Rox Hi-Tech Ltd. (ROXHITECH)
SME CapIT stocks · SME cap · NSE
ROX Hi-Tech, established in 2002, is a globally trusted IT services and consulting firm with a footprint across India, North America, Denmark, Mauritius, and Singapore. It delivers digital transformation solutions including Intelligent Automation, Enterprise Security, Cloud Services, and Integrated Enterprise Platforms.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 5/100PAT -9% YoY · Rev +11% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹110 Cr | +11.1% | +0.0% |
| EBITDA | ₹16 Cr | +60.0% | +0.0% |
| Operating margin | 14.0% | +400 bps | +0 bps |
| PAT | ₹10 Cr | -9.1% | +0.0% |
| PAT margin | 9.1% | +44 bps | +0 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
H2 FY26 revenue declined 5.6% YoY to ₹97.98 Cr, but EBITDA margin improved to 13.86%. Full-year FY26 revenue grew 11.4% YoY to ₹207.92 Cr, yet EBITDA and PAT margins compressed to 14.48% and 8.37% respectively, from FY25 levels.
While full-year revenue growth is positive, the H2 revenue decline and consistent year-on-year compression in full-year profitability margins (EBITDA, PAT, EPS, ROE, ROCE) for FY26 are concerning. Increased finance costs and a lengthening working capital cycle further pressure the bottom line and cash flow.
Digital Transformation Solutions
Focus on Application Consulting, Automation & AI, leveraging SAP & IBM partnerships, including RISE with SAP cloud deals.
Data Center Deals
Secured million-dollar data center deals with infrastructure, public sector, and BFSI segments.
Cisco Multi-Million Dollar Deals
Bagged multi-million dollar Cisco deals with Fortune 100 clients in semiconductor and alternate energy sectors.
Agentic AI Alliance
Formed an Agentic AI alliance with SS&C Blue Prism for India and South Asia markets, implementing solutions for manufacturers.
New Office Expansion
Expanded with a new 50-seater office in Tiruchirappalli SEZ.
Operational Centers
Network Operations Center (NOC) and Security Operations Center (SOC) are fully operational, with clients onboarded.
Global Subsidiaries
Incorporated subsidiaries in Singapore (Aug 2024), U.S. & Denmark (Jan 2025), and Mauritius (Mar 2025).
Growing Demand for Cloud Services
Increasing demand for cloud-based services is a key driver for the IT sector.
Government Initiatives
'Make in India' Policy, PLI Scheme, and 'Make AI in India & Make AI for work' initiatives by the GOI.
Cost Advantages
Low cost of operation and tax advantages in India contribute to IT sector growth.
Competition
The company operates in a competitive IT services market, as noted in the general disclaimer.
Technological Implementation Risks
Forward-looking statements are subject to risks from technological changes and advancements.
Market Preference Shifts
The company's performance is exposed to changes in market preferences.
Rising Finance Costs
Finance costs increased significantly to ₹6.54 Cr in FY26 from ₹4.60 Cr in FY25, impacting profitability.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The presentation provides both half-year (H2) and full-year (FY) financials. H2 data offers insight into recent sequential trends, while full-year data provides a comprehensive annual performance context, crucial for understanding the company's overall trajectory.
Revenue (FY26)
₹207.92 Cr (vs FY25: ₹186.51 Cr)
EBITDA Margin (FY26)
14.48% (vs FY25: 16.49%)
PAT Margin (FY26)
8.37% (vs FY25: 10.21%)
EPS (FY26)
₹7.72 (vs FY25: ₹8.46)
Vision for World Class Organization
Management's vision is to be a world-class organization enhancing quality of human life with sustainable Hi-Tech solutions.
Strategic Expansion Initiatives
Proposed initiatives include GRC, Blue Prism/WorkHQ automation, Cisco Splunk COE, IBM Concert partnership, and Google collaboration.
Medical Automation Platform
A Medical Automation Platform is in final stages of development, with beta release pending integration with strategic AI technology partners.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY26 revenue grew 11.4% YoY to ₹207.92 Cr, but H2 FY26 revenue declined 5.6% YoY. | Sustained full-year revenue growth and a reversal of the H2 revenue decline trend. |
| Profitability Margins | FY26 EBITDA margin 14.48% (down from 16.49% in FY25), PAT margin 8.37% (down from 10.21% in FY25). | Stabilization and subsequent improvement in both EBITDA and PAT margins. |
| Working Capital Cycle | 151 days in FY26, an increase from 144 days in FY25. | Reduction in the working capital cycle to enhance operational efficiency and cash flow. |
| Finance Costs | Increased to ₹6.54 Cr in FY26 from ₹4.60 Cr in FY25. | Management's ability to control or reduce finance costs relative to revenue growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +19.4% / mo · MACD −
Technical chart
ROXHITECHdaily · 1Y · AUTO+44.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 43. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~16.3% over last month) — short-term momentum positive.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 21% off 52W high · 102% 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 & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 25.5%.
- Fair-value margin of safety is positive at 28.3%.
- Valuation contributes 30/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Growth is weaker at 2/25; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +4 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 54th percentile within IT. Main check: cash conversion is weak at 50/100.
Healthy Trust Lite: Promoter holding is 60.5%. Key concern: Operating cash flow is negative at ₹-34 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · IT: 54th pctile, median 69 · SME: 77th pctile, median 64
12 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 60.5%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.5%.
- ▸FCF yield is 25.5%.
Trust risks
- ▸Operating cash flow is negative at ₹-34 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 3.60
- P/B
- 0.89
- EV/EBITDA
- 5.10
- Market Cap
- 106.00Cr
Profitability
- ROE
- 18.00%
- ROCE
- —
- ROA
- 9.71%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- —
- Revenue 3Y
- —
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.43
- Interest Coverage
- 5.80×
- Altman Z
- 2.82
- Book Value
- 52.10
Cash Flow
- FCF Yield
- 25.47%
- FCF Positive Y
- 1/5
- OCF
- -34.00 Cr
- EPS TTM
- 8.73
Shareholding
- Promoter Hold
- 60.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 65%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in IT, ranked by similarity
Peers
Business-comparable names in IT, ranked by similarity
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.