NSE: TAALTECH · BSE: 539956
TAAL TECH LTD.
TAAL Tech Limited (formerly TAAL Enterprises Limited, name changed effective November 4, 2025) operates an engineering and design services business that generated essentially all of its FY26 consolidated revenue of ₹197.43 crore. The company provides engineering design services, primarily to overseas clients, and runs subsidiaries in the USA, Switzerland and the UK. Despite being classified under the "Airline" basic industry and retaining an "Air Charter" segment in its reporting, the Air Charter line reported zero revenue across multiple quarters in FY25 and FY26, leaving Engineering Design Service as the sole revenue-generating line; segment EBIT for engineering design was ₹49.81 crore on revenue of ₹194.86 crore in FY25. The business is people-intensive: employee costs were 58.2% of revenue in FY26, while other operating expenses were 11.7% and depreciation 2.0%, producing a 39.88% EBITDA margin. Capex was just 0.1% of revenue. FY26 net profit was ₹56.72 crore on EPS of ₹181.99, and the Board declared two interim dividends of ₹35 per share (₹10.91 crore payout per tranche, totalling about ₹20.26 crore for FY26). Q3 FY26 standalone revenue was ₹4,411.70 lakhs with PAT of ₹1,078.56 lakhs, while the company recorded a one-time ₹332.76 lakh hit related to new Labour Codes. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Engineering Design Service (100%), Air Charter (0%). People-intensive, single-segment engineering design services with negligible capex and high operating margins
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 129 | 159 | 187 | 185 | 197 |
| EBITDA (ex other income) | 40 | 43 | 47 | 59 | 60 |
| margin % | 31.1 | 27.3 | 25.1 | 31.7 | 30.2 |
| Owners' profit | 32 | 31 | 37 | 49 | 57 |
| EPS, as reported (₹) | 102.41 | 100.20 | 119.22 | 156.55 | 181.99 |
| ROE % · ROCE % | 32.3 · 45.7 | 25.2 · 35.2 | 22.9 · 31.4 | 23.9 · 32.8 | 23.1 · 30.5 |
| Debt / equity (x) | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 30 | 22 | 34 | 41 | 19 |
| Capex | (4) | (3) | (3) | (2) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 48 | 49 | 43 | 45 | 46 | 49 | 46 | 57 |
| Profit before tax | 15 | 20 | 15 | 16 | 19 | 19 | 16 | 21 |
| Net profit | 11 | 15 | 11 | 12 | 14 | 14 | 12 | 17 |
| EPS (₹) | 34.54 | 46.62 | 36.45 | 38.94 | 44.00 | 45.79 | 37.15 | 55.06 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTERGLOBE AVIATION LTD | 2,11,757 | — | 42.17 | 17.7 | (42.2) | (2.0) | 42.1 | 8.2 |
| SPICEJET LTD. | 1,151 | — | — | — | 30.5 | 69.5 | (15.5) | (12.8) |
| TAAL TECH LTD. ◆ | 284 | 5.0 | 1.16 | 4.5 | 23.1 | 30.3 | 13.5 | 31.0 |
| GLOBAL VEC HELICORP LTD | 175 | — | — | — | 398.5 | (12.0) | — | 8.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.1 | 15.1 | 8 of 65 | 89% |
| P/B | 1.2 | 1.4 | 22 of 57 | 61% |
| ROCE | 30.3 | 5.6 | 2 of 71 | 99% |
| ROE | 23.1 | 5.6 | 4 of 56 | 95% |
| Debt / Equity | 0.0 | 0.3 | 1 of 57 | 95% |
| EBITDA margin | 31.1 | 6.7 | 8 of 79 | 91% |
| Revenue growth | 27.6 | 15.2 | 25 of 63 | 61% |
| Profit growth | 41.4 | 50.5 | 31 of 57 | 46% |
| Market cap | 287 | 155 | 36 of 78 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 3 Nov 2026 · Rs 5 per share interim dividend declared, record date November 13 | corporate actions | high | — | — |
| 3 Nov 2026 · TAAL Tech declares Rs 5 interim dividend for FY 2026-27 | corporate actions | high | — | — |
| 3 Nov 2026 · Consolidated Sep 2026 quarter results approved; standalone profit up 47%, ₹5 dividend | results | high | — | — |
| 3 Nov 2026 · Consolidated September 2026 results approved; standalone profit up 46.5%; ₹5 interim dividend | results | high | — | — |
| 28 Oct 2026 · Board meeting to approve September quarter results and dividend | results | low | — | — |
| 13 Oct 2026 · Quarterly Reg 74(5) Depository Compliance Certificate for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 16 Sept 2026 · Stock split - 1 share of Rs.10 to 5 shares of Rs.2 | corporate actions | medium | — | — |
| 2 Sept 2026 · Stock Split 1:5 - Record Date Sep 22, 2026 | corporate actions | high | — | — |
| 2 Sept 2026 · TAAL Tech AGM: All 9 resolutions passed; stock split approved | 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.