NSE: CAPILLARY · BSE: 544614
CAPILLARY TECHNO INDIA L
Sells an AI-powered cloud loyalty and engagement platform to large enterprises running consumer loyalty programmes. Revenue comes from subscriptions, with growth driven by three levers: existing customers expanding usage and absorbing price increases (FY26 organic net revenue retention of 114%), new enterprise logos, and acquiring legacy loyalty platforms at low margins and migrating them to a standardised 65% gross-margin setup. The aiRA AI stack, sold on usage-based pricing, is the fastest-adopted product in the company's history. In May 2026 the SessionM merchant loyalty business was acquired from Mastercard for $35 million, adding over 40 enterprise customers including five Fortune 500 firms and roughly INR 350 crore in annualised revenue. The platform runs at 99.999% uptime for 115 large enterprises. The largest cost is people — employee expenses were 48.2% of revenue in FY26 — followed by other operating expenses at 39.2%, depreciation at 10.2% and capex at 5.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. AI-powered loyalty & engagement platform. Asset-light, global AI-driven SaaS subscription platform with an M&A roll-up strategy.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 735 |
| EBITDA (ex other income) | 118 |
| margin % | 16.0 |
| Owners' profit | 52 |
| EPS, as reported (₹) | 6.94 |
| ROE % · ROCE % | 5.1 · 5.4 |
| Debt / equity (x) | 0.04 |
| Cash from operations | 150 |
| Capex | (39) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 184 | 191 | 257 |
| Profit before tax | 8 | 42 | (9) |
| Net profit | 8 | 43 | (10) |
| EPS (₹) | 1.05 | 5.47 | (1.20) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 86,374 | 25.3 | 11.04 | 22.6 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED | 7,716 | 14.4 | 3.10 | 9.2 | 20.5 | 25.0 | 13.5 | 17.6 |
| CAPILLARY TECHNO INDIA L ◆ | 4,593 | 108.7 | 4.49 | 35.0 | 5.1 | 4.9 | — | 4.9 |
| C.E. INFO SYSTEMS LIMITED | 4,544 | 33.0 | 5.02 | 19.7 | 14.8 | 21.3 | — | 54.2 |
| TECHNVISION VENTURES LTD. | 2,337 | 10640.6 | 155.78 | 311.9 | 1.4 | 5.5 | 25.5 | (3.0) |
| Mobavenue AI Tech Limited | 2,048 | 16.2 | 22.62 | 42.8 | 32.4 | 30.8 | — | 21.8 |
| RAMCO SYSTEMS LTD. | 1,900 | 45.5 | 5.37 | 12.3 | 11.9 | 11.0 | 2.3 | 16.0 |
| NUCLEUS SOFTWARE EXPORTS | 1,770 | 16.8 | 1.95 | 10.1 | 12.9 | 15.2 | 11.3 | 16.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 108.7 | 18.3 | 29 of 32 | 10% |
| P/B | 4.5 | 1.5 | 30 of 38 | 22% |
| ROCE | 4.9 | 4.8 | 20 of 40 | 51% |
| ROE | 5.1 | 3.5 | 16 of 38 | 60% |
| Debt / Equity | 0.0 | 0.0 | 24 of 38 | 38% |
| EBITDA margin | 4.9 | 17.2 | 28 of 35 | 21% |
| Market cap | 4593 | 41 | 3 of 44 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 and H1 FY27 earnings call set for November 2 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board to approve September quarter and half-year results on November 2 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · William Swift appointed President, Americas and senior manager | management changes | medium | — | — |
| 12 Oct 2026 · RTA certificate: no demat requests in Q2 FY27 as all shares are electronic | compliance | minimal | — | — |
| 30 Sept 2026 · Capillary Technologies announces schedule for analyst and investor meetings | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Analyst meet scheduled for October 1, 2026 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Capillary Tech clarifies price movement, says market-driven | regulatory legal | medium | — | — |
| 25 Sept 2026 · Exchange seeks clarification on share price movement | regulatory legal | medium | — | — |
| 24 Sept 2026 · Trading Window closes from October 1, 2026 for Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Kotak Mutual Fund crosses 5% stake in Capillary Technologies | ownership changes | high | — | — |
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.