BSE: 544610
WORKMATES CORE2CLOUD SOLUTION
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.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 75 | 69 |
| Profit before tax | 12 | 9 |
| Net profit | — | — |
| EPS (₹) | 9.08 | 6.16 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 9,03,878 | 18.1 | 8.33 | 12.4 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,71,713 | 15.7 | 5.06 | 9.9 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,85,530 | 22.1 | 5.13 | 13.8 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,85,195 | 14.8 | 2.10 | 8.8 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,77,517 | 31.3 | 5.90 | 19.9 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,20,167 | 23.0 | 4.98 | 14.5 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 92,008 | 47.4 | 11.74 | 31.5 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 88,367 | 40.6 | 9.13 | 31.5 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.8 | 15.1 | 47 of 65 | 28% |
| ROCE | 24.3 | 14.2 | 16 of 76 | 80% |
| Market cap | 566 | 425 | 35 of 76 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Workmates Core2Cloud updates on analyst investor meet held on 8 Oct 2026 | investor communications | low | — | — |
| 8 Oct 2026 · RTA certificate filed under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 5 Oct 2026 · Workmates Core2Cloud schedules analyst meet on Oct 8 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 8th AGM Results: All 4 Resolutions Passed at Workmates Core2Cloud | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Workmates Core2Cloud 8th AGM held; 4 resolutions voted on | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Trading Window Closure from October 1 for Q2 Results Declaration | compliance | minimal | — | — |
| 13 Sept 2026 · Clarification on share price movement - no undisclosed material event | compliance | minimal | — | — |
| 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 | — | — |
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.