NSE: SECMARK · BSE: 543234
SECMARK CONSULTANCY LTD
Operates as a single-segment software consultancy and technology services company, with FY26 consolidated revenue of Rs 37.54 crore and an EBITDA margin of 22.1%. In Q3 FY26 the standalone business brought in Rs 724.88 lakhs of revenue from operations, down about 9.4% from Rs 799.86 lakhs a year earlier, and the company slipped into a standalone loss after tax of Rs 188.31 lakhs in that quarter. Two existing subsidiaries — Markets on Cloud and Sutra Software Services — reported NIL revenue, so the consolidated and standalone results are effectively the same. The largest cost line is other operating expenses at 52.1% of revenue, followed by employee costs at 29.2% and depreciation at 12.3%; capex ran at 22.2% of revenue in FY26. The Board has approved plans to invest up to Rs 15 crore into a new Account Aggregator NBFC (NBFC-AA) under RBI rules, and up to Rs 10 crore into a GIFT City (IFSC) trustee-license entity, with the proposed AA subsidiary named SecMark Financial Aggregation Private Limited. Borrowings nearly doubled to Rs 1,285.48 lakhs in FY26 from Rs 656 lakhs the year before. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Software consultancy and technology services. Small, single-segment IT consultancy with dormant subsidiaries, currently diversifying into RBI-regulated Account Aggregator and IFSCA-regulated trustee businesses.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15 | 17 | 25 | 35 | 38 |
| EBITDA (ex other income) | — | — | 1 | 9 | 7 |
| margin % | — | — | 5.0 | 26.5 | 18.7 |
| Owners' profit | — | — | (2) | 4 | 0 |
| EPS, as reported (₹) | 6.39 | (5.03) | (2.28) | 4.13 | 2.46 |
| ROE % · ROCE % | — · 14.9 | — · (35.9) | (15.2) · (13.2) | 20.9 · 29.0 | 11.0 · 15.3 |
| Debt / equity (x) | — | — | 0.69 | 0.32 | 0.55 |
| Cash from operations | 4 | (5) | 4 | 4 | 12 |
| Capex | — | — | (0) | (0) | (8) |
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 | 9 | 8 | 12 | 7 | 9 | 7 | 14 | 10 |
| Profit before tax | 0 | (0) | 5 | (1) | 1 | (3) | 6 | (0) |
| Net profit | 0 | (0) | 4 | (1) | 1 | (2) | 4 | (0) |
| EPS (₹) | 0.20 | (0.01) | 3.78 | (0.87) | 0.83 | (1.81) | 4.30 | (0.18) |
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) | 47.5 | 15.0 | 61 of 65 | 6% |
| P/B | 6.7 | 2.6 | 54 of 65 | 17% |
| ROCE | 14.3 | 14.2 | 38 of 76 | 51% |
| ROE | 11.0 | 11.5 | 36 of 64 | 44% |
| Debt / Equity | 0.6 | 0.0 | 56 of 65 | 14% |
| EBITDA margin | 13.4 | 18.4 | 42 of 65 | 36% |
| Revenue growth | 55.5 | 10.6 | 8 of 63 | 89% |
| Profit growth | 79.3 | 6.7 | 8 of 62 | 89% |
| Market cap | 156 | 419 | 48 of 76 | 37% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · SecMark publishes September 2026 unaudited results in two newspapers | compliance | minimal | — | — |
| 27 Oct 2026 · SecMark plans up to Rs 48 crore investment for Mineral Exchange | strategic transactions | high | — | — |
| 27 Oct 2026 · September quarter revenue rises 28%, profit turns negative; Rs 48 crore mineral exchange plan | results | high | — | — |
| 27 Oct 2026 · Q2 loss and Rs 48 crore mineral exchange plan approved | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting on Oct 27 to approve Q2 and H1 FY27 results | results | low | — | — |
| 12 Oct 2026 · Non-applicability certificate for Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM 2026: All 4 resolutions passed with 100 percent shareholder approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 15th AGM held; financials adopted, director remuneration approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window Closed from Oct 1 for Q2 Results Declaration | compliance | minimal | — | — |
| 9 Sept 2026 · Newspaper publication of 15th AGM notice | 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.