BSE: 526775
VALIANT COMMUNICATIONS LTD.
Designs, manufactures and supplies telecom and critical-infrastructure communication equipment — including NTP time servers, hardware network-isolation (kill switch) devices, anti-jamming GPS and NavIC timing gear, NAS/SAN data storage and cybersecurity hardware — to power utilities, railways, oil and gas, airports, defence and SCADA operators. FY26 consolidated revenue was Rs. 84.87 crore with profit after tax of Rs. 24.18 crore, and the single disclosed segment booked Rs. 72.15 crore of segment revenue at Rs. 47.93 crore of EBIT. The company reports installations in more than 110 countries; India is the largest disclosed geography at Rs. 21.39 crore for the year, with USA (Rs. 0.5 crore), Europe (Rs. 1.56 crore) and the rest of the world (Rs. 0.54 crore) making up the disclosed foreign mix. A confirmed gross order book of Rs. 6,892 lakhs is supplemented by Rs. 1,550+ lakhs of L1-status orders and Rs. 9,000+ lakhs of advanced-stage opportunities. Recent wins include a BHEL rate contract for indigenously manufactured PMU equipment, exports to Uniper SE (Germany), Oak Ridge National Laboratory (USA) and Kenya Electricity Transmission Company, and a Rs. 738 lakhs domestic purchase order for communication equipment to be delivered by 31 March 2027. Materials are the largest operating cost at 31.6% of revenue, followed by other opex at 17.9% and employee costs at 12.8%, leaving EBITDA margin at 41.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Telecom and critical-infrastructure communication equipment (100%). Asset-light Indian telecom-equipment OEM focused on secure, mission-critical networking and cybersecurity hardware for utilities and defence, with high gross margins.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13 | 32 | 46 | 51 | 85 |
| EBITDA (ex other income) | (3) | 4 | 10 | 14 | 30 |
| margin % | (24.0) | 13.6 | 22.2 | 27.1 | 35.6 |
| Owners' profit | (3) | 2 | 6 | 10 | 24 |
| EPS, as reported (₹) | (3.65) | 2.33 | 8.56 | 12.60 | 21.13 |
| ROE % · ROCE % | (8.5) · (11.5) | 5.1 · 6.6 | 12.0 · 15.8 | 15.6 · 20.5 | 25.0 · 32.8 |
| Debt / equity (x) | 0.00 | 0.05 | 0.03 | 0.03 | 0.02 |
| Cash from operations | (4) | 3 | 3 | 1 | 32 |
| Capex | (1) | (3) | (1) | (1) | (5) |
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 | 14 | 13 | 8 | 16 | 18 | 20 | 22 | 24 |
| Profit before tax | 4 | 4 | (1) | 6 | 6 | 7 | 8 | 11 |
| Net profit | 3 | 3 | (1) | 4 | 5 | 5 | 6 | 8 |
| EPS (₹) | 4.09 | 3.67 | (0.70) | 5.54 | 6.19 | 6.91 | 5.29 | 7.11 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| INDIA | 21 | 24.9 |
| USA | 4 | 4.2 |
| EUROPE | 2 | 2.0 |
| REST OF THE WORLD | 1 | 0.6 |
| India | 51 | 59.1 |
| Euope | 1 | 1.1 |
| Rest of the world | 4 | 4.2 |
| Europe | 3 | 3.7 |
| Total, before eliminations | 86 | 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. % |
|---|---|---|---|---|---|---|---|---|
| VALIANT COMMUNICATIONS LTD. ◆ | 1,867 | 64.0 | 19.34 | 52.6 | 25.0 | 32.6 | 31.4 | 47.6 |
| ADC INDIA COMMUNICATIONS LIMIT | 982 | 51.9 | 11.32 | — | 21.8 | 28.2 | — | 8.2 |
| PUNJAB COMMUNICATIONS LTD. | 61 | 20.5 | 2.00 | — | 9.8 | 9.5 | — | 5.2 |
| TELOGICA LIMITED | 47 | — | 15.56 | — | (64.4) | (86.5) | — | (13.0) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 64.0 | 20.5 | 19 of 21 | 10% |
| P/B | 19.3 | 4.5 | 21 of 21 | 0% |
| ROCE | 32.6 | 10.2 | 3 of 27 | 92% |
| ROE | 25.1 | 12.9 | 4 of 21 | 85% |
| Debt / Equity | 0.0 | 0.3 | 4 of 21 | 85% |
| EBITDA margin | 47.6 | 20.0 | 8 of 28 | 74% |
| Revenue growth | 50.4 | 9.6 | 6 of 29 | 82% |
| Profit growth | 92.7 | 36.6 | 8 of 28 | 74% |
| Market cap | 1867 | 2310 | 16 of 30 | 48% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Valiant Communications receives INR 1,476 lakh domestic order | business updates | high | — | — |
| 8 Oct 2026 · Clarification on share price movement, no undisclosed information | regulatory legal | medium | — | — |
| 7 Oct 2026 · BSE seeks clarification on significant price movement | regulatory legal | high | — | — |
| 6 Oct 2026 · Quarterly demat certificate filed under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed for insiders ahead of Q2 results | compliance | minimal | — | — |
| 30 Sept 2026 · 33rd AGM concludes; all 5 resolutions passed, Rs 1.50 dividend declared | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 33rd AGM concludes; all 5 resolutions passed, Rs 1.50 dividend declared | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · 33rd AGM concluded; all 5 resolutions passed, Rs 1.50 dividend declared | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Valiant Communications wins Rs 40.25 Cr order for Indian Power Utility sector | business updates | high | — | — |
| 10 Sept 2026 · Purchase Order of INR 1388 Lacs Received from Domestic Entity | business updates | 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 |
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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.