NSE: ROUTE · BSE: 543228
ROUTE MOBILE LIMITED
Operates a communications platform-as-a-service (CPaaS) business, selling business messaging, voice, and omnichannel customer engagement solutions to enterprises globally. Revenue in FY26 was ₹4,408.21 crore, with overseas markets contributing 81.5% (₹4,129.31 cr) and India 18.5% (₹934.39 cr). The product mix is shifting from traditional SMS towards non-SMS channels such as RCS, WhatsApp Business Messaging, voice, and AI-driven omnichannel engagement, with new-product revenue growing 14% year-on-year in Q1 FY27 while company-wide revenue grew 9.6% YoY to ₹1,151.51 crore. In July 2026 the company signed an acquisition of Heltar Technologies' AI-led omnichannel business undertaking via its subsidiary Route Connect for about ₹33.66 crore in cash, aimed at accelerating the move up the value chain. A partnership with Truecaller was announced in July 2026 to give enterprise customers access to over 500 million monthly active users for business messaging. The largest cost line in the FY26 cost shape is employee cost at 6.6% of revenue, with other operating expenses at 4.1% and depreciation at 2.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Overseas (82%), India (19%). Asset-light, services-based CPaaS business undergoing a mix shift from SMS to non-SMS, AI-native omnichannel engagement channels.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,002 | 3,569 | 4,023 | 4,576 | 4,408 |
| EBITDA (ex other income) | 219 | 444 | 528 | 509 | 401 |
| margin % | 10.9 | 12.4 | 13.1 | 11.1 | 9.1 |
| Owners' profit | 166 | 327 | 375 | 319 | 239 |
| EPS, as reported (₹) | 27.82 | 52.29 | 59.95 | 50.69 | 37.94 |
| ROE % · ROCE % | 10.2 · 11.4 | 18.2 · 19.1 | 17.9 · 19.8 | 13.6 · 18.5 | 9.1 · 12.6 |
| Debt / equity (x) | 0.00 | 0.06 | 0.16 | 0.18 | 0.00 |
| Cash from operations | 135 | 73 | (98) | 602 | 581 |
| Capex | (17) | (38) | (36) | (21) | (26) |
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 | 1,113 | 1,184 | 1,175 | 1,051 | 1,119 | 1,107 | 1,131 | 1,152 |
| Profit before tax | 137 | 107 | 79 | 77 | 2 | 135 | 139 | 91 |
| Net profit | 107 | 85 | 60 | 59 | (19) | 103 | 114 | 69 |
| EPS (₹) | 16.12 | 13.10 | 8.98 | 8.45 | (3.37) | 15.51 | 17.35 | 9.94 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| -India | 708 | 14.0 |
| -Overseas | 3,091 | 61.0 |
| India | 226 | 4.5 |
| Overseas | 1,038 | 20.5 |
| Total, before eliminations | 5,064 | 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. % |
|---|---|---|---|---|---|---|---|---|
| RAILTEL CORP OF IND LTD | 7,351 | 36.4 | 4.46 | 17.3 | 11.5 | 13.9 | — | 19.1 |
| ROUTE MOBILE LIMITED ◆ | 2,847 | 11.5 | 1.01 | 4.3 | 9.1 | 12.2 | 25.7 | 10.1 |
| GTL LTD | 95 | 0.1 | — | 3.1 | (4.7) | 0.2 | — | 934.3 |
| STEELMAN TELECOM LIMITED | 67 | 13.8 | — | — | — | (21.5) | — | — |
| NETTLINX LTD. | 29 | — | 0.47 | — | (8.5) | (8.3) | (9.9) | 22.3 |
| UNIINFO TELECOM SERVI LTD | 12 | — | 0.37 | — | (3.8) | (4.4) | — | 5.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.5 | 13.8 | 6 of 15 | 64% |
| P/B | 1.0 | 3.4 | 3 of 12 | 82% |
| ROCE | 12.2 | 11.0 | 8 of 18 | 59% |
| ROE | 9.1 | 13.3 | 9 of 12 | 27% |
| Debt / Equity | 0.0 | 0.3 | 1 of 12 | 91% |
| EBITDA margin | 10.1 | 23.3 | 18 of 19 | 6% |
| Revenue growth | 9.6 | 6.1 | 9 of 20 | 58% |
| Profit growth | 16.6 | 45.9 | 13 of 18 | 29% |
| Market cap | 2847 | 2932 | 11 of 20 | 47% |
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 up 5.4%, profit after tax at Rs 82.55 crore | compliance | low | — | — |
| 28 Oct 2026 · Q2 revenue and gross margin rise; Heltar acquisition completed | investor communications | medium | — | — |
| 28 Oct 2026 · Board expands company objects to AI, digital identity and cloud | corporate actions | medium | — | — |
| 28 Oct 2026 · IPO redirection plan withdrawn; Q2 profit rises and 40% dividend declared | results | high | — | — |
| 28 Oct 2026 · 2,860 employee stock options lapse; ₹4 interim dividend declared | corporate actions | medium | — | — |
| 28 Oct 2026 · Rs 4 second interim dividend declared; record date November 2, 2026 | corporate actions | high | — | — |
| 28 Oct 2026 · Second interim dividend of ₹4 approved; Q2 net profit ₹82.55 crore | corporate actions | high | — | — |
| 27 Oct 2026 · Q2 revenue up 5%, net profit up 90%, Rs 4 dividend declared | results | high | — | — |
| 27 Oct 2026 · Q2 profit rebounds to Rs 82.55 crore; Rs 4 interim dividend declared | results | high | — | — |
| 16 Oct 2026 · Route Mobile to announce Q2 FY27 results on Oct 27, call on Oct 28 | results | 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.