NSE: IZMO · BSE: 532341
IZMO LIMITED
Operates an IT-enabled services business run largely through 11 overseas subsidiaries, with consolidated FY26 revenue of Rs 284.88 crore up 26.8% year-on-year while standalone revenue contracted 11% to Rs 4,167 lakhs. Grew the customer base by 113 new US clients and 33 new European clients during the year, indicating international expansion as the main growth engine. Through its wholly-owned subsidiary izmo Microsystems, supplies advanced semiconductor packaging including high-frequency RF modules and radar receiver module assembly for India's defence electronics sector, and silicon photonic IC packaging as the official packaging partner in the National Silicon Photonics Mission led by IIT Madras's Centre of Excellence CPPICS under MeitY. The subsidiary has signed an MoU with Swiss TFLN photonic foundry CCRAFT SA and Madrid-based photonic IP firm Alcyon Photonics SL to co-develop photonic integrated circuits for datacom, telecom, aerospace and sensor markets, operating from a Class 1000 cleanroom in Bangalore. Employee cost of Rs 108.79 crore (38.2% of revenue) and other operating expenses of Rs 117.74 crore (41.3%) dominate the cost base, consistent with a services-heavy structure. Consolidated PAT was Rs 47.56 crore with a net margin of 16.7%; the standalone entity posted a Q4 loss, and other expenses surged from Rs 6,974.98 lakhs to Rs 11,774.08 lakhs year-on-year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. IT-enabled services through foreign subsidiaries, Semiconductor packaging via izmo Microsystems. Services-led IT group with a niche semiconductor packaging subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 132 | 154 | 187 | 225 | 285 |
| EBITDA (ex other income) | 24 | 29 | 40 | 36 | 52 |
| margin % | 17.8 | 18.9 | 21.4 | 16.0 | 18.3 |
| Owners' profit | 0 | 0 | 26 | 49 | 48 |
| EPS, as reported (₹) | 12.04 | 14.96 | 19.30 | 33.90 | 31.89 |
| ROE % · ROCE % | 6.4 · 6.4 | 7.3 · 7.5 | 8.5 · 8.9 | 13.6 · 14.9 | 11.6 · 11.8 |
| Debt / equity (x) | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 |
| Cash from operations | 16 | 30 | 31 | (0) | 17 |
| Capex | (25) | (30) | (29) | (33) | (25) |
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 | 59 | 59 | 60 | 57 | 60 | 59 | 109 | 65 |
| Profit before tax | 34 | 6 | 7 | 6 | 13 | 12 | 17 | 12 |
| Net profit | 30 | 6 | 7 | 6 | 13 | 12 | 17 | 12 |
| EPS (₹) | 21.14 | 4.07 | 4.63 | 4.03 | 8.43 | 7.83 | 11.56 | 8.15 |
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) | 19.6 | 17.9 | 41 of 76 | 47% |
| P/B | 2.6 | 2.2 | 44 of 70 | 38% |
| ROCE | 11.4 | 9.6 | 39 of 86 | 55% |
| ROE | 11.6 | 9.2 | 26 of 70 | 64% |
| Debt / Equity | 0.0 | 0.0 | 27 of 70 | 62% |
| EBITDA margin | 25.6 | 13.0 | 18 of 69 | 75% |
| Revenue growth | 15.7 | 20.8 | 41 of 67 | 39% |
| Profit growth | 103.1 | 14.6 | 13 of 64 | 81% |
| Market cap | 1053 | 325 | 25 of 87 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Izmo files routine RTA dematerialisation certificate for Q2 FY27 | compliance | minimal | — | — |
| 12 Oct 2026 · Routine RTA certificate for Q2 FY26-27 demat compliance | compliance | minimal | — | — |
| 8 Oct 2026 · IZMO appoints Go India Advisors as Investor Relations agency | business updates | low | — | — |
| 7 Oct 2026 · izmo Microsystems, IIT Madras Begin Phase II of Rs 99.94 Crore MeitY Silicon Photonics Program | strategic transactions | high | — | — |
| 30 Sept 2026 · Trading Window Closure from Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 30 Sept 2026 · Promoter group member acquires 4.99% stake in Izmo via gift transfer | ownership changes | medium | — | — |
| 30 Sept 2026 · Promoter group member Tej Soni acquires 9.99 percent stake via gift | ownership changes | high | — | — |
| 30 Sept 2026 · Promoter group member Tej Soni acquires 9.99% in Izmo via gift transfer | ownership changes | high | — | — |
| 30 Sept 2026 · Promoter group member Dinanath Soni receives 4.99% stake as gift | ownership changes | high | — | — |
| 29 Sept 2026 · Promoter family reshuffle: Tej Soni gets 9.99 percent Izmo shares as gift | ownership changes | 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.