INDIA) (CONTROLPR) | Electronic Technology | 70% | market cap, debt/equity |
| SREE RAYALASEEMA HI-STRENGTH H (SRHHYPOLTD) | Process Industries | 64% | ROCE, debt/equity |
| ORBIT EXPORTS (ORBTEXP) | Process Industries | 60% | revenue, ROCE |
| MOTISONS JEWELLERS (MOTISONS) | Retail Trade | 59% | promoter holding, operating margin |
| LINCOLN PHARMACEUTICALS (LINCOLN) | Health Technology | 58% | debt/equity, market cap |
| SUBEX (SUBEXLTD) | Technology Services | 59% | revenue, market cap |
| IZMO (IZMO) | Technology Services | 50% | revenue, P/E |
| MATRIMONY.COM (MATRIMONY) | Technology Services | 46% | promoter holding, market cap |
Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.
Monthly history (12 months)
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-10 | 18.6x | ₹297 cr | 8.3% | 14.0% | 0.0x |
| 2026-09 | 19.4x | ₹297 cr | 8.3% | 14.0% | 0.0x |
| 2026-08 | 17.6x | ₹273 cr | 7.7% | 14.0% | 0.0x |
| 2026-07 | 19.4x | ₹273 cr | 7.7% | 14.0% | 0.0x |
| 2026-06 | 18.8x | ₹273 cr | 7.7% | 14.0% | 0.0x |
| 2026-05 | 19.6x | ₹261 cr | 13.1% | 16.0% | 0.1x |
| 2026-04 | 20.4x | ₹261 cr | 13.1% | 16.0% | 0.1x |
| 2026-03 | 14.5x | ₹261 cr | 13.1% | 16.0% | 0.1x |
| 2026-02 | 18.3x | ₹245 cr | 12.9% | 16.0% | 0.1x |
| 2026-01 | 15.0x | ₹245 cr | 12.9% | 16.0% | 0.1x |
| 2025-12 | 19.9x | ₹245 cr | 12.9% | 16.0% | 0.1x |
| 2025-11 | 26.7x | ₹234 cr | 12.5% | 16.0% | 0.1x |