Investor presentationJul 2026
Jul 2026 · PPT
Source: Nse
Matrix Geo Solutions Ltd. (MGSL)
SME CapIT stocks · SME cap · NSE
Matrix Geo Solutions Ltd. (MGSL) is an Indian geospatial engineering company transforming into a technology-led infrastructure intelligence provider. It integrates geospatial engineering, drone, LiDAR, Digital Twin, AI, and enterprise software platforms. With 18 years of operational history, MGSL has mapped over 4 million hectares and serves 200+ clients across various sectors.
₹53.85
-3.10 · -5.44%
Market cap ₹78.5 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result20 May, 10:13 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
51Neutralfull bear SMA stack · SMA20 -19.2% / mo · MACD − · near 52W low · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 18
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
MGSLD candles · FIT view-28.2%Latest close ₹53.85 on 2026-10-19
Bar
-2.4%
RSI
33
MACD hist
-0.15
52W pos
2%
2026-10-19O ₹55.15H ₹55.15L ₹53.30C ₹53.85Vol 21,600 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
MGSLNifty ITNifty 500
- MGSL
- -11.4%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- -5.8 pp
Chart stats
19 Oct 2026- From 52W high
- -55.1%
- 52W range position
- 2%
- ATR (14)
- 8.4%
- Volume vs 20D
- 0.81x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹52.5 - ₹72
₹120
₹52.5 - ₹120
₹4.5
Latest completed session
20-session average
60.8% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Good U-Score but weak results consistency: verify latest quarters.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · DEEP VALUE75
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model+75.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
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 | ₹26 Cr | NDF | +85.7% |
| EBITDA | ₹7 Cr | NDF | +16.7% |
| Operating margin | 29.0% | NDF | -1200 bps |
| PAT | ₹6 Cr | NDF | +50.0% |
| PAT margin | 23.1% | NDF | -549 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 7.82
- P/B
- 1.20
- EV/EBITDA
- 5.75
- Market Cap
- 78.50Cr
Profitability
- ROE
- 23.00%
- ROCE
- 30.50%
- ROA
- 12.99%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 26.00%
- Revenue 3Y
- 66.00%
- EPS 3Y
- 65.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- —
- Altman Z
- 6.59
- Book Value
- 44.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -11.00 Cr
- EPS TTM
- 6.90
Shareholding
- Promoter Hold
- 67.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 26.0+85.7% vs prev
Net Profit
₹ CrLatest: 6.0+50.0% 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 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~23.8% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 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
9
RS percentile
Stage 4 Downtrend
1M return
-17.7%
3M return
-11.4%
6M return
-31.0%
1Y return
-48.0%
RS 1D
-4
RS 20D
-35
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 24.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
244 observations
19 Oct 2026Value 56.02-4.47%
RS vs Nifty 50056
Valuation & peers
U-Score 75 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 75 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation29/30
Growth24/25
Quality14/20
Balance Sheet11/15
Cash Flow1/10
Piotroski
5/9 (+3)
Penalties
-7
Raw sum
75
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
75/100 · legacy band DEEP VALUE
Positive drivers
- Fair-value margin of safety is positive at 75.7%.
- Valuation contributes 29/30 to the score.
- Growth contributes 24/25 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 14/20; 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
7.8
PB
1.2
EV/EBITDA
5.8
ROE
23.0%
ROCE
30.5%
FCF Yield
—
Debt/Equity
0.0
MoS
+75.7%
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
75
Previous: 75
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+75.7%
Previous: +75.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
74
74
74
74
74
74
74
74
74
74
75
75
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
₹83.49
+35.5% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹221.49
+75.7% MoS
PEG
0.19
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
GENESYS
Small
Genesys International Corporation Limited
IT Services / Digital
match 133
33
55.2
5.7%
-52%
WATCHLIST
GREENLEAF
SME
Greenleaf Envirotech Ltd.
IT Services / Digital
match 131
72
10.2
30.4%
+70%
UNDERVALUED
SLONE
SME
Slone Infosystems Ltd.
IT Services / Digital
match 131
76
7.7
20.8%
+78%
DEEP VALUE
SUNTECH
SME
Suntech Infra Solutions Ltd.
IT Services / Digital
match 130
66
5.0
18.8%
+83%
UNDERVALUED
URBAN
SME
Urban Enviro Waste Management Ltd.
IT Services / Digital
match 129
75
7.0
37.8%
+74%
DEEP VALUE
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 2026-08-20T07:22:08.314Z
Management commentary snapshot
MGSL reports robust FY26 performance with 81.5% YoY revenue growth to INR 40.1 Cr, 62% EBITDA growth to INR 13.25 Cr, and 73% PAT growth to INR 10.05 Cr, maintaining strong margins despite high receivables.
While MGSL delivered strong FY26 growth and healthy margins, the significant trade receivables (180-200 days) pose a material working capital challenge. This reliance on government clients and extended payment cycles could necessitate future funding, despite current cash reserves and a focus on international business.
Current business mix
Revenue by Sector (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Railway Sector35.0%
Water Sector30.0%
Road Sector15.0%
Mining Sector12.5%
Other Streams7.5%
Growth engines
Technology-led Transformation
Transforming from traditional geospatial engineering into a technology-led infrastructure intelligence company, combining geospatial engineering, drone, LiDAR, Digital Twin, AI, and enterprise software platforms.
International Expansion
Accelerating international expansion into Middle East, Africa, Australia, and Southeast Asia. Currently working in Mozambique on large railway and mining projects.
Solution-focused Approach
Focused on providing solutions and actionable insights through software and AI/ML-based platforms, rather than just data, enabling better profit margins.
Sector-specific Digital Twin Platforms
Developing customized platforms like RailTwin, Mine Insighter, and PowerTwin, integrating domain-related tools for better utilization and faster decision-making.
Capacity and execution
Drone Pilot Training Institute
Opened a DGCA authorized drone pilot training institute in India (2.5 acre land in Delhi NCR) to add to capacity building.
New Drone & Sensor Technologies
50% of IPO proceeds (approx. INR 20 Cr) are held in FDR, awaiting new drone technologies and payloads expected within the next three months.
Tailwinds
Government Infrastructure Push
Government has a push of INR 2 lakh crores for infrastructure development, creating a TAM of over INR 21,000 crores annually for consultancy, growing 15-25% CAGR.
Supportive Government Policies
Government geospatial policy and drone policy (2021) aim to implement and adopt this technology faster in India, building a huge market opportunity.
Government Empanelments
Empaneled with Survey of India, NHAI, GSI, SECI, CMPDI, helping win projects on a pre-qualified model with direct and pre-agreed contract awards.
Risk radar
High Trade Receivables
Receivable timeline is about 180 days to 200 days, primarily from government clients, impacting working capital.
Working Capital Management
Incremental working capital needs for FY27 (targeting INR 65 Cr revenue) may require debt or future fund raising if payments are not received on time.
Technology Obsolescence/Delay
Rapidly changing drone and payload technology has led to 50% of IPO funds being unutilized, awaiting new tech, potentially delaying capacity enhancement.
Reliance on Government Clients
Approximately 60% of current business comes from government clients, which are associated with extended payment cycles.
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 presented full fiscal year (FY26) results and explicitly stated YoY growth figures for key financial metrics (revenue, EBITDA, PAT), indicating that annual performance is the primary focus for evaluation.
Sector KPIs management disclosed
Operating Revenue (FY26)
INR 40.1 crores, representing a robust YoY growth of near about 81.5%.
EBITDA (FY26)
EBITDA increased by 62% with INR 13.25 crores.
Profit After Tax (FY26)
Profit after tax grew by nearly 73% with INR 10.05 crores.
EBITDA Margin (FY26)
EBITDA margins were above 33%.
Management forward view
FY27 Revenue Guidance
Targeting INR 65 crores as top line for FY27, representing a YoY growth of near about 60-65%.
Long-term Revenue Target
Targeting INR 500 crores within the next five years with a CAGR of 50%, driven by growth strategy and infrastructure platforms.
Future Monetization Strategy
Future monetization will come from value-added services, enterprise-level applications, SaaS-based applications, and multi-site service agreements.
R&D Focus Areas
Investing in R&D for autonomous drone operations, infrastructure IoT platforms, special AI, generative AI for engineering/inspection, and robotic/underwater drones.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Trade Receivables Days | 180-200 days | Reduction to 100-120 days, as anticipated by management due to government payment improvements. |
| Export Revenue Contribution | ~25% (FY26) | Increase to 25-30% in FY27 and sustained growth from new international clients in Africa, Middle East, Southeast Asia, and Australia. |
| IPO Fund Utilization | 50% (approx. INR 20 Cr) unspent, held in FDR | Deployment of funds into new drone technologies and payloads within the next three months, as planned. |
| Platform Business Monetization | Primarily one-time sales with repeat orders | Shift towards SaaS-based recurring revenue models and enterprise-level applications, particularly with CRIS and mining companies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited 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 56th percentile of the scored universe and 50th percentile within IT. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 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
56th percentile
overall median 67 · IT: 50th pctile, median 69 · SME: 70th pctile, median 64
Evidence depth
Financial-only
1 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
40
weak · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 67.3%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.03.
- ▸ROCE is 30.5%.
Trust risks
- ▸Operating cash flow is negative at ₹-11 Cr.
- ▸ROCE trend is -8.5%.
- ▸OPM spread across recent quarters is 18%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Matrix Geo Solutions Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
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.