NSE: VAKRANGEE · BSE: 511431
VAKRANGEE LIMITED
Operates a pan-India retail-outlet network called Vakrangee Kendras that distribute banking, insurance, ATM, e-governance and healthcare services to consumers in rural and semi-urban India, with over 84% of outlets located in Tier 4 to Tier 6 geographies. Revenue is reported under two segments: Vakrangee Kendra, which earns 75.8% of segment revenue (₹210.37 cr in FY26) by acting as a last-mile distribution and transaction-processing point for banks, insurers, and government services, and ATM Products/Services, which makes up the remaining 24.2% (₹67.29 cr) and covers White Label ATM operations and the sale of ATMs manufactured by subsidiary Vortex Engineering. The ATM segment ran at an EBIT margin of -1.6% in FY26, while the Kendra segment earned a 7.7% EBIT margin, lifting consolidated EBITDA margin to 13.4%. Strategic alliances added in FY26 cover general insurance (Bajaj General Insurance), life insurance (IndiaFirst Life), home-loan lead generation (Tyger Home Finance) and credit access (Tyger Capital). The company is debt-free, with employee costs at 15.1% of revenue and capex at 6.4%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Vakrangee Kendra (76%), Sale of ATM Products/Services (24%). Distribution-led financial-services platform with a Tier 4-6 retail outlet network and an in-house ATM-manufacturing subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 779 | 197 | 213 | 255 | 255 |
| EBITDA (ex other income) | 153 | 18 | 27 | 24 | 28 |
| margin % | 19.7 | 9.3 | 12.7 | 9.5 | 10.9 |
| Owners' profit | 110 | 1 | 0 | 7 | 11 |
| EPS, as reported (₹) | 1.03 | 0.01 | 0.04 | 0.06 | 0.10 |
| ROE % · ROCE % | 4.0 · 5.1 | 0.8 · 2.7 | 2.7 · 7.2 | 3.0 · 4.9 | 5.0 · 6.8 |
| Debt / equity (x) | 0.00 | 0.47 | 0.07 | 0.00 | 0.02 |
| Cash from operations | 48 | (42) | 31 | (21) | 61 |
| Capex | (8) | (8) | (7) | (14) | (16) |
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 | 65 | 68 | 63 | 69 | 69 | 60 | 57 | 56 |
| Profit before tax | 1 | 2 | 4 | 5 | 4 | 4 | 2 | 4 |
| Net profit | 1 | 1 | 3 | 3 | 3 | 3 | 2 | 2 |
| EPS (₹) | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 | 0.03 | 0.01 | 0.02 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Vakrangee Kendra | 210 | 75.8 |
| Sale of Automated Teller Machines (‘ATM’) Products/Services | 32 | 11.6 |
| Sale of Automated Teller Machines (‘ATM’) Products/Services | 12 | 4.3 |
| Sale of ATM Products and Services | 23 | 8.4 |
| Total, before eliminations | 278 | 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. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 33,596 | 25.4 | 5.17 | 15.3 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,916 | 38.4 | 10.68 | 27.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 28,174 | 50.6 | 7.18 | 30.6 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 26,967 | 103.2 | 37.28 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 20,285 | 20.4 | 2.10 | 11.5 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,743 | 41.3 | 5.41 | 26.9 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 15,133 | 64.9 | 11.76 | 30.1 | 16.9 | 9.5 | 6.2 | 8.4 |
| E2E NETWORKS LIMITED | 14,903 | 338.8 | — | — | — | — | — | 82.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 56.4 | 18.5 | 66 of 76 | 13% |
| P/B | 2.5 | 2.1 | 41 of 70 | 41% |
| ROCE | 6.2 | 9.6 | 54 of 86 | 38% |
| ROE | 5.0 | 9.2 | 45 of 70 | 36% |
| Debt / Equity | 0.0 | 0.0 | 30 of 70 | 58% |
| EBITDA margin | 15.4 | 13.0 | 30 of 69 | 57% |
| Revenue growth | (18.8) | 20.8 | 59 of 67 | 12% |
| Profit growth | (32.0) | 14.6 | 53 of 64 | 18% |
| Market cap | 550 | 275 | 38 of 88 | 58% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Trading Window Closure for Q2 and Half Year FY27 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Vakrangee 36th AGM voting results filed with stock exchanges | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · 36th AGM held via video conferencing on September 23, 2026 | board shareholder meetings | medium | — | — |
| 15 Sept 2026 · Allotment of 4,12,500 shares under ESOP 2014 scheme | capital market events | low | — | — |
| 31 Aug 2026 · Vakrangee submits BRSR for FY 2025-26 with key ESG disclosures | general | low | — | — |
| 31 Aug 2026 · Vakrangee FY26 Annual Report: PAT up 79 percent, margins improve | results | high | — | — |
| 31 Aug 2026 · Vakrangee fixes book closure for 36th AGM on Sep 23, 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · Vakrangee 36th AGM Notice: Sept 23, 2026; E-voting Sep 20-22 | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Vortex gets 540 ATM order worth Rs.37.79 cr from public sector bank | business updates | high | — | — |
| 29 Jul 2026 · Vakrangee Q1 FY27 Results: PAT up 39% QoQ, EBITDA margin expands | investor communications | medium | — | — |
How to read this document
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|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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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.