NSE: WEWIN · BSE: 543535
WE WIN LIMITED
Provides customer relationship management (CRM) and call centre services, which made up 90% of FY26 revenue at Rs 85.07 crore, with software services contributing the remaining 10% at Rs 9.47 crore. The call centre segment generated Rs 1.29 crore in EBIT, while the newer software services segment earned Rs 2.35 crore in EBIT. Employee costs dominate the cost structure, reflecting the labour-intensive nature of the operations. A Rs 8.70 crore work order received from Madhya Pradesh Road Development Corporation covers implementation services for an accident response system and traffic management centre over three years, extendable by two more years based on performance. FY26 revenue grew 19.3% to Rs 93.65 crore, and the company flagged higher employee costs from a Uttar Pradesh minimum wage revision. Operating cash flow was Rs 485.87 lakh in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Call Center Services (90%), Software Services (10%). Labour-intensive BPO/CRM services with a small but higher-margin software diversification
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 49 | 65 | 78 | 94 |
| EBITDA (ex other income) | 5 | 6 | 6 | 6 |
| margin % | 9.8 | 8.7 | 8.2 | 6.2 |
| Owners' profit | 2 | 0 | 0 | 0 |
| EPS, as reported (₹) | 2.57 | 2.69 | 1.85 | 2.82 |
| ROE % · ROCE % | 10.1 · 13.9 | 9.2 · 13.7 | 5.8 · 13.4 | 14.3 · 11.3 |
| Debt / equity (x) | 0.24 | 0.27 | 0.44 | 0.11 |
| Cash from operations | 1 | 14 | 3 | 5 |
| Capex | (2) | (3) | (10) | (2) |
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 | 19 | 20 | 19 | 20 | 20 | 21 | 22 | 31 |
| Profit before tax | 1 | 0 | (0) | 2 | 1 | 1 | 1 | 1 |
| Net profit | 1 | 0 | (0) | 1 | 1 | 2 | 1 | 1 |
| EPS (₹) | 0.65 | 0.21 | (0.09) | 1.09 | 0.49 | 1.77 | 0.85 | (0.38) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Call Center Services | 22 | 69.7 |
| Software Services | 9 | 30.3 |
| Total, before eliminations | 31 | 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. % |
|---|---|---|---|---|---|---|---|---|
| FIRSTSOURCE SOLU. LTD. | 21,474 | 31.7 | 4.90 | 15.8 | 15.4 | 14.5 | 13.5 | 14.2 |
| ECLERX SERVICES LTD | 17,162 | 15.8 | 6.69 | 14.3 | 27.6 | 31.3 | 21.4 | 24.6 |
| RPSG VENTURES LIMITED | 2,733 | — | 0.62 | 5.7 | 0.0 | 1.6 | 15.1 | 19.0 |
| ONE POINT ONE SOL LTD | 1,889 | 42.0 | 4.08 | 22.4 | 8.3 | 7.0 | — | 24.9 |
| HINDUJA GLOBAL SOLS. LTD. | 1,549 | — | 0.18 | 3.6 | 0.1 | (0.8) | (5.1) | 11.1 |
| ALLDIGI TECH LIMITED | 1,241 | 14.5 | 4.94 | 7.1 | 32.8 | 23.4 | 16.7 | 29.5 |
| NSB BPO Solutions Limited | 54 | 3.6 | — | — | — | 6.0 | — | — |
| WE WIN LIMITED ◆ | 46 | 16.7 | 1.49 | 7.4 | 14.3 | 10.0 | — | 6.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.7 | 15.2 | 6 of 8 | 29% |
| P/B | 1.5 | 1.6 | 4 of 9 | 63% |
| ROCE | 10.0 | 7.0 | 5 of 11 | 60% |
| ROE | 14.3 | 8.3 | 4 of 9 | 63% |
| Debt / Equity | 0.1 | 0.1 | 5 of 9 | 50% |
| EBITDA margin | 6.4 | 19.0 | 8 of 9 | 13% |
| Revenue growth | 51.7 | 22.9 | 2 of 9 | 88% |
| Profit growth | (15.9) | 0.8 | 7 of 9 | 25% |
| Market cap | 46 | 1241 | 8 of 11 | 30% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board to approve September quarter results on 3 November 2026 | results | low | — | — |
| 23 Oct 2026 · We Win wins Rs 4.37 crore Uttarakhand health helpline order | business updates | medium | — | — |
| 8 Oct 2026 · RTA certificate on share dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Insider trading compliance certificate for September 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · We Win Limited confirms no NCD or bond payments due for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · No non-convertible securities with payments due this quarter | compliance | minimal | — | — |
| 26 Sept 2026 · AGM voting results: all 5 resolutions passed with 100% approval | compliance | minimal | — | — |
| 25 Sept 2026 · We Win Limited holds 19th AGM on Sept 25, 2026; voting results awaited | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading Window Closure for Q2 FY27 Results Period | compliance | minimal | — | — |
| 21 Sept 2026 · Transmission of Promoter Group Shares Completed After Demise | ownership changes | medium | — | — |
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.