BSE: 517477
ELNET TECHNOLOGIES LTD.
Functions as a Software Technology Park promoter and Special Economic Zone (SEZ) infrastructure services provider. Elnet Technologies reported revenue from operations of ₹2,494.13 lakhs in FY26, up 8.3% from ₹2,303 lakhs in FY25, with profit after tax of ₹2,009.21 lakhs (up 14.5% from ₹1,755.22 lakhs). Operating revenue is supplemented by substantial other income — ₹1,118.23 lakhs in FY26 — sourced largely from interest on deposits, which inflates the EBITDA margin reading on the P&L. Materials are 0% of revenue, employee costs 8%, other opex 25.5% and depreciation 6.2%, consistent with a space-and-infrastructure leasing model rather than goods manufacturing. The company's filings over FY26 are dominated by routine compliance matters — auditor re-appointments, a new Independent Director, IEPF shareholder notices, postal ballot procedures and a small BSE fine for delayed XBRL submission — rather than operational expansion. Total assets stood at ₹195.61 crore at FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Operating revenue (SEZ/STP infrastructure services), Other income — interest on deposits. Asset-leasing SEZ infrastructure operator with a heavy interest-income tail
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 22 | 25 | 26 | 23 | 25 |
| EBITDA (ex other income) | 16 | 16 | 18 | 15 | 17 |
| margin % | 71.1 | 64.1 | 67.2 | 64.0 | 66.5 |
| Owners' profit | 13 | 14 | 17 | 18 | 20 |
| EPS, as reported (₹) | 31.53 | 34.24 | 43.73 | 43.88 | 50.23 |
| ROE % · ROCE % | 11.5 · 15.3 | 11.2 · 14.7 | 12.6 · 16.6 | 11.2 · 14.6 | 11.4 · 14.3 |
| Debt / equity (x) | 0.04 | 0.03 | 0.03 | 0.03 | 0.02 |
| Cash from operations | (25) | 14 | (62) | 5 | 56 |
| Capex | (1) | (2) | (1) | (2) | (2) |
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 | 6 | 6 | 5 | 6 | 6 | 6 | 6 | 7 |
| Profit before tax | 6 | 6 | 6 | 6 | 6 | 6 | 7 | 7 |
| Net profit | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 |
| EPS (₹) | 11.12 | 10.80 | 11.84 | 12.55 | 12.56 | 12.57 | 12.56 | 12.57 |
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. % |
|---|---|---|---|---|---|---|---|---|
| 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.9 | 17.9 | 11 of 76 | 87% |
| P/B | 0.7 | 2.2 | 10 of 70 | 87% |
| ROCE | 13.9 | 9.6 | 28 of 86 | 68% |
| ROE | 11.4 | 9.2 | 27 of 70 | 62% |
| Debt / Equity | 0.0 | 0.0 | 31 of 70 | 57% |
| EBITDA margin | 107.6 | 13.0 | 3 of 69 | 97% |
| Revenue growth | 10.8 | 20.8 | 48 of 67 | 29% |
| Profit growth | 0.1 | 14.6 | 41 of 64 | 37% |
| Market cap | 119 | 325 | 53 of 87 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Cessation of Non-Executive Director cum Chairman | management changes | medium | — | — |
| 8 Oct 2026 · Routine filing: Confirmation Certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · All 4 AGM resolutions approved; Rs 2 dividend declared | board shareholder meetings | low | — | — |
| 17 Sept 2026 · 35th AGM held; Rs. 2 dividend declared; 4 resolutions passed | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Elnet Technologies fined Rs 40,120 for Audit Committee non-compliance | regulatory legal | medium | — | — |
| 3 Sept 2026 · Newspaper ad on re-lodgement window for physical share transfers | compliance | minimal | — | — |
| 28 Aug 2026 · ELNET Tech sends Annual Report FY26 weblink to shareholders without registered email | compliance | minimal | — | — |
| 27 Aug 2026 · 35th AGM notice, e-voting info, and dividend record date published | compliance | minimal | — | — |
| 26 Aug 2026 · 35th AGM set for September 17; final dividend proposed at Rs 2 per share | board shareholder meetings | medium | — | — |
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.