NSE: ORCHASP · BSE: 532271
ORCHASP LIMITED
Classified as an IT software and consulting company, Orchasp Limited operates in the computers-software space with FY26 revenue from operations of Rs 2,125.62 lakhs. Its publicly disclosed product is INDUSAYUSH, an electronic health records (EHR) platform that received approval for distribution on the Apple App Store in February 2026. The company holds three foreign subsidiaries, all described as non-operational, and recently transferred a Rs 6,825 lakh investment in a Portuguese subsidiary (facing cancellation of registration) to a new US entity called Orchasp Inc. Staff costs dominate the cost structure at 104.1% of revenue, meaning employee expenses alone exceed operating revenue, while materials at 0.2% of revenue and depreciation at 0.2% are negligible. Operating cash flow was negative at Rs 420.15 lakhs in FY26, against cash reserves of Rs 31.37 lakhs. The company returned to a net profit of Rs 105.20 lakhs in FY26 after a net loss of Rs 1,052.35 lakhs in FY25, though the auditors issued a qualified opinion for the fourth consecutive year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. INDUSAYUSH electronic health records (EHR) platform, Other IT software and consulting services. Very small, employee-heavy IT software and consulting company with a single named product
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 37 | 23 | 13 | 21 | 21 |
| EBITDA (ex other income) | 0 | (4) | 1 | (11) | (3) |
| margin % | 0.2 | (15.4) | 5.5 | (51.6) | (13.4) |
| Owners' profit | 0 | 0 | 1 | 0 | 0 |
| EPS, as reported (₹) | 0.01 | 0.03 | 0.03 | (0.42) | 0.00 |
| ROE % · ROCE % | 0.1 · 0.8 | 0.3 · 1.2 | 0.6 · 1.4 | (9.4) · (9.2) | 0.9 · 0.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (12) | 0 | 0 | (16) | (4) |
| Capex | 0 | (0) | (0) | (0) | (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 | 5 | 6 | 7 | 8 | 8 | 4 | 2 | 2 |
| Profit before tax | (14) | 1 | 3 | 1 | 0 | 0 | (0) | 0 |
| Net profit | (14) | 1 | 3 | 1 | 0 | 0 | 0 | 0 |
| EPS (₹) | (0.37) | 0.01 | (0.42) | 0.02 | 0.01 | 0.01 | 0.00 | 0.01 |
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) | 40.0 | 15.0 | 57 of 65 | 13% |
| P/B | 0.3 | 2.6 | 2 of 65 | 98% |
| ROCE | 0.9 | 14.2 | 62 of 76 | 19% |
| ROE | 0.9 | 11.5 | 50 of 64 | 22% |
| Debt / Equity | 0.0 | 0.0 | 1 of 65 | 67% |
| EBITDA margin | 14.1 | 18.4 | 41 of 65 | 38% |
| Revenue growth | (73.1) | 10.6 | 61 of 63 | 3% |
| Profit growth | (48.4) | 6.7 | 50 of 62 | 20% |
| Market cap | 42 | 419 | 63 of 76 | 17% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Drafting error clarification in preferential issue notice point 7 | fund raising | medium | — | — |
| 16 Oct 2026 · Orchasp files quarterly insider trading compliance certificate for Q2 FY26 | compliance | minimal | — | — |
| 15 Oct 2026 · Quarterly compliance certificate for share dematerialization filed | compliance | minimal | — | — |
| 12 Oct 2026 · Promoter Mr. Satya Shiva Kumar Kanakadandi passes away | ownership changes | low | — | — |
| 4 Oct 2026 · AGM 2026 Results: All 7 Resolutions Passed; Preferential Share Issue Approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Orchasp 32nd AGM: 7 resolutions passed, pref equity issue approved | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Corrigendum to 32nd AGM Notice - Changes to Preferential Issue Details | compliance | minimal | — | — |
| 26 Sept 2026 · Corrigendum to 32nd AGM notice for preferential issue - no price change | fund raising | medium | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 till Q2 results announcement | compliance | minimal | — | — |
| 9 Sept 2026 · Orchasp 32nd AGM notice published; e-voting Sep 27 to 29 | 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.