Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Nse
C2C Advanced Systems Ltd. (C2C)
SME CapIndustrials stocks · SME cap · NSE
C2C Advanced Systems is an Indian public company listed on NSE Emerge, specializing in technology, software, and system integration for defense and dual-use applications. It focuses on 'software-first' innovation, proprietary platforms (MAGI-C5ISR, MAGI-CIX), and digital transformation, aiming for global leadership in defense and industrial innovation delivery.
₹164.85
-3.55 · -2.11%
Market cap ₹286 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result20 Jul, 01:48 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Jun 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -18.7% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
C2CD candles · FIT view-66.9%Latest close ₹164.85 on 2026-10-19
Bar
-3.3%
RSI
37
MACD hist
0.89
52W pos
2%
2026-10-19O ₹170.50H ₹174.45L ₹164.00C ₹164.85Vol 53,700 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
C2CNifty India ManufacturingNifty 500
- C2C
- -50.8%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -45.2 pp
Chart stats
19 Oct 2026- From 52W high
- -76.9%
- 52W range position
- 2%
- ATR (14)
- 8.2%
- Volume vs 20D
- 0.35x
- Avg traded value
- ₹2.8 Cr
- 20D price channel
- ₹155 - ₹218.8
₹714.4
₹155 - ₹714.4
₹13.5
Latest completed session
20-session average
102.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model+61.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
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 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹80 Cr | NDF | +21.2% |
| EBITDA | ₹-6 Cr | NDF | -120.7% |
| Operating margin | -8.0% | NDF | -5300 bps |
| PAT | ₹-5 Cr | NDF | -120.8% |
| PAT margin | -6.3% | NDF | -4261 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.60
- P/B
- 1.21
- EV/EBITDA
- 13.08
- Market Cap
- 286.00Cr
Profitability
- ROE
- 8.45%
- ROCE
- 13.50%
- ROA
- 4.81%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 167.00%
- EPS 5Y
- 174.00%
- Revenue 3Y
- 163.00%
- EPS 3Y
- 85.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- 2.56×
- Altman Z
- 2.90
- Book Value
- 139.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -18.00 Cr
- EPS TTM
- 10.80
Shareholding
- Promoter Hold
- 36.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 80.0+21.2% vs prev
Net Profit
₹ CrLatest: -5.0-120.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 37.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~23.1% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 77% off 52W high · 6% 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
1
RS percentile
Stage 4 Downtrend
1M return
-19.3%
3M return
-50.8%
6M return
-65.7%
1Y return
-75.6%
RS 1D
0
RS 20D
-1
Sector rank
#2
Industry rank
#27
Stage evidence
- Price is 50.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -6.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 22.65-1.09%
RS vs Nifty 50023
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation20/30
Growth21/25
Quality0/20
Balance Sheet6/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-2
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 61.2%.
- Growth contributes 21/25 to the score.
- Valuation contributes 20/30 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
15.6
PB
1.2
EV/EBITDA
13.1
ROE
8.4%
ROCE
13.5%
FCF Yield
—
Debt/Equity
0.2
MoS
+61.2%
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
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+61.2%
Previous: +61.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
47
47
47
45
45
45
45
46
48
48
48
48
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
₹183.79
+10.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹424.44
+61.2% MoS
PEG
0.11
Comparable companies
Peers
Business-comparable peers in Industrials — 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
DATAPATTNS
Small
Data Patterns (India) Limited
Defence Electronics
match 116
46
83.9
15.2%
-115%
FAIR VALUE
EBGNG
Small
GNG Electronics Limited
Defence Electronics
match 116
44
55.6
26.8%
-43%
WATCHLIST
ASTRAMICRO
Micro
Astra Microwave Products Limited
Defence Electronics
match 116
43
84.1
16.0%
-107%
WATCHLIST
BEL
Large
Bharat Electronics Limited
Defence Electronics
match 115
57
45.4
27.4%
-14%
FAIR VALUE
APOLLO
Micro
Apollo Micro Systems Limited
Defence Electronics
match 115
34
125.0
11.8%
-215%
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 intactReviewed 2026-06-24T06:38:21.505Z
Management commentary snapshot
Revenue from Operations grew 180.4% YoY to INR 1,151.1 Mn in FY25. PAT increased 134.8% YoY to INR 288.4 Mn, with EBITDA margin at 36.0% and PAT margin at 25.1%.
C2C shows strong top-line and bottom-line growth in FY25, driven by its 'software-first' defense and dual-use strategy. The substantial order book and bid pipeline suggest continued momentum. However, long payment cycles, high working capital needs, and significant investment requirements for innovation and global expansion pose execution risks.
Current business mix
Projected Revenue Mix by Business Segment (2027-28)
Latest issuer-disclosed distribution across 9 reported categories.
Defense IP driven10.0%
Defense Project driven India20.0%
Defense Project driven Global20.0%
Industry IP driven5.0%
Industry Project driven India5.0%
Industry Project driven Global8.0%
Digital transformation Project driven India4.0%
Digital transformation Project driven Global8.0%
Global services driven20.0%
Growth engines
Software-first Approach
Agile, IP-driven, software-enabled, with a software-first approach.
Proprietary Platforms
Proprietary MAGI-C5ISR and MAGI-CIX platforms and own Intellectual properties delivered as software licenses.
Global Sales Strategy
Global sales as our strategy and execution. Services led to gain traction.
Dual-use Technologies
Dual-use technologies in areas as Data analytics/AI/ML are driving Industry and Defense transformation.
Capacity and execution
Defense Innovation Center
Defense Innovation Center – Bangalore: Delivering breakthrough defense technologies annually.
IIoT Sensors and Integration Platform
IIoT Sensors and Integration Platform – Chennai: Developing proprietary industrial sensors and integration frameworks.
Digital ISR / Cyber Assurance Center
Digital ISR / Cyber Assurance Center – Chennai: Focused on digital intelligence and cyber resilience.
Control and Automation Hub
Control and Automation Hub – Dubai: Advancing industrial automation and control systems.
Tailwinds
Global Defense Budgets
Global defence budgets are at record highs (India is the 4th largest spender) and continues to grow.
Software in Warfare
Software and technology are the driving forces in future warfare.
India Defense Exports Target
India targets US$6 billion in defence exports by 2030.
Industry 4.0 Investments
Global investments in Industry 4.0 are expected to grow from $263 billion (2021) to $1.1 trillion (2028).
Headwinds
Procuring Agency Mindset (India)
India - Mindset of procuring agencies - Platforms and systems bought as a hardware purchase with little value towards intellectually driven software.
Closed US/NATO Market
The main market – USA, NATO closed for Indians to participate – largest opportunity – awaiting Reciprocal Defense Procurement (RDP) for this to open up.
Long Payment Cycles
Payment cycles in India are long and bureaucratic – high use of working capital.
Competition from Non-Domain Players
Companies with no domain knowledge and Military requirements are allowed to bid on projects – resulting in serious disruption to quality and delivery schedules.
Risk radar
Working Capital Management
Payment cycles in India are long and bureaucratic – high use of working capital.
Innovation Investment Needs
Large investments are required for Innovation to compete with the best in the world.
Global Market Development Costs
Global market development require high operating expenses.
Quality Compromise in Bidding
Open bidding process as practiced focuses only cost and quality is compromised.
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 financial snapshot provides annual results (FY23, FY24, FY25), making year-over-year comparison the most appropriate for assessing long-term growth trends and operational performance.
Sector KPIs management disclosed
Order Book
Order book: $20 million.
Active Bids (Sole Vendor)
Active bids: $70 million (sole vendor).
Active Bids (Competitive)
Active bids: $90 million (competitive).
Total Proposals Outstanding
Total proposals outstanding: INR 1,144 Cr.
Management forward view
Commitment to CAGR
C2C has successfully delivered over 250 projects and committed to CAGR of 100% annually for a foreseeable future.
Software-first Vision
To be a global leader in 'software-first' defence and industrial innovation delivery.
IP Creation Strategy
IP Creation → Platforms → Systems → Services.
Global Ecosystem Building
Key objective is to build a global ecosystem to deliver the best solutions.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | $20 million | Conversion of active bids ($70M sole, $90M competitive) and large opportunities (INR 2,700 Cr) into firm orders. |
| DSO Improvement | 230-270 days (Current 2025-26 end period) | Progress towards management's target of 120-150 days by 2027-28, indicating better working capital management. |
| Margin Trends | EBITDA 36.0%, PAT 25.1% (FY25) | Stability or improvement in margins, especially given the shift towards IP-driven revenue and global expansion costs. |
| Innovation Center Output | Five innovation centers established | Tangible proprietary platforms, solutions, and components emerging from these centers and their contribution to revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
56Limited 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 18th percentile of the scored universe and 14th percentile within Industrials. 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
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Industrials: 14th pctile, median 68 · SME: 19th pctile, median 64
Evidence depth
Financial-only
3 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
70
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-18 Cr.
- ▸Promoter holding fell 3.8%.
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -12.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching C2C Advanced Systems Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
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Investor presentationNov 2025
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Concall transcriptNov 2025
Nov 2025 · Transcript
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Annual report
Annual Report 2025
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.