Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
TechD Cybersecurity Ltd. (TECHD)
SME CapIT stocks · SME cap · NSE
TechD Cybersecurity Ltd. is transforming from a training and services provider to an AI-native product company, developing its own OEMs. It aims to be a leading global cybersecurity firm from India, focusing on digital resilience, recurring revenue from managed security services (MSSP), and new product offerings.
₹462.8
-34.00 · -6.84%
Market cap ₹413 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 02:00 pm ISTDetails
Quote21 Oct, 02:00 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result22 May, 06:54 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
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 -4.6% / mo · MACD − · sector +19.3pp vs Nifty 500 (3M)
Stock trend: 19
Sector RS: 100
Sector 3M: +13.1% vs Nifty 500 -6.1%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TECHDD candles · FIT view-14.1%TODAY · PROVISIONALLatest price ₹462.80 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-6.7%
RSI
28
MACD hist
-4.86
52W pos
21%
2026-10-21O ₹495.90H ₹495.90L ₹458.00C ₹462.80Vol 20,400 shIntraday candle
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
TECHDNifty ITNifty 500
- TECHD
- -21.2%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- -15.6 pp
Chart stats
19 Oct 2026- From 52W high
- -41.1%
- 52W range position
- 28%
- ATR (14)
- 4.4%
- Volume vs 20D
- 0.63x
- Avg traded value
- ₹1.1 Cr
- 20D price channel
- ₹490.1 - ₹580
₹843.6
₹360 - ₹843.6
₹22
Latest completed session
20-session average
39.5% 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 VALUE56
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+23.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
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 | ₹34 Cr | NDF | +88.9% |
| EBITDA | ₹10 Cr | NDF | +11.1% |
| Operating margin | 29.0% | NDF | -2000 bps |
| PAT | ₹8 Cr | NDF | +33.3% |
| PAT margin | 23.5% | NDF | -980 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 29.40
- P/B
- 5.75
- EV/EBITDA
- 20.65
- Market Cap
- 413.00Cr
Profitability
- ROE
- 29.90%
- ROCE
- 40.90%
- ROA
- 16.47%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 109.00%
- EPS 5Y
- 39.00%
- Revenue 3Y
- 90.00%
- EPS 3Y
- 97.50%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.70
- Book Value
- 96.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 9.00 Cr
- EPS TTM
- 18.77
Shareholding
- Promoter Hold
- 63.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 40%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 34.0+88.9% vs prev
Net Profit
₹ CrLatest: 8.0+33.3% 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 28.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~5.1% over last month) — short-term momentum negative.
- RSI(14) at 28 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 45% off 52W high · 29% 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
34
RS percentile
Stage 1 Base / Transition
1M return
-14.8%
3M return
-21.2%
6M return
-3.7%
1Y return
-25.6%
RS 1D
0
RS 20D
-34
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 12.3% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +1.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 104.33-0.54%
RS vs Nifty 500104
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation4/30
Growth24/25
Quality16/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
-3
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 23.2%.
- Growth contributes 24/25 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 4/30; 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
29.4
PB
5.8
EV/EBITDA
20.6
ROE
29.9%
ROCE
40.9%
FCF Yield
—
Debt/Equity
0.0
MoS
+23.2%
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
56
Previous: 56
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+23.2%
Previous: +17.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
56
56
56
56
56
56
56
56
56
56
56
56
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
₹201.35
-129.8% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹602.52
+23.2% MoS
PEG
0.47
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
TAC
SME
TAC Infosec Ltd.
IT Services / Digital
match 150
57
28.5
34.3%
-6%
FAIR VALUE
GSTL
SME
Globesecure Technologies Ltd.
IT Services / Digital
match 147
13
—
-0.6%
—
OVERVALUED
APEXECO
SME
Apex Ecotech Ltd.
IT Services / Digital
match 130
60
19.6
31.1%
+39%
UNDERVALUED
ARHAM
SME
Arham Technologies Ltd.
IT Services / Digital
match 130
40
36.9
18.8%
-10%
WATCHLIST
FELIX
SME
Felix Industries Ltd.
IT Services / Digital
match 130
59
16.0
15.1%
+50%
FAIR VALUE
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 2026-10-02T07:47:25.658Z
Management commentary snapshot
H2 FY26 revenue surged 84% QoQ to ₹33.62 crore, with PAT up 21%. FY26 revenue grew 73.8% YoY to ₹51.8 crore, PAT up 67%. Launched TechD One AI-native product platform. Order book stands at ₹43 crore, with FY27 organic revenue target of ₹75-80 crore.
Management claims significant transformation to an AI-native product company, backed by strong H2/FY26 growth and new product launches. However, the ambitious FY27 revenue targets, reliance on new product adoption, and potential M&A integration risks warrant close monitoring of execution and margin sustainability.
Growth engines
AI-Native Product Platform (TechD One)
Launched TechD One platform with 4 modules, with 7 modules planned. Formal road shows from June 1st. Expecting 15-20% of revenue from products this year.
Global Expansion
Incorporated IFSC entity, operations in Canada to serve North America, Dubai subsidiary approved in May with team recruited and showing revenue.
Government & PSU Projects
Technically and commercially qualified with NIC, strategic partner with state PSU-Crisp. Sales pipeline in government standing at ₹150 crore.
Large-Scale Global Security Operation Center (GSOC)
Building 60,000 sq ft TechD SOC Global Capability Center in Ahmedabad, one of the largest infrastructures in India for cybersecurity.
Capacity and execution
TechD SOC Global Capability Center (Ahmedabad)
Making 60,000 square feet infrastructure. Groundbreaking Dec, plinth/excavation Jan, PEB erection Feb-Mar. Construction resumed April. PEB completed June. Civil structure/property June-Aug. Interiors/MEPF Aug-Sept 2026.
International Operations
Incorporated IFSC entity, operations in Canada, Dubai subsidiary approved in May with team recruited.
Tailwinds
Increasing Regulatory Strictness
Regulatory frameworks are changing every month, becoming stricter globally, leading to separate budgets for cybersecurity.
AI-Driven Vulnerability Discovery
Introduction of AI models like Claude Mithos finding vulnerabilities and zero days faster, driving exponential industry growth.
Domestic AI Model Acceptance
Make in India models are now being widely accepted across all regulators, especially for software supply chain security.
Headwinds
Global War Effect on Middle East Revenue
Accepted a little slowdown in terms of revenue from the Middle East for last 2 to 3 months because of the global war effect.
GSOC Project Delay
Delay in GSOC project for one and a half month due to shortage of commercial gas availability for PEB construction.
Risk radar
M&A Integration Risk
Strategic M&A opportunities in India and Australia are almost in the finalization phase. Successful integration is key for projected growth.
New Product Adoption & Competition
New products need to gain traction. Company aims to disrupt by cost, speed, and quality against other OEMs.
Dependency on External AI Models
Forged exclusive association with Model Safeguard for 'Make in India' LLMs (Griffin, Eagle, Lion) to integrate with Provenance AI.
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
Both YoY and QoQ comparisons are relevant. YoY reflects overall annual growth and profitability, while QoQ (H2 vs H1) highlights sequential momentum during a period of significant business transformation and new product launches.
Sector KPIs management disclosed
Total Customers Catered (FY26)
700+ customers total catered in FY 25-26.
Active SOC Customers
Crossed 736 customers count as far as our SOC is concerned.
SOC Log Ingestion (EPS)
Crossed 120,000 EPS (event per second) as far as our SOC also and we want to touch this to a million EPS in the coming time.
Customer Churn Rate
Only a 2% of churn rate of the customers, successfully able to renew all our contracts for last 3 years and this year also.
Management forward view
FY27 Revenue Target
Our revenue is this year is looking like 75 to 80 crore rupees driven by the organic growth. If proposed acquisitions happen, company will reach 100 crore this year.
Transformation to AI-Native Platform
Scaling from services, training led business to an AI native cyber security platform company where Tech D One is now operational.
GSOC Customer Onboarding Target
Aiming to onboard at least 2000 customers in next another 2 to 3 years of the time as well on our security operation center.
IPO Fund Utilization
Most of the funds would be utilized for product development, getting resources for product development, expanding GTM strategies, GSOC, and marketing activities.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Organic Revenue | ₹43 crore order book in hand. | Achievement of ₹75-80 crore organic revenue target for FY27. |
| GSOC Operational Status | PEB erection completed in June, civil structure by Aug 2026. | Commencement of operations by August end or September 2026. |
| Product Revenue Contribution | Products launched on May 21st, expecting traction in next quarter. | Product revenue contributing 15-20% of total revenue in FY27. |
| M&A Finalization & Integration | In final stages for 2 companies, including an Australian MSSP. | Successful closure and integration of proposed acquisitions and their revenue consolidation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited 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 56th percentile of the scored universe and 50th percentile within IT. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · IT: 50th pctile, median 69 · SME: 70th pctile, median 64
Evidence depth
Financial-only
3 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
43
weak · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 63.2%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.00.
- ▸ROCE is 40.9%.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -32.4%.
- ▸OPM spread across recent quarters is 23%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching TechD Cybersecurity 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
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Outcome of Board Meeting 5 Sep - Board approved FY26 annual report and fixed 10th AGM for September 30, 2026.
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.