BSE: 543351
Naapbooks Limited
Develops digital governance and e-Notary software solutions, primarily for government clients. The main engagement is an e-Notary digital platform for the Government of Gujarat, which the company states is at the 'finalization stage', and the company has held discussions with the Government of Odisha on a similar deployment after submitting a Detailed Project Report to the central Ministry of Law. Revenue from operations reached Rs 17.55 crore in FY26, up from Rs 7.77 crore in FY24, with profit after tax of Rs 8.30 crore in FY26. The cost structure is led by materials at 20.5% of revenue and employee costs at 9.8%, with capex at 112.4% of revenue. The company is listed on the BSE SME platform and classified under IT - Software & Consulting. Related party transactions are disclosed with associates including Proex Advisors LLP and Cafe Blockchain Private Limited. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. E-Notary and e-governance software. Small-cap IT services and e-governance software vendor focused on government projects
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 8 | 12 | 18 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 5.53 | 4.70 | 7.66 |
| ROE % · ROCE % | — · 13.6 | — · 18.0 | — · 24.9 |
| Debt / equity (x) | — | — | — |
| Cash from operations | (4) | (9) | 19 |
| Capex | — | 0 | (20) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 2 | 6 | 4 | 8 | 10 | 8 |
| Profit before tax | 1 | 1 | 2 | 5 | 4 | 7 |
| Net profit | — | — | — | — | — | — |
| EPS (₹) | 1.89 | 3.63 | 1.37 | 3.03 | 3.06 | 4.64 |
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. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.7 | 15.0 | 26 of 65 | 61% |
| ROCE | 24.5 | 14.2 | 14 of 76 | 83% |
| Revenue growth | 35.2 | 10.6 | 12 of 63 | 82% |
| Market cap | 179 | 419 | 47 of 76 | 39% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Certificate under Reg.74(5) for quarter ended September 30, 2026 filed with BSE | compliance | minimal | — | — |
| 2 Oct 2026 · AGM 2026: All 5 resolutions passed with 100% votes in favor | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Naapbooks 9th AGM held on Sep 30, 2026; 5 resolutions passed via poll | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 ahead of H1 FY26 results | compliance | minimal | — | — |
| 8 Sept 2026 · Naapbooks files FY25-26 Annual Report; revenue up 44%, PAT at Rs 8.3 Cr | compliance | low | — | — |
| 8 Sept 2026 · Notice of 9th AGM on Sep 30, 2026 with 5 items including RPT approvals | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Board approves FY26 report and fixes 9th AGM on September 30, 2026 | board shareholder meetings | low | — | — |
| 15 Jul 2026 · Annual disclosure - not classified as Large Corporate for FY 2025-26 | compliance | minimal | — | — |
| 9 Jul 2026 · Two Independent Directors of Naapbooks resign ahead of term end | management changes | high | — | — |
| 25 Jun 2026 · Naapbooks EGM: All 4 director remuneration resolutions passed | 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.