BSE: 540063
ECS Biztech Limited
Operates as a small information-technology business on a single segment described as "Consulting and Software." Revenue from operations was Rs. 150.30 lakhs in FY26, down from Rs. 292.19 lakhs in FY25 — roughly a 49% year-on-year fall. Quarterly runs were uneven: Q3 FY26 revenue was Rs. 43.74 lakhs, Q2 FY26 Rs. 75.28 lakhs, and nine-month FY26 revenue Rs. 157.69 lakhs versus Rs. 248.74 lakhs a year earlier. The company was barely profitable, reporting net profit of Rs. 2.96 lakhs for the full year (EPS Rs. 0.01), with Q4 FY26 itself posting a loss of Rs. 11.23 lakhs. Its cost shape is service-style: zero materials cost, employee cost at 27.7% of revenue, other operating expenses at 37.6%, and depreciation and capex each at about 1.6% of revenue. The balance sheet carries current borrowings of Rs. 492.33 lakhs against negative other equity of Rs. (2,282.80) lakhs, and total equity is negative at Rs. (234.53) lakhs. Founder Vijay Mansinhbhai Mandora, reappointed as Chairman & Managing Director for a further three years from April 1, 2026, has over 35 years of experience in IT & Telecommunication; the registered office is in Ahmedabad. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Consulting and Software. Very small, single-segment IT services company with declining revenue, marginal profitability and negative shareholder equity.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 1 | 2 | 3 | 2 |
| EBITDA (ex other income) | 0 | 0 | 0 | 0 | 0 |
| margin % | 8.7 | 6.3 | 8.0 | 8.8 | 9.1 |
| Owners' profit | 0 | 0 | 3 | 0 | 0 |
| EPS, as reported (₹) | 0.12 | 0.10 | 1.37 | 0.01 | 0.01 |
| ROE % · ROCE % | (4.8) · (0.7) | (4.1) · (6.2) | (131.1) · (4.6) | (0.9) · (8.3) | (1.3) · (7.9) |
| Debt / equity (x) | (2.14) | (1.15) | (2.61) | (2.23) | (2.05) |
| Cash from operations | (2) | 5 | 0 | 0 | 1 |
| Capex | (0) | 0 | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | (0) | 0 | 0 | 0 | (0) |
| EPS (₹) | 0.03 | 0.02 | 0.01 | 0.06 | 0.02 | 0.03 | 0.02 | 0.05 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 7,51,512 | 15.1 | 6.93 | 10.3 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,04,383 | 13.4 | 4.33 | 8.4 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,19,528 | 18.3 | 4.25 | 11.4 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,56,852 | 12.6 | 1.78 | 7.5 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,46,628 | 25.8 | 4.88 | 16.4 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,15,884 | 22.2 | 4.81 | 14.0 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 86,258 | 44.4 | 11.01 | 29.5 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 80,283 | 36.9 | 8.29 | 28.6 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | (7.9) | 14.2 | 70 of 76 | 8% |
| EBITDA margin | 15.1 | 18.4 | 39 of 65 | 41% |
| Revenue growth | (24.9) | 10.6 | 57 of 63 | 10% |
| Profit growth | 2.1 | 6.7 | 34 of 62 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 15 Sept 2026 · IDC recommendation ad for open offer submitted to BSE | compliance | minimal | — | — |
| 7 Sept 2026 · Open Offer at Rs 10.50 per share for 26 percent stake in ECS Biztech | strategic transactions | high | — | — |
| 7 Sept 2026 · Annual Report FY25-26 filed; 65.42% stake sale and Open Offer triggered | results | medium | — | — |
| 7 Sept 2026 · ECS Biztech sets Sept 24-30 book closure for 16th AGM on Sept 30 | corporate actions | low | — | — |
| 5 Sept 2026 · ECS Biztech appoints founder-promoter Vijay Mandora as MD for one year | management changes | high | — | — |
| 5 Sept 2026 · Board meeting outcome: AGM on Sep 30, 2026; MD appointed | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Promoter Vijay Mandora buys 7.39 percent stake from promoter group firm | ownership changes | high | — | — |
| 10 Aug 2026 · Board meeting on Aug 13, 2026 to consider Q1 FY27 financial results | results | low | — | — |
| 9 Jul 2026 · SEBI Reg 74(5) Certificate Filed for Quarter Ended 30 June 2026 | compliance | minimal | — | — |
| 29 Jun 2026 · Trading window closed from 1 July 2026 ahead of Q1 FY27 results | compliance | minimal | — | — |
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.