NSE: MOSCHIP · BSE: 532407
MOSCHIP TECHNOLOGIES LTD
Provides semiconductor silicon engineering and product engineering services to global customers. The Silicon Engineering Solutions segment contributes 80.4% of segment revenue at Rs 470.57 crore in FY26, covering work such as ASIC/IC design — including a Smart Energy Meter IC slated for full-chip tape-out in Q1 FY27 — and Turnkey ASIC projects. Product Engineering Solutions accounts for 19.6% of revenue at Rs 114.58 crore; this unit swung to a Rs 260 lakh loss in Q1 FY27 on slower order conversion. Total revenue in FY26 was Rs 585.15 crore. Employee cost is the dominant cost line at 52.2% of revenue, with materials at 2.1% and other opex at 35.6%. The workforce grew from 1,510 to 1,779 employees, and the company expanded into Japan and Korea with new sales leadership for Asia Pacific, Europe and North America. Wholly-owned subsidiaries Softnautics Inc and Softnautics Private Limited were merged into the parent effective April 4, 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Silicon Engineering Solutions (80%), Product Engineering Solutions (20%). Asset-light, people-driven semiconductor and product engineering services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 148 | 198 | 294 | 467 | 585 |
| EBITDA (ex other income) | 23 | 26 | 34 | 56 | 54 |
| margin % | 15.6 | 13.3 | 11.7 | 12.0 | 9.2 |
| Owners' profit | 0 | 0 | 0 | 33 | 35 |
| EPS, as reported (₹) | 0.41 | 0.38 | 0.55 | 1.76 | 1.83 |
| ROE % · ROCE % | 9.9 · 18.1 | 5.5 · 8.8 | 3.7 · 5.7 | 10.2 · 11.2 | 8.6 · 8.4 |
| Debt / equity (x) | 0.90 | 0.35 | 0.17 | 0.00 | 0.09 |
| Cash from operations | 15 | 16 | 31 | 100 | 93 |
| Capex | (4) | (6) | (2) | (14) | (28) |
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 | 126 | 126 | 135 | 136 | 147 | 149 | 153 | 116 |
| Profit before tax | 10 | 11 | 9 | 11 | 13 | 5 | 7 | 4 |
| Net profit | 10 | 11 | 9 | 11 | 12 | 4 | 8 | 2 |
| EPS (₹) | 0.51 | 0.58 | 0.46 | 0.57 | 0.63 | 0.23 | 0.41 | 0.13 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Silicon Engineering Solutions | 368 | 62.9 |
| Product Engineering Solutions | 82 | 14.0 |
| Silicon Engineering Solution | 103 | 17.6 |
| Product Engineering Solution | 33 | 5.6 |
| Total, before eliminations | 585 | 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. % |
|---|---|---|---|---|---|---|---|---|
| GNG ELECTRONICS LIMITED | 8,254 | 58.6 | 10.87 | 42.9 | 17.4 | 18.7 | — | 12.8 |
| RASHI PERIPHERALS LIMITED | 5,299 | 16.6 | 2.60 | 12.4 | 13.9 | 18.0 | — | 3.4 |
| MOSCHIP TECHNOLOGIES LTD ◆ | 3,351 | 123.2 | 8.20 | 56.6 | 8.6 | 7.4 | 40.9 | 10.1 |
| NELCO LTD | 1,642 | 425.7 | 12.74 | 57.8 | 2.6 | 3.1 | 6.3 | 11.9 |
| D-LINK INDIA LTD | 1,475 | 13.7 | 2.92 | 9.7 | 20.6 | 27.2 | 16.6 | 8.6 |
| IVALUE INFOSOLUTIONS LTD | 1,167 | 11.2 | 2.06 | 7.4 | 17.3 | 21.9 | — | 13.4 |
| CONTROL PRINT LIMITED | 944 | 24.2 | 2.09 | 9.8 | 9.7 | 15.5 | 18.8 | 13.4 |
| BHARAT GLOBAL DEVELOPERS LIMIT | 791 | 289.4 | 4.16 | — | (0.1) | (0.1) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 123.2 | 25.1 | 12 of 16 | 27% |
| P/B | 8.2 | 2.8 | 13 of 16 | 20% |
| ROCE | 7.4 | 14.9 | 12 of 19 | 39% |
| ROE | 8.6 | 9.1 | 9 of 16 | 47% |
| Debt / Equity | 0.1 | 0.1 | 9 of 16 | 47% |
| EBITDA margin | 10.2 | 8.8 | 6 of 13 | 58% |
| Revenue growth | (14.3) | 7.0 | 10 of 15 | 36% |
| Profit growth | (77.5) | 30.0 | 12 of 15 | 21% |
| Market cap | 3351 | 575 | 3 of 19 | 89% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY27 revenue rises, but losses deepen on complex chip project | compliance | low | — | — |
| 28 Oct 2026 · MosChip to acquire 73% of Vayavya Labs for Rs 266.71 crore | strategic transactions | high | — | — |
| 28 Oct 2026 · Q2 swings to loss as revenue falls; Vayavya Labs acquisition approved | results | high | — | — |
| 28 Oct 2026 · MosChip posts Q2 loss; approves ₹266.71 crore Vayavya Labs acquisition | strategic transactions | high | — | — |
| 25 Oct 2026 · Board to review results, acquisition and preferential share issue | results | low | — | — |
| 23 Oct 2026 · Mayuka Holdings creates pledge over 257,800 Moschip shares | ownership changes | medium | — | — |
| 17 Oct 2026 · SC vacates status quo order on MosChip in Vayavya Labs dispute | regulatory legal | high | — | — |
| 16 Oct 2026 · MosChip allots 95,201 shares to employees under ESOP exercise | capital market events | low | — | — |
| 15 Oct 2026 · MosChip gets Crisil ESG rating of 67, classified as Strong | business updates | low | — | — |
| 7 Oct 2026 · Reg 74(5) Depository Compliance Certificate for Q2 FY26-27 | 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.