Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 30 Sep - Analyst/institutional meetings scheduled with BTH Capital, Pkeday Investments on Oct 5 and Anand Rathi on Oct 6.
Source: Bse
Capillary Technologies India Limited (CAPILLARY)
Micro CapIT stocks · Micro cap · NSE
Capillary Technologies is a global market leader in loyalty and engagement management, offering AI-powered cloud-native products and solutions to large enterprise customers globally. It monetizes through long-term subscription contracts, serving 465+ brands across 53 countries with 2.7 billion+ consumers on its platform.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:54 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 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
68BullishSMA20 +15.6% / mo · MACD − · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 47
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
CAPILLARYD candles · FIT view-5.8%Latest close ₹528.80 on 2026-10-19
Daily history is available from 2025-11-21; the requested 1Y window is partially covered.
Bar
-3.2%
RSI
47
MACD hist
-5.29
52W pos
25%
2026-10-19O ₹546.00H ₹548.50L ₹521.55C ₹528.80Vol 1.3L 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
CAPILLARYNifty ITNifty 500
- CAPILLARY
- +9.4%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +15.0 pp
Chart stats
19 Oct 2026- From 52W high
- -33.8%
- 52W range position
- 25%
- ATR (14)
- 5.3%
- Volume vs 20D
- 0.31x
- Avg traded value
- ₹21.9 Cr
- 20D price channel
- ₹484.1 - ₹610
₹799
₹438.2 - ₹799
₹28
Latest completed session
20-session average
57.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST33
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad25
Revenue +42.7% · PAT -1373.3% YoY
Technical
Bullish68
Price trend and sector-relative-strength timing.
Valuation
Legacy model-210.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
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 · 25/100PAT -1373% YoY · Rev +43% YoY · margin expansion · +34% QoQ
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹256.6 Cr | +42.7% | +34.1% |
| EBITDA | ₹40.3 Cr | +125.9% | +28.3% |
| Operating margin | 15.7% | +578 bps | -71 bps |
| PAT | ₹-9.6 Cr | -1373.3% | -122.0% |
| PAT margin | -3.7% | -414 bps | -2638 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 87.50
- P/B
- 4.36
- EV/EBITDA
- 23.51
- Market Cap
- 4483.00Cr
Profitability
- ROE
- 2.95%
- ROCE
- 3.42%
- ROA
- 3.23%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 34.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 32.00%
- EPS 3Y
- 31.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 23.00×
- Altman Z
- 8.29
- Book Value
- 129.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 150.00 Cr
- EPS TTM
- 5.31
Shareholding
- Promoter Hold
- 51.45%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 35%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 735+22.9% vs prev
Net Profit
₹ CrLatest: 52.0+300.0% vs prev
Return on Equity
%Latest: 5.1+122.8% 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 47.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~13.5% over last month) — short-term momentum positive.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 34% off 52W high · 21% 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
65
RS percentile
Stage 1 Base / Transition
1M return
+9.2%
3M return
+9.4%
6M return
-4.8%
1Y return
-
RS 1D
0
RS 20D
+12
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is within 1.9% of the 30-week proxy.
- The 30-week proxy changed +1.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price below
Sector
improving
Industry
improving
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
225 observations
19 Oct 2026Value 94.11-2.03%
RS vs Nifty 50094
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth16/25
Quality0/20
Balance Sheet11/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
33
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
33/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Fair-value margin of safety is negative at -210.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
87.5
PB
4.4
EV/EBITDA
23.5
ROE
3.0%
ROCE
3.4%
FCF Yield
—
Debt/Equity
0.1
MoS
-210.3%
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
33
Previous: 33
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-210.3%
Previous: -215.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
33
33
33
33
33
33
33
33
33
33
33
33
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
₹124.15
-325.9% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹170.45
-210.3% MoS
PEG
3.19
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
FABTECH
Small
Fabtech Technologies Limited
IT Services / Digital
match 123
61
12.9
12.5%
+69%
UNDERVALUED
HVAX
SME
HVAX Technologies Ltd.
IT Services / Digital
match 114
57
14.7
18.0%
+56%
FAIR VALUE
VIRINCHI
Small
Virinchi Limited
IT Services / Digital
match 114
10
—
-4.7%
—
OVERVALUED
AAKAAR
SME
Aakaar Medical Technologies Ltd.
IT Services / Digital
match 114
55
15.2
17.1%
+54%
FAIR VALUE
HGM
Small
HandsOn Global Management (HGM) Limited
IT Services / Digital
match 114
8
—
-13.8%
—
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 2026-10-11T14:42:27.120Z
Management commentary snapshot
Q1 FY27 Revenue from Operations grew 43% YoY to ₹2,566.4 Mn, with Adjusted EBITDA more than doubling by 132% YoY to ₹440.2 Mn at a 17% margin. PAT was negative ₹95.5 Mn due to a ₹333.9 Mn cyber fraud exceptional loss.
Strong organic and inorganic growth drivers are evident, with NRR and ARR expanding significantly. Profitability improved substantially, but a material cyber fraud incident resulted in a reported loss, raising concerns about internal controls and potential recovery timelines.
Current business mix
Revenue by Stream (Q1 FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Subscription Revenue94.5%
Other Services (Installation)4.8%
Campaign Services0.7%
Growth engines
NRR Expansion
FY27 Q1 Organic NRR at 111% from platform usage overages, product upgrades/upsells, and new brands/geographies/business units.
New Customer Wins
Accelerating momentum with targeted Fortune 500 enterprise wins and larger deal sizes. FY 27 Q1 TTM New ACV grew by 75% YoY (excl. 1 large healthcare customer).
Strategic M&A
SessionM acquisition closed May 1st, strengthening North America, LATAM, and APAC footprint. Fast-tracking Kognitiv customer upgrades to Capillary platform.
AI-First Platform Approach
Forrester Wave Leader recognition for extensive genAI capabilities, including aiRA and Nudge Framework, supporting complex loyalty programs.
Capacity and execution
Headcount Growth
Total headcount 761 as of June 30, 2026, an 11% QoQ increase, primarily led by the SessionM acquisition.
AI & R&D Expansion
Scaling engineering teams for AIRA platform development and GenAI capabilities.
Sales Scaling
Adding enterprise sales leaders in US/EU to drive Fortune 500 penetration.
Delivery Strengthening
Ramping up implementation teams to accelerate migration of acquired customers.
Tailwinds
AI-led Technology Adoption
Customers appreciate Capillary’s forward-leaning approach to innovation with genAI features, even if not fully ready today.
Operating Leverage
~60% of costs are non-COGS (technology, S&M, Corporate functions) which do not grow linearly with revenues, leading to margin expansion.
M&A Synergies
Post-upgrade, acquired customers move from ~30% gross margin to ~65% margin, making M&A a 4-5 year cash payback engine.
Headwinds
Cyber Fraud Incident
Exceptional loss of ₹333.9 Mn (EUR 3.05 Mn) due to sophisticated social engineering fraud in Czechia subsidiary.
Risk radar
Cyber Security & Internal Controls
Sophisticated social engineering fraud led to ₹333.9 Mn loss, highlighting potential vulnerabilities in internal financial controls.
Acquisition Integration & Migration
Inorganic NRR can be below 100% until acquired customers are fully migrated to the Capillary platform, impacting blended NRR.
Client Concentration
Top 5 revenue declined as a percentage of total revenue, but absolute growth occurred. Company aims to reduce concentration risk.
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 company emphasizes YoY growth for revenue, EBITDA, and ARR, reflecting consistent performance of organic and inorganic growth engines and operating leverage. Acquisitions also impact YoY comparisons significantly.
Sector KPIs management disclosed
Revenue from Operations
Consolidated revenue grew 43% YoY to ₹2,566 Mn in Q1 FY27. Organic revenue was up 17% YoY to ₹1,551 Mn.
Adjusted EBITDA
Adjusted EBITDA grew 132% YoY to ₹440 Mn in Q1 FY27 at a 17% margin (Q1 FY26: 11%).
Annual Recurring Revenue (ARR)
Q1 FY27 ends with an ARR of ₹10,266 Mn, a YoY growth of 43%.
Organic Net Revenue Retention (NRR)
FY27 Q1 Organic NRR at 111%.
Management forward view
FY27 Guidance Reaffirmed
The business is on track to deliver earlier FY27 guidance: ₹10,650 Mn revenue and ₹1,720 Mn Adjusted EBITDA.
M&A Integration Progress
SessionM acquired customer contracts tracking to $32M ARR, platform upgrade plans on schedule for break-even profitability in first year.
AI Migration Technology
Significant progress in developing new automated AI migration technology, with substantial pipeline scheduled for coming quarters.
Fund Recovery Efforts
Criminal complaints filed, beneficiary accounts frozen, and legal proceedings initiated in Hong Kong and Singapore for cyber fraud recovery.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Cyber Fraud Recovery | ₹47.0 Mn (EUR 428K) frozen in Singapore. Hong Kong recovery estimated 6-8 months. Insurance claim process 5-6 months. | Timely recovery of stolen funds and successful insurance settlement to mitigate the financial impact. |
| Acquired Customer Migration | SessionM platform upgrade plans on schedule. Automated AI migration technology showing positive results with pipeline for coming quarters. | Pace of migration of Kognitiv and SessionM customers to Capillary platform and its impact on inorganic NRR and gross margins. |
| Organic NRR | 111% in Q1 FY27, reflecting healthy expansion within existing customer base. | Sustained NRR above 110% as a key indicator of continued organic growth and customer value realization. |
| Adjusted EBITDA Margin | 17% in Q1 FY27, up from 11% in Q1 FY26. | Continued expansion of Adjusted EBITDA margin driven by operating leverage and M&A synergies, aligning with FY27 guidance. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
63Limited 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 38th percentile of the scored universe and 36th percentile within IT. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
20 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · IT: 36th pctile, median 69 · Micro: 21st pctile, median 73
Evidence depth
Financial-only
20 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
82
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
48
watch · capital discipline
Results
48
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 29.5%.
- ▸Debt/equity is 0.05.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 3.4%.
- ▸ROE is low at 3%.
- ▸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 Capillary Technologies 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)-Analyst / Investor Meet - Intimation 16 Sep - Capillary Technologies to attend Anand Rathi Annual G-200 Summit 2026 on September 21, 2026 in Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 1 Sep - Board appointed seven senior management personnel and made Bhargavi Reddy sole investor relations contact.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Jul - Capillary Technologies schedules a virtual investors meeting on July 15, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 29 May - Head-Finance Ravi Jaswani resigned, effective June 5, 2026.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.