NSE: ADSL · BSE: 532875
ALLIED DIGITAL SERV. LTD
Provides IT services and digital infrastructure solutions to enterprise and government clients, spanning cloud, cybersecurity, managed services, and project-based implementations such as smart city command & control centres and workplace rollouts. Revenue is split between a Solutions business (project-led) and a Services business (recurring managed services and AI-powered support). In FY26, Solutions contributed 53.1% of segment revenue at Rs 213.78 crore and Services contributed 43.2% at Rs 174.04 crore, with Services running at much higher segment EBIT (Rs 60.84 crore) than Solutions (Rs 23.44 crore). FY26 consolidated revenue stood at Rs 967.91 crore, up 20% YoY, with Q4 crossing the Rs 1,000 crore annualized run rate; enterprise revenues grew 31% YoY while government revenues declined 6% YoY. The company is pursuing an AI-first approach, using agentic AI architecture to drive a 20-25% reduction in Level 1 support headcount at client engagements. The largest input cost is employee expense at 20.4% of revenue, followed by other operating expenses at 13.2% and depreciation at 2.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solutions (53%), Services (43%), Unallocated (4%). Asset-light IT services mix of recurring managed services and project-based solutions, with an AI-led delivery push.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 485 | 660 | 687 | 807 | 968 |
| EBITDA (ex other income) | 94 | 88 | 83 | 54 | 55 |
| margin % | 19.4 | 13.4 | 12.1 | 6.7 | 5.7 |
| Owners' profit | 52 | 0 | 39 | 27 | 29 |
| EPS, as reported (₹) | 11.66 | 1.26 | 8.29 | 4.98 | 6.30 |
| ROE % · ROCE % | 11.0 · 12.9 | 1.2 · 13.1 | 7.4 · 10.4 | 5.0 · 9.7 | 5.3 · 7.4 |
| Debt / equity (x) | 0.08 | 0.06 | 0.10 | 0.11 | 0.17 |
| Cash from operations | 15 | 47 | 68 | 92 | (79) |
| Capex | (7) | (13) | (3) | (4) | (10) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 203 | 221 | 204 | 219 | 234 | 247 | 268 | 260 |
| Profit before tax | 16 | 20 | 11 | 14 | 21 | 21 | (13) | 17 |
| Net profit | 12 | 18 | (8) | 14 | 15 | 14 | (3) | 12 |
| EPS (₹) | 1.83 | 2.97 | (1.42) | 2.34 | 2.58 | 2.20 | (0.60) | 2.19 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Services | 746 | 75.4 |
| Solutions | 222 | 22.5 |
| Unallocated | 20 | 2.1 |
| Total, before eliminations | 988 | 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. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,462 | 33.7 | 6.85 | 20.6 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,243 | 37.5 | 10.44 | 26.6 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,799 | 48.1 | 6.83 | 29.1 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,074 | 95.9 | 34.67 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 20,898 | 21.1 | 2.16 | 11.9 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,363 | 40.5 | 5.30 | 26.4 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,634 | 62.8 | 11.37 | 29.1 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,693 | 33.3 | 2.06 | 11.5 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.9 | 18.7 | 33 of 76 | 57% |
| P/B | 0.9 | 2.2 | 16 of 70 | 78% |
| ROCE | 5.8 | 9.6 | 57 of 86 | 34% |
| ROE | 5.3 | 9.2 | 44 of 70 | 38% |
| Debt / Equity | 0.2 | 0.0 | 49 of 70 | 30% |
| EBITDA margin | 9.7 | 13.0 | 48 of 69 | 31% |
| Revenue growth | 18.9 | 20.8 | 39 of 67 | 42% |
| Profit growth | (14.2) | 14.6 | 47 of 64 | 27% |
| Market cap | 611 | 343 | 36 of 87 | 59% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 29 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 13 Oct 2026 · NSE volume surge query; company says no undisclosed info | regulatory legal | medium | — | — |
| 12 Oct 2026 · Clarification on share volume movement to BSE | regulatory legal | medium | — | — |
| 12 Oct 2026 · BSE seeks clarification on volume movement from Allied Digital | compliance | minimal | — | — |
| 9 Oct 2026 · Quarterly demat compliance certificate filed with exchanges | compliance | minimal | — | — |
| 9 Oct 2026 · NSE seeks clarification from Allied Digital on sharp rise in trading volume | general | low | — | — |
| 28 Sept 2026 · Allied Digital cancels 5 lakh ESOPs from ESOP 2020 plan | corporate actions | medium | — | — |
| 25 Sept 2026 · Trading window closure ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Investor and Analyst Meet Scheduled for September 28, 2026 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Allied Digital grants 2 lakh stock options to employees under ESOP 2020 | capital market events | low | — | — |
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.