Annual report
Annual Report 2026
Source: Nse
Cadsys (India) Ltd. (CADSYS)
SME CapServices stocks · SME cap · NSE
Cadsys (India) Ltd. provides design and engineering support for wireline OSP and ISP deployments to U.S. telecommunications providers. The company focuses on deepening client relationships, expanding regionally, and integrating AI capabilities to improve efficiency across telecom infrastructure workflows.
₹32.5
-0.30 · -0.91%
Market cap ₹32.8 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 08:29 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
22Bearishfull bear SMA stack · SMA20 -33.0% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
CADSYSD candles · FIT view-48.5%Latest close ₹32.50 on 2026-10-19
Bar
+4.2%
RSI
16
MACD hist
-1.17
52W pos
3%
2026-10-19O ₹31.20H ₹32.50L ₹31.20C ₹32.50Vol 2,500 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
CADSYSNifty 500
- CADSYS
- -47.8%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -42.2 pp
Chart stats
19 Oct 2026- From 52W high
- -58.6%
- 52W range position
- 3%
- ATR (14)
- 7.1%
- Volume vs 20D
- 1.39x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹31.2 - ₹68.5
₹78.5
₹31.2 - ₹78.5
₹2.3
Latest completed session
20-session average
42.2% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Weak 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 · OVERVALUED24
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -56.1% · PAT -228.6% YoY
Technical
Bearish22
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
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
Bad · 0/100Rev -56% YoY · PAT -229% YoY · margin expansion
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹47 Cr | -56.1% | -31.9% |
| EBITDA | ₹4 Cr | NDF | +122.2% |
| Operating margin | 8.0% | NDF | +3400 bps |
| PAT | ₹-9 Cr | -228.6% | NDF |
| PAT margin | -19.1% | NDF | +1273 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 0.94
- EV/EBITDA
- —
- Market Cap
- 32.80Cr
Profitability
- ROE
- -35.90%
- ROCE
- -14.00%
- ROA
- -40.79%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- -13.00%
- Revenue 3Y
- -13.00%
- EPS 3Y
- -51.00%
Balance Sheet
- Debt/Equity
- 0.20
- Interest Coverage
- -5.00×
- Altman Z
- 1.98
- Book Value
- 34.80
Cash Flow
- FCF Yield
- 384.15%
- FCF Positive Y
- 4/5
- OCF
- 97.00 Cr
- EPS TTM
- -18.50
Shareholding
- Promoter Hold
- 47.78%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 0%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 116+16.0% vs prev
Net Profit
₹ CrLatest: -31.0+55.1% vs prev
Return on Equity
%Latest: -88.6+60.2% 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 unclear. RSI 16. Wait for confirmation.
- SMA20 falling (~49.3% over last month) — short-term momentum negative.
- RSI(14) at 16 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- 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
5
RS percentile
Stage 1 Base / Transition
1M return
-50.4%
3M return
-31.3%
6M return
-51.1%
1Y return
-
RS 1D
+1
RS 20D
-63
Sector rank
#12
Industry rank
-
Stage evidence
- Price is 38.6% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -5.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
141 observations
19 Oct 2026Value 57.84+0.10%
RS vs Nifty 50058
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation5/30
Growth8/25
Quality0/20
Balance Sheet8/15
Cash Flow8/10
Piotroski
5/9 (+3)
Penalties
-8
Raw sum
24
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
24/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 384.1%.
- Cash flow contributes 8/10 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 5/30; 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
—
PB
0.9
EV/EBITDA
—
ROE
-35.9%
ROCE
-14.0%
FCF Yield
384.1%
Debt/Equity
0.2
MoS
—
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
24
Previous: 24
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
24
24
24
24
24
24
24
24
23
24
24
24
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
—
Growth-justified P/E
3.3
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Services — 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
DHRUV
Small
Dhruv Consultancy Services Limited
Engineering Services
match 53
7
—
-32.5%
—
OVERVALUED
ENGINERSIN
Large
Engineers India Limited
Engineering Services
match 21
60
19.6
23.4%
+16%
UNDERVALUED
PHOGLOBAL
SME
Phoenix Overseas Ltd.
Trading
match 19
27
9.5
4.2%
-14%
OVERVALUED
KONTOR
SME
Kontor Space Ltd.
Real Estate
match 18
50
14.6
8.3%
+45%
FAIR VALUE
BLUEPEBBLE
SME
Blue Pebble Ltd.
Printing & Packaging
match 17
10
51.8
1.8%
-52400%
OVERVALUED
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 2026-06-24T00:53:31.134Z
Management commentary snapshot
Cadsys reported FY24-25 EBITDA of (28.76) Cr and PAT of (37.05) Cr, impacted by a 20.40 Cr unbilled receivables write-off and Q3/Q4 2024 operational slowdown due to adverse weather. New projects commenced, and a $1.44M court judgment recovery enhanced short-term cash flow.
The company's financial results for FY24-25 show significant losses, exacerbated by a large write-off and weather-related operational disruptions. While new projects and strategic initiatives are underway, and a court judgment provided cash flow relief, the core profitability remains a concern. The thesis is under stress due to current losses and execution risks.
Growth engines
New Project Wins
Commenced five new projects extending design and engineering support to two leading U.S. telecommunications providers.
Regional Expansion
Strategic plans are underway to expand into new regions through organic growth, supported by repeat orders from key customers in early 2025.
Strategic Alliances & Portfolio Company Services
Equity partners in USA acquired a turf vendor of major Telecom carrier in Q4 2024. A significant opportunity has been awarded to the company to provide comprehensive design, engineering, and offshore services to the portfolio company.
Technology Enablement (AI)
The company is actively supporting enhancements to ProWorks™ by integrating AI capabilities aimed at improving efficiency across telecom infrastructure workflows.
Capacity and execution
New Professionals Hired
The company recruited 300 new professionals during March and April 2025, currently undergoing structured training and onboarding programs.
Additional Office Space
The company has acquired additional office space in Hyderabad to support this scale-up and future growth.
Tailwinds
Federal Broadband Funding
The broadband market is expected to rebound in 2025, driven by federal initiatives like the Broadband Equity, Access, and Deployment (BEAD) program ($42.45 billion) and the Affordable Connectivity Program (ACP) ($14.2 billion).
Alternative Network Growth
Despite regulatory obstacles, Municipal Networks are gaining popularity. Electric Cooperatives are also finding success with Fiber.
Accounts Receivable Recovery
Secured a favorable U.S. court judgment resulting in a $1.44M accounts receivable recovery, enhancing short-term cash flow.
Headwinds
U.S. Telecom Spending Decline
In 2023, U.S. telecommunications companies witnessed a 10% decline from the previous year. Projections for 2024 indicate a further 5% decrease in broadband spending.
Adverse Weather Conditions
Adverse weather conditions, including Hurricane Milton in October 2024, led to a slowdown in project execution across parts of the Southeastern U.S.
Unbilled Receivables Write-off
The company had written-off of unbilled receivables amounting to Rs. 20.40 Cr from the customer.
Risk radar
Unbilled Receivables Recovery
The company had written-off of unbilled receivables amounting to Rs. 20.40 Cr from the customer. However, your company is in the process of claiming these amounts from the customer.
Operational Disruptions
Adverse weather conditions led to a slowdown in project execution. Proactive steps are being taken to mitigate future operational disruptions by forming strategic alliances with regional Turf Vendors.
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
Annual financial results are presented for FY24-25, but operational impacts (weather, project resumption) are discussed quarterly (Q3/Q4 2024, Q1 2025), indicating sequential momentum and disruptions are relevant alongside annual performance.
Sector KPIs management disclosed
New Projects Commenced
Commenced five new projects extending design and engineering support (wireline OSP and ISP deployments) to two leading U.S. telecommunications providers.
Client Trust & Repeat Business
Continued business from existing customers reflects strong client trust; the company is focused on deepening core relationships across multiple regions while driving volume growth.
Project Execution Impact
Adverse weather conditions, including Hurricane Milton in October 2024, led to a slowdown in project execution across parts of the Southeastern U.S., contributing to operational losses in Q3 & Q4 of 2024.
Project Resumption
Projects have resumed in Q1 2025 and are adding to the 2025 execution plan.
Management forward view
Expand into New Regions
Strategic plans are underway to expand into new regions through organic growth, supported by repeat orders from key customers in early 2025.
Comprehensive Services for Portfolio Company
A significant opportunity has been awarded to the company to provide comprehensive design, engineering, and offshore services to the portfolio company.
AI Integration for Efficiency
The company is actively supporting enhancements to ProWorks™ by integrating AI capabilities aimed at improving efficiency across telecom infrastructure workflows.
Mitigate Future Operational Disruptions
Proactive steps are being taken to mitigate future operational disruptions by forming strategic alliances with regional Turf Vendors.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA/PAT Trend | FY24-25 EBITDA: (28.76) Cr, PAT: (37.05) Cr | Improvement in profitability and reduction of losses in subsequent quarters/years. |
| Unbilled Receivables Recovery | 20.40 Cr written-off, process of claiming underway. | Successful recovery of the written-off unbilled receivables from the customer. |
| New Project Execution & Ramp-up | Five new projects commenced, projects resumed in Q1 2025. | Successful execution and revenue generation from new projects and the portfolio company opportunity. |
| Utilization of New Capacity | 300 new professionals recruited, additional office space acquired. | Effective onboarding and deployment of new professionals and optimal utilization of new office space to support growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited 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 32nd percentile of the scored universe and 31st percentile within Services. Main check: results consistency is weak at 19/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 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
32nd percentile
overall median 67 · Services: 31st pctile, median 66 · SME: 36th pctile, median 64
Evidence depth
Financial-only
7 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
89
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
30
weak · capital discipline
Results
19
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 271%.
- ▸4 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at -14.1%.
- ▸ROE is low at -36.9%.
- ▸ROCE trend is -29.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Cadsys (India) Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.