Provides enterprise cloud migration, cloud operations, cybersecurity, managed services and AI solutions as an AWS premier-tier partner (top 1% globally), with an IntelliOps platform adopted by over 60% of customers. The model is heavily recurring: ₹118 crore, or 82.5% of FY26 revenue, came from repeat engagements, supported by monthly recurring revenue of ₹13.5 crore entering FY27 and a 95% client retention rate. Operating scale in FY26 includes ₹143.82 crore in revenue, 28 net new clients added, headcount of 168, and billable utilization of 84%. The largest cost line is materials and services at 67.2% of revenue (largely AWS consumption and third-party software passed through), with employee cost at 11.8% and other operating expense at 5.7%. The company is setting up a wholly owned US subsidiary for overseas expansion, targets ₹210 crore in FY27 revenue with ₹190 crore already contracted, and is targeting AI and cybersecurity to reach roughly 5% of FY27 revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cloud migration and cloud operations services, Cybersecurity services, Managed services, AI and data solutions (IntelliOps platform). Recurring-revenue, people-and-platform cloud services with high billable utilization and low capex.
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 144 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 14.37 |
| ROE % · ROCE % | — · 24.9 |
| Debt / equity (x) | — |
| Cash from operations | (0) |
| Capex | (1) |
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 75 | 69 |
| Profit before tax | 12 | 9 |
| Net profit | — | — |
| EPS (₹) | 9.08 | 6.16 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 7,96,690 | 16.0 | 7.34 | 10.9 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,20,891 | 14.0 | 4.51 | 8.8 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,27,456 | 18.7 | 4.35 | 11.7 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,65,785 | 13.3 | 1.88 | 7.9 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,51,018 | 26.6 | 5.02 | 16.9 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,27,635 | 24.4 | 5.29 | 15.4 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 87,015 | 44.8 | 11.10 | 29.8 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 81,708 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · BSE seeks clarification from Workmates on significant price movement | regulatory legal | high | — | — |
| 11 Sept 2026 · Workmates Core2Cloud meets analysts and investors virtually on Sept 11 | investor communications | low | — | — |
| 8 Sept 2026 · Workmates Core2Cloud to host virtual investor meet on Sep 11, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Workmates Core2Cloud meets analysts and investors at Alpha Ideas SME Stars | investor communications | low | — | — |
| 7 Sept 2026 · Workmates Core2Cloud Investor Presentation at SME Stars 2026 | investor communications | medium | — | — |
| 2 Sept 2026 · Newspaper publication of 8th AGM notice | compliance | minimal | — | — |
| 1 Sept 2026 · Intimation to non-email shareholders about Annual Report weblink | compliance | minimal | — | — |
| 1 Sept 2026 · Workmates FY26 Annual Report: Revenue 143 Cr, margins soften | investor communications | medium | — | — |
| 1 Sept 2026 · 8th AGM on 25 Sep 2026; pay hike for MD and CFO up for shareholder vote | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Newspaper publication notice for 8th AGM on 25 Sept 2026 | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 37.5 |
| 8.44 |
| 29.1 |
| 18.0 |
| 17.2 |
| 28.6 |
| 18.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.9 | 16.6 | 55 of 71 | 23% |
| ROCE | 24.3 | 14.2 | 17 of 78 | 79% |
| Market cap | 607 | 475 | 36 of 75 | 53% |
| 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 |
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.
