Annual reportSep 2026
Sep 2026 · General Updates 7 Sep - FY26 annual report filed; AGM on 29 Sep 2026; revenue crossed ₹100 crore.
Source: Nse
Enser Communications Ltd. (ENSER)
SME CapIT stocks · SME cap · NSE
Enser Communications Ltd. is an AI-powered financial technology services provider, specializing in customer acquisition, onboarding, and retention for the BFSI sector. It leverages a human-in-the-loop model, integrating AI for automation with human intelligence for complex cases and compliance, aiming for operational excellence.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:50 pm ISTDetails
Quote19 Oct, 05:50 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 07:52 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 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
60BullishSMA20 -1.9% / mo · MACD − · sector +16.3pp vs Nifty 500 (3M)
Stock trend: 34
Sector RS: 100
Sector 3M: +11.9% vs Nifty 500 -4.4%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ENSERD candles · FIT view-18.3%Latest close ₹12.75 on 2026-10-19
Bar
-0.4%
RSI
35
MACD hist
-0.21
52W pos
34%
2026-10-19O ₹12.80H ₹13.60L ₹12.45C ₹12.75Vol 45,000 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
ENSERNifty ITNifty 500
- ENSER
- +0.8%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +6.4 pp
Chart stats
19 Oct 2026- From 52W high
- -45.2%
- 52W range position
- 32%
- ATR (14)
- 7.4%
- Volume vs 20D
- 0.48x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹12.5 - ₹16.3
₹23.3
₹7.8 - ₹23.3
₹0.9
Latest completed session
20-session average
58.0% 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 is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
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
Bullish60
Price trend and sector-relative-strength timing.
Valuation
Legacy model+69.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
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 | ₹57 Cr | NDF | +29.6% |
| EBITDA | ₹9 Cr | NDF | -10.0% |
| Operating margin | 15.0% | NDF | -800 bps |
| PAT | ₹5 Cr | NDF | +0.0% |
| PAT margin | 8.8% | NDF | -259 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.40
- P/B
- 2.73
- EV/EBITDA
- 7.76
- Market Cap
- 121.00Cr
Profitability
- ROE
- 24.70%
- ROCE
- 24.20%
- ROA
- 8.70%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 18.82%
- EPS 5Y
- 11.11%
- Revenue 3Y
- 18.82%
- EPS 3Y
- 11.11%
Balance Sheet
- Debt/Equity
- 0.95
- Interest Coverage
- 4.75×
- Altman Z
- 2.91
- Book Value
- 5.06
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -6.00 Cr
- EPS TTM
- 1.10
Shareholding
- Promoter Hold
- 66.69%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 57.0+29.5% vs prev
Net Profit
₹ CrLatest: 5.0+0.0% 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 35.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~1.9% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 43% off 52W high · 63% 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 & 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
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation18/30
Growth13/25
Quality16/20
Balance Sheet6/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-8
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 69.9%.
- Quality contributes 16/20 to the score.
- Valuation contributes 18/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Sector valuation model
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Primary lens
EV/EBITDA and debt-adjusted cash generation.
Secondary checks
ARPU growth, subscriber quality, spectrum liabilities, capex intensity.
Main risk check
High EBITDA can still be weak equity value if debt and capex absorb cash.
PE
12.4
PB
2.7
EV/EBITDA
7.8
ROE
24.7%
ROCE
24.2%
FCF Yield
—
Debt/Equity
0.9
MoS
+69.9%
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
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+69.9%
Previous: +69.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
45
45
48
48
48
48
48
48
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
₹11.19
-13.9% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹42.37
+69.9% MoS
PEG
1.12
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
SPCENET
Small
Spacenet Enterprises India Limited
IT Services / Digital
match 148
55
7.3
9.8%
+71%
FAIR VALUE
RICHA
SME
Richa Info Systems Ltd.
IT Services / Digital
match 131
52
14.8
6.4%
+50%
FAIR VALUE
PROFX
SME
Pro FX Tech Ltd.
IT Services / Digital
match 130
73
7.8
24.1%
+76%
UNDERVALUED
DELAPLEX
SME
Delaplex Ltd.
IT Services / Digital
match 129
51
12.3
15.7%
+47%
FAIR VALUE
ROXHITECH
SME
Rox Hi-Tech Ltd.
IT Services / Digital
match 129
35
9.2
13.4%
-344%
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 2026-07-05T07:30:26.645Z
Management commentary snapshot
ENSER reported robust FY26 revenue of Rs. 102.19 Cr (+20% YoY) and PAT of Rs. 10.01 Cr (+14% YoY). H2FY26 revenue grew 49% YoY, but EBITDA declined 6% HoH, indicating potential margin pressure despite strong top-line growth.
The company shows strong top-line growth and strategic moves into AI, cybersecurity, and international markets. However, the H2FY26 EBITDA margin contraction QoQ (16.46% vs 23.47%) despite revenue growth warrants close monitoring of execution and profitability. Acquisitions are diversifying, but integration risks exist.
Current business mix
Segment Revenue (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
BPM Services75.0%
CRM Software12.0%
Intelligent Display Solutions10.0%
Cyber Security3.0%
Growth engines
AI-led Revenue Expansion (BFSI Focus)
Agentic AI framework targets 20-40% productivity improvement and 300-600 bps EBITDA expansion by continuously self-optimizing workflows.
Cybersecurity Vertical Scale-up
Transitioning cybersecurity from a supporting service to a growth engine by integrating advanced threat intelligence, MDR, cloud security, and identity governance.
International Expansion
Active market entry underway in Dubai as a strategic gateway; plans to initiate Philippines opportunity in FY26-27 for cost-competitive delivery.
New Products & Services Pipeline
Launching autonomous AI Agents for task execution (monthly recurring revenue) and a proprietary Quality Management System (QMS) product.
Capacity and execution
New Facilities
Established new facilities in Jaipur and Chennai in 2025.
International Presence
Active market entry in Dubai and planned initiation of Philippines operations in FY26-27.
Tailwinds
BFSI Sector Growth
India's BFSI sector chatbot market size projected to reach $8.5 billion by 2033, growing at a 22.5% CAGR (2025-2033).
Digital Transformation & AI Adoption
BFSI tech spend is expected to reach $290 billion by 2033, driven by rising digital adoption and increased focus on security and compliance.
Government Support for AI
Union Budget FY27 allocates Rs. 2,000 crore for accelerating AI adoption and infrastructure, alongside Rs. 500 crore for an AI Centre of Excellence in Education.
Strategic Alliances
Growing strategic alliances between domestic and international players enhance innovation, expand market access, and strengthen global solution delivery capabilities.
Risk radar
Acquisition Integration Risk
Enser acquired 70% stake in Indus Management, Growintelli Technologies, Teckinfo Solutions, and IVRedge Services. Integrating these diverse businesses poses operational and financial risks.
Increased Financial Leverage
Debt-to-Equity ratio increased to 0.94 in FY26 from 0.53 in FY25, partly due to recently acquired businesses, indicating higher financial leverage.
Execution Risk in New Verticals
Scaling cybersecurity and digital signage solutions requires specialized expertise and market penetration, which may not align perfectly with core BPM operations.
Margin Pressure
H2FY26 EBITDA margin declined to 16.46% from 23.47% in H1FY26, suggesting potential pressure on profitability despite revenue growth.
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
Yearly (YoY) comparison provides a clear view of the company's long-term growth trajectory and the impact of strategic initiatives over a full fiscal period. Half-yearly (QoQ/HoH) comparison is crucial for assessing recent operational momentum, the immediate impact of acquisitions, and any sequential shifts in profitability or efficiency, especially given the H2FY26 EBITDA margin dip.
Sector KPIs management disclosed
EBITDA Margin
FY26: 19.47% (vs 17.48% FY25); H2FY26: 16.46% (vs H1FY26: 23.47%)
PAT Margin
FY26: 9.79% (vs 10.27% FY25); H2FY26: 9.08% (vs H1FY26: 10.74%)
Return on Capital Employed (ROCE)
FY26: 26%
Return on Equity (ROE)
FY26: 21%
Management forward view
FY2030 Revenue Target
Aims for Rs. 500 Cr revenue by FY2030, with intermediate targets of Rs. 225 Cr (FY27), Rs. 350 Cr (FY28), Rs. 500 Cr (FY29).
PAT Margin Target
Targets 15-20% PAT margin by 2030 through Agentic AI framework and international expansion.
Strategic Shift to AI-Augmented Model
Transitioning from headcount-driven growth to an AI-augmented scalable model for structural margin expansion and sustainable competitive advantage.
Cybersecurity as Growth Engine
Plans to scale cybersecurity from a supporting service line to a growth engine by integrating advanced threat intelligence and cloud security.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 19.47% (FY26), 16.46% (H2FY26) | Stabilization and expansion towards the 300-600 bps target from Agentic AI implementation. |
| Debt-to-Equity Ratio | 0.94 (FY26) | Prudent management of leverage, especially with ongoing acquisitions and expansion plans. |
| International Revenue Contribution | Not explicitly disclosed | Initial revenue generation and margin contribution from Dubai and Philippines operations. |
| Acquisition Integration Progress | Multiple recent acquisitions (Indus, Growintelli, Teckinfo, IVRedge) | Successful integration, realization of stated synergies, and minimal disruption to core operations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
65Limited 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 45th percentile of the scored universe and 40th percentile within IT. 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
5 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
45th percentile
overall median 67 · IT: 40th pctile, median 69 · SME: 56th pctile, median 64
Evidence depth
Financial-only
5 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
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
90
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 66.6%.
- ▸Promoter pledge is zero.
- ▸ROCE is 24.2%.
Trust risks
- ▸Operating cash flow is negative at ₹-6 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Enser Communications Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptJan 2026
Jan 2026 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationDec 2024
Dec 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.