NSE: ASMS · BSE: 532694
AVIO SMART MRKT STACK LTD
Operates a rural-focused technology platform across three segments — agri supply chain, financial inclusion & digital services, and a newly set-up diagnostics & healthcare line. The largest stream, Agri Supply Chain & Technologies, contributed ₹60.69 crore, or 58.4% of FY26 segment revenue, selling digital services, procurement tools and agri inputs to farmers and farmer producer organisations (FPOs). Financial Inclusion & Digital Services brought in ₹40.72 crore (39.2% share), offering onboarding, fintech access and digital marketplaces to rural populations reached through 5,000-plus villages and nearly 4 crore farmers on its SMART platform. Diagnostics & Healthcare is a new segment built around molecular diagnostic kits, medical devices and IVD solutions, anchored by a ₹7.50 crore (2.06%) investment in Huwel Lifesciences and an international sales appointment to expand into Asia, Africa and Europe. Materials and procurement dominate the cost stack at ₹89.23 crore (85.8% of revenue), with employee costs at 5.7% and other opex at 3.8%. Recent MoUs include a freeze-drying facility with the Government of Tripura (around 1,300 direct and indirect jobs), a biochar fertiliser tie-up with ProClime Services, and an FPO digital transformation partnership with Intellecap. A Singapore branch commenced operations in March 2025 to support overseas expansion. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Agri Supply Chain & Technologies (58%), Financial Inclusion & Digital Services (39%), Others (3%), Diagnostics & Healthcare (0%). Asset-light digital services platform with a heavy procurement/materials cost base, exposed to rural-agri and early-stage diagnostics execution.
Exhibit 1: Financial summary, FY20–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY26 |
|---|---|---|---|---|---|
| Revenue | 68 | 63 | 66 | 53 | 104 |
| EBITDA (ex other income) | 7 | 6 | 6 | 462 | 5 |
| margin % | 10.1 | 9.4 | 8.6 | 877.2 | 4.6 |
| Owners' profit | 0 | (49) | (50) | 0 | 0 |
| EPS, as reported (₹) | (6.85) | (16.75) | (11.30) | 13.54 | 0.08 |
| ROE % · ROCE % | (34.6) · 3.7 | (52.5) · 2.0 | (75.7) · 2.3 | 78.1 · 61.1 | 17.4 · 13.1 |
| Debt / equity (x) | 2.23 | 3.82 | 5.79 | 0.00 | 0.26 |
| Cash from operations | — | 27 | 4 | (3) | 1 |
| Capex | — | 0 | (0) | (0) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16 | 18 | 15 | 14 | 11 | 12 | 34 | 12 |
| Profit before tax | (13) | (12) | (13) | (13) | (1) | 459 | 3 | 1 |
| Net profit | (12) | (12) | (14) | (13) | (1) | 440 | 2 | 1 |
| EPS (₹) | (3.42) | (1.72) | 0.92 | (3.79) | 0.33 | 14.44 | 0.07 | 0.03 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Financial Inclusion & Digital Services | 11 | 32.3 |
| Agri Supply Chain & Technologies | 23 | 66.5 |
| Others | 0 | 1.1 |
| Total, before eliminations | 34 | 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. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,888 | 33.8 | 2.09 | 11.7 | 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) | 0.3 | 17.9 | 1 of 76 | 100% |
| P/B | 4.7 | 2.2 | 57 of 70 | 19% |
| ROCE | 12.9 | 9.6 | 32 of 86 | 64% |
| ROE | 17.4 | 9.2 | 12 of 70 | 84% |
| Debt / Equity | 0.3 | 0.0 | 58 of 70 | 17% |
| EBITDA margin | 13.2 | 13.0 | 34 of 69 | 52% |
| Revenue growth | (12.8) | 20.8 | 58 of 67 | 14% |
| Profit growth | 107.2 | 14.6 | 12 of 64 | 83% |
| Market cap | 161 | 325 | 51 of 87 | 42% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve Rs 49 crore rights issue terms on 29 October | corporate actions | medium | — | — |
| 23 Oct 2026 · Board approves Rs 49 crore rights issue and Rs 14 crore Ampivo investment | fund raising | high | — | — |
| 19 Oct 2026 · Board meeting on Oct 23 to consider fund raising proposal | fund raising | medium | — | — |
| 7 Oct 2026 · Compliance certificate confirms no demat requests in Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · AGM voting results: all 6 resolutions passed including 150 cr QIP and preferential issue | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 34th AGM Proceedings: 150 Crore QIP and Share Swap Resolutions Tabled | board shareholder meetings | low | — | — |
| 30 Sept 2026 · ASMS partners with Huwel Lifesciences to distribute compact RT-PCR system across India | compliance | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Corrigendum to 34th AGM Notice - Preferential Issue Terms Revised | board shareholder meetings | low | — | — |
| 24 Sept 2026 · ASMS and Ampivo partner to expand digital agriculture in rural India | compliance | low | — | — |
How to read this document
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|---|---|---|
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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.