Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep
Source: Bse
ACS Technologies Limited (ACSTECH)
Small CapIT stocks · Small cap · NSE
ACS Technologies, established in 1980 by engineers from IBM, Bell Labs, and ECIL, builds AI, software, IoT, and IT infrastructure for India's defence forces, government, and enterprise. Listed on BSE and NSE, the company focuses on converging AI, sensors, maps, and drones into a single system. FY26 revenue was ₹264 Cr with 350+ employees.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:50 pm ISTDetails
Quote19 Oct, 05:50 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result13 Aug, 03:41 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
74BullishSMA20 +34.2% / mo · MACD − · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 56
Sector RS: 100
Sector 3M: +8.9% vs Nifty 500 -5.6%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ACSTECHD candles · FIT view+62.3%Latest close ₹64.92 on 2026-10-19
Daily history is available from 2026-04-20; the requested 1Y window is partially covered.
Bar
-2.4%
RSI
44
MACD hist
-2.15
52W pos
63%
2026-10-19O ₹66.51H ₹66.60L ₹64.92C ₹64.92Vol 2.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ACSTECHNifty ITNifty 500
- ACSTECH
- +55.9%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +61.4 pp
Chart stats
19 Oct 2026- From 52W high
- -23.1%
- 52W range position
- 63%
- ATR (14)
- 3.4%
- Volume vs 20D
- 1.27x
- Avg traded value
- ₹1.3 Cr
- 20D price channel
- ₹63.7 - ₹84.4
₹84.4
₹31.7 - ₹84.4
₹2.2
Latest completed session
20-session average
48.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +244.3% · PAT +378.1% YoY
Technical
Bullish74
Price trend and sector-relative-strength timing.
Valuation
Legacy model-9.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 67/100Rev +244% YoY · PAT +378% YoY · operating leverage · margin compression
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹95.1 Cr | +244.3% | -21.5% |
| EBITDA | ₹7.6 Cr | +203.2% | +64.1% |
| Operating margin | 7.9% | -107 bps | +415 bps |
| PAT | ₹3.9 Cr | +378.1% | +75.8% |
| PAT margin | 4.1% | +115 bps | +228 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 47.50
- P/B
- 3.47
- EV/EBITDA
- 19.86
- Market Cap
- 529.00Cr
Profitability
- ROE
- 6.84%
- ROCE
- 10.30%
- ROA
- 4.86%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- 41.42%
- Revenue 3Y
- 56.00%
- EPS 3Y
- 40.00%
Balance Sheet
- Debt/Equity
- 0.35
- Interest Coverage
- 8.33×
- Altman Z
- 5.10
- Book Value
- 22.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -36.00 Cr
- EPS TTM
- 1.84
Shareholding
- Promoter Hold
- 37.37%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 84%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 264+107.9% vs prev
Net Profit
₹ CrLatest: 9.0+80.0% vs prev
Return on Equity
%Latest: 6.7+33.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 44. Wait for confirmation.
- SMA20 rising (~25.5% over last month) — short-term momentum positive.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 23% off 52W high · 105% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
92
RS percentile
Insufficient history
1M return
-1.9%
3M return
+55.9%
6M return
+56.8%
1Y return
-
RS 1D
0
RS 20D
-
Sector rank
#8
Industry rank
#39
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
price above
200-DMA
unavailable
Sector
improving
Industry
improving
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
127 observations
19 Oct 2026Value 168.37-0.98%
RS vs Nifty 500168
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth16/25
Quality1/20
Balance Sheet7/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 16/25 to the score.
- Balance sheet contributes 7/15 to the score.
- Quality contributes 1/20 to the score.
Main drags
- Fair-value margin of safety is negative at -9.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
47.5
PB
3.5
EV/EBITDA
19.9
ROE
6.8%
ROCE
10.3%
FCF Yield
—
Debt/Equity
0.3
MoS
-9.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-9.9%
Previous: -11.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
27
27
27
27
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹30.18
-115.1% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹59.06
-9.9% MoS
PEG
1.16
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
INTENTECH
Small
Intense Technologies Limited
IT Services / Digital
match 161
32
12.2
11.5%
-108%
WATCHLIST
AAATECH
Small
AAA Technologies Limited
IT Services / Digital
match 159
17
57.2
6.7%
-81%
OVERVALUED
ABMKNO
Small
ABM Knowledgeware Limited
IT Services / Digital
match 156
20
39.1
4.0%
-1092%
OVERVALUED
ORIENTCER
Small
ORIENT CERATECH LIMITED
IT Services / Digital
match 139
37
15.5
7.8%
-17%
WATCHLIST
DCI
Small
Dc Infotech And Communication Limited
IT Services / Digital
match 138
46
25.8
23.6%
+21%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-07T07:45:41.950Z
Management commentary snapshot
ACS Technologies reported robust financial growth in FY26, with revenue increasing by 108% YoY to ₹264 Cr and PAT growing by 76% YoY to ₹8.52 Cr. This marks an acceleration from FY25's 55% revenue growth, driven by its converged platform strategy.
The company's strategy of converging AI, IoT, GIS, and drones appears to be driving significant financial growth, with revenue more than doubling in FY26. Management claims this integrated approach creates a durable moat, leveraging defence-grade trust and proprietary data. Sustaining this accelerated growth will be key.
Growth engines
Convergence of Technologies
The company's core thesis is that the moat is in the convergence of AI, IoT, GIS, and Drones into a single, real-time operating picture, which is stated as the engine of growth.
Defence-grade Trust
Cleared to deliver mission systems for the Army, Navy, and Air Force, providing a strong competitive advantage in a critical sector.
Compounding Proprietary Data
Every deployment feeds proprietary geospatial and sensor datasets, enhancing models and creating a compounding data advantage.
45-year Delivery Muscle
Long-standing relationships and an execution record built over 45 years are slow and costly for competitors to replicate.
Tailwinds
Defence Indigenisation
"Make in India" mandates are pushing demand for AI, surveillance, and autonomous systems to domestic builders.
Liberalised Geospatial Policy
2021 reforms opened high-resolution mapping and survey to private players, expanding market opportunities.
Drone Acceleration
Import restrictions and the PLI scheme are scaling domestic drone and analytics demand, with India drone market projected at ~$1.4B by 2030 (24.4% CAGR).
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The investor presentation explicitly provides year-on-year growth rates for revenue and PAT over multiple fiscal years (FY24-FY26), indicating that annual performance is the primary focus for assessing financial trends.
Sector KPIs management disclosed
Revenue Growth
Revenue grew +55% in FY25 and +108% in FY26, reaching ₹264.4 Cr.
PAT Growth
PAT grew from ₹4.27 Cr in FY24 to ₹4.84 Cr in FY25 (+13.3%) and to ₹8.52 Cr in FY26 (+76%).
Revenue CAGR (FY24-26)
The company achieved approximately 79% Revenue CAGR over FY24-26.
PAT CAGR (FY24-26)
The company achieved approximately 41% PAT CAGR over FY24-26.
Management forward view
Patentable Innovation Pipeline
Management has filed a patent for AI-driven acoustic analysis and plans additional filings in drone autonomy, sensor fusion, and quantum-enhanced navigation.
Quantum Research Programme
Three active research tracks (Quantum Sensing, Quantum Key Distribution, Hybrid Quantum-Classical AI) are underway with commercial licensing and defence deployment potential.
Strategic Partnerships
Recent MoUs with XDLINX Space Labs (space/EO), Tahaluf AI (exclusive reseller for AI/IoT in India), and IBM (Quantum Computing research) aim to extend the converged stack and market reach.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth Rate | +108% YoY in FY26 | Sustained acceleration or deceleration in annual revenue growth, particularly from the converged platform offerings. |
| PAT Growth Rate | +76% YoY in FY26 | Maintenance or improvement in PAT growth, indicating effective cost management and profitability from scaling operations. |
| IP Patent Filings/Grants | One patent application filed for AI-driven acoustic analysis, in examination stage. | Progress on existing patent applications and new filings in drone autonomy, sensor fusion, and quantum-enhanced navigation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
63Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 36th percentile within IT. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
9 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · IT: 36th pctile, median 69 · Small: 43rd pctile, median 66
Evidence depth
Financial-only
9 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
60
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 6%.
- ▸Operating cash flow is negative at ₹-36 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROE is low at 6.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching ACS Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Conversion of Securities 3 Jul - Board allotted 86.95 lakh equity shares on warrant conversion, receiving ₹20.38 crore on 3 July 2026.
Source: Bse
Investor presentationJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 23 Jun - 23 June 2026 investor conference with PhillipCapital; no UPSI shared, presentation uploaded.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 13 Aug - CARE report for quarter ended 30 June 2026 shows nil deviation and ₹20.38 crore unutilized.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement Under Regulation 30 (LODR) 13 Aug - Board approved Q1 FY27 results, proposed MOA change for quantum activities, and related party transactions.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jun - ACS Technologies will attend PhillipCapital PCG Investor Conference in Mumbai on June 23, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 19 Jun - ACS Technologies achieved CMMI Level 3 appraisal for DEV and SVC domains on June 19, 2026.
Source: Bse
Announcement
Announcement Under Regulation 30(LODR) 25 Jun - Board approved ₹4.09 crore ECLGS 5.0 working capital loan; total banking facilities rise to ₹48.74 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 May
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) 28 May - Board approved FY26 audited standalone and consolidated results, auditor reports, and monitoring agency report.
Source: Bse
Announcement
Compliances-Reg.24(A)-Annual Secretarial Compliance 28 May - Submitted Annual Secretarial Compliance Report for FY 2025-26 under Regulation 24A.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.