Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
HRH Next Services Ltd. (HRHNEXT)
SME CapServices stocks · SME cap · NSE
HRH Next Services Ltd. is an India-focused customer engagement and contact center services provider, offering voice, chat, email, social media, and digital platform support in 11 vernacular languages. The company has recently launched AINA, its AI division, to enhance customer experience and operational efficiency.
₹24
+0.40 · +1.69%
Market cap ₹31.2 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result01 Jun, 08:02 pm IST
Score20 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
26Bearishfull bear SMA stack · SMA20 -6.8% / mo · MACD + · near 52W low
Stock trend: 26
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
HRHNEXTD candles · FIT view-20.1%Latest close ₹24.00 on 2026-10-19
Bar
+0.0%
RSI
48
MACD hist
0.01
52W pos
18%
2026-10-19O ₹24.00H ₹24.00L ₹24.00C ₹24.00Vol 1,500 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
HRHNEXTNifty 500
- HRHNEXT
- -17.1%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -11.5 pp
Chart stats
19 Oct 2026- From 52W high
- -38.9%
- 52W range position
- 16%
- ATR (14)
- 4.5%
- Volume vs 20D
- 0.13x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹22.1 - ₹26.6
₹39.3
₹21 - ₹39.3
₹1.1
Latest completed session
20-session average
67.0% 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
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, 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 · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +49.8% · PAT +742.4% YoY
Technical
Bearish26
Price trend and sector-relative-strength timing.
Valuation
Legacy model+75.4%
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
Excellent · 100/100Rev +50% YoY · PAT +742% YoY · margin expansion · +11% QoQ · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹35.9 Cr | +49.8% | +11.4% |
| EBITDA | ₹6.7 Cr | NDF | +15.7% |
| Operating margin | 18.7% | NDF | +69 bps |
| PAT | ₹2.8 Cr | +742.4% | +33.6% |
| PAT margin | 7.7% | NDF | +129 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 6.41
- P/B
- 0.75
- EV/EBITDA
- 2.90
- Market Cap
- 31.20Cr
Profitability
- ROE
- 12.50%
- ROCE
- 15.80%
- ROA
- 4.97%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 81.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.43
- Interest Coverage
- 6.33×
- Altman Z
- 2.01
- Book Value
- 31.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 27.10 Cr
- EPS TTM
- 3.68
Shareholding
- Promoter Hold
- 56.57%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 35.9+11.4% vs prev
Net Profit
₹ CrLatest: 2.8+33.7% 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
Mixed signalsSignals are conflicting — long-term trend down. RSI 48. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~7.2% over last month) — short-term momentum negative.
- RSI(14) at 48 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 36% off 52W high · 14% 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
25
RS percentile
Stage 4 Downtrend
1M return
-8.2%
3M return
-10.3%
6M return
-15.8%
1Y return
-32.8%
RS 1D
+1
RS 20D
-1
Sector rank
#12
Industry rank
#56
Stage evidence
- Price is 10.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
230 observations
19 Oct 2026Value 77.89+2.34%
RS vs Nifty 50078
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth19/25
Quality5/20
Balance Sheet8/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
-7
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 75.4%.
- Valuation contributes 30/30 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 5/20; 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
6.4
PB
0.8
EV/EBITDA
2.9
ROE
12.5%
ROCE
15.8%
FCF Yield
—
Debt/Equity
0.4
MoS
+75.4%
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
61
Previous: 61
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+75.4%
Previous: +75.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
61
61
61
61
61
61
61
61
61
61
61
61
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
₹50.99
+52.9% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹97.7
+75.4% MoS
PEG
0.12
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
WHITEFORCE
SME
Happy Square Outsourcing Services Ltd.
HR & Manpower
match 155
70
7.0
22.7%
+74%
UNDERVALUED
WEWIN
Small
WE WIN LIMITED
HR & Manpower
match 147
63
12.2
15.2%
+55%
UNDERVALUED
SPECTSTM
SME
Spectrum Talent Management Ltd.
HR & Manpower
match 142
58
11.1
7.4%
+60%
FAIR VALUE
IPSL
SME
Integrated Personnel Services Ltd.
HR & Manpower
match 141
52
18.6
17.8%
+41%
FAIR VALUE
SERVICE
SME
Service Care Ltd.
HR & Manpower
match 140
34
18.4
10.1%
+36%
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 2026-08-17T07:50:33.717Z
Management commentary snapshot
HRH Next reports healthy FY26 revenue growth of 17.2% to INR 68 crores, up from INR 58 crores, with dramatic expansion in PAT margins driven by AI integration and operational efficiencies.
The company delivered strong FY26 results with significant revenue growth and margin expansion, attributed to its AI division, AINA, and operational cost controls. Management is bullish on AI's potential to drive future growth and profitability, aiming for main board listing and inorganic growth.
Growth engines
AINA (AI Division)
Positive2026 is going to be the AINA year for us, where we are not just only talking about the growth-wide in terms of a client model, but also we are ex- we are going to have a huge shift in the customer experience.
Vernacular AI Solutions
PositiveAINA speaks to the customer in all 11 vernacular languages... our tools are language agnostic, the acceptance is really, really good.
Existing Client Relationships
PositiveAverage partnership goes for more than 5 to 6 years. Swiggy is with us for 10 years, Vodafone for 15 years.
Inorganic Growth
PositiveWe're also looking at some sort of an inorganic growth. A lot of people want to join our success journey.
Capacity and execution
New Centers Planned (FY27)
PlannedWe are looking at at least making two centers in this financial year, with about 3 to 3.5 crores worth per center.
AI Development Capex (FY27)
PlannedAnother 3.5 to 4 crores will go, or a little bit more, around 5 to 6 crores will go, in, AI development.
Tailwinds
AI Adoption in Enterprises
PositiveHuge potential that AI is there to offer... most of these large enterprises... we have worked very closely with them.
Access to Large Enterprises
PositiveNew AI players will come in, but it's very difficult for them to reach into the boardrooms of large enterprises. We probably have a wildcard entry there.
Headwinds
Delayed Payments from Large Enterprises
NegativeSome challenges with delayed payments from large enterprises, but that is because they are doing their next round of fundraisers and going for IPOs.
Risk radar
Rapidly Evolving AI Landscape
NeutralThese things are so changing so fast and so drastically, Bhumika, you never know.
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 earnings call explicitly discusses financial results for the full financial year (FY26) compared to the previous year (FY25), indicating annual performance is the primary focus for assessing growth and profitability.
Sector KPIs management disclosed
Revenue Growth (FY26)
PositiveRevenue grew from about 58 crores to now close to 68 crores.
PAT Margin Expansion
PositivePack margins have expanded dramatically... because of the heavy, AI play that has come in.
EBITDA Growth (FY26)
PositiveFY26 revenue grew 18%, while EBITDA grew 38%.
AI-enabled Services Revenue (FY26)
Positive7 crores of revenue had come in from, digital platforms, and AINA. Out of the total.
Management forward view
FY27 Revenue Guidance
PositiveNatural run rate, we hope to get it to about 75 to 80 crores. With inorganic growth, the idea was that we could make an attempt to go to the main board with 100 crore revenue.
PAT Margin Target
PositiveLooking to expand the pat margins, to beyond 10-12%... this business clearly operates at around a 10% to 12% to maximum 15% PAT margins.
Future Ambition (4-5 years)
PositiveOnce you enter into the main board, opportunities will really open up, probably look at bigger acquisitions, very larger play in the AI space.
Company Identity
NeutralWe are now a totally AI-led services company... We will probably never turn into a product-based company. We'll always remain an AI-first services company.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AINA Revenue Contribution | 7 crores in FY26 | Progress towards 50% of total revenue from AI division in 3 years. |
| Main Board Listing Qualification | Aiming for 100 crore revenue milestone. | Achievement of 100 crore revenue and other criteria for NSE main board listing. |
| PAT Margins | Expanded dramatically in FY26. | Expansion beyond 10-12% towards 15% as AI contribution increases. |
| New Center Openings | 8 strategic locations, Palakkad most recent. | Commissioning of two new centers in FY27 (Mysore and Indore identified as next steps). |
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 50th percentile within Services. 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
6 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
45th percentile
overall median 67 · Services: 50th pctile, median 66 · SME: 56th pctile, median 64
Evidence depth
Financial-only
6 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
90
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 56.6%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.1%.
Trust risks
- ▸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 HRH Next Services Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptJan 2026
Jan 2026 · Transcript
Source: Nse
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.