Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Nse
All E Technologies Ltd. (ALLETEC)
SME CapIT stocks · SME cap · NSE
All E Technologies Ltd. (ALLETEC) is an Indian IT services company focused on digital transformation, leveraging its strong partnership with Microsoft. It offers a full stack of Microsoft solutions including Business Applications, Data & AI, Infrastructure, and Security, serving diverse industries globally across USA, Canada, Singapore, Kenya, India, and UAE.
₹116.65
-3.90 · -3.24%
Market cap ₹243 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:14 pm ISTDetails
Quote21 Oct, 03:14 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:39 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 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
56Neutralfull bear SMA stack · SMA20 -4.4% / mo · MACD + · near 52W low · sector +19.1pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 100
Sector 3M: +13.3% vs Nifty 500 -5.8%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ALLETECD candles · FIT view-31.8%TODAY · PROVISIONALLatest price ₹116.65 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-2.8%
RSI
41
MACD hist
0.05
52W pos
2%
2026-10-21O ₹120.00H ₹120.00L ₹116.00C ₹116.65Vol 12,400 shIntraday candle
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
ALLETECNifty ITNifty 500
- ALLETEC
- -12.6%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- -7.1 pp
Chart stats
19 Oct 2026- From 52W high
- -56.5%
- 52W range position
- 5%
- ATR (14)
- 5.0%
- Volume vs 20D
- 1.02x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹113 - ₹133.8
₹277.4
₹113 - ₹277.4
₹6
Latest completed session
20-session average
40.1% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Good U-Score but weak results consistency: verify latest quarters.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · DEEP VALUE82
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +9.1% · PAT -19.9% YoY
Technical
Neutral56
Price trend and sector-relative-strength timing.
Valuation
Legacy model+70.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
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
Bad · 0/100PAT -20% YoY · margin compression · Rev +9% YoY · +7% QoQ
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹37.2 Cr | +9.1% | +7.0% |
| EBITDA | ₹4.7 Cr | -28.8% | +9.7% |
| Operating margin | 12.5% | -666 bps | +31 bps |
| PAT | ₹5.1 Cr | -19.9% | -13.5% |
| PAT margin | 13.6% | -494 bps | -322 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 9.57
- P/B
- 1.45
- EV/EBITDA
- 10.17
- Market Cap
- 243.00Cr
Profitability
- ROE
- 17.00%
- ROCE
- 22.10%
- ROA
- 11.43%
- Dividend Y
- 1.28%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- —
- Altman Z
- 5.87
- Book Value
- 83.60
Cash Flow
- FCF Yield
- 2.06%
- FCF Positive Y
- 5/5
- OCF
- 17.00 Cr
- EPS TTM
- 12.12
Shareholding
- Promoter Hold
- 50.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 138-1.4% vs prev
Net Profit
₹ CrLatest: 26.0-13.3% vs prev
Return on Equity
%Latest: 15.4-26.2% 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
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.9% over last month) — short-term momentum negative.
- RSI(14) at 41 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
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
7
RS percentile
Stage 4 Downtrend
1M return
-2.8%
3M return
-12.6%
6M return
-28.4%
1Y return
-54.1%
RS 1D
-1
RS 20D
0
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 15.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 45.91-0.37%
RS vs Nifty 50046
Valuation & peers
U-Score 82 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 82 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation27/30
Growth23/25
Quality12/20
Balance Sheet11/15
Cash Flow6/10
Piotroski
7/9 (+5)
Penalties
-2
Raw sum
82
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
82/100 · legacy band DEEP VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 70.0%.
- Growth contributes 23/25 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Quality is weaker at 12/20; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; 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
9.6
PB
1.4
EV/EBITDA
10.2
ROE
17.0%
ROCE
22.1%
FCF Yield
2.1%
Debt/Equity
0.0
MoS
+70.0%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
82
Previous: 80 (+2)
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+70.0%
Previous: +69.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
81
81
82
80
82
82
79
79
79
80
80
80
Factor attribution
Valuation
27+2
was 25
Modelled fair value
Graham Number
₹150.99
+22.7% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹389.05
+70.0% MoS
PEG
0.34
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
FIDEL
SME
Fidel Softech Ltd.
IT Services / Digital
match 158
58
18.2
25.8%
+45%
FAIR VALUE
SYSTANGO
SME
Systango Technologies Ltd.
IT Services / Digital
match 157
83
10.4
25.5%
+70%
DEEP VALUE
MARC
SME
Marc Technocrats Ltd.
IT Services / Digital
match 157
52
25.4
21.6%
+21%
FAIR VALUE
VGINFOTECH
SME
Virtual Galaxy Infotech Ltd.
IT Services / Digital
match 155
72
20.9
48.0%
+72%
UNDERVALUED
TECHLABS
SME
Trident Techlabs Ltd.
IT Services / Digital
match 154
35
32.4
10.1%
+5%
WATCHLIST
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 under stressReviewed 2026-10-15T07:17:45.492Z
Management commentary snapshot
ALLETEC reports Q1 FY'27 revenue growth of +9.1% YoY, marking the first acceleration since the slowdown, driven by license and international services. However, EBITDA and Net Profit margins declined significantly YoY and QoQ.
While revenue growth has returned, driven by license sales and international expansion, the substantial decline in both EBITDA and Net Profit margins YoY and QoQ is concerning. Increased customer concentration also warrants close monitoring, suggesting potential profitability pressures despite top-line recovery.
Current business mix
Revenue by Industry (Q1 FY'27)
Latest issuer-disclosed distribution across 10 reported categories.
Professional Services35.0%
Green Energy & EPC13.0%
Manufacturing12.0%
Retail10.0%
Education10.0%
Financial Services7.0%
Food & Beverages5.0%
Trade & Distribution3.0%
Digital Native3.0%
Travel2.0%
Growth engines
License Revenue Growth
Licenses growing ~2x services, indicating conversion of up-market deals (+14.7% YoY).
International Business Acceleration
International Services Growth QoQ at 9.1%, supporting the global expansion strategy.
Data & AI Solutions Demand
Management notes a demand buildup for Data & AI Solutions.
Larger Customer Engagements
Increased revenue concentration from top 5 anchor accounts (38.2% in Q1 FY'27) suggests deeper engagements.
Tailwinds
Microsoft Partnership & Designations
Achieved 6/6 Microsoft designations and recognized in the Inner Circle for Microsoft AI Business Solutions 2026-27.
Demand for Data & AI Solutions
Management identifies a demand buildup for Data & AI Solutions.
Headwinds
Product Business Margins
Management states that the 'Products Business Grew; margins lower'.
Profitability Margin Decline
EBITDA margin declined to 17.7% (Q1 FY'27) from 24.2% (Q1 FY'26), and Net Profit margin to 12.8% from 17.4% YoY.
Risk radar
Customer Concentration
Revenue from Top 5 anchor accounts increased significantly to 38.2% in Q1 FY'27 from 22.0% in Q1 FY'26, indicating higher client dependency.
Profitability Erosion
Despite revenue growth, EBITDA and Net Profit margins saw substantial YoY and QoQ declines, raising concerns about cost management or pricing power.
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 BOTH
YoY comparison is crucial to assess the return of revenue growth and services expansion against the previous year's slowdown. QoQ comparison is relevant for tracking sequential momentum in international services and monitoring recent margin trends.
Sector KPIs management disclosed
Total Revenue Growth YoY
+9.1% (₹371.8 Mn in Q1 FY'27)
License Revenue Growth YoY
+14.7%
Services Growth YoY
+4.8%
International Services Growth QoQ
+9.1%
Management forward view
Main Board Migration
Board approval obtained for migration from NSE Emerge to the Main Board, with follow-up actions initiated to improve liquidity and visibility.
Global Expansion
Company is building for what's next with presence in USA, Canada, Singapore, Kenya, India, UAE.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 17.7% (Q1 FY'27) | Signs of stabilization or recovery in profitability margins. |
| Revenue Growth | +9.1% YoY (Q1 FY'27) | Sustained acceleration in total revenue and services growth. |
| Customer Concentration | Top 5 accounts at 38.2% (Q1 FY'27) | Diversification of revenue base to reduce dependency on key clients. |
| International Services Growth | +9.1% QoQ | Continued sequential momentum in international markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited 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 63rd percentile of the scored universe and 58th percentile within IT. Main check: results consistency is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
38 docs text-extracted · 18 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · IT: 58th pctile, median 69 · SME: 81st pctile, median 64
Evidence depth
Financial-only
38 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
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
22
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸5 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸ROCE trend is -3.1%.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching All E Technologies Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.