BSE: 540416
Octaware Technologies Limited
An IT-enabled services business listed on the BSE SME platform, with FY26 consolidated revenue of Rs. 17.5257 crore, up 11.27% year-on-year. Costs are dominated by employee expenses of Rs. 9.5317 crore (54.4% of revenue) and other operating expenses of Rs. 3.6626 crore (20.9% of revenue), with no material input costs, reflecting a pure services cost structure. Capital expenditure is minimal at 0.1% of revenue. On a consolidated basis, the company swung to a loss of Rs. 501.89 lakh in FY26 versus a profit of Rs. 27.71 lakh the prior year, with negative operating cash flow of Rs. 445.96 lakh, and long-term borrowings rose from Rs. 57.52 lakh to Rs. 377.26 lakh. Total assets stand at Rs. 18.6696 crore. The company is shifting its registered office from Maharashtra to Uttar Pradesh and operates on a small scale relative to mainstream IT services peers. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. IT-Enabled Services. Labour-intensive, low-asset IT services business with negligible materials and capex
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 17 | 17 | 16 | 16 | 18 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 0.16 | (0.38) | (0.03) | 0.12 | 13.98 |
| ROE % · ROCE % | — · 4.2 | — · (8.7) | — · (10.7) | — · 2.2 | — · (29.3) |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 2 | 0 | 0 | 0 | (4) |
| Capex | — | — | — | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8 | 17 | 7 | 8 | 8 | 8 | 7 | 10 |
| Profit before tax | (0) | (1) | (0) | (1) | 0 | (0) | (0) | (4) |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | (0.09) | (0.38) | (0.03) | (0.41) | 0.12 | 0.04 | 0.01 | 13.84 |
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. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.2 | 17.5 | 9 of 76 | 89% |
| ROCE | (30.5) | 9.6 | 85 of 86 | 1% |
| Revenue growth | 24.2 | 20.8 | 29 of 67 | 58% |
| Market cap | 21 | 296 | 81 of 87 | 7% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · All 16 resolutions passed at Octaware Technologies 21st AGM with required majority | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Octaware 21st AGM: Office Shift to UP, Loans to Gulf Units and Equity Conversion Tabled | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Annual Report FY2025-26 with AGM Notice for September 30, 2026 | results | high | — | — |
| 8 Sept 2026 · Notice of 21st AGM approved, scheduled for 30 September 2026 via VC/OAVM | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Octaware Technologies appoints Venkatesan Devanathan as new CFO | management changes | medium | — | — |
| 8 Sept 2026 · Independent Director Ms Vidya Hemakar Shetty resigns | management changes | medium | — | — |
| 8 Sept 2026 · Octaware Technologies appoints JBK and Associates as new statutory auditor | management changes | medium | — | — |
| 20 Aug 2026 · CFO of Octaware Technologies resigns | management changes | high | — | — |
| 20 Aug 2026 · Octaware Technologies appoints Biswajit Das as Internal Auditor for FY26-27 | 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.