Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Nse
TAC Infosec Ltd. (TAC)
SME CapIT stocks · SME cap · NSE
TAC Infosec Ltd. (TAC) is an Indian cybersecurity company. Its Socify.ai platform is an AI-powered SOC 2 compliance automation solution designed to simplify and accelerate the certification process for digital businesses. Socify.ai aims to expand TAC's footprint beyond vulnerability management into recurring SaaS-led compliance automation.
₹363.2
-9.00 · -2.42%
Market cap ₹820 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 result16 Aug, 12:50 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
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 -5.3% / 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
TACD candles · FIT view-26.0%Latest close ₹363.20 on 2026-10-19
Bar
-1.4%
RSI
32
MACD hist
-4.61
52W pos
3%
2026-10-19O ₹368.25H ₹374.45L ₹361.00C ₹363.20Vol 36,800 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
TACNifty ITNifty 500
- TAC
- -24.8%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- -19.2 pp
Chart stats
19 Oct 2026- From 52W high
- -74.4%
- 52W range position
- 1%
- ATR (14)
- 5.8%
- Volume vs 20D
- 0.64x
- Avg traded value
- ₹2.4 Cr
- 20D price channel
- ₹361 - ₹513
₹1,420
₹347.4 - ₹1,420
₹20.9
Latest completed session
20-session average
50.7% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, 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 VALUE57
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-5.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
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
Pending dataYoY comparison unavailable - result verdict pending data
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹19.8 Cr | NDF | +27.3% |
| EBITDA | ₹9.5 Cr | +109.5% | +36.9% |
| Operating margin | 48.2% | +156 bps | +339 bps |
| PAT | ₹8.1 Cr | NDF | +33.7% |
| PAT margin | 40.7% | +586 bps | +196 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.50
- P/B
- 9.85
- EV/EBITDA
- 24.15
- Market Cap
- 820.00Cr
Profitability
- ROE
- 34.30%
- ROCE
- 40.20%
- ROA
- 27.08%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 117.94%
- EPS 5Y
- 108.17%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 38.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- —
- Altman Z
- 8.87
- Book Value
- 39.60
Cash Flow
- FCF Yield
- 2.32%
- FCF Positive Y
- 1/5
- OCF
- 10.00 Cr
- EPS TTM
- 10.71
Shareholding
- Promoter Hold
- 56.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 8%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 19.8+27.3% vs prev
Net Profit
₹ CrLatest: 8.1+33.7% 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 32.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.6% over last month) — short-term momentum negative.
- RSI(14) at 32 — 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.
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth20/25
Quality20/20
Balance Sheet8/15
Cash Flow3/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 20/20 to the score.
- Growth contributes 20/25 to the score.
Main drags
- Fair-value margin of safety is negative at -5.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; 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
28.5
PB
9.8
EV/EBITDA
24.1
ROE
34.3%
ROCE
40.2%
FCF Yield
2.3%
Debt/Equity
0.0
MoS
-5.6%
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
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-5.6%
Previous: -7.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
57
57
57
57
57
57
57
57
57
57
57
57
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
₹97.69
-271.8% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹343.79
-5.6% MoS
PEG
0.36
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
TECHD
SME
TechD Cybersecurity Ltd.
IT Services / Digital
match 155
56
29.4
29.9%
+16%
FAIR VALUE
GSTL
SME
Globesecure Technologies Ltd.
IT Services / Digital
match 147
13
—
-0.6%
—
OVERVALUED
EFFWA
SME
Effwa Infra & Research Ltd.
IT Services / Digital
match 132
60
28.7
26.2%
+9%
UNDERVALUED
VINSYS
SME
Vinsys IT Services India Ltd.
IT Services / Digital
match 131
46
28.5
20.3%
+6%
FAIR VALUE
NAMOEWASTE
SME
Namo eWaste Management Ltd.
IT Services / Digital
match 130
41
54.1
14.9%
-68%
WATCHLIST
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 2026-10-02T02:42:39.118Z
Management commentary snapshot
Socify.ai doubles client base to 200 in three months, accelerating acquisition pace by 2x since launch, driven by affordability and automation. Management targets 10,000 clients and $100M ARR by 2030.
Socify.ai's rapid client acquisition, doubling its base in half the time, suggests strong product-market fit and execution momentum. The platform's competitive pricing and automation depth are key differentiators. The strategic positioning as a compliance entry point for cross-selling into the broader ESOF suite supports a long-term growth thesis, despite the lack of detailed financial disclosures.
Growth engines
Affordable Pricing & Speed
Socify.ai's $2,700/year starting price and 2-week certification readiness are significantly lower/faster than competitors, expanding the market to underserved companies.
Automation Depth
The platform offers 135+ cloud checks, 40+ templates, an Audit Vault reducing review cycles by 40%, and AI-powered remediation guidance.
Client Proof & Referenceability
The initial 100 clients created credible references and product proof, reducing buyer uncertainty and shortening trust conversations for subsequent acquisitions.
SOC 2 as a Trust Passport
SOC 2 is increasingly a buying requirement for enterprise sales, shortening trust cycles and reducing procurement friction for digital companies.
Tailwinds
Growing SOC 2 Market Opportunity
Management identifies a $4B+ SOC 2 market opportunity, driven by the increasing need for trust and compliance in digital businesses.
Horizontal Demand
Early clients across AI, SaaS, Fintech, Cybersecurity, and other sectors validate SOC 2 as a horizontal demand driver with global need.
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
For a newly launched product like Socify.ai, sequential (QoQ) client acquisition velocity is critical to assess early adoption and momentum. However, comparing the 'first 100 clients' timeline to the 'next 100 clients' timeline (a form of YoY for growth rate) is also essential to understand the acceleration of market acceptance and operational efficiency.
Sector KPIs management disclosed
Total Clients (Socify.ai)
Socify.ai has acquired 200 clients since its launch.
Client Acquisition Pace
The first 100 clients took six months to acquire; the next 100 clients were acquired in just three months, indicating a 2x faster acquisition pace.
Starting Price (Socify.ai)
Socify.ai's starting price is $2,700 per year, which management claims is 70-80% lower than competitors.
Certification Readiness Time
The platform claims to achieve SOC 2 certification readiness in 2 weeks.
Management forward view
10,000 Client Vision
Management has a vision to reach 10,000 Socify.ai clients.
$100M ARR Ambition
Socify.ai is positioned to support TAC's broader ambition of achieving $100M in Annual Recurring Revenue (ARR) by 2030.
ESOF Cross-sell Strategy
Socify.ai is intended as a compliance entry point to cross-sell other ESOF modules like VM, Appsec, CRQ, and security assurance.
Multi-brand Strategy
Socify.ai is positioned as an independent AI-enabled brand for compliance workflows within TAC's 2030 multi-brand value creation story.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Socify.ai Client Count | 200 clients | Continued acceleration in client acquisition pace and progress towards the 10,000-client vision. |
| Revenue Per Client & Retention | Not disclosed | Evidence of increasing revenue per client and strong retention rates, supporting the $10K ARR per client ambition. |
| ESOF Cross-sell Contribution | Not disclosed | Specific metrics on how Socify.ai clients are adopting other ESOF modules, validating the cross-sell logic. |
| Partner Motion Development | Early stage | Progress in building partner channels, especially around AWS and global compliance, to scale distribution. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited 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 72nd percentile of the scored universe and 71st percentile within IT. Main check: results consistency is weak at 45/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
13 docs text-extracted · 7 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · IT: 71st pctile, median 69 · SME: 90th pctile, median 64
Evidence depth
Financial-only
13 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
53
watch · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 56.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2%.
- ▸Debt/equity is 0.01.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸OPM spread across recent quarters is 25%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching TAC Infosec Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.