NSE: KELLTONTEC · BSE: 519602
KELLTON TECH SOL LTD
Delivers IT services across three segments — Digital Transformation at 83.0% of FY26 segment revenue (Rs 1,009.97 cr), Enterprise Solutions at 13.9% (Rs 169.51 cr) and Consulting at 3.1% (Rs 37.47 cr). Digital Transformation spans cloud modernisation, AI-led platforms (Phoenix.ai, Structi.ai and an internal KAI platform) and digital oilfield deployments. Enterprise Solutions covers ServiceNow capability built via the Kumori acquisition, Snowflake Select-tier data work and NBFC loan origination modernisation. Consulting provides advisory services to enterprise and government clients. Q1 FY27 revenue came in at Rs 316 cr with EBITDA margin of 11.1%. Recent client wins span a Fortune India 500 conglomerate, UAE and Middle East enterprises, and public-sector projects in India. Employee cost is the largest expense at 45.8% of FY26 revenue, with other operating expenses at 42.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Digital Transformation (83%), Enterprise Solutions (14%), Consulting (3%). Asset-light IT services with employee-driven cost base and AI-led differentiation.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 843 | 917 | 983 | 1,098 | 1,217 |
| EBITDA (ex other income) | 105 | (91) | 104 | — | 136 |
| margin % | 12.4 | (9.9) | 10.6 | — | 11.1 |
| Owners' profit | 0 | 0 | 0 | — | 92 |
| EPS, as reported (₹) | 7.39 | (13.56) | 6.58 | 8.18 | 1.79 |
| ROE % · ROCE % | 14.7 · 18.4 | (34.0) · (23.6) | 14.4 · 18.3 | — · 18.7 | 11.4 · 14.7 |
| Debt / equity (x) | 0.22 | 0.36 | 0.29 | — | 0.22 |
| Cash from operations | 1 | 24 | 56 | 6 | (10) |
| Capex | (12) | (21) | (22) | (11) | (20) |
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 | 271 | 279 | 286 | 295 | 300 | 308 | 314 | 316 |
| Profit before tax | 24 | 25 | 21 | 27 | 29 | 30 | 21 | 26 |
| Net profit | 20 | 21 | — | 23 | 24 | 25 | 20 | 22 |
| EPS (₹) | 2.06 | 2.17 | 1.90 | 2.32 | 0.43 | 0.48 | 0.34 | 0.42 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Digital Transformation | 1,010 | 83.0 |
| Enterprise Solutions | 170 | 13.9 |
| Consulting | 37 | 3.1 |
| Total, before eliminations | 1,217 | 100.0 |
Exhibit 4: 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. | 44,462 | 33.7 | 6.85 | 20.6 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,243 | 37.5 | 10.44 | 26.6 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,799 | 48.1 | 6.83 | 29.1 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,074 | 95.9 | 34.67 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 20,898 | 21.1 | 2.16 | 11.9 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,363 | 40.5 | 5.30 | 26.4 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,634 | 62.8 | 11.37 | 29.1 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 12,693 | 33.3 | 2.06 | 11.5 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.7 | 18.7 | 13 of 76 | 84% |
| P/B | 0.7 | 2.2 | 12 of 70 | 84% |
| ROCE | 12.3 | 9.6 | 35 of 86 | 60% |
| ROE | 11.4 | 9.2 | 29 of 70 | 59% |
| Debt / Equity | 0.2 | 0.0 | 54 of 70 | 23% |
| EBITDA margin | 11.1 | 13.0 | 43 of 69 | 38% |
| Revenue growth | 6.8 | 20.8 | 50 of 67 | 26% |
| Profit growth | (1.5) | 14.6 | 43 of 64 | 33% |
| Market cap | 597 | 343 | 37 of 87 | 58% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · 80,000 shares allotted on employee option exercise | capital market events | low | — | — |
| 23 Oct 2026 · Kellton wins digital engineering engagement with Middle East airline | compliance | low | — | — |
| 17 Oct 2026 · Board approves Rs 160 Cr Rights Issue, appoints new Company Secretary | management changes | medium | — | — |
| 17 Oct 2026 · Board Meeting Outcome - Kellton Tech Solutions | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Company Secretary Rahul Jain resigns, effective October 17, 2026 | management changes | medium | — | — |
| 16 Oct 2026 · RTA compliance certificate for Q2 FY27 filed with exchanges | compliance | minimal | — | — |
| 14 Oct 2026 · Board to consider Rights Issue size and terms on Oct 17, 2026 | corporate actions | medium | — | — |
| 30 Sept 2026 · Kellton Tech 32nd AGM concludes; USD 50M FCCB raise proposed | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Trading window closed until Q2 FY27 results are announced | compliance | minimal | — | — |
| 30 Sept 2026 · Allotment of 56,000 equity shares under ESOP Plan 2013 | capital market events | low | — | — |
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.