BSE: 544094
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT services / IoT-enabled system implementation, Other operating revenue. Small-cap, BSE SME-listed IT services firm with project-based government contracts and hardware-heavy IoT deployment work
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 6 | 13 | 15 |
| EBITDA (ex other income) | 2 | — | — |
| margin % | 25.4 | — | — |
| Owners' profit | 0 | — | — |
| EPS, as reported (₹) | 4.38 | 6.12 | 5.33 |
| ROE % · ROCE % | 6.3 · 9.7 | — · 15.2 | — · 13.2 |
| Debt / equity (x) | 0.06 | — | — |
| Cash from operations | (7) | (1) | (4) |
| Capex | (0) | (1) | (0) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 7 | 6 | 6 | 9 |
| Profit before tax | 0 | 1 | 1 | 1 | 1 |
| Net profit | 0 | — | — | — | — |
| EPS (₹) | 1.50 | 3.30 | 2.91 | 2.28 | 3.05 |
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. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 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) | 2.4 | 17.5 | 6 of 76 | 93% |
| ROCE | 11.5 | 9.6 | 38 of 86 | 57% |
| Revenue growth | 277.9 | 20.8 | 2 of 67 | 99% |
| Market cap | 8 | 296 | 86 of 87 | 1% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Certificate under Regulation 74(5) filed for Q2 FY26-27 | compliance | minimal | — | — |
| 29 Sept 2026 · 26th AGM voting results - both resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 26th AGM held via video conferencing; two ordinary resolutions tabled | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Half-Yearly Results | compliance | minimal | — | — |
| 23 Sept 2026 · Euphoria Infotech bags Rs 402.65 lakh order from Webel Technology | business updates | medium | — | — |
| 23 Sept 2026 · Order win from Webel Technology worth Rs 4.03 crore | business updates | medium | — | — |
| 7 Sept 2026 · Euphoria Infotech publishes 26th AGM notice in newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · Euphoria Infotech files FY26 Annual Report with BSE | results | medium | — | — |
| 5 Sept 2026 · Notice of 26th AGM scheduled for September 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Newspaper publication of 26th AGM notice to shareholders | 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.