NSE: TATAELXSI · BSE: 500408
TATA ELXSI LIMITED
Provides product engineering, digital design and software development services to customers in three verticals — Transportation (automotive, mobility, aerospace), Media & Communications, and Healthcare & Life Sciences. Revenue is reported under two segments: Software development & services, which was the larger of the two at Rs 3,623.30 cr for FY26, and System integration & support services at Rs 105.75 cr. In Q1 FY27 the company crossed the Rs 1,000 cr quarterly operating revenue mark at Rs 1,021.1 cr, with Media & Communications up 22.2% YoY in natural currency (+11.5% in constant currency) and Transportation up 13.3% YoY in natural currency (+6.7% in constant currency). Within transportation, OEM customers contribute 78% of automotive revenue (Q1 FY27). The company sells proprietary platforms — Neuron for telecom network automation (deployed with Sky in Europe with reported 30-70% efficiency gains), ViTel for GenAI, AnaTel, and DevStudio.ai for automotive software development — alongside custom engineering, design and integration work. Employee cost is the dominant input at 58.1% of FY26 revenue and EBITDA margin was 24.9%. Strategic deals in FY26-FY27 include an MoU with SCTIMST for healthcare/MedTech, an offshore development centre for Japanese MedTech firm Terumo, and partnerships with JSW Motors and a Japanese auto OEM. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Software development & services, System integration & support services. Asset-light IT services and product engineering with demand tied to transportation, media & communications, and healthcare verticals
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,471 | 3,145 | 3,552 | 3,729 | 3,757 |
| EBITDA (ex other income) | 766 | 961 | 1,046 | 973 | 751 |
| margin % | 31.0 | 30.6 | 29.5 | 26.1 | 20.0 |
| Owners' profit | 550 | 755 | 792 | 785 | 628 |
| EPS, as reported (₹) | 88.26 | 121.26 | 127.21 | 126.03 | 100.89 |
| ROE % · ROCE % | 34.3 · 42.9 | 36.2 · 41.7 | 31.6 · 39.0 | 27.4 · 34.3 | 20.7 · 26.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 481 | 487 | 701 | 812 | 664 |
| Capex | (71) | (64) | (83) | (16) | (11) |
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 | 955 | 939 | 908 | 892 | 918 | 953 | 994 | 1,021 |
| Profit before tax | 299 | 256 | 221 | 196 | 215 | 146 | 268 | 232 |
| Net profit | 229 | 199 | 172 | 144 | 155 | 109 | 220 | 171 |
| EPS (₹) | 36.84 | 31.95 | 27.68 | 23.18 | 24.85 | 17.48 | 35.37 | 27.38 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Software development & services | 968 | 25.8 |
| System integration & support services | 26 | 0.7 |
| Software development & services | 2,697 | 71.8 |
| System integration & support services | 67 | 1.8 |
| Total, before eliminations | 3,757 | 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. % |
|---|---|---|---|---|---|---|---|---|
| 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.7 | 15.0 | 54 of 65 | 17% |
| P/B | 7.7 | 2.6 | 55 of 65 | 16% |
| ROCE | 25.7 | 14.2 | 9 of 76 | 89% |
| ROE | 20.7 | 11.5 | 11 of 64 | 84% |
| Debt / Equity | 0.0 | 0.0 | 1 of 65 | 67% |
| EBITDA margin | 25.2 | 18.4 | 15 of 65 | 78% |
| Revenue growth | 14.5 | 10.6 | 24 of 63 | 63% |
| Profit growth | 18.2 | 6.7 | 23 of 62 | 64% |
| Market cap | 23380 | 419 | 11 of 76 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Tata Elxsi Q2 FY27 Earnings Call: Revenue Up, Margins Expand | investor communications | medium | — | — |
| 14 Oct 2026 · Newspaper publication of Q2 FY2027 audited financial results | compliance | minimal | — | — |
| 13 Oct 2026 · Audio recording of Q2 FY27 earnings call shared | investor communications | low | — | — |
| 13 Oct 2026 · Tata Elxsi allots 686 shares under employee stock option plan 2023 | capital market events | low | — | — |
| 13 Oct 2026 · Q2 FY27 results: revenue up 15% YoY, EBITDA margin expands 70 bps | investor communications | medium | — | — |
| 13 Oct 2026 · Tata Elxsi Q2 FY27: Revenue up 3.4% QoQ, 15% YoY; EBITDA margin expands | compliance | low | — | — |
| 13 Oct 2026 · Tata Elxsi appoints Deloitte Haskins and Sells as new statutory auditor | management changes | medium | — | — |
| 13 Oct 2026 · Tata Elxsi Q2 FY27: revenue up 15%, PAT up 10% YoY with strong cash flows | results | high | — | — |
| 7 Oct 2026 · Tata Elxsi files Q2 FY27 demat confirmation certificate to SEBI | compliance | minimal | — | — |
| 6 Oct 2026 · Tata Elxsi Q2 FY27 earnings call scheduled for October 13, 2026 | 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.