Euphoria Infotech (India) Limi

Operates as a small-cap IT services company listed on the BSE SME platform, focused on government-sector technology projects. The flagship engagement disclosed in January 2026 is a Rs. 1,783.14 lakhs order from Webel Technology Limited (a Government of West Bengal nodal agency) to set up an IoT-Enabled Water Service Delivery Measurement and Monitoring Sensing System across rural Piped Water Supply Schemes in Murshidabad district, under the state's Public Health Engineering Directorate. FY26 standalone revenue stood at Rs. 15.23 crore (up 15.2% year-on-year), with profit after tax of Rs. 179.08 lakhs. The cost structure is dominated by materials at 41.8% of revenue and employees at 29.4%, consistent with hardware-heavy IoT deployment work rather than pure software services. The company is headquartered in Kolkata, has only about 460 shareholders on record, and 29,01,860 shares outstanding. Operating cash flow was negative in both H1 FY26 (Rs. -188.30 lakhs) and FY26 (Rs. -387.18 lakhs), driven by a sharp rise in trade receivables and increased long-term borrowings.