AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Sep - Marko Erkic appointed CEO of Masiv effective September 1, 2026.
Source: Bse
ROUTE MOBILE LIMITED (ROUTE)
Micro CapTelecom stocks · Micro cap · NSE
RML offers a scalable, flexible Omnichannel CPaaS platform to global enterprises. It boasts 280+ direct MNO connects, access to 900+ MNOs, 20+ data centers, 6 SMSCs, and serves 3,100+ active billable clients across 20+ locations.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result24 Jul, 03:37 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Telecom P/E 28.1 (n=16)
Technical timing lens
Trend score and candlestick chart
24Bearishfull bear SMA stack · SMA20 -11.3% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: —
Telecom FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ROUTED candles · FIT view-19.2%Latest close ₹429.30 on 2026-10-21
Bar
-2.6%
RSI
39
MACD hist
2.97
52W pos
5%
2026-10-21O ₹440.90H ₹445.00L ₹425.10C ₹429.30Vol 1.5L 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
ROUTENifty TelecommunicationsNifty 500
- ROUTE
- -25.5%
- Nifty 500
- -6.5%
- Nifty Telecommunications
- +1.0%
- Vs Nifty 500
- -19.0 pp
Chart stats
21 Oct 2026- From 52W high
- -44.2%
- 52W range position
- 5%
- ATR (14)
- 3.8%
- Volume vs 20D
- 0.65x
- Avg traded value
- ₹10.1 Cr
- 20D price channel
- ₹412.1 - ₹497.3
₹769.5
₹410.7 - ₹769.5
₹16.2
Latest completed session
20-session average
29.8% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE81
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average37
Revenue +9.6% · PAT +16.9% YoY
Technical
Bearish24
Price trend and sector-relative-strength timing.
Valuation
Legacy model+74.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence82
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
Average · 37/100margin compression · Rev +10% YoY · PAT +17% YoY · operating leverage
Filed 23 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,152 Cr | +9.6% | +1.9% |
| EBITDA | ₹105 Cr | +11.7% | -22.8% |
| Operating margin | 9.0% | +0 bps | -300 bps |
| PAT | ₹69 Cr | +16.9% | -39.5% |
| PAT margin | 6.0% | +38 bps | -409 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.00
- P/B
- 1.02
- EV/EBITDA
- 4.65
- Market Cap
- 2830.00Cr
Profitability
- ROE
- 12.60%
- ROCE
- 17.40%
- ROA
- 7.56%
- Dividend Y
- 2.45%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- -12.93%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 87.33×
- Altman Z
- 5.35
- Book Value
- 440.00
Cash Flow
- FCF Yield
- 19.96%
- FCF Positive Y
- 6/5
- OCF
- 581.00 Cr
- EPS TTM
- 39.43
Shareholding
- Promoter Hold
- 74.85%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,152+1.9% vs prev
Net Profit
₹ CrLatest: 69.0-39.5% 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 39. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~12.8% over last month) — short-term momentum negative.
- RSI(14) at 39 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish 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
16
RS percentile
Stage 4 Downtrend
1M return
-8.5%
3M return
-25.5%
6M return
-16.4%
1Y return
-41.7%
RS 1D
0
RS 20D
-1
Sector rank
#3
Industry rank
#29
Stage evidence
- Price is 15.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 56.75-1.36%
RS vs Nifty 50057
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 81 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation27/30
Growth20/25
Quality4/20
Balance Sheet14/15
Cash Flow10/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
81
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
81/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 20.0%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 74.2%.
Main drags
- Quality is weaker at 4/20; verify the latest quarterly trend.
- Growth is weaker at 20/25; verify the latest quarterly trend.
- Valuation is weaker at 27/30; 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
8.0
PB
1.0
EV/EBITDA
4.7
ROE
12.6%
ROCE
17.4%
FCF Yield
20.0%
Debt/Equity
0.0
MoS
+74.2%
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
81
Previous: 81
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+74.2%
Previous: +73.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
81
81
81
81
80
80
80
81
81
81
81
81
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
₹624.79
+31.3% MoS
Growth-justified P/E
42.1
Growth-justified Value
₹1,661.97
+74.2% MoS
PEG
0.40
Comparable companies
Peers
Business-comparable peers in Telecom — 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
SARTELE
SME
Sar Televenture Ltd.
Telecom Services
match 50
66
6.8
8.0%
+86%
UNDERVALUED
HPTL
SME
HP Telecom India Ltd.
Telecom Services
match 50
57
19.6
28.9%
+53%
FAIR VALUE
MTNL
Small
Mahanagar Telephone Nigam Limited
Telecom Services
match 50
16
—
—
—
OVERVALUED
GTL
Small
GTL Limited
Telecom Services
match 46
34
—
—
+96%
WATCHLIST
RCOM
Small
Reliance Communications Limited
Telecom Services
match 46
25
—
—
—
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 intactReviewed 2026-06-11T04:26:03.527Z
Management commentary snapshot
Q4 FY26 revenue declined 3.8% YoY but grew 2.2% QoQ, while full-year revenue fell 3.7% YoY. Gross Profit and Adj. PAT saw strong YoY growth in Q4 (+16.6%, +34.6% respectively), driven by margin expansion and strategic focus on regional business.
The company's strategic shift towards higher-margin traffic and domestic markets is evident in the improved gross and PAT margins despite a YoY revenue decline. While overall revenue growth is a concern, the focus on profitability and strong cash conversion supports the underlying thesis. Monitoring sustained domestic market growth and operating cost management is crucial.
Growth engines
Expanding Product Portfolio
New products revenue grew 11.3% YoY in FY26 to ₹3,526 mn, leveraging WhatsApp for customer engagement and real-time delivery solutions.
Strategic Focus on Domestic Markets
Management states strategic focus on domestic markets, primarily India, is driving revenue growth.
Retention of Higher Margin Traffic
Company focuses on retaining higher margin traffic from existing customers, contributing to gross margin expansion.
Enhanced Routing Strategy
Enhanced routing strategy is delivering higher gross profit margins.
Tailwinds
Strategic Focus on Domestic Markets
Management states strategic focus on domestic markets (primarily India) is driving revenue growth.
Increased Focus on Regional Business
Y-o-Y Gross margin expansion reflects increased focus on regional business.
Retention of Higher Margin Traffic
Focus on retention of higher margin traffic from existing customers.
Enhanced Routing Strategy
Enhanced routing strategy is delivering higher gross profit margins.
Headwinds
YoY Revenue Decline
Q4 FY26 revenue decreased by 3.8% YoY, and FY26 revenue decreased by 3.7% YoY.
New Products Revenue Normalization
Q-o-Q decline in new products revenue due to normalization of excess volume received during festive season.
Moderation in ILDO Business
Slight moderation in relatively lower gross profit ILDO (International Long Distance Operator) business.
Increased Operating Costs
Operating costs increased by 10% YoY due to salary increments and certain trade receivables written off.
Risk radar
Fluctuations in Earnings & FX Rates
Risks include fluctuations in earnings, revenue, profits, and foreign exchange rates.
Global CPaaS Competition
Competition in CPaaS globally is identified as a risk.
Talent Attraction & Retention
Ability to attract and retain highly skilled professionals is a risk.
Revenue Concentration
Revenues are highly dependent on clients in the United States of America.
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
Q4 results show mixed trends with YoY revenue decline but QoQ growth, while profitability metrics (Gross Profit, Adj. PAT) show strong YoY improvement. Both comparisons are needed to assess sequential momentum and annual strategic shifts.
Sector KPIs management disclosed
FY26 Revenue
₹44,082 mn (-3.7% YoY)
Q4 FY26 Revenue
₹11,309 mn (+2.2% QoQ, -3.8% YoY)
FY26 Billable Transactions
174.9 bn (+12.2% YoY)
Q4 FY26 Billable Transactions
45.1 bn (flat QoQ, +11.4% YoY)
Management forward view
Sustained Revenue Momentum
Management noted sustained Q3 FY26 revenue momentum into Q4 FY26.
Domestic Market Focus
Strategic focus on domestic markets, primarily India, is driving revenue growth.
Margin Improvement Strategy
Focus on retention of higher margin traffic from existing customers and enhanced routing strategy are key to gross profit margins.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth (YoY) | -3.7% in FY26 | Reversal of YoY decline, sustained QoQ growth. |
| Gross Profit Margin | 22.9% in FY26 | Continued expansion from strategic focus on higher-margin traffic. |
| Adj. EBITDA Margin | 11.9% in FY26 | Stability or improvement, managing operating cost increases. |
| Days Sales Outstanding (DSO) | 64 days in FY26 | Maintenance of improved working capital efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
82Limited 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 94th percentile of the scored universe and 96th percentile within Telecom. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
99 docs text-extracted · 46 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
94th percentile
overall median 67 · Telecom: 96th pctile, median 66 · Micro: 90th pctile, median 73
Evidence depth
Financial-only
99 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
Can support position sizing if valuation and trend also agree.
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
89
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
76
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 74.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 17.9%.
- ▸6 years of positive FCF.
Trust risks
- ▸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 ROUTE MOBILE 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)-Change in Management 1 Sep - Route Mobile appoints Masivian CEO Marko Erkic as Senior Management Personnel effective September 1, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 3 Sep - Shareholders approved M S K A & Associates LLP as statutory auditors for five years to 2031.
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jul - Schedule of Earnings Conference Call to be held on July 24, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Jul - Route Mobile subsidiary signs BTA to acquire Heltar's AI-driven omnichannel business on July 13, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Jul - Route Mobile partners with Truecaller on July 1, 2026 to expand business messaging to 500 million users.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 1 Jul - Masivian S.A.S. CEO Erwin Viertel resigned effective June 30, 2026.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.