Annual reportSep 2026
Sep 2026 · Updates 21 Aug - Spectrum Talent Management schedules 14th AGM on September 17, 2026; annual report FY2025-26 shared.
Source: Nse
Spectrum Talent Management Ltd. (SPECTSTM)
SME CapServices stocks · SME cap · NSE
Spectrum Talent Management is a global HR services company offering general staffing, IT staff augmentation, RPO, and apprenticeship solutions. It manages the entire talent recruitment and deployment lifecycle, with a presence in India and USA, serving clients in 30+ countries.
₹56.1
-1.45 · -2.52%
Market cap ₹136 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 07:58 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
20Bearishfull bear SMA stack · SMA20 -3.3% / mo · MACD − · near 52W low
Stock trend: 20
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
SPECTSTMD candles · FIT view-19.3%Latest close ₹56.10 on 2026-10-19
Bar
-6.3%
RSI
43
MACD hist
-0.20
52W pos
10%
2026-10-19O ₹59.85H ₹59.85L ₹56.00C ₹56.10Vol 24,800 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
SPECTSTMNifty 500
- SPECTSTM
- -8.0%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -2.5 pp
Chart stats
19 Oct 2026- From 52W high
- -52.9%
- 52W range position
- 8%
- ATR (14)
- 6.4%
- Volume vs 20D
- 1.82x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹54 - ₹63.9
₹119
₹50.8 - ₹119
₹3.6
Latest completed session
20-session average
65.9% 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
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish20
Price trend and sector-relative-strength timing.
Valuation
Legacy model+60.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
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 | ₹742.4 Cr | NDF | NDF |
| EBITDA | ₹8.4 Cr | NDF | +39.7% |
| Operating margin | 1.1% | NDF | +13 bps |
| PAT | ₹8.5 Cr | NDF | NDF |
| PAT margin | 1.1% | NDF | +58 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 11.10
- P/B
- 0.79
- EV/EBITDA
- 9.76
- Market Cap
- 136.00Cr
Profitability
- ROE
- 7.41%
- ROCE
- 7.59%
- ROA
- 4.27%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 37.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 24.00%
- EPS 3Y
- -24.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- 4.67×
- Altman Z
- 4.88
- Book Value
- 74.50
Cash Flow
- FCF Yield
- 18.38%
- FCF Positive Y
- 3/5
- OCF
- 68.00 Cr
- EPS TTM
- 5.31
Shareholding
- Promoter Hold
- 74.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,450+14.2% vs prev
Net Profit
₹ CrLatest: 12.0+71.4% vs prev
Return on Equity
%Latest: 7.0+58.6% 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
Bearish setupTrend is weak — long-term trend down. RSI 43.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.4% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 46% off 52W high · 11% 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
21
RS percentile
Stage 4 Downtrend
1M return
-5.3%
3M return
-4.9%
6M return
-3.3%
1Y return
-47.2%
RS 1D
-3
RS 20D
+12
Sector rank
#12
Industry rank
#56
Stage evidence
- Price is 9.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -5.1%.
- 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)
232 observations
19 Oct 2026Value 56.35-1.52%
RS vs Nifty 50056
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation25/30
Growth17/25
Quality0/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
7/9 (+5)
Penalties
-7
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 18.4%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 60.2%.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 17/25; 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
11.1
PB
0.8
EV/EBITDA
9.8
ROE
7.4%
ROCE
7.6%
FCF Yield
18.4%
Debt/Equity
0.2
MoS
+60.2%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+60.2%
Previous: +60.2%
Score history
12 stored score snapshots. Latest stored move: +1 points.
20 Oct 2026
v4.3-runtime-valuation
57
57
57
57
57
57
57
57
57
57
57
58
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
₹94.34
+40.5% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹140.98
+60.2% MoS
PEG
0.50
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
SERVICE
SME
Service Care Ltd.
HR & Manpower
match 155
34
18.4
10.1%
+36%
WATCHLIST
IPSL
SME
Integrated Personnel Services Ltd.
HR & Manpower
match 155
52
18.6
17.8%
+41%
FAIR VALUE
WHITEFORCE
SME
Happy Square Outsourcing Services Ltd.
HR & Manpower
match 152
70
7.0
22.7%
+74%
UNDERVALUED
HRHNEXT
SME
HRH Next Services Ltd.
HR & Manpower
match 152
61
6.4
12.5%
+75%
UNDERVALUED
WEWIN
Small
WE WIN LIMITED
HR & Manpower
match 148
63
12.2
15.2%
+55%
UNDERVALUED
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 2026-10-01T07:19:37.131Z
Management commentary snapshot
FY25 consolidated revenue grew 25.01% YoY to INR 12,733.86 Mn, driven by strong growth in Exports of Electronics Goods. However, consolidated EBITDA declined 3.15% YoY to INR 114.68 Mn, and PAT fell 37.55% YoY to INR 72.38 Mn, with margins contracting significantly.
While top-line growth remains robust, the sharp decline in EBITDA and PAT margins, particularly in the Manpower Supply & Recruitment Services segment, raises concerns about profitability and operational efficiency. The shift in revenue mix towards lower-margin electronics exports might be a factor.
Current business mix
Consolidated Revenue by Segment (FY25)
Latest issuer-disclosed distribution across 2 reported categories.
Manpower Supply & Recruitment Services54.8%
Exports of Electronics Goods45.0%
Growth engines
Apprentice Vertical Growth
Trainee headcount increased 166.8% from 6,065 in FY23 to 16,186 in FY25.
Key Sector Contributions
IT/ITES, Pharma, Manufacturing, and Retail are key sectors contributing to revenue growth.
Exports of Electronics Goods
Revenue from this segment grew 39.12% YoY in FY25.
M&A Strategy
Focus on new geography-led expansion, new services, and consolidation opportunities within existing services.
Capacity and execution
New Logos
101 new logos added in H2 FY25.
Global Presence Expansion
Incorporated wholly-owned subsidiaries in the US (2017) and the UK (2022).
Tailwinds
Strong Demand for Talent Management
Implied by continued growth in total workforce deployed and new client additions.
Diversification into Exports of Electronics Goods
This segment showed significant revenue growth of 39.12% YoY in FY25.
Headwinds
Profitability Pressure in Manpower Services
Consolidated EBITDA margin for Manpower Supply & Recruitment Services declined from 74.18% in FY24 to 74.08% in FY25, with H2 FY25 seeing a 27.38% decline.
Overall Margin Contraction
Consolidated PAT margin fell from 1.14% in FY24 to 0.57% in FY25, a 50.03% YoY decline.
Risk radar
Margin Erosion
Significant decline in consolidated PAT margin (50.03% YoY) and EBITDA margin (22.51% YoY) in FY25.
Dependence on Lower-Margin Segments
High growth in Exports of Electronics Goods, which has a lower EBITDA margin (25.92% in FY25 vs 74.08% for Manpower), could dilute overall 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 YOY
The presentation provides explicit H2 FY25 vs H2 FY24 and FY25 vs FY24 comparisons for financials and operating metrics, indicating a focus on annual performance trends, which is typical for services companies to assess growth and efficiency over longer periods.
Sector KPIs management disclosed
Total Workforce Deployed
35,228+ people as of March 2025.
Apprentice Deployed (NAPS & NATS)
16,186+ people as of March 2025.
New Logos Added
101 new logos added in H2 FY25.
Consolidated PAT Margin
negative0.57% in FY25, down from 1.14% in FY24.
Management forward view
Global Business Service Provider Vision
STML's long-term vision is to be a global business service provider catering to enterprises based in India in the next 5 years.
Strategic M&A Focus
M&A strategy focuses on staffing, IT staffing (for US enterprise clients), HR Tech (recruitment, assessment, payroll, HRMS), and BPO services.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated PAT Margin | 0.57% (FY25) | Stabilization or improvement in profitability. |
| Manpower Supply & Recruitment Services EBITDA Margin | 74.08% (FY25) | Recovery from the H2 FY25 decline and sustained margin levels. |
| Total Workforce Deployed | 35,228 (H2 FY25) | Continued growth momentum in headcount. |
| Revenue Mix and Profitability Impact | Manpower Supply 54.77%, Electronics Exports 45.0% (FY25) | The impact of segment mix on overall profitability, especially given the lower margins in electronics exports. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited 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 42nd percentile of the scored universe and 44th percentile within Services. Main check: financial discipline is weak at 20/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
10 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
42nd percentile
overall median 67 · Services: 44th pctile, median 66 · SME: 51st pctile, median 64
Evidence depth
Financial-only
10 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
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
20
weak · capital discipline
Results
49
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 74.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 19.4%.
- ▸OPM spread across recent quarters is 3%.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 7.6%.
- ▸ROE is low at 7.4%.
- ▸Revenue CAGR is 24% but EPS CAGR is -24%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Spectrum Talent Management Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Shareholders meeting 20 Aug - 14th AGM on September 17, 2026; annual report and FY2025-26 accounts dispatched August 21.
Source: Nse
Annual reportSep 2026
Sep 2026 · Updates 20 Aug - Spectrum Talent Management schedules 14th AGM on September 17, 2026 and dispatches FY2025-26 annual report.
Source: Nse
Annual reportSep 2026
Sep 2026 · Copy of Newspaper Publication 19 Aug - 14th AGM on September 17, 2026 via VC/OAVM; annual report and remote e-voting details shared.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
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.