AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Sep - ASMS and Huwel Lifesciences expand RT-PCR commercialization platform across India on 30 September 2026.
Source: Bse
Bartronics India Limited (ASMS)
Small CapIT stocks · Small cap · NSE
Avio Smart Market Stack Limited (ASMS) is a diversified platform company focused on building scalable businesses across three divisions: Financial Inclusion & Digital Services, Agri Supply Chain & Technologies, and Diagnostics & Healthcare.
₹5.77
-0.10 · -1.70%
Market cap ₹179 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 12:52 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
54Neutralfull bear SMA stack · SMA20 -12.7% / mo · MACD + · near 52W low · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 24
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
ASMSD candles · FIT view-27.9%Latest close ₹5.77 on 2026-10-19
Bar
-1.7%
RSI
30
MACD hist
0.01
52W pos
6%
2026-10-19O ₹5.87H ₹5.90L ₹5.32C ₹5.77Vol 3.2L 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
ASMSNifty ITNifty 500
- ASMS
- -20.0%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- -14.4 pp
Chart stats
19 Oct 2026- From 52W high
- -65.4%
- 52W range position
- 6%
- ATR (14)
- 5.3%
- Volume vs 20D
- 1.44x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹5.1 - ₹6.8
₹16.7
₹5.1 - ₹16.7
₹0.3
Latest completed session
20-session average
25.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad15
Revenue +34.3% · PAT -1.1% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model+10.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
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 · 15/100PAT -1% YoY · Rev +34% YoY · margin expansion
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹12 Cr | +34.3% | -65.2% |
| EBITDA | ₹0.1 Cr | +115.9% | -94.4% |
| Operating margin | 1.1% | +1038 bps | -566 bps |
| PAT | ₹0.9 Cr | -1.1% | -55.8% |
| PAT margin | 7.7% | +259 bps | +164 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.00
- P/B
- 5.21
- EV/EBITDA
- 37.60
- Market Cap
- 179.00Cr
Profitability
- ROE
- 19.00%
- ROCE
- 15.50%
- ROA
- 8.82%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 30.00%
Balance Sheet
- Debt/Equity
- 0.26
- Interest Coverage
- —
- Altman Z
- 5.19
- Book Value
- 1.12
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 1.00 Cr
- EPS TTM
- 0.20
Shareholding
- Promoter Hold
- 65.82%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 104+160.0% vs prev
Net Profit
₹ CrLatest: 6.0+200.0% vs prev
Return on Equity
%Latest: 17.6+147.2% 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
Mixed signalsSignals are conflicting — long-term trend down. RSI 30. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~14.6% over last month) — short-term momentum negative.
- RSI(14) at 30 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 65% off 52W high · 13% 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
5
RS percentile
Stage 4 Downtrend
1M return
-13.4%
3M return
-20.0%
6M return
-31.1%
1Y return
-58.3%
RS 1D
0
RS 20D
-2
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 20.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -5.8%.
- 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)
262 observations
19 Oct 2026Value 41.55-0.69%
RS vs Nifty 50042
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth14/25
Quality15/20
Balance Sheet7/15
Cash Flow4/10
Piotroski
6/9 (+3)
Penalties
-7
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 10.1%.
- Quality contributes 15/20 to the score.
- Growth contributes 14/25 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
28.0
PB
5.2
EV/EBITDA
37.6
ROE
19.0%
ROCE
15.5%
FCF Yield
—
Debt/Equity
0.3
MoS
+10.1%
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
40
Previous: 38 (+2)
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+10.1%
Previous: +8.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
38
38
38
38
38
38
38
38
38
38
38
38
Factor attribution
Valuation
4+2
was 2
Modelled fair value
Graham Number
₹2.24
-157.0% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹6.42
+10.1% MoS
PEG
1.30
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
TAKE
Small
Take Solutions Limited
IT Services / Digital
match 132
40
30.2
16.5%
+56%
WATCHLIST
AIRAN
Small
Airan Limited
IT Services / Digital
match 131
36
11.8
4.4%
-4%
WATCHLIST
INTENTECH
Small
Intense Technologies Limited
IT Services / Digital
match 131
32
12.2
11.5%
-108%
WATCHLIST
MHLXMIRU
Small
Mahalaxmi Rubtech Limited
IT Services / Digital
match 131
32
20.9
8.5%
+35%
WATCHLIST
SPCENET
Small
Spacenet Enterprises India Limited
IT Services / Digital
match 130
55
7.3
9.8%
+71%
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 2026-10-09T07:20:26.696Z
Management commentary snapshot
FY26 revenue surged 160% YoY to ₹103.96 Cr, with PAT increasing 240% YoY to ₹5.94 Cr. Reserves turned positive to ₹3.72 Cr, driven by strong growth in the new Agri Supply Chain & Technologies vertical.
The company's strategic diversification into Agri Supply Chain & Technologies has significantly accelerated growth, making it the largest revenue contributor in FY26. While Financial Inclusion shows continued expansion, the Diagnostics & Healthcare segment is an early-stage strategic investment.
Current business mix
Revenue by vertical (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Agri Supply Chain & Technologies58.0%
Financial Inclusion & Digital Services39.0%
Others3.0%
Growth engines
Agri Supply Chain & Technologies
INTACTEmerged as the largest business vertical, contributing 58% of FY26 revenue, driven by Project Avio launch in Dec 2025.
Strategic Investment in Diagnostics
INTACTDiagnostics & Healthcare represents the Company's largest strategic investment platform, with a partnership with Huwel Lifesciences.
Agri-tech Ecosystem Partnerships
INTACTMoUs executed across agri retail, warehousing, rural finance, mechanization, bio-inputs, and carbon credits.
Digital Platform Launch
INTACTAgritech application soft-launched with full-scale rollout planned.
Capacity and execution
Smart Agri-Stores
INTACTTarget to open 1,000 smart agri-stores for agri-input retail and agri-output aggregation over the next three years.
Headwinds
Government Policies & Regulations
UNDER_STRESSChanges in government policies and regulations are a potential risk.
Economic Conditions
UNDER_STRESSDomestic and global economic conditions may impact performance.
Competition
UNDER_STRESSCompetition in operating markets is a factor.
Rural & Frontier Market Risks
UNDER_STRESSBusiness risks associated with operating in rural and frontier markets.
Risk radar
Access to Funding
UNDER_STRESSAccess to funding for operations and expansion is a potential risk.
Supply Chain Disruptions
UNDER_STRESSPotential supply chain disruptions could affect operations.
Cybersecurity Threats
UNDER_STRESSCybersecurity threats are a stated risk.
Regulatory Approvals
UNDER_STRESSNeed for regulatory approvals for various initiatives.
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
Annual financial results are presented with explicit year-on-year comparisons, indicating significant growth from a smaller base across key metrics like revenue and PAT.
Sector KPIs management disclosed
Financial Inclusion: Villages served
INTACTOperates in 5,000 villages.
Financial Inclusion: Rural population access
INTACTAccess to a combined rural population of ~40 Million.
Financial Inclusion: Bank partnerships
INTACTPartners with 7 Public & Regional Rural Banks across 10 states.
Diagnostics: Molecular Diagnostic Products
INTACTHuwel Lifesciences, a strategic partner, has 140+ molecular diagnostic products.
Management forward view
Agri-tech GMV Target
INTACTIntends to facilitate transactions with a GMV of USD 1 Billion through rural commerce, agri-inputs, and market access over three years.
Farmer Digital Onboarding
INTACTAims to digitally onboard 20 million farmers out of the 40 million currently serviced over the next three years.
Molecular Diagnostics Platform
INTACTStrategically partnered with Huwel Lifesciences to build a scalable molecular diagnostics platform, supporting R&D and market expansion.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Agri-tech GMV | Not yet disclosed | Progress towards USD 1 Billion GMV target over three years. |
| Smart Agri-stores | 0 (as of Dec 2025 launch) | Progress towards 1,000 smart agri-stores over three years. |
| Farmers Digitally Onboarded | Not yet disclosed | Progress towards onboarding 20 million farmers over three years. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited 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 72nd percentile of the scored universe and 71st percentile within IT. Main check: results consistency is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
17 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
72nd percentile
overall median 67 · IT: 71st pctile, median 69 · Small: 75th pctile, median 66
Evidence depth
Financial-only
17 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
67
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
84
strong · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 65.8%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 3.6%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 16.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bartronics India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Sep - ASMS and Ampivo will expand Agri Kisan Setu across rural India from 24 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Sep - Please find the enclosed disclosure for your information.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 4 Sep
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised) 1 Jul - On 1 Jul 2026, Avio Smart filed a revised press release on its non-exclusive MoU with Intellecap for FPO digitization.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Jul - ASMS signed MoU with StandardWings on 1 July 2026 to explore AI-driven rural digital infrastructure.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 Jul - ASMS signs MoU with ProClime to develop biochar-based soil solutions and carbon credits.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised) 14 Jul - ASMS signed MoU with Tripura to set up freeze-drying facility, expected to create 1,300 jobs.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Jul - ASMS signs Tripura MoU for freeze-drying facility, expected to create 1,300 jobs.
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 17 Jun - Avio Stack appoints Sandeep Pandya as Head, International Sales for Diagnostics & Healthcare on 17 June 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 2 Jun - ASMS reported FY26 revenue of ₹103.96 crore, PAT of ₹5.94 crore, and positive net worth.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.