Anlon Technology Solutions Ltd. (ANLON)
SME CapIT stocks · SME cap · NSE
Anlon Technology Solutions is an engineering services provider and manufacturer of infrastructure maintenance and life-saving equipment. It serves aviation, urban infrastructure, and petrochemical facilities, offering products like firefighting vehicles and runway maintenance machines, often through partnerships with global OEMs and its 'Make-in-India' initiative.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend supports entry, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +282% YoY · PAT +300% YoY · margin expansion · +59% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹65 Cr | +282.4% | +58.5% |
| EBITDA | ₹13 Cr | +116.7% | +85.7% |
| Operating margin | 20.0% | +100 bps | +200 bps |
| PAT | ₹8 Cr | +300.0% | +60.0% |
| PAT margin | 12.3% | -59 bps | +11 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
ANLON reports robust FY26 performance with revenue up 111% YoY to INR 105.9 Cr and PAT up 114% YoY to INR 13.9 Cr, driven by 'Make-in-India' strategy and strategic OEM partnerships. Order book stands at INR 110.15 Cr as of March 31, 2026.
The company demonstrated strong financial growth in FY26, supported by successful execution of specialized projects and strategic 'Make-in-India' initiatives. New manufacturing partnerships and certifications position it for continued growth in high-entry-barrier segments, with a healthy order book providing near-term visibility.
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Product Introducer for Indian Airport Industry
Company introduces essential public safety vehicles, previously not imported due to high costs, leveraging a ~30% cost advantage for 'Make-in-India' equipment.
Entering High-Utilization Growth Phase
With capex, vehicle testing, safety certifications, and regulatory approvals completed, the company is positioned for large-scale orders and scalable volume production.
Make-in-India Strategy
Transition to indigenous manufacturing drives ~30% lower costs vs. imported equipment, improves competitiveness, and enables India-specific product optimization.
Strategic Global Partnerships
Exclusive/authorized tie-ups with global OEMs like Rosenbauer and Bucher Municipal provide access to technology and high-value projects, extending reach beyond India.
EN14043 Conformity Certificate
Received EN14043 Conformity Certificate from TUV-SUD, Germany, for continuous manufacture of Turntable Ladder with Rescue Lift, a first for any Indian company.
New Manufacturing Agreements
Strategic decision with ROSENBAUER International A.G. to manufacture fire engines from Anlon's Bangalore facility and with BUCHER Municipal to manufacture Sewage Cleaner machines in India.
Utilization Ramp-up
Company is entering a high-utilization growth phase as vehicle deployments scale up, leading to growing recurring revenue from AMC and spares.
Cost Advantage from Make-in-India
Indigenous manufacturing offers approximately 30% lower cost compared to imported equipment, enhancing competitiveness in tenders.
Recurring Revenue Growth
As vehicle deployments scale up, recurring revenue from AMC and spares is set to grow, improving working capital efficiency and margins.
High Entry Barriers
The niche segment requires technical expertise and certifications, limiting qualified players and strengthening the company's market position.
Fluctuations in Earnings
Future business prospects and profitability are subject to risks and uncertainties, including fluctuations in earnings.
Competition
The company faces competition from both domestic and international players.
Time and Cost Overruns on Contracts
Risks include potential time and cost overruns on contracts, which could impact profitability.
Government Policies and Regulations
Changes in government policies, actions, and regulations, as well as interest and other fiscal costs, could affect operations.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The company's business involves project execution and manufacturing, which are best assessed over annual periods to account for project cycles and strategic initiatives. Both H2 and full-year results are presented on a year-over-year basis, highlighting significant growth trends.
Revenue (FY26)
Revenues increased to INR 10,591.69 Lakhs in FY26 from INR 5,023.30 Lakhs in FY25, a 111% YoY growth.
EBITDA (FY26)
EBITDA grew to INR 2,075.57 Lakhs in FY26 from INR 981.94 Lakhs in FY25, a 111% YoY increase.
PAT (FY26)
PAT rose to INR 1,387.53 Lakhs in FY26 from INR 649.01 Lakhs in FY25, reflecting a 114% YoY growth.
Order Book (as of March 31, 2026)
Total order book of approximately INR 110.15 Cr as of March 31, 2026, diversified across manufacturing, trading, and services.
Strongest Year in Company History
FY26 was the strongest year in the Company’s history, both in terms of deliveries and strategic, future-oriented initiatives.
Positioned for Sustained Profitable Growth
With INR 110.15 crore orders in hand as of March 31, 2026, along with forthcoming orders, the company is positioned for sustained profitable growth.
Focus on Indigenous Manufacturing
The period reflected the first meaningful commercial outcome of the Company’s Make-in-India strategy, driving growth and capability.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | ~INR 110.15 Cr as of March 31, 2026 | Sustained growth in order book, particularly from manufacturing and AMC segments, indicating continued demand and execution capability. |
| Recurring Revenue Contribution | AMC & Services at 27% of FY26 revenue | Increase in the share of recurring revenue from AMC and spare parts, signaling improved working capital efficiency and margin stability. |
| New Product/Partnership Execution | Manufacturing agreements with Rosenbauer and Bucher Municipal | Successful ramp-up of manufacturing for new product lines and expansion of reach beyond India, validating strategic partnerships. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
73Bullishfull bull SMA stack · SMA20 +4.9% / mo · MACD + · near 52W high
Technical chart
ANLONdaily · 1Y · AUTO+81.1%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 57.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~4.7% over last month) — short-term momentum positive.
- RSI(14) at 57 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 10% off 52W high · 100% 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.
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 10.8%.
- Growth contributes 22/25 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 71st percentile within IT. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 10.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 71st pctile, median 69 · SME: 90th pctile, median 64
8 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸ROCE is 27.1%.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 10.4%.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 36.20
- P/B
- 5.78
- EV/EBITDA
- 23.41
- Market Cap
- 503.00Cr
Profitability
- ROE
- 21.10%
- ROCE
- 27.10%
- ROA
- 12.84%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 49.00%
- EPS 5Y
- 80.00%
- Revenue 3Y
- 48.00%
- EPS 3Y
- 46.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 10.50×
- Altman Z
- 8.69
- Book Value
- 116.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 8.00 Cr
- EPS TTM
- 22.19
Shareholding
- Promoter Hold
- 51.69%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 81%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in IT, ranked by similarity
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.