NSE: TECHNVISN · BSE: 501421
TECHNVISION VENTURES LTD.
Operates as the listed Indian parent of a group of overseas-focused IT services and enterprise software companies. Revenue is generated primarily through US-based affiliates Solix Technologies, an enterprise data management and AI platform provider offering archiving, ILM, eDiscovery and cloud solutions, and Emagia Corporation, which sells AI-driven autonomous finance software for order-to-cash, accounts receivable, e-invoicing and tax compliance. Other group entities include Siti Corporation USA, Accelforce, and 5 Elements Homes. Emagia's platform is used by global enterprises and has secured Avalara's electronic invoice reporting certification, while Solix has opened new offices in London, Mexico City and Singapore to drive its data and AI services business. Domestic India revenue is negligible, with overseas operations the dominant contributor. The business model is people-intensive, with employee costs representing the majority of revenue and other operating expenses adding to a heavy cost base that leaves EBITDA margins extremely thin. Consolidated operating cash flow turned negative during FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Enterprise data management and AI (Solix Technologies affiliate), Autonomous finance software (Emagia Corporation affiliate), Other overseas IT services and software subsidiaries. Asset-light IT services and enterprise software business operating through US affiliates, with very thin margins and high people intensity.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 120 | 152 | 193 | 228 | 269 |
| EBITDA (ex other income) | 15 | 2 | 17 | 4 | 6 |
| margin % | 12.2 | 1.4 | 8.7 | 1.6 | 2.1 |
| Owners' profit | 13 | 0 | 14 | 0 | 0 |
| EPS, as reported (₹) | 19.98 | 0.35 | 21.57 | 0.18 | 0.34 |
| ROE % · ROCE % | 920.8 · 88.1 | 16.4 · 4.4 | 88.8 · 36.7 | 0.7 · 8.9 | 1.4 · 9.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.89 | 0.26 | 1.32 |
| Cash from operations | 3 | 2 | 18 | 15 | 6 |
| Capex | (2) | (2) | (2) | (9) | (46) |
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 | 52 | 55 | 81 | 39 | 57 | 71 | 74 | 67 |
| Profit before tax | 2 | (2) | 2 | (1) | 1 | 1 | 4 | (3) |
| Net profit | 2 | (3) | 1 | (1) | 0 | 1 | 4 | (4) |
| EPS (₹) | 3.44 | (4.11) | 2.17 | 1.32 | 0.05 | 1.14 | 5.91 | (6.75) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| overseas | 138 | 51.3 |
| domestic | 0 | 0.1 |
| OVERSEAS | 131 | 48.6 |
| DOMESTIC | 0 | 0.0 |
| Total, before eliminations | 269 | 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. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 86,739 | 25.4 | 11.08 | 22.8 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED | 7,929 | 14.8 | 3.19 | 9.4 | 20.5 | 25.0 | 13.5 | 17.6 |
| C.E. INFO SYSTEMS LIMITED | 4,555 | 33.1 | 5.03 | 19.7 | 14.8 | 21.3 | — | 54.2 |
| CAPILLARY TECHNO INDIA L | 4,188 | 99.1 | 4.09 | 31.9 | 5.1 | 4.9 | — | 4.9 |
| TECHNVISION VENTURES LTD. ◆ | 2,278 | 10371.4 | 151.84 | 304.0 | 1.4 | 5.5 | 25.5 | (3.0) |
| Mobavenue AI Tech Limited | 2,087 | 16.5 | 23.05 | 43.6 | 32.4 | 30.8 | — | 21.8 |
| RAMCO SYSTEMS LTD. | 1,964 | 47.0 | 5.55 | 12.8 | 11.9 | 11.0 | 2.3 | 16.0 |
| NUCLEUS SOFTWARE EXPORTS | 1,746 | 16.6 | 1.92 | 9.9 | 12.9 | 15.2 | 11.3 | 16.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10371.4 | 18.1 | 32 of 32 | 0% |
| P/B | 151.8 | 1.5 | 38 of 38 | 0% |
| ROCE | 5.5 | 4.8 | 19 of 40 | 54% |
| ROE | 1.4 | 3.5 | 22 of 38 | 43% |
| Debt / Equity | 1.3 | 0.0 | 36 of 38 | 5% |
| EBITDA margin | (3.0) | 17.2 | 31 of 35 | 12% |
| Revenue growth | 70.5 | 9.7 | 5 of 33 | 88% |
| Profit growth | (413.1) | (12.0) | 38 of 41 | 8% |
| Market cap | 2278 | 41 | 5 of 44 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · US subsidiary Solix announces agenda for SOLIXEmpower 2026 conference | business updates | low | — | — |
| 1 Oct 2026 · AGM 2026: All 3 resolutions passed, including director remuneration revision | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 46th AGM proceedings held via video conference, 3 resolutions passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closure ahead of Q2 FY26-27 results | compliance | minimal | — | — |
| 7 Sept 2026 · Technvision Ventures book closure for 46th AGM on 30 Sep 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · Annual Report FY2025-26 filed; AGM on September 30, 2026 | results | high | — | — |
| 7 Sept 2026 · Notice of 46th AGM on Sep 30, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Board Outcome: 46th AGM on Sep 30, 2026; Book Closure Sep 19 to Sep 30 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Q1 FY27: Standalone net profit up 3x to Rs 38.94 lakh, revenue rises 18.6% | results | high | — | — |
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.