Credit rating
Credit Rating 5 Oct - CRISIL assigned BBB-/stable to ₹125 crore long-term facilities and A3 to short-term facilities.
Source: Nse
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.
₹75
-0.15 · -0.20%
Market cap ₹150 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 09:07 am ISTDetails
Quote21 Oct, 09:07 am IST
Base fundamentals06 Oct 2026 · screener
Latest result02 Jun, 08:26 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
87Strong Bullfull bull SMA stack · SMA20 +24.6% / mo · RSI overbought · MACD + · near 52W high · sector +16.3pp vs Nifty 500 (3M)
Stock trend: 78
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
ROXHITECHD candles · FIT view+113.2%Latest close ₹75.15 on 2026-10-19
Bar
+1.5%
RSI
74
MACD hist
1.83
52W pos
95%
2026-10-19O ₹74.05H ₹77.70L ₹74.05C ₹75.15Vol 49,600 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
ROXHITECHNifty ITNifty 500
- ROXHITECH
- +89.5%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +95.1 pp
Chart stats
19 Oct 2026- From 52W high
- -3.7%
- 52W range position
- 95%
- ATR (14)
- 5.0%
- Volume vs 20D
- 0.53x
- Avg traded value
- ₹0.6 Cr
- 20D price channel
- ₹44 - ₹78
₹78
₹23 - ₹78
₹3.7
Latest completed session
20-session average
94.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST36
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad5
Revenue +11.1% · PAT -9.1% YoY
Technical
Strong Bull87
Price trend and sector-relative-strength timing.
Valuation
Legacy model-343.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
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
Bad · 5/100PAT -9% YoY · Rev +11% YoY · margin expansion
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹110 Cr | +11.1% | +0.0% |
| EBITDA | ₹16 Cr | NDF | +0.0% |
| Operating margin | 14.0% | NDF | +0 bps |
| PAT | ₹10 Cr | -9.1% | +0.0% |
| PAT margin | 9.1% | NDF | +0 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 9.24
- P/B
- 1.09
- EV/EBITDA
- 7.82
- Market Cap
- 150.00Cr
Profitability
- ROE
- 13.40%
- ROCE
- 15.30%
- ROA
- 6.40%
- Dividend Y
- 1.60%
Growth (CAGR)
- Revenue 5Y
- 8.56%
- EPS 5Y
- -20.00%
- Revenue 3Y
- 8.56%
- EPS 3Y
- -20.00%
Balance Sheet
- Debt/Equity
- 0.52
- Interest Coverage
- 3.71×
- Altman Z
- 2.72
- Book Value
- 57.50
Cash Flow
- FCF Yield
- 2.67%
- FCF Positive Y
- 2/5
- OCF
- 3.00 Cr
- EPS TTM
- 7.08
Shareholding
- Promoter Hold
- 60.53%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 100%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 208+11.2% vs prev
Net Profit
₹ CrLatest: 18.0-5.3% vs prev
Return on Equity
%Latest: 13.6-21.0% vs prev
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 uptrend intact. RSI 74. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~19.8% over last month) — short-term momentum positive.
- RSI(14) at 74 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 227% 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
94
RS percentile
Stage 2 UptrendEstablished S2
1M return
+70.8%
3M return
+89.5%
6M return
+91.7%
1Y return
+59.0%
RS 1D
-1
RS 20D
+23
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 81.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +9.2%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
13 Aug 2026
S2 age
46 trading sessions
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
258 observations
19 Oct 2026Value 163.72-1.26%
RS vs Nifty 500164
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation18/30
Growth5/25
Quality4/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
-9
Raw sum
36
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
36/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Valuation contributes 18/30 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Penalty bucket subtracts 9 points.
- Fair-value margin of safety is negative at -343.1%.
- Growth is weaker at 5/25; 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
9.2
PB
1.1
EV/EBITDA
7.8
ROE
13.4%
ROCE
15.3%
FCF Yield
2.7%
Debt/Equity
0.5
MoS
-343.1%
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
36
Previous: 35 (+1)
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-343.1%
Previous: -343.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
38
38
38
38
38
36
35
34
34
34
35
35
Factor attribution
Valuation
18+1
was 17
Modelled fair value
Graham Number
₹95.71
+21.6% MoS
Growth-justified P/E
2.4
Growth-justified Value
₹16.92
-343.1% MoS
PEG
—
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
DUGLOBAL
SME
DUDIGITAL GLOBAL LTD.
IT Services / Digital
match 130
39
30.8
5.8%
+10%
WATCHLIST
DELAPLEX
SME
Delaplex Ltd.
IT Services / Digital
match 130
51
12.3
15.7%
+47%
FAIR VALUE
ENSER
SME
Enser Communications Ltd.
IT Services / Digital
match 129
48
12.4
24.7%
+70%
FAIR VALUE
TECHLABS
SME
Trident Techlabs Ltd.
IT Services / Digital
match 129
35
32.4
10.1%
+5%
WATCHLIST
ENFUSE
SME
Enfuse Solutions Ltd.
IT Services / Digital
match 129
13
—
-56.3%
—
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 under stressReviewed 2026-08-22T07:51:13.354Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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).
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
Trust Score
69Limited 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 59th percentile of the scored universe and 54th percentile within IT. Main check: cash conversion is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
12 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · IT: 54th pctile, median 69 · SME: 77th pctile, median 64
Evidence depth
Financial-only
12 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
50
watch · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching Rox Hi-Tech 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
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationJan 2026
Jan 2026 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.