NSE: MCLOUD · BSE: 538891
MAGELLANIC CLOUD LIMITED
The company operates three business segments in FY26, with IT/ITES Services the largest at 74.8% of segment revenue, IT Surveillance accounting for 23.3%, and the Drone business at 1.9%. Through subsidiary Motivity Labs Inc., the IT/ITES arm delivers data engineering, AI analytics and enterprise program management for global enterprises. The IT Surveillance arm, run via Provigil Surveillance, installs IP-based CCTV and integrated e-surveillance systems for Indian Railways, public sector oil & gas enterprises and BFSI customers. The Drone segment is at an early stage but is being scaled up with dedicated funding from a planned preferential issue. Employee cost is the dominant expense at 42.1% of revenue, against 15.5% for materials and 11.5% for other operating expenses; total FY26 revenue was ₹697.88 crore with a 31.9% EBITDA margin. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT/ITES Services (75%), IT Surveillance (23%), Drone (2%). Asset-light IT services company expanding into surveillance infrastructure and early-stage drone manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 253 | 427 | 560 | 597 | 698 |
| EBITDA (ex other income) | 7 | 108 | 184 | 205 | 214 |
| margin % | 2.8 | 25.3 | 32.8 | 34.4 | 30.7 |
| Owners' profit | 29 | 74 | 0 | 0 | 0 |
| EPS, as reported (₹) | 11.71 | 6.62 | 8.81 | 3.52 | 3.90 |
| ROE % · ROCE % | 38.2 · 23.4 | 24.9 · 23.1 | 25.3 · 26.1 | 19.8 · 25.6 | 15.4 · 19.6 |
| Debt / equity (x) | 1.10 | 0.52 | 0.64 | 0.48 | 0.41 |
| Cash from operations | 49 | 160 | 29 | 143 | 92 |
| Capex | (5) | 0 | (0) | (59) | 0 |
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 | 157 | 151 | 156 | 164 | 164 | 164 | 206 | 180 |
| Profit before tax | 35 | 39 | 30 | 40 | 38 | 33 | 35 | 31 |
| Net profit | 25 | 29 | 23 | 28 | 28 | 29 | 25 | 24 |
| EPS (₹) | 2.09 | 0.50 | 0.76 | 0.47 | 0.48 | 0.50 | 1.00 | 0.40 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| IT Surveillance | 70 | 11.9 |
| IT/ITES Services | 410 | 70.0 |
| Drone | 14 | 2.3 |
| IT-Surveillance | 93 | 15.8 |
| Total, before eliminations | 586 | 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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 7,72,218 | 15.5 | 7.12 | 10.6 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,22,027 | 14.0 | 4.52 | 8.8 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,47,792 | 19.9 | 4.63 | 12.4 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,63,606 | 13.1 | 1.85 | 7.8 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,52,390 | 26.8 | 5.07 | 17.0 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,26,969 | 24.3 | 5.27 | 15.3 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 85,974 | 44.3 | 10.97 | 29.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 80,101 | 36.8 | 8.27 | 28.5 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.5 | 16.1 | 17 of 73 | 78% |
| P/B | 2.1 | 2.9 | 29 of 65 | 56% |
| ROCE | 16.7 | 14.2 | 34 of 78 | 57% |
| ROE | 15.4 | 11.5 | 23 of 67 | 67% |
| Debt / Equity | 0.4 | 0.0 | 57 of 68 | 16% |
| EBITDA margin | 29.1 | 18.4 | 9 of 65 | 88% |
| Revenue growth | 9.9 | 10.6 | 35 of 63 | 45% |
| Profit growth | (14.6) | 6.7 | 46 of 62 | 26% |
| Market cap | 1470 | 436 | 29 of 78 | 64% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 21 Sept 2026 · Subsidiary Provigil gets Rs 44.60 lakh AI order from Nayara Energy | compliance | low | — | — |
| 21 Sept 2026 · Provigil Surveillance bags ₹44.60L ANPR order from Nayara Energy | compliance | minimal | — | — |
| 15 Sept 2026 · 45th AGM notice on Sep 30, 2026; FY26 annual report link shared | compliance | minimal | — | — |
| 9 Sept 2026 · Magellanic Cloud - 45th AGM notice published in newspapers | compliance | minimal | — | — |
| 8 Sept 2026 · Magellanic Cloud submits BRSR report for FY 2025-26 | compliance | low | — | — |
| 8 Sept 2026 · Magellanic Cloud files FY26 Annual Report, 45th AGM on Sept 30 | results | high | — | — |
| 8 Sept 2026 · Notice of 45th AGM of Magellanic Cloud Limited on September 30, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Magellanic Cloud subsidiary gets Rs 3.49 Cr railway surveillance order | compliance | low | — | — |
| 7 Sept 2026 · Magellanic Cloud subsidiary wins Rs 3.49 Crore Western Railway CCTV order | business updates | medium | — | — |
| 2 Sept 2026 · Independent Director Mr. Elisha Thatisetty resigns from Magellanic Cloud board | management 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.