Designs and builds Test, Measurement and Simulation (TMS) systems for Indian defence and aerospace, with all revenue routed through government buyers — DRDO, the Ministry of Defence and Defence PSUs. The product portfolio covers checkout systems for satellite and weapon sub-systems, static test jigs, over-the-air TRM characterisation facilities for radar, and a 250-unit deployable spectrum monitoring and analysis system. FY26 revenue was Rs. 77.43 cr against a year-end order book of Rs. 31 cr, with Rs. 22 cr of FY26 orders expected to spill into FY27. A new 80%-owned subsidiary Abhedhya, incorporated in May 2026, is being set up for RF and microwave sub-systems (radar, electronic warfare, communications), with first revenue flagged for FY28. A 65,000 sft greenfield manufacturing facility, Project Udaan, planned at Rs. 59.68 cr investment, broke ground in April 2026 and is targeted for completion around December 2027. Materials account for 52.6% of revenue, making imported hardware the biggest cost line. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Test, Measurement and Simulation (TMS) systems, RF and microwave sub-systems (via Abhedhya). Small-cap, government-procurement-dependent defence electronics and TMS systems integrator
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 77 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 4.45 |
| ROE % · ROCE % | — · 13.7 |
| Debt / equity (x) | — |
| Cash from operations | 13 |
| Capex | (2) |
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 59 |
| Profit before tax | 11 |
| Net profit | — |
| EPS (₹) | 6.95 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,28,037 | 35.2 | 7.99 | 24.1 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,95,572 | 48.1 | 12.31 | 34.1 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 43,621 | 83.7 | 10.29 | — | 9.9 | 7.2 | — | 32.6 |
| GARDEN REACH SHIP&ENG LTD | 28,027 | 35.0 | 10.67 | — | 28.5 | 36.2 | — | 13.7 |
| DATA PATTERNS INDIA LTD | 27,042 | 100.9 | 15.58 | — | 15.6 | 20.3 | — | 33.3 |
| ASTRA MICROWAVE LTD | 16,031 | 84.8 | 12.20 | 45.8 | 14.7 | 17.2 | 12.7 | 20.1 |
| APOLLO MICRO SYSTEMS LTD | 15,650 | 121.7 | 11.96 | 71.7 | 8.2 | 10.4 | 34.8 | 22.3 |
| ZEN TECHNOLOGIES LIMITED | 15,599 | 86.2 | 8.00 | 46.5 | 11.2 | 15.1 | 65.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Digilogic Systems wins Rs 2.30 Cr Defence PSU purchase order | business updates | medium | — | — |
| 30 Aug 2026 · Newspaper publication of 15th AGM notice | compliance | minimal | — | — |
| 28 Aug 2026 · Notice of 15th AGM on September 21, 2026 at 11 a.m. via video conferencing | board shareholder meetings | low | — | — |
| 28 Aug 2026 · 15th AGM notice and Annual Report for FY 2025-26 filed with BSE | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Newspaper notice for Annual Report email registration | compliance | minimal | — | — |
| 22 Aug 2026 · Board approves secretarial auditor, managerial pay revision for FY27 | management changes | medium | — | — |
| 22 Aug 2026 · Board OKs AGM on Sep 21, subsidiary loan of Rs 5 Cr, director pay revision | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Initial subscription of Rs 4 lakh in subsidiary Abhedhya Systems | strategic transactions | low | — | — |
| 17 Aug 2026 · Digilogic Systems wins Rs. 3.91 Cr defence orders from MoD and PSU | business updates | medium | — | — |
| 6 Aug 2026 · Digilogic Systems bags Rs 4.88 Cr defence order from Ministry of Defence | business updates | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 38.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.0 | 83.7 | 2 of 23 | 96% |
| ROCE | 12.4 | 13.6 | 15 of 26 | 44% |
| Market cap | 542 | 7486 | 26 of 26 | 0% |
| 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 |
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.
