BSE: 538401
MAESTROS ELECTRONICS & TELECOM
Designs and manufactures medical electronic equipment and provides telemedicine services, organised across three reported segments — Medical, Telemedicine, and Electronics and Instrumentation. The Medical segment was the largest contributor in the nine months to December 2025, while the Telemedicine segment grew sharply from a small base a year earlier. Among its products is the METSL 12-Channel ECG Machine, for which it received a ₹1.995 crore order from MD National Health Mission Jaipur for 378 units, with deliveries running through December 2027. For FY26, total revenue was ₹39.43 crore with profit after tax of ₹7.25 crore. Materials account for 55% of revenue as the dominant cost, followed by employee costs at 12.7%. Total assets stood at ₹64.55 crore and the business is essentially debt-free. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Medical, Telemedicine, Electronics and Instrumentation. Small, low-leverage medical electronics and telemedicine business
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 29 | 39 |
| EBITDA (ex other income) | 4 | 7 |
| margin % | 14.2 | 18.3 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 7.94 | 13.17 |
| ROE % · ROCE % | 12.5 · 14.3 | 17.2 · 18.8 |
| Debt / equity (x) | 0.10 | 0.04 |
| Cash from operations | 6 | 2 |
| Capex | (1) | (1) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 5 | 8 | 10 | 6 | 11 | 12 |
| Profit before tax | 1 | 1 | 2 | 1 | 3 | 3 |
| Net profit | 1 | 1 | 2 | 1 | 3 | 2 |
| EPS (₹) | 1.32 | 1.56 | 2.78 | 1.19 | 4.93 | 4.26 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.2 | 26.7 | 14 of 130 | 90% |
| P/B | 1.1 | 3.1 | 19 of 112 | 84% |
| ROCE | 18.0 | 11.3 | 39 of 142 | 73% |
| ROE | 17.2 | 9.8 | 21 of 113 | 82% |
| Debt / Equity | 0.0 | 0.2 | 33 of 113 | 71% |
| EBITDA margin | 26.3 | 12.4 | 15 of 110 | 87% |
| Revenue growth | 51.4 | 20.6 | 23 of 114 | 81% |
| Profit growth | 172.9 | 17.1 | 13 of 109 | 89% |
| Market cap | 45 | 273 | 112 of 141 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Quarterly dematerialization compliance certificate filed with BSE | compliance | minimal | — | — |
| 5 Oct 2026 · Allotment of Bonus Equity Shares in 1:1 ratio - 55.10 Lakh shares | corporate actions | high | — | — |
| 5 Oct 2026 · Bonus shares allotted in 1:1 ratio; share capital doubles | corporate actions | high | — | — |
| 25 Sept 2026 · Trading window closes Sep 30, 2026 for Q2 results | compliance | minimal | — | — |
| 5 Sept 2026 · Corrigendum to 17th AGM Notice and Annual Report FY26 | compliance | minimal | — | — |
| 4 Sept 2026 · Corrigendum to 17th AGM notice and annual report - ratio fix and AGM mode corrections | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Corrigendum to 17th AGM Notice and Annual Report | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Newspaper ad disclosure about 17th AGM on September 23, 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · AGM Notice sent to shareholders without registered email addresses | compliance | minimal | — | — |
| 31 Aug 2026 · AGM on Sep 23, 2026 with bonus shares 1:1 and capital raise | board shareholder meetings | 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.