NSE: AGSTRA · BSE: 543451
AGS TRANSACT TECH LTD
Provides payment and banking automation technology in India across three operating segments. The Payment Solutions segment, which accounted for 85.5% of period segment revenue at Rs 769.997 crore in the year-to-date period ending December 31, 2024, sells payment terminals and processing services to merchants. Banking Automation Solutions, contributing 13.3% of segment revenue at Rs 119.422 crore, supplies automation hardware such as ATMs and cash-handling machines to banks and financial institutions. Other Automation Solutions accounts for the remaining 1.3% of segment revenue at Rs 11.656 crore. The cost structure is dominated by other operating expenses at 64.0% of revenue, followed by employee costs at 14.6% and depreciation at 14.5%, reflecting an asset-heavy deployment model. FY24 total revenue stood at Rs 1,470.634 crore, down 12.0% year-on-year, and the Payment Solutions segment was the only one to post a positive EBIT (margin 0.1%). The company is currently under the Corporate Insolvency Resolution Process following an NCLT order dated August 25, 2025, and has been classified at the lowest credit rating grade by both CRISIL and India Ratings. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Payment Solutions (86%), Banking Automation Solutions (13%), Other Automation Solutions (1%). Asset-heavy fintech with hardware-led deployment; currently under insolvency resolution.
Exhibit 1: Financial summary, FY22–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 |
|---|---|---|---|
| Revenue | 1,772 | 1,671 | 1,471 |
| EBITDA (ex other income) | 411 | 396 | 197 |
| margin % | 23.2 | 23.7 | 13.4 |
| Owners' profit | (82) | 45 | 0 |
| EPS, as reported (₹) | (6.93) | 3.07 | (6.64) |
| ROE % · ROCE % | (17.1) · 15.0 | 6.9 · 15.1 | (17.3) · 2.1 |
| Debt / equity (x) | 2.29 | 2.30 | 2.42 |
| Cash from operations | 325 | 249 | 349 |
| Capex | (87) | (109) | (52) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 425 | 371 | 377 | 374 | 349 | 340 | 352 | 210 |
| Profit before tax | (13) | 1 | (71) | (23) | (32) | 20 | 21 | (252) |
| Net profit | (15) | 1 | (61) | (15) | (4) | 14 | 15 | (194) |
| EPS (₹) | (1.28) | 0.05 | (5.05) | (1.28) | (0.37) | 1.14 | 1.25 | (15.99) |
Exhibit 3: Segment revenue, FY24
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Banking Automation Solutions | 107 | 7.3 |
| Other Automation Solutions | 38 | 2.6 |
| Payment Solutions | 955 | 64.9 |
| (a) Payment Solutions | 323 | 22.0 |
| (b) Banking Automation Solutions | 36 | 2.4 |
| (c) Other Automation Solutions | 12 | 0.8 |
| Total, before eliminations | 1,471 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ONE 97 COMMUNICATIONS LTD | 1,14,842 | 134.4 | 6.91 | 222.2 | 2.7 | 3.2 | — | 10.2 |
| PB FINTECH LIMITED | 44,748 | 55.4 | 5.75 | 86.4 | 4.6 | 4.7 | — | 7.6 |
| PINE LABS LIMITED | 18,762 | 116.1 | 3.12 | 49.2 | 1.0 | 1.6 | — | 15.6 |
| SESHAASAI TECHNOLOGIES L | 5,210 | 18.9 | 3.44 | 13.4 | 8.6 | 11.2 | — | 24.8 |
| AVENUESAI LIMITED | 4,502 | 45.4 | 0.88 | 11.2 | 3.0 | 2.9 | 64.4 | 3.4 |
| NETWORK PEOPLE SRV TECH L | 3,676 | 78.8 | 8.33 | 67.2 | 9.3 | 12.3 | — | 24.5 |
| ONE MOBIKWIK SYSTEMS LTD | 1,769 | 63.3 | 3.12 | — | 3.4 | 3.4 | — | 5.3 |
| WSFX Global Pay Limited | 84 | — | 2.95 | — | (4.5) | (6.4) | — | (23.4) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.1 | 3.1 | 1 of 10 | 100% |
| ROCE | 3.8 | 3.3 | 4 of 10 | 67% |
| ROE | 5.4 | 3.2 | 3 of 10 | 78% |
| Debt / Equity | 2.0 | 0.1 | 10 of 10 | 0% |
| EBITDA margin | (83.1) | 6.4 | 10 of 10 | 0% |
| Revenue growth | (43.9) | 30.4 | 10 of 10 | 0% |
| Profit growth | (1163.0) | 39.3 | 10 of 10 | 0% |
| Market cap | 30 | 4089 | 10 of 10 | 0% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 3 Nov 2026 · Creditors approve CIRP and operating costs through 20 August 2026 | regulatory legal | medium | — | — |
| 31 Oct 2026 · Creditors extend AGS Transact insolvency process by 60 days | regulatory legal | high | — | — |
| 14 Oct 2026 · 19th CoC meeting rescheduled to 15 October 2026 | regulatory legal | medium | — | — |
| 13 Oct 2026 · AGS Transact: 19th CoC meeting scheduled on 15 October 2026 | regulatory legal | medium | — | — |
| 30 Sept 2026 · Trading window closed until Q2 FY27 results are declared | compliance | minimal | — | — |
| 23 Sept 2026 · AGS Transact: 18th Creditors Committee Meeting Scheduled Under CIRP | regulatory legal | medium | — | — |
| 9 Sept 2026 · 17th Committee of Creditors meeting scheduled for September 11 | regulatory legal | high | — | — |
| 19 Aug 2026 · 16th CoC meeting scheduled under ongoing CIRP process | regulatory legal | high | — | — |
| 12 Aug 2026 · AGS Transact delays Q1 FY27 results, blames ongoing CIRP process | compliance | medium | — | — |
| 3 Jun 2026 · Promoters file annual Reg 31(4) disclosure on encumbrance status | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.