BSE: 537985
INFRONICS SYSTEMS LTD
Provided BSNL SMS service contracts for banks as its primary business, delivering services through state-owned BSNL's network to banking clients. These contracts ended in the previous financial year and were not renewed, leaving the company with no active revenue-generating operations as of FY26. The statutory auditor issued a disclaimer of opinion for FY26, flagging material uncertainty about the company's ability to continue as a going concern. Management states it is exploring the development of a new technology product but has not yet started any new business. Three bank accounts are frozen due to a disputed Rs. 12.05 crore claim from Mudunuru Limited, which the company is contesting and treating as a contingent liability. Cash position stands at Rs. 253.68 lakhs, though availability is restricted. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. BSNL SMS service contracts for banks. Small IT services company with no active revenue-generating operations after BSNL contracts ended
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7 | 6 | 4 | 2 | 0 |
| EBITDA (ex other income) | 0 | 1 | 4 | 2 | (1) |
| margin % | 0.1 | 14.9 | 88.2 | 70.4 | — |
| Owners' profit | 0 | 1 | 3 | 1 | (1) |
| EPS, as reported (₹) | 0.06 | 0.65 | 3.18 | 1.42 | (0.94) |
| ROE % · ROCE % | (5.9) · (6.0) | (173.9) · 34.5 | 113.4 · 170.3 | 33.6 · 49.4 | (28.7) · (27.8) |
| Debt / equity (x) | 0.00 | (10.07) | 0.46 | 0.00 | 0.00 |
| Cash from operations | 0 | 1 | 2 | 1 | (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 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Profit before tax | 1 | 0 | 0 | 1 | (0) | (0) | (0) | (0) |
| Net profit | 0 | 0 | 0 | 0 | (0) | (0) | (0) | (0) |
| EPS (₹) | 0.55 | 0.24 | 0.10 | 0.52 | (0.21) | (0.28) | (0.24) | (0.20) |
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. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 86,739 | 25.4 | 11.08 | 22.8 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED | 7,929 | 14.8 | 3.19 | 9.4 | 20.5 | 25.0 | 13.5 | 17.6 |
| C.E. INFO SYSTEMS LIMITED | 4,555 | 33.1 | 5.03 | 19.7 | 14.8 | 21.3 | — | 54.2 |
| CAPILLARY TECHNO INDIA L | 4,188 | 99.1 | 4.09 | 31.9 | 5.1 | 4.9 | — | 4.9 |
| TECHNVISION VENTURES LTD. | 2,278 | 10371.4 | 151.84 | 304.0 | 1.4 | 5.5 | 25.5 | (3.0) |
| Mobavenue AI Tech Limited | 2,087 | 16.5 | 23.05 | 43.6 | 32.4 | 30.8 | — | 21.8 |
| RAMCO SYSTEMS LTD. | 1,964 | 47.0 | 5.55 | 12.8 | 11.9 | 11.0 | 2.3 | 16.0 |
| NUCLEUS SOFTWARE EXPORTS | 1,746 | 16.6 | 1.92 | 9.9 | 12.9 | 15.2 | 11.3 | 16.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 5.4 | 1.5 | 32 of 38 | 16% |
| ROCE | (27.9) | 4.8 | 39 of 40 | 3% |
| ROE | (28.7) | 3.5 | 37 of 38 | 3% |
| Debt / Equity | 0.0 | 0.0 | 1 of 38 | 51% |
| Revenue growth | (100.0) | 9.7 | 31 of 33 | 0% |
| Profit growth | (139.5) | (12.0) | 33 of 41 | 20% |
| Market cap | 14 | 41 | 29 of 44 | 35% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Board meeting on Oct 29, 2026 to consider Q2/H1 FY27 unaudited results | results | low | — | — |
| 8 Oct 2026 · 26th AGM reconvened after adjournment; both resolutions passed with 99.99% approval | compliance | minimal | — | — |
| 8 Oct 2026 · Compliance certificate for share dematerialisation filed with BSE | compliance | minimal | — | — |
| 7 Oct 2026 · Infronics Systems adjourned 26th AGM held on Oct 7, 2026 | board shareholder meetings | low | — | — |
| 2 Oct 2026 · Adjourned 26th AGM notice published; reconvened meeting on Oct 7, 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Infronics Systems: Notice of Adjourned 26th AGM dispatched; meeting on Oct 7 | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Infronics Systems 26th AGM adjourned to October 7 due to technical glitch | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 26th AGM adjourned due to lack of quorum; rescheduled to October 7, 2026 | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 9 Sept 2026 · Infronics Systems sends web-link letters for 26th Annual Report FY2025-26 | 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.