Pelatro Ltd (NSE Emerge: PELATRO) | Aamara Capital Research

Pelatro Ltd

NSE Emerge (SME): PELATRO · ISIN INE0VG601013 · CIN L72100KA2013PLC068239 · Listed 24-Sep-2024 · Data as of 13-Oct-2026 (last traded price 9-Oct-2026; latest reported period Q1 FY27 to 30-Jun-2026; Q2/H1 FY27 not yet published, trading window closed 1-Oct-2026)

Thin-disclosure / SME status (read first). Pelatro is a ~Rs 400 Cr NSE-SME company: half-yearly shareholding pattern, no mandatory corporate-governance report, no credit rating, no sell-side coverage, quarterly results only from FY26 (FY25 reported in halves), no 5-year consolidated series (Singapore subsidiary consolidated only from 8-Jan-2024), and 3-year valuation averages are not computable (about 2 years of trading history). The report therefore carries every material item from six internal research modules at full granularity, but cannot reach mainboard-style depth on history, consensus or segment time-series. [Fact / Analyst View]

FY26 Revenue

Rs 138.2 Cr

+61.2% YoY (CVM organic +36%; Estel 9 months Rs 21.66 Cr) [Fact]

FY26 PAT

Rs 18.10 Cr

+52.2% YoY; Rs 19.36 Cr before Rs 1.68 Cr Labour-Code exceptional [Fact]

FY26 EBITDA Margin

22.8%

Company basis incl. Rs 5.50 Cr other income (Rs 4.74 Cr FX gain). Core ex-OI: 18.8% [Est.]

FY26 RoE / RoCE

19.7% / 20.4%

AR basis (RoE on average equity; RoNW on closing equity 17.41%) [Fact]

Quick Verdict Scorecard

Business

Medium

Medium Sticky, niche telco CVM IP; telco-only; Estel dilutive

Management

Weak

Weak AIM-to-SME ownership history, RPT leakage, auditor exit, guidance resets

Financial

Medium

Medium Strong P&L growth, low bank debt; weak cash conversion, negative FCF

Valuation

Fair

Fair ~19.9x TTM P/E, 11.8–12.7x EV/EBITDA; no FCF support

Overall

Neutral

Neutral Real growth, discounted by cash quality and governance

Key Market Data

Item	Value	Note
CMP	Rs 375.00	9-Oct-2026 close [Fact]
Market cap	Rs 397.4 Cr	1,05,97,399 shares × Rs 375
52-week high / low	Rs 404.5 / 246	Screener; share.market shows high Rs 440
All-time high	Rs 559.90	ICICIdirect/Dhan; date not retrieved (narrative input cites calendar Dec-2024 peak)
IPO price / listing open	Rs 200 / 275	+37.5% open; listing-day close Rs 288.75 (5% upper circuit, +44.4%)
Return vs IPO	+87.5%	1-yr about -5% to flat; 3-m +44–48%; 6-m +23–27%
50-DMA / 200-DMA	Rs 348.7 / 313.7	Price above both
Listed / exchange	24-Sep-2024	NSE Emerge; ST (trade-for-trade) series moved to SM on 9-Oct-2024
Index membership	None	SME platform; main-board migration eligibility from ~Sep-2027 [Est.]
Face value / lot size	Rs 10 / 600 sh	Retail minimum ~Rs 1.2 lakh at IPO
Shares outstanding	1,05,97,399	Fully diluted ~1,16,82,399 (+6.85 lakh warrants, +4.0 lakh ESOP pool) [Est.]
P/E (TTM PAT Rs 19.97 Cr)	19.9x	18.7x ex-exceptional; Screener 18.6x
P/B (Jun-26 NW Rs 109.88 Cr)	3.6x	~9.7x on tangible book (~Rs 41 Cr)
EV/EBITDA (TTM Rs 33.30 Cr)	11.8x – 12.7x	ex / incl. leases; 14.1–15.0x on core EBITDA
Dividend / yield	Re 1 / 0.27%	FY25 Re 1 (paid FY26); FY26 Re 1 (paid 3-Sep-2026)
Promoter holding / pledge	52.62% / Nil	No pledge found, current or historical
FII / DII / MF	2.41% / 1.57% / 0%	Mar-26 and 11-Sep-26; no MF has ever held
Shareholders	975	Mar-26 (MGT-7: 973); ~5,100 shares traded on 9-Oct-2026
Credit rating	None	Small asset-backed and vehicle loans only

Company Overview

Item	Detail
Headquarters	5th Floor, 144 MSR North Tower, Bizz Hub Elanz, ORR, MSR North City, Nagavara, Bengaluru 560045 (moved from Kalyan Nagar 17-Feb-2025); leased
Founded	21-Mar-2013 (Pelatro Solutions Pvt Ltd) by Subash Menon and Sudeesh Yezhuvath (both ex-Subex); public company 29-May-2024; first customer 2015
Sector	Enterprise software + managed services sold to telecom operators: CVM (mViva) and, since 1-Jul-2025, recharge / mobile money / sales & distribution (Estel)
Footprint	46 networks, 35 countries (MD&A also says 33); ~1.5 bn consumers; 20,000+ campaigns; 31 managed-services customers
Employees	511 consolidated / 472 standalone (31-Mar-2026); 322 a year earlier
Chairman & MD	Subash Menon (Subex founder; holds 0 shares)
Promoters	Kiran Menon 20.54%, Varun Menon 20.16% (CMD's sons), Sudeesh Yezhuvath 9.28%, Suresh Yezhuvath 2.18%, Sarath S 0.47%
CFO	Sharat G Hegde (CFO since 22-May-2024)
Subsidiaries	Pelatro Pte Ltd, Singapore (100%, from 8-Jan-2024); Estel Technologies International FZE, Ajman UAE (100%, from 1-Jul-2025)
Statutory auditor	P. Chandrasekar LLP, Bengaluru (since Oct-2024 casual vacancy; term to FY2029-30 AGM)
IPO intermediaries	BRLM Cumulative Capital; RTA Bigshare; market maker Shree Bahubali Stock Broking
Lineage	Indian arm of Pelatro plc (AIM: PTRO, listed Dec-2017, delisted 29-Sep-2023)

What Pelatro Does (plain English)

Pelatro sells software that telecom operators use to decide which offer to send to which subscriber, at what moment, through which channel, and then runs that marketing operation for many of them as a managed service. Its flagship mViva platform ingests a telco's call, recharge, data and app events in near real time, profiles each subscriber with machine learning and triggers personalised bundles, loyalty rewards and retention offers. Since July 2025 it also owns Estel, which provides the prepaid recharge / e-top-up, voucher, mobile-wallet and dealer-distribution systems that sit directly in a telco's revenue path (Reliance Jio runs its recharges on Estel's platform). Revenue is ~92% export, earned mostly in South and South-East Asia, the Middle East and Africa, from licences, subscriptions, managed services, change requests and outcome-linked gain-share; delivery is centralised in Bengaluru, while the Singapore subsidiary contracts with customers, holds the patents and books most of the profit. [Fact]

Headline Financials (consolidated, Rs Cr)

Metric	FY24*	FY25	FY26	TTM Jun-26	Q1 FY27
Revenue from operations	54.99	85.77	138.23	151.75	40.22
YoY growth	n/a	+56.0%	+61.2%	–	+50.7%
EBITDA (company, incl. other income)	3.48	17.89 (restated; orig. 19.82)	31.48	33.30	8.13
EBITDA margin (company)	6.3%	20.9% (orig. 23.1%)	22.8%	21.9%	20.2%
Core EBITDA ex-other income [Est.]	3.11 (5.7%)	14.05 (16.4%)	25.98 (18.8%)	~28.07 (18.5%)	7.89 (19.6%)
PAT	-1.96	11.89	18.10	19.97	5.43
EPS (Rs)	-5.15	13.16	17.18	18.86	5.12
Reported CFO	25.02	20.20	19.72	–	–
FCF after acquisitions & leases [Est.]	2.12	-25.09	-25.31	–	–
Cash / Borrowings (period end)	7.55 / 18.68	36.03 / 13.93	15.19 / 12.46	16.67 / 13.84 (Jun-26)	–

*FY24 includes Pelatro Pte only from 8-Jan-2024 (part-period). FY25 EBITDA restated in AR FY26 (Rs 1.93 Cr moved from tax into opex; PAT unchanged). FY26 growth in EBITDA: +76% on restated base, +59% on originally reported base. Note: the caller brief cited FY26 PAT 18.11; every primary-derived input gives Rs 18.10 Cr (ScanX: Rs 1,810.48 lakh), which is used throughout.

Source: AR FY25, AR FY26, Q1 FY27 filing; TTM = FY26 − Q1 FY26 + Q1 FY27 [Est.]. *FY24 part-consolidated.

Last 12 Months: What Changed

Date	Event	Read
Nov-2025	Guided 25–30% organic revenue CAGR over 3 years ("certainly achieve"); IPO-object variation + ESOP 2025 (4 lakh shares) approved	Peak optimism
Feb-2026	9M FY26 revenue +62%; margin aspiration reframed to "26–29% or maybe 30%"; tax guide cut from 20–22% to 9–10%	Guarded
2-Mar-2026	mViva Revenue Acceleration Platform with agentic AI launched at MWC Barcelona	Product refresh
11-May-2026	FY26 revenue 138.23 (+61%), PAT 18.10; guidance cut to "at least 15%"; TAM re-based to Rs 12,000 Cr; FY25 EBITDA restated lower in AR26	Conservative reset
6-Aug-2026	Q1 FY27: revenue +50.7%, EBITDA margin 20.2% (from 23.7%), Estel margin 8.7%; DSO 124 days; Rs 6 Cr stuck behind foreign-government approvals; FY27 ~100% contracted	Defensive on cash
17-Sep-2026	Board approves 7,00,000 warrants at Rs 400 (Rs 28 Cr; cut to 6,85,000 / Rs 27.4 Cr on 30-Sep); 77% for working capital; promoters take 2,00,000	Contradicts "no capital needed"
28-Sep-2026	Investor call announced and cancelled the same day; trading window closed from 1-Oct-2026	Communication gap
21–23-Oct-2026	Warrant postal-ballot vote closes / result due	Next catalyst

Analyst Notes

The editorial read before the data tabs. First person, Aamara Capital lead analyst, 13-Oct-2026. [Analyst View] throughout unless a figure is tagged otherwise.

What just happened. In two years Pelatro has gone from a loss-making, part-consolidated FY24 (revenue Rs 54.99 Cr, PAT -Rs 1.96 Cr) to FY26 revenue of Rs 138.23 Cr and PAT of Rs 18.10 Cr, and Q1 FY27 printed Rs 40.22 Cr (+50.7%) with PAT of Rs 5.43 Cr (+52.5%). Strip out the Estel acquisition and the organic CVM business still grew 36% in FY26 and about 25% in Q1 FY27. The product is real: 46 operator networks in 35 countries, 31 of them on managed services, customers that renew (one loss in ten years), and 100% of the FY27 revenue target contracted by August. On the P&L alone this looks like a small, sticky, high-growth vertical-software company trading at about 20x trailing earnings.

The reported P&L overstates the economics. Three adjustments matter. First, the headline 22.8% FY26 EBITDA margin includes Rs 5.50 Cr of other income, of which Rs 4.74 Cr is an FX gain on unhedged dollar receivables; core margin is 18.8%, and the FX gain reversed in Q1 FY27 (other income fell to Rs 0.24 Cr). Second, management's "+76% EBITDA growth" rests on an FY25 base that AR FY26 quietly restated from Rs 19.82 Cr to Rs 17.89 Cr; on the originally presented base growth is +59% and the margin was flat to down. Third, the 6–9% effective tax rate depends on about 87% of group PAT (Rs 15.69 Cr) being booked in Pelatro Pte, Singapore, which buys Rs 22.54 Cr of development services from the Indian parent and makes no tax provision. The Indian listed entity's own PAT fell from Rs 5.10 Cr to Rs 3.30 Cr.

Cash is the real problem. Reported CFO of Rs 19.72 Cr in FY26 looks fine against PAT of Rs 18.10 Cr, but it is grossed up by the non-cash Rs 10 Cr Estel earn-out provision and Rs 7.40 Cr of capital-goods creditors. Underlying CFO is roughly Rs 2–4 Cr. Over FY24–FY26, free cash flow after acquisitions and lease payments is about -Rs 48 Cr against cumulative PAT of Rs 28 Cr. Unbilled revenue jumped nearly five-fold to Rs 21.42 Cr, DSO including unbilled is about 124–127 days (management's own "healthy" ceiling was 100–120), and Rs 6 Cr sits with two customers in a country where every invoice needs government approval. Cash fell from Rs 36.03 Cr to Rs 15.19 Cr. The Rs 27.4 Cr warrant issue, 77% earmarked for working capital, follows directly, six months after the CMD said there was "absolutely no" need for equity for organic growth.

The governance history is not a footnote. In early 2024 the promoter family bought the Indian operating company from the just-delisted AIM parent for about Rs 2.1 Cr, a month after the Indian company bought the IP-holding Singapore entity from the same parent for US$350. Seven months later the IPO valued the business at about Rs 152 Cr pre-money; today it is about Rs 397 Cr, and that Singapore entity earns most of the profit. UK minorities sent a letter of claim (Aug-2024); AR FY26 reports contingent liabilities as Nil without mentioning it. The statutory auditor resigned nine days after listing with no reason disclosed. Promoter-family related-party cash outflows (CMD pay, a non-director co-founder's Rs 97.6 lakh salary, a relative's Rs 1.15 Cr consulting fee, CMD reimbursements) total about Rs 4.3 Cr a year, roughly 24% of PAT. None of this is illegal on what we have read, but it explains why the market will not pay a software multiple.

What the market is pricing. At Rs 375 the stock trades at 19.9x TTM P/E, 3.6x book and 11.8–12.7x EV/EBITDA (14–15x on core EBITDA). That multiple has de-rated even as the price nearly doubled from the Rs 200 IPO, because earnings arrived. Institutions have voted with their feet: FII plus DII holdings fell from about 12.5% at listing to about 4.0%; every identifiable anchor except one FPI has sold; no mutual fund has ever owned it; there is no sell-side coverage. The marginal buyer is a domestic HNI/NBFC base (Mohta family, Niraj Mohata, Ginni Finance), and the largest warrant allottee after the promoters is the Mohta family (Rs 13.4 Cr).

What tempers the enthusiasm. Guidance has been reset from 25–30% CAGR (Nov-2025, "certainly achieve") to "at least 15%" (May-2026), then described as what management had "always stated". The margin aspiration has slid from 30–35% to 26–30%. Estel, bought for about Rs 41 Cr including a Rs 12 Cr earn-out, is flat at a ~Rs 27–29 Cr run-rate and its margin halved to 8.7% in Q1 FY27, while Rs 52.9 Cr of goodwill plus Rs 16.0 Cr of unamortised IP now equals 66% of net worth.

What amplifies it. The 15% guide looks like a beatable public number rather than a demand collapse: organic CVM is running at about 25%, FY27 is fully contracted, and repeat revenue was 97% in Q1 FY27. Promoters are putting Rs 8 Cr into warrants at Rs 400, a 7% premium to market. Bank borrowings are only Rs 12.46 Cr. If H1 FY27 shows unbilled revenue converting to cash and the earn-out being paid from operations, the cash-quality discount can narrow, and main-board migration (eligible from about Sep-2027) could bring first-time institutional discovery.

Bottom line. A genuine, sticky niche business wrapped in a structure that routes profit offshore, consumes cash and keeps raising equity, run by a founder whose last two listed vehicles (Subex, Pelatro plc) ended badly for minorities. At about 20x earnings it is not expensive on the P&L, but it is not cheap on cash. I would be Neutral and want to see two clean half-years of cash conversion, and a straight answer on the UK claim, before taking a position.

Market View vs Our View

Question	What the price implies	What we see	Evidence
Is growth real?	Yes, but not durable at 50%	Yes: organic CVM +25–36%; 15% guide is a floor	FY27 ~100% contracted; repeat revenue 82–97%
Are margins 23%?	Takes company EBITDA	Core ~18.8%; Q1 FY27 core 19.6%	FX gain 4.74 in FY26 OI; Estel 8.7%
Does profit convert to cash?	Largely ignored by HNI base	No: underlying CFO ~Rs 2–4 Cr in FY26	Unbilled 4.59→21.42; warrants for WC
Is the tax rate sustainable?	Assumed	Uncertain; transfer-pricing exposure	87% PAT in Singapore, nil Pte tax provision
Is governance a discount?	Partly (no institutions)	Yes, structural	AIM history, UK claim, auditor exit, RPT ~Rs 4.3 Cr/yr
Is Estel value-accretive?	Neutral	Not yet; margin halved	Rs 41 Cr cost vs ~Rs 2.4–4.5 Cr annualised EBITDA

Three things to watch in the next 90 days: (1) warrant postal-ballot result (due ~23-Oct-2026) and which allottee was cut by 15,000 warrants; (2) H1 FY27 results: unbilled revenue, DSO, OCF and Estel margin vs 8.7%; (3) Sep-2026 shareholding pattern and any disclosure on the UK minority claim. [Analyst View]

Business Deep-Dive

Products, delivery model, facilities, IP, customers and export footprint. Sources: AR FY26, AR FY25, RHP (Sep-2024), company and Estel websites, concall summaries. SME disclosure note: AR FY26 does not disclose customer concentration, Ind AS 108 major-customer data, a regional split beyond India/outside India, certifications, patent numbers, or a business-combination (PPA) note for Estel.

Scale KPIs

KPI	FY25 (AR FY25)	FY26 (AR FY26)	Note
Revenue (Rs Cr)	85.77	138.23	+61.2%
Networks served	40	46	Customers grew from 13 (2019) to 46
Countries	34	35	MD&A also says 33 for mViva (filing inconsistency)
Consumers on platform	–	~1.5 bn	1.3 bn+ subscriber records processed/day
Campaigns	17,000+	20,000+	market input cites "17K+ campaigns run daily" (website)
Largest customer (subscribers)	–	CVM ~240–250 mn; Estel ~500 mn	Estel's largest = Reliance Jio
Patents	11 (also "5 + 6 being issued", "9")	11	Website 12; Q1 FY27 deck 13
Employees (consolidated)	322	511	472 standalone at Mar-26
Managed-services customers	–	31 of 46	From 1 in 2019
Telco groups penetrated	7 in 8 years	"Partner of seven major telco groups"	Land-and-expand
Products / per customer	–	8 / ~1.3	Target 2–2.5 per telco

Corporate & Business Timeline

Date	Event
21-Mar-2013	Founded in Bengaluru by Subash Menon and Sudeesh Yezhuvath (ex-Subex)
2015	First customer won
Dec-2017	UK holdco Pelatro plc lists on AIM (PTRO). India = development/delivery centre; Pelatro Pte (Singapore) = international contracting and IP-holding entity
Aug-2023	AIM delisting announced; plc shares fall ~73%; UK CFO resigns
8-Jan-2024	Pelatro Ltd (India) acquires 100% of Pelatro Pte Ltd (Singapore reg. 201631740H) from the plc
25-Apr-2024	Pre-IPO preferential: 6,07,663 shares at Rs 132 to new investors and some employees
29-May-2024	Converted to public company (Pelatro Limited)
Sep-2024	NSE-SME IPO, Rs 55.98 Cr fresh issue; listed 24-Sep-2024
FY25	Pelatro Pte distress: EoM in consolidated audit report; parent injects US$1.15 mn
17-Feb-2025	Registered office moved to Nagavara (new 8-year lease, seats 150→300)
7/9-Apr-2025	Estel agreements signed (BTA for India software business; SPA for Estel FZE)
1-Jul-2025	Estel acquisition effective; two-segment reporting begins
22-Jul-2025	1,90,736 shares at Rs 367 to Atlanta Capital Pvt Ltd (~Rs 7.0 Cr)
20/21-Nov-2025	ESOP 2025 and IPO-object variation approved; New Labour Codes notified (Rs 1.68 Cr exceptional)
2-Mar-2026	mViva Revenue Acceleration Platform with agentic AI launched at MWC Barcelona
17-Sep-2026	Board approves 7,00,000 warrants at Rs 400 (later 6,85,000)

A. CVM Division: mViva Revenue Acceleration Platform

mViva ingests telco data in near-real time (calls, recharges, messages, downloads, complaints, online purchases, xDRs, location and app events), profiles subscribers with proprietary ML and triggers personalised offers through the telco's channels. It covers the full chain from collection, analysis, intelligence and audience selection through configuration, execution and reporting. Campaigns can be scheduled, trigger-based, real-time or run as customer journeys, across prepaid/postpaid, consumer/enterprise, retailers, and mobile, home broadband and fixed lines. Designed for "marketers who may not be tech-savvy". [Fact – AR FY26]

#	Product	What it does	Key features
1	mViva (Contextual) Campaign Management (flagship; every customer has it)	Real-time analysis of large data volumes; relevant offer to each consumer (precision marketing); AI/ML-assisted campaign building	Segment-of-one; ML offer selection; offer suppression/prioritisation; champion-challenger; journey builder; what-if workbench. Omnichannel: SMS, USSD, IVR, app, web, WhatsApp, Viber, Facebook, geospatial. mViva MAC SDK for in-app triggers
2	mViva (Contextual) Loyalty Management	Personalised loyalty programmes for retention and lifetime value	Earn-and-burn, tiered, coalition, referral, gamified, paid, hybrid; points transfer, gifting, donation; Loyalty-as-a-Service; RCS channel
3	mViva Lead (and Acquisition) Management	Identifies leads on websites/apps, groups into cases, routes to sales	ML lead scoring and enrichment; journey builders and state flows; digital and social channels
4	mViva Data Monetisation	Telcos charge banks, insurers, retailers, brands ("Enterprise Partners") for targeted real-time campaigns on anonymised data	Partner portal; segmentation on hundreds of parameters; location targeting; per-impression or per-plan billing; settlement
5	mViva Customer Data Platform (CDP) (newest, added FY25)	Single customer view from internal + external data	Identity graphs; consent management; GDPR; BYOK/BYOE; SAML/OAuth2
6	mViva Unified Communication Manager (UCM)	Orchestrates A2P/P2A messages under a central contact policy	Priority tiers; DND/whitelist/blacklist; SMSC bypass; multilingual
7	Agentic AI layer (commercial launch Mar-2026)	Runs campaign operations autonomously	AR FY25 agents: Seer (churn predictor), Night Owl (insight discoverer), Maestro (campaign optimiser), Prometheus (experimenter), Athena (lifecycle manager). Mar-2026 release: Up-seller, Churn Manager, Campaign Optimizer, Lifecycle Manager, Experimenter. Plus Zero Touch Campaigning (LLM-driven orchestration) and Campaign Copilot
8	Managed Services (both divisions)	Pelatro runs the platform or the telco's whole CVM function	Business consulting (the "brain"); business operations (the "brawn": configure, execute, monitor, measure revenue impact); IT operations (24x7 monitoring, incident/change/release, L1/L2). Customers 1 (2019) → 31 (2025)

Case studies (anonymised, website) [Fact]

Customer	Scale	Claimed outcome
95 mn-subscriber telco	83 bn xDRs/day; 1.6 bn offers/month	~20% incremental revenue
One customer	–	75% churn reduction
Caribbean CSP	–	5% revenue impact; 16% churn reduction
Loyalty client	13 mn-member loyalty base	–
Afghan Wireless	–	US$14.5 mn cumulative results

B. Estel Division (acquired 1-Jul-2025)

Estel Technologies, Gurugram (Unit 304, Global Business Square, Sector 44), is now "a division of Pelatro Limited"; its subsidiary is Estel Technologies International FZE (Ajman, UAE; licence 23187). Estel claims 600 mn+ subscribers across 10+ countries and "the world's largest e-Top Up platform", built on microservices and public cloud. [Fact]

Suite	Solution	What it does
1. Recharge Suite & Mobile Money	Recharge Management (e-top-up, e-voucher, physical voucher distribution)	Real-time top-up processing, denomination management, retailer enablement, distribution visibility. Reliance Jio uses it for ~500 mn subscribers ("every recharge of Reliance happens on our platform", Q1 FY27 call)
1. Recharge Suite & Mobile Money	Mobile Wallet & Payments	Wallet, P2P, bill-pay, merchant payments; website also lists remittances, agency banking, mPOS, micro-ATM, multi-pay
2. Sales & Distribution Suite	Field Force Management	Visit scheduling, routes, task allocation, agent performance
	Inventory Management	Tracking of SIMs, devices, vouchers and other stock
	Commission & Incentive Management	Automated distributor, retailer and agent commissions
	Point of Sale & Field Sales app	One mobile app for retail and field sales; primary, secondary, tertiary distribution
(both suites)	Managed services	Business consulting, business operations, IT operations

Integration status (Chairman, AR FY26). Diligence found weaknesses in productisation, roadmap and pipeline: "the Estel Division had almost no pipeline when it was acquired". First-stage productisation and roadmap finished within 9 months; ten months after closing "an excellent pipeline … already started yielding results in the form of new contracts"; further wins expected in 8–10 months. No customer buys all three main Estel products. [Fact]

Synergy use-cases (COO, AR FY26). Predictive distribution intelligence (recharge demand and stock-out prediction); hyper-personalised mobile-money campaigns; AI-driven dynamic retailer commissions and fraud detection. Cross-sell "already an outcome in some of the accounts" (Nov-2025: one CVM customer selected an Estel product, two more shortlisted). [Fact]

C. Revenue Model

Revenue streams (AR FY25): licence and implementation; support and maintenance; business planning; business operations; IT operations; revenue gain-share; change requests. Commercial models (AR FY26): perpetual or term licence plus AMC; subscription; managed services; outcome-based gain-share (fee linked to incremental operator revenue). Contracts are typically 3–5 year fixed-price, repriced at renewal; the 15% guide is "constant currency … volume growth". [Fact]

Revenue type	FY25	9M FY26	FY26	Q1 FY27
Recurring (licence subscription, managed services, AMC/support, gain-share)	67%	57%	60%	62%
Re-occurring (change requests, enhancements, configuration)	20%	20%	22%	35%
One-time (upfront licence, implementation)	13%	23%	18%	3%
Repeat revenue (recurring + re-occurring)	87%	77%	82%	97%

FY26 shift to one-time "principally reflects licence-led contributions" ("some large perpetual license deals" in 9M). Visibility: ~82% of FY27 revenue contracted at AR date (5-May-2026), ~100% by Q1 FY27 call (6-Aug-2026). Delivery is "largely centralised and substantially remote", from India. [Fact]

D. How They Make It

Asset-light, proprietary. Platforms "built in house using proprietary technology" over a decade, with proprietary ML/deep-learning and patented real-time big-data processing. The same products are "deployed many times … with only minor upgradations and customisations" (operating leverage). Technology absorption / imported technology: "NIL / Not applicable". Software development is ~75% of expenses, all expensed (May-2025 call). [Fact]
AI in delivery. LLM coding and model development, an AI deployment console, automated support. Chairman: "cost per dollar of revenue has been reducing" over the last 6–8 months; full benefit expected in FY28 (cost benefits 18–24 months from May-2026). [Fact]
Sales & implementation cycle. 10–12 months to sell, 6–8 months to implement (May-2025 call said 4–6), then recurring licence and managed-services revenue. Trade shows (MWC, AfricaCom, CVM Executive Forum, Middle East Banking Innovation Summit) at ~Rs 45 lakh each; RHP says each yields at least one customer (e.g., Asian telco Rs 9.7 Cr/5 years after MWC 2023). [Fact]
Fixed assets. PP&E net Rs 6.59 Cr (computers, servers, software, office equipment, vehicles). Owns no immovable property; all premises leased. [Fact]

FY26 consolidated cost structure	Rs Cr	% revenue	Note
Employee benefits	82.69	59.8%	FY25 Rs 53.37 Cr (62.2%); Q1 FY27 Rs 24.35 Cr (60.5%)
Other expenses	29.56	21.4%	FY25 Rs 18.35 Cr; includes hosting, travel, legal (FY25 legal & professional Rs 6.78 Cr vs Rs 1.97 Cr)
Depreciation & amortisation	6.12	4.4%	Includes ROU depreciation on office lease
Finance cost	4.36	3.2%	Lease interest 2.86; borrowings 1.00; bank charges 0.51
Median employee pay	Rs 10.16 lakh	+13.2%	FY25 Rs 8.98 lakh (+14.9%)
MD remuneration	Rs 1.93 Cr	19x median	Flat YoY (FY25 up 63.6% on FY24)
Revenue per employee [Est.]	~Rs 27 lakh	–	FY26 on 511 headcount

E. Facilities / Footprint

Location	Entity	Function	Notes
Bengaluru (Nagavara, ORR, near Manyata Tech Park)	Pelatro Ltd (HQ)	Corporate, R&D, delivery, finance	Leased. Building ROU gross Rs 30.72 Cr (Rs 28.20 Cr added FY25 on move); lease liability Rs 28.43 Cr (Mar-26); floor area not disclosed; 8-year lease, seats 150→300
Gurugram, Haryana	Estel Division of Pelatro Ltd	Estel product development and delivery	Unit 304, Global Business Square, Sector 44
Singapore (20 Collyer Quay #11-05)	Pelatro Pte Ltd (100%)	International contracting; holds "Intellectual Property" intangible (Rs 16.03 Cr)	~46% of Q1 FY27 revenue; ~78% of Q1 PAT
Ajman, UAE	Estel Technologies International FZE (100%)	Estel international contracting	FY26 AOC-1: revenue AED 0.73 mn (~Rs 1.9 Cr), loss AED 0.26 mn; Q1 FY27 revenue Rs 0.23 Cr unreviewed; auditor: "not material"
Nizhny Novgorod, Russia	Representative office of Pelatro Pte	Technical staff	Sanctions/payment risk [Est.]
Manila, Philippines	Pelatro office	Technical and delivery staff	RHP: 33 technical staff across Philippines and Russia (Mar-2024)

Headcount	Consolidated	Standalone	Note
31-May-2024 (RHP)	296	n/a	–
31-Mar-2025	322	274	–
31-Mar-2026	511	472	CVM hired 103, lost 49 (~15% attrition); ~376 CVM + ~135 Estel [Est.]
Non-current assets by location (Mar-26)	India Rs 83.97 Cr	Outside Rs 25.07 Cr	AR FY26

F. Certifications, IP, Recognition

Certifications: none disclosed. AR FY26, AR FY25, pelatro.com and esteltelecom.com mention no ISO 27001, ISO 9001, CMMI or SOC2; telco RFPs usually require ISO 27001 [Est.]. AR FY25 claims GDPR compliance.
Trademarks: at the RHP the "Pelatro" name and logo were not registered; no update in AR FY26.
Recognition: Forrester Now Tech 2022; Forrester Loyalty Technology Solutions Landscape Q4-2022 (notable vendor); Forrester Landscape 2023. No Gartner/IDC placement. CTO Pramod K.P. is a Forbes Technology Council member.
IP location: patents (US patents per RHP) held by Pelatro Pte; Pelatro Ltd uses the IP at no fee under a 2020 agreement. Balance sheet "Intellectual Property" Rs 16.03 Cr (USD-denominated; FY26 +Rs 1.49 Cr purely FX translation; not amortised). Patent numbers not disclosed.

Source	Patent count stated
AR FY25 at-a-glance	11
AR FY25 Chairman's letter	"five patents and another six are being issued"
AR FY25 MD&A	"nine patents"
AR FY26 at-a-glance	11 ("several … more are in the pipeline")
Website	12
Q1 FY27 deck (via secondary)	13 registered
Best reading [Est.]	11 at Mar-2026; possibly 12–13 by Aug-2026

G. Export Footprint & Geography

Rs Cr	FY24	FY25	FY26
India revenue	~20% (Tijori)	13.23 (15.4%)	11.47 (8.3%)
Outside-India revenue	~80%	72.54 (84.6%)	126.76 (91.7%)
Standalone FX earnings	–	48.79	82.51
Standalone FX outgo	–	3.37	2.89

AR: "none of the geographies individually contribute materially". India revenue fell (-13%) even after Estel/Jio was added, implying most Estel revenue is booked as export or via group entities and/or low Jio revenue per subscriber; not explained in AR [Est./Unverified]. Operating regions (AR FY26 MD&A): South and South-East Asia, Middle East, Africa, Central Asia, Eastern Europe, Caribbean. Named markets: India, Bangladesh, Sri Lanka, Thailand, Philippines, Malaysia, Myanmar, Nepal, Afghanistan, Saudi Arabia, UAE, Jordan, Sudan, Nigeria, Tanzania, Guinea, Comoros, Cameroon, New Zealand. One European customer (Bulgaria) — "Europe is not a market that we are focusing on".

Historical region mix (RHP; aggregated customer revenue, does not reconcile to accounts)	FY22	FY23	FY24
Asia	93.53%	87.51%	65.02%
Africa	2.91%	3.39%	24.07%
Others	3.56%	9.10%	10.90%
Deployments at DRHP stage	Asia 16, Africa 15, Middle East 5, Caribbean 1, Europe 1 (38 networks in 30 countries at IPO)

H. Market-Size Claims (management)

Source / date	Claim	Basis
AR FY25 (pre-Estel)	Telecom CVM Rs 1,840 Cr; banking Rs 4,000 Cr	460 telcos × Rs 4 Cr; 4,000 banks × Rs 1 Cr. Recurring revenue per customer grew 56% CAGR over 3 years, ~60% of Rs 4 Cr potential
May-2025 call	"2,000 plus crores"	~400 telcos × ~Rs 5 cr; ticket today Rs 2.5–3 Cr
Nov-2025 call	All-8-product customer worth "INR 7–8 crores at least per year"	Average revenue per customer Rs 2.77 Cr
May-2026 call / AR FY26	~Rs 12,000 Cr	8 products × ~450 telcos; ~10% penetration (46); target 20–25% penetration in 4–5 years
Aamara bottom-up [Est.]	~Rs 1,350 Cr (~US$155 mn)	450 telcos × ~Rs 3 Cr ARPC at 1.3 products; Pelatro TTM ~11% of pool

BFSI adjacency pitched at the IPO (RHP cites an African bank customer, Rs 4.8 Cr/5 years) was put on hold: "continue to focus on telecom". [Fact]

Segment Analysis

Two reportable segments from 1-Jul-2025 (AR FY26 Note 38): CVM Division and Estel Division. No 3-year segment history exists: segment reporting began in FY26 and Estel's pre-acquisition financials are not disclosed. [Fact]

CVM Division (organic core)

What: mViva Revenue Acceleration Platform (campaign, loyalty, lead, data monetisation, CDP, UCM, agentic AI) plus managed services. Customers: telecom operators in South/South-East Asia, Middle East, Africa, Central Asia, Caribbean (Grameenphone, Robi, Dialog, Digi, Umniah, Virgin Mobile UAE, Sudani, Afghan Wireless and others). Contracting: mostly via Pelatro Pte, Singapore. Status: fastest grower; FY26 revenue +36%, Q1 FY27 +25.1%.

Estel Division (acquired)

What: recharge / e-top-up / vouchers, mobile wallet and payments, sales & distribution suite (field force, inventory, commissions, POS), managed services. Customers: Reliance Jio (~500 mn subs), BSNL, dtac, Globe, Atom, Ncell, Roshan, MTN, Glo, plus fintechs (Cashmoov, OK Dollar, Express Union). Status: under pressure: flat revenue, margin halved to 8.7% in Q1 FY27; "almost no pipeline when acquired".

Segment P&L (Rs Cr)

Rs Cr	FY26 CVM	FY26 Estel (9m)	FY26 Total	Q1 FY27 CVM	Q1 FY27 Estel	Q1 FY27 Total
Revenue	116.57	21.66	138.23	33.39	6.83	40.22
Share of revenue	84.3%	15.7%	100%	83.0%	17.0%	100%
Other income (all allocated to CVM)	5.50	0.00	5.50	0.24	0.00	0.24
Expenses excluding D&A	93.98	18.27	112.25	26.10	6.23	32.33
Segment EBITDA (reported, pre-exceptional)	28.09	3.39	31.48	7.54	0.59	8.13
Reported margin	24.1%	15.6%	22.8%	22.6%	8.7%	20.2%
EBITDA ex-other income [Est.]	22.59 (19.4%)	3.39 (15.6%)	25.98 (18.8%)	7.30 (21.9%)	0.59 (8.7%)	7.89 (19.6%)
Share of company EBITDA	89.2%	10.8%	100%	92.7%	7.3%	100%

Q1 FY27 segment EBITDA per filings/3P: CVM 7.53–7.54 (22.56%), Estel 0.59–0.60 (8.72%); rounding difference only.

Source: AR FY26 Note 38; Q1 FY27 filing. Estel margin halved in one quarter; CVM margin compressed ~150 bp on lower one-time licence mix.

Growth & Margin Profile

Measure	CVM	Estel
FY26 revenue growth	+36% (85.77 → 116.57), organic	n/a (acquired 1-Jul-2025)
FY26 reported EBITDA growth	+57% (17.89 → 28.09; Chairman's letter, on restated FY25 base)	n/a
FY26 EBITDA growth ex-other income [Est.]	~+61% (14.05 → 22.59)	n/a
Q1 FY27 revenue growth YoY	+25.1% (33.39 vs 26.69)	n/a (no Q1 FY26 base)
Quarterly revenue	Q1 FY26 26.69 (whole company pre-Estel) → Q1 FY27 33.39	Q2 FY26 6.91 (EBITDA 1.02); Q3+Q4 FY26 14.75 combined (~7.4/qtr); Q1 FY27 6.83
Run-rate [Est.]	~Rs 134 Cr annualised (Q1 FY27 × 4)	~Rs 27–29 Cr annualised, flat since acquisition (Nov-2025 guide: Rs 28–30 Cr)
Margin trend	24.1% (FY26) → 22.6% (Q1 FY27)	15.6% (FY26) → 8.7% (Q1 FY27)
Management target	Group EBITDA 26–30% over "next couple of years" (AR FY26); "about 30%"	CVM-level margins in 12–18 months (AR FY26) / 12–15 months (Q1 FY27 call) / "by next year"
Drag on group margin	–	Estel dilution cut group EBITDA margin by ~345 bp YoY in Q1 FY27 [Est.]

Fastest grower: CVM. Operating leverage from redeploying the same product: FY26 reported EBITDA +57% on revenue +36%. Growth comes ~60% from existing customers (more products, change requests) and ~40% from new logos (Feb-2026 call). Q1 FY27 slowdown to +25% partly reflects a one-time licence share of just 3%. [Fact]

Under pressure: Estel. Flat-to-down revenue, margin halved, and the margin target has slipped from "short term / next year" (Nov-2025) to 12–18 months (May-2026). Rs 10 Cr earn-out provision implies management expects revenue targets largely met despite flat reported revenue. [Fact] [Analyst View]

Which Entity Earns the Profit

Entity	FY26 share of consol. PAT	Rs Cr	Share of net assets	Q1 FY27
Pelatro Pte Ltd, Singapore	86.64%	15.69	27.76% (Rs 20.87 Cr)	Revenue Rs 18.33 Cr (US$1.93 mn, ~46% of group); PAT Rs 4.24 Cr (~78%); reviewed by own auditors
Pelatro Ltd (India parent)	10.13%	1.83	70.42%	Standalone revenue Rs 27.55 Cr; PAT Rs 1.10 Cr
Estel Technologies International FZE, UAE	3.22%	0.58	1.82% (Rs 1.37 Cr)	Revenue Rs 0.23 Cr; unreviewed
Group	100%	18.10	100%	PAT Rs 5.43 Cr

Conflict: Estel FZE's AOC-1 shows a loss of AED 0.26 mn while Note 42 shows a +Rs 0.58 Cr share of consolidated PAT; sign conflict unresolved. Group auditor relied on other auditors for two subsidiaries with total assets Rs 56.54 Cr, revenue Rs 65.17 Cr and PAT Rs 16.27 Cr (~90% of group PAT). [Fact]

Standalone vs Consolidated

Rs Cr	FY22	FY23	FY24	FY25	FY26	Q1 FY27
Standalone revenue	40.75	48.98	58.81	61.50	95.56	27.55
Standalone PAT	3.57	4.64	5.41	5.10	3.30 (4.56 pre-exceptional)	1.10
Consolidated revenue	–	–	54.99	85.77	138.23	40.22
Consolidated PAT	–	–	-1.96	11.89	18.10	5.43
Standalone sales to Pelatro Pte	26.18	31.88	31.38	12.54	22.54	–
Standalone sales to Pelatro plc	–	–	10.61	–	–	–

Intra-group flows (standalone, Mar-2026): loans to Pte Rs 17.86 Cr (Rs 14.52 Cr Mar-25; payable on demand per CARO), interest Rs 1.46 Cr in FY26; investment in Pte Rs 9.98 Cr; trade dues from related parties Rs 7.16 Cr (Rs 17.14 Cr FY25). Standalone PAT fell 35% while standalone revenue rose 55%; standalone finance cost Rs 4.09 Cr, of which Rs 2.86 Cr is lease interest. Net effect: profit sits in Singapore while people cost sits in India. [Fact]

Pelatro Pte reporting-period caveat. Pte reported calendar-2024 for FY25, then a 15-month period (Jan-2025 to Mar-2026; US$8.03 mn turnover ≈ Rs 70–76 Cr at Rs 87–94/US$) for FY26 after moving its year-end to March. The auditor's Other Matters puts the two foreign subsidiaries at Rs 65.17 Cr revenue "for the year ended" 31-Mar-2026, which points to ~12 months consolidated, not 15. If so, Jan–Mar 2025 of Pte appears in neither FY25 nor FY26, which would understate FY26. AR does not state the mechanics; treat FY26 consolidated and CVM growth as carrying roughly ±US$0.5 mn (~Rs 4–5 Cr) of period uncertainty. [Est.]

Estel Acquisition Accounting

Component	Agreement	Consideration	Balance-sheet treatment
(a) Software business of Estel Technologies Pvt Ltd (India), slump sale	BTA dated 7-Apr-2025, effective 1-Jul-2025	Rs 23 Cr net, incl. Rs 12 Cr contingent on revenue targets	Goodwill Rs 15.95 Cr (standalone); Rs 10.00 Cr non-current "Provision for Estel performance-linked payment"; part paid in shares (1,90,736 at Rs 366.70 ≈ Rs 7.0 Cr, Jul-2025 — allottee Atlanta Capital Pvt Ltd)
(b) 100% of Estel Technologies International FZE (Ajman)	SPA dated 9-Apr-2025	US$2,106,507 (Rs 18.32 Cr) cash	Standalone investment Rs 18.33 Cr (100 shares of AED 1,850); consolidation goodwill Rs 18.00 Cr
Total	–	~Rs 41 Cr (incl. Rs 12 Cr contingent)	Group goodwill Rs 52.91 Cr (from 18.96); no customer/technology intangibles; ~Rs 1.66 Cr gratuity assumed

No business-combination or purchase-price-allocation note in FY26 consolidated or standalone statements; earn-out terms not disclosed in AR. Headline (Aug-2025 company update): ~Rs 41 Cr including ~Rs 12 Cr earn-out. [Fact]
"Creditors for capital goods" Rs 7.40 Cr (new current liability) may be deferred consideration. [Est.]
Implied cost check: FZE goodwill ~18 + BTA goodwill ~16 + Rs 10 Cr earn-out ≈ Rs 44 Cr, broadly matching Rs 41 Cr. The narrative input's "all-in ~Rs 51 Cr (41.3 + 10)" double-counts the earn-out and is not used. [Est.]
Multiples paid [Est.]: ~Rs 41 Cr for ~Rs 28 Cr revenue ≈ 1.5x sales; ≈ 9x annualised FY26 Estel EBITDA (3.39 × 4/3 = 4.5); ≈ 17x at the Q1 FY27 run-rate (~Rs 2.4 Cr). Weak against the CMD's "we will not sacrifice ROCE while acquiring".
Estel FZE is tiny (Q1 FY27 revenue Rs 0.23 Cr), so most Estel revenue sits in the India division. No promoter link to the sellers was found (not specifically verified). [Fact]

Financials: P&L

Rs crore unless stated (primary documents report in Rs lakh). FY = April–March. A 5-year consolidated series does not exist (Pelatro Pte consolidated from 8-Jan-2024); consolidated FY24–FY26 + TTM shown, plus standalone FY22–FY26. Every figure checked against printed sub-totals.

Annual P&L: Consolidated

Rs Cr	FY24 (part-consol.)	FY25 (restated in AR FY26)	FY26	TTM Jun-26 [Est.]
Revenue from operations	54.99	85.77	138.23	151.75
YoY growth	n/a	+56.0%	+61.2%	–
Gross profit	Not meaningful — software company, no COGS
Employee cost	44.34	53.37	82.69	~93.4
Other expenses	7.54	18.35	29.56	~32.3
Core EBITDA (ex-other income) [Est.]	3.11 (5.7%)	14.05 (16.4%)	25.98 (18.8%)	~28.07 (18.5%)
Other income	0.37	3.84	5.50 (FX gain 4.74; interest 0.76)	~5.23
EBITDA incl. OI, pre-exceptional (company definition)	3.48 (6.3%)	17.89 (20.9%); orig. 19.82 (23.1%)	31.48 (22.8%)	33.30 (21.9%)
Depreciation & amortisation	2.26	2.95	6.12	~6.05
Finance cost	1.20	1.85	4.36 (lease 2.86; borrowings 1.00; bank 0.51)	~4.30
EBIT (PBT + finance cost, post-exceptional)	1.22 (2.2%)	14.94 (17.4%)	23.68 (17.1%); 25.36 (18.3%) pre-exc.	–
Exceptional item	–	–	-1.68 (Labour Codes; Q3 FY26)	–
PBT	0.02 (0.0%)	13.09 (15.3%); orig. 15.03	19.32 (14.0%); 20.99 pre-exc.	21.25 (14.0%)
Tax (effective rate on reported PBT)	1.97 (n/m)	1.20 (9.1%); orig. 3.13 (20.8%)	1.21 (6.3%); AR states ETR 8.82%	~1.28
PAT	-1.96 (-3.6%)	11.89 (13.9%)	18.10 (13.1%); 19.36 ex-exc.	19.97 (13.2%)
PAT growth	–	n/m	+52.2%	–
EPS basic = diluted (Rs)	-5.15	13.16 (90,40,058 wtd sh)	17.18 (1,05,38,872 wtd sh); Screener 17.08	18.86 (Screener)
Dividend per share	Nil	Re 1 (paid in FY26; Rs 1.04 Cr)	Re 1 final (rec. 5-May-26; paid 3-Sep-26; ex-date 17-Jul-26)	–

Sources: FY24 and FY25 AR FY25; FY25 restated and FY26 AR FY26 / Q4 FY26 filing; TTM = FY26 − Q1 FY26 + Q1 FY27. Note: heard-input calls the FY26 dividend the "first"; FY25's Re 1 was paid in FY26, so FY26 is the second.

Annual P&L: Standalone (Pelatro Ltd, India)

Rs Cr	FY22	FY23	FY24	FY25	FY26
Revenue from operations	40.8	49.0	58.81	61.50	95.6
EBITDA (incl. OI)	7.3	8.8	10.80	12.45	15.5
EBITDA margin	17.9%	18.0%	18.4%	20.2% (company: 17.78% on total income)	15.2%
PAT	3.57	4.64	5.41	5.10	~3.3
RoNW (company)	–	–	33.14%	6.30%	–
ROCE (company)	–	–	22.81%	10.18%	–
D/E (company)	–	–	0.96	0.17	–

FY22–FY23 from RHP via Trendlyne/Chittorgarh [Fact – 3P]; FY26 standalone from Screener.

Half-Years (consolidated)

Rs Cr	H1 FY25	H2 FY25	H1 FY26	H2 FY26	Q1 FY27
Revenue	38.45	47.32	60.74	77.49	40.22
EBITDA (company, pre-exc.; FY25 on restated basis)	~8.66	~9.23	13.81	17.67	8.13
EBITDA margin	22.5%	19.5%	22.7%	22.8%	20.2%
PAT (reported)	5.03	6.86	8.21	9.90	5.43
Revenue YoY	–	–	+58.0%	+63.8%	+50.7%
EBITDA YoY	–	–	+59%	+91%	+28.8%
PAT YoY	–	–	+63.2%	+44.3%	+52.5%
Revenue HoH	–	+23.1%	+28.4%	+27.6%	–
PAT HoH	–	+36.4%	+19.7%	+20.6%	–

On the originally presented basis (May-2025 call) H1 FY25 EBITDA was 8.67 (22.6%) and H2 FY25 11.14 (23.5%), total 19.82, including a Rs 2.02 Cr liability write-back in OI. H2 FY25 restated = 17.89 − 8.66 [Est.]. FY26 halves: Q1 6.31, Q2 7.50, Q3 8.57, Q4 9.10; 9M FY26 EBITDA 22.38 (+73%); 9M revenue 99.12–99.13 (+62.1%; "+69%" in some summaries is wrong).

Last 8 Quarters (consolidated)

Quarter	Revenue	QoQ	YoY	EBITDA (co.)	Margin	EBITDA QoQ	EBITDA YoY	PAT	PAT %	PAT QoQ	PAT YoY
Jun-24 (base)	18.33	–	–	3.81*	20.8%	–	–	2.29	12.5%	–	–
Sep-24	20.12	+9.8%	n/a	4.85*	24.1%	+27%	n/a	2.74	13.6%	+19.7%	n/a
Dec-24	22.69	+12.8%	n/a	3.91*	17.2%	-19%	n/a	3.17	14.0%	+15.7%	n/a
Mar-25	24.63	+8.6%	n/a	4.97*	20.2%	+27%	n/a	3.69	15.0%	+16.4%	n/a
Jun-25	26.69	+8.4%	+45.6%	6.31	23.6%	+27%	+66%	3.56	13.3%	-3.5%	+55.5%
Sep-25	34.05	+27.6%	+69.2%	7.50	22.0%	+19%	+55%	4.65	13.7%	+30.6%	+69.7%
Dec-25	38.38	+12.7%	+69.1%	8.57	22.3%	+14%	+119%	3.79 (~5.0 ex-exc.)	9.9%	-18.5%	+19.6%
Mar-26	39.10	+1.9%	+58.8%	9.10	23.3%	+6%	+83%	6.11	15.6%	+61.2%	+65.6%
Jun-26	40.22	+2.9%	+50.7%	8.13	20.2%	-10.7%	+28.8%	5.43	13.5%	-11.1%	+52.5%

*FY25 quarters Screener-derived (company reported FY25 in halves). Q1 FY27 PAT margin recomputed at 13.5% (Quartr summary says 13.7%).

QoQ growth stalled at +1.9% / +2.9% once Estel was in the base.

Margin has oscillated in a 17–24% band; Q1 FY27 back to 20.2% as Estel diluted and one-time licences fell to 3%.

Quarter Detail

Line (Rs Cr)	Q4 FY26 (Mar-26)	Q1 FY27 (Jun-26)	Q1 FY26 (Jun-25)
Total income	42.09	40.46	27.20
Other income	2.99	0.24	0.51
Employee cost	–	24.35	–
Other expenses	–	7.98	–
D&A	–	1.45	–
EBIT	–	6.68	–
Finance cost	–	0.97	–
PBT	6.45	5.71	3.78
Tax	–	0.28	–
PAT	6.11	5.43	3.56
EPS (Rs)	5.80	5.12	3.42
Core EBITDA ex-OI [Est.]	~6.11	7.89 (19.6%)	5.80 (21.7%)

Q1 FY26 total income = 26.69 + 0.51 [Est.]. Q4 FY26 core = 9.10 − 2.99 [Est.]. Q1 FY27 other income collapsed to 0.24 from 2.99 as the FX gain reversed.

Revenue Growth Decomposition

Driver	FY25	FY26	Q1 FY27
Organic vs inorganic	Inflated by consolidation of Pte from 8-Jan-2024 (FY24 part-period)	+52.46 Cr total: CVM +30.80 (organic, +36%); Estel +21.66 (inorganic)	+13.53 Cr: CVM +6.70 (+25.1%); Estel +6.83
Volume vs price	No price/volume disclosure. Contracts 3–5 years fixed price, repriced at renewal; 15% guide is "constant currency … volume growth". Growth ~60% from existing customers, ~40% new logos (Feb-2026). Average revenue per customer Rs 2.77 Cr (Nov-2025).
Mix	One-time 13%	One-time 18% (large perpetual licences)	One-time 3%; re-occurring 35%
FX	~92% export, USD-linked; INR depreciation lifts reported revenue; FX gains in OI 4.74 (FY26).

One-Time Items & Reclassifications

Item	Rs Cr	Period	Treatment / effect
FY25 tax-to-opex reclassification	1.93	FY25 (restated in AR FY26)	EBITDA 19.82→17.89, PBT 15.03→13.09, tax 3.13→1.20 (current tax 4.54→2.61); PAT unchanged. Likely foreign withholding tax [Est.]. Effective tax rates not comparable across years without adjustment.
FY25 liability write-back in OI	2.02	FY25 as presented May-2025	Narrative input attributes the 19.82→17.89 gap roughly to this; financials input attributes it to the 1.93 reclass. Both describe the same ~Rs 1.9–2.0 Cr base reduction.
FX gain in other income	4.74	FY26	~3.4% of revenue inside company EBITDA; reversed in Q1 FY27. USD receivables unhedged (US$24.16 lakh / US$2.42 mn at FY26).
Labour Codes exceptional	-1.68	Q3 FY26	Gratuity past-service cost + leave liability (Codes notified 21-Nov-2025). Screener books it inside OI, explaining its FY26 EBITDA of 29.78 vs company 31.48.
Estel acquired gratuity	1.66	FY26	Assumed liability, inside provisions

Earnings Quality: Are Profits Backed by Cash?

Test	Result	Verdict
Reported CFO / PAT (FY24–FY26)	64.9 / 28.0 = 2.3x	Misleading
Underlying CFO / PAT [Est.]	~15–20 / 28.0 = ~55–70%	Weak
FY26 CFO / company EBITDA	19.72 / 31.48 = 63% reported; ~10% underlying	Weak
Unbilled revenue growth vs revenue growth	4.7x vs 1.6x	Red flag
Tax rate	6.3% computed / 8.82% AR-stated; Screener ~5%; guide 9–10%	Structure-dependent
Other income share of PBT	5.50 / 19.32 = 28% (FY26)	High
Audit coverage of profit	~90% of PAT audited by component auditors	Limits comfort

Conflict note on FY26 CFO. The financials module (cash-flow statement: 28.34 − 7.28 − 1.34 = 19.72) is used throughout this report. The business and narrative modules cite Rs 17.17 Cr for FY26 OCF (giving "OCF ~55% of EBITDA"); that figure does not tie to the statement's sub-totals and is treated as a different line or source error. On either figure OCF fell for two consecutive years (25.02 → 20.20 → 19.72) while PAT rose. [Est.]

Financials: Balance Sheet, Cash Flow & Ratios

Consolidated, Rs crore. Mar-24 and Mar-25 from AR FY25; Mar-26 from AR FY26; Jun-26 from Q1 FY27 filing. 5-year series not available (consolidation from Jan-2024).

Balance Sheet

Rs Cr	Mar-24	Mar-25	Mar-26	Jun-26
PPE (net)	6.74	6.57	6.59	6.27
Intangibles: intellectual property (not amortised)	– (inside PPE line)	14.54	16.03	16.06
Right-of-use assets (office lease)	0.90	27.85	26.41	25.39
Goodwill	18.96	18.96	52.91	52.91
– Pelatro Pte consolidation (Jan-2024)	18.96	18.96	18.96	–
– Estel FZE consolidation	–	–	18.00	–
– Estel India business (slump sale)	–	–	15.95	–
Deferred tax asset	0.75	2.13	2.66	2.70
Other non-current assets	0.62	4.18	4.44	3.92
Inventory	Nil	Nil	Nil	Nil
Trade receivables (billed)	15.42	15.28	26.79	30.78
Unbilled revenue (inside other current assets)	n/a	4.59	21.42	~20 (mgmt; ~19 per some summaries)
Prepaid expenses	n/a	0.37	10.01	n/a
Other current assets, total	6.87	11.55	33.20	37.83
Cash and equivalents	7.55	36.03	15.19	16.67
Total assets	57.81	137.06	184.23	192.54
Share capital	7.00	10.41	10.60	10.60
Other equity	5.03	69.04	93.40	99.28
Net worth	12.03	79.45	103.99	109.88
Borrowings (non-current + current)	18.68	13.93	12.46	13.84
Lease liabilities	0.91	27.95	28.43	27.64
Estel performance-linked payment provision (contingent consideration)	–	–	10.00	n/a (in provisions of 19.54)
Creditors for capital goods	–	~0.04	7.40	~7.3
Trade payables	12.07	3.20	1.04	~1.1
Other current liabilities (unearned revenue, advances, statutory dues)	9.61	6.58	9.03	9.94
Current assets / current liabilities	29.84 / 28.65	62.85 / 14.31	75.18 / 23.32	85.29 / 26.69
Net debt: borrowings − cash [Est.]	11.13	-22.10 (net cash)	-2.73 (net cash)	-2.83 (net cash)
Net debt incl. leases [Est.]	12.04	5.85	25.70	24.81

Unbilled revenue ~4.7x in FY26 vs revenue 1.6x; cash fell 36.03 → 15.19. Jun-26 unbilled ~20 per management.

Balance-sheet flags

Goodwill + intangibles = 68.94 Cr, 66% of net worth. Tangible net worth ~Rs 35 Cr at Mar-26 (~Rs 41 Cr at Jun-26 used for P/TBV) [Est.]. IP (14.54 recognised FY25; 16.03 at FY26) carries no amortisation; no impairment-testing disclosure in the extract.
Estel total cost ~Rs 41 Cr, not Rs 23 Cr (Rs 23 Cr India BTA incl. Rs 12 Cr contingent + US$2.11 mn / Rs 18.32 Cr FZE); Rs 10 Cr earn-out provision on BS.
Unbilled revenue ~5x (4.59 → 21.42); billed receivables 15.28 → 26.79. Ageing at FY26: <6 months 25.39, 6–12 months 1.40, none older; no impairment provision (Note 35). Prepaid expenses 0.37 → 10.01, unexplained.
Debt-like items ~Rs 58 Cr [Est.]: borrowings 12.46 + leases 28.43 + Estel provision 10.00 + capital-goods creditors 7.40, against cash 15.19. Net cash only on a borrowings-only basis.
FY24 working capital unusual: trade payables 12.07 (inherited at the Pte acquisition) unwound to 3.20 in FY25, driving FY24 CFO.
Contingent liabilities: Nil (Note 47) — the UK minority letter of claim (Tab 7) is not disclosed.

Cash Flow

Rs Cr	FY24	FY25 (restated)	FY26	3-yr sum
Operating profit before WC changes	3.05	17.15	28.34	48.5
Working-capital change (as reported)	+23.56	+6.12	-7.28	+22.4
Taxes paid	-1.59	-3.07 (orig. -5.01)	-1.34	-6.0
CFO, reported	25.02	20.20	19.72	64.9
Capex: fixed assets, intangibles, ROU, "slump sale purchase"	-3.76	-44.54	-22.13	-70.4
Acquisitions (goodwill on consolidation)	-18.96 (Pte)	–	-18.00 (Estel FZE)	-37.0
Interest received / FX	+0.02	+0.11	+1.88	–
CFI	-22.70	-44.42	-38.25	-105.4
Equity proceeds, net of issue expenses	–	+56.49 (IPO + pre-IPO)	+7.00 (Estel share swap shown as proceeds)	–
Borrowings, net	+1.12	-1.44	-1.86	–
Lease payments	-0.18	-0.75	-4.90	–
Finance cost paid	-1.19	-1.60	-1.50	–
Dividend	–	–	-1.04	–
CFF	-0.25	+52.70	-2.31	+50.1
Net change in cash	+2.07	+28.48	-20.84	–
Closing cash	7.55	36.03	15.19	–
FCF (CFO − capex) [Est.]	21.26	-24.34	-2.41	-5.5
FCF after acquisitions and lease payments [Est.]	2.12	-25.09	-25.31	-48.3
PAT	-1.96	11.89	18.10	28.0
FCF yield (on Rs 397 Cr mcap; after acquisitions & leases) [Est.]	–	-6.3%	-6.4%	–

FY25 equity proceeds: Rs 64.00 Cr issue proceeds less Rs 7.51 Cr expenses. Market module quotes FCF of -Rs 24 Cr (FY25) and -Rs 20 Cr (FY26) and CFO/operating profit falling from 162% to 81% (Screener basis); the financials module figures above are used.

PAT vs OCF Reconciliation [Est.]

Year	Reported CFO	PAT	Non-operating / non-cash items inside CFO	Underlying CFO
FY24	25.02	-1.96	Trade payables +11.76; other current liabilities +8.62; current borrowings +4.08 classified in CFO. Payables build-up reversed in FY25 (-8.86)	~20.9 (ex-borrowings)
FY25	20.20	11.89	+27.28 "other financial liabilities (non-current)" = new office-lease liability recognition; matching ROU (+28.20) sits in capex (44.54 reported; underlying ~16.3 = IP 14.54 + PPE ~1.8). Current-borrowing repayment (-3.30) also in CFO	~-7.1
FY26	19.72	18.10	Provisions +15.67 (incl. Rs 10 Cr Estel contingent provision and ~1.66 acquired gratuity); other financial liabilities (current) +7.98 (~capital-goods creditors 7.40). "Slump sale purchase" capex correspondingly includes non-cash Rs 10 Cr provision and Rs 7 Cr in shares	~2–4
FY24–FY26	64.9	28.0	Reported CFO/PAT 2.3x; adjusted ~55–70% conversion. Gap funded by IPO + pre-IPO (Rs 64 Cr gross) and cash run-down 36.0 → 15.2, leading to the Rs 27.4 Cr warrant issue	~15–20

IPO Proceeds: Objects, Variation, Utilisation

Object	Original (RHP), Rs Cr	Revised (Rs lakh)	Utilised to 31-Mar-26 (Rs lakh)	Comment
Capex (IT hardware, servers)	10.12	378	377	Cut by ~Rs 6.3–6.5 Cr
Investment in subsidiary (Pelatro Pte)	10.00	1,000	1,001	Pte share capital US$0.20 mn → US$1.15 mn: IPO money moved offshore into the profit-booking entity
Working capital	15.00	2,152	2,152	+Rs 6.50 Cr reallocated
General corporate purposes	13.86	1,386	1,386	24.8% of issue, just under 25% cap
Issue expenses	–	682	682	12.2% of issue (high even for SME); total expenses incl. pre-IPO 7.51
Total	–	5,598	~5,598	Fully used by 31-Dec-2025 (Rs 46.23 Cr used in FY25)

Variation approved by postal ballot 20-Nov-2025 (board 20-Oct-2025; ~62% of shares voted for, none against). Monitoring agency CARE Ratings (reports Nov-2024 to Feb-2026; Sep-2025 report "no deviation"; earlier reports flagged delays). Sep-2026 postal ballot has a single item (warrants), no further IPO variation. [Fact]

Working Capital [Est.]

Days	FY24	FY25	FY26	Jun-26 (TTM)
Debtor days (billed / revenue)	102	65	71	74
Debtor days incl. unbilled	n/a	85	127	~122 (mgmt DSO 124)
Inventory days	Nil	Nil	Nil	Nil
Creditor days (payables / opex ex-D&A)	85	16	3	~3
CCC, billed basis	17	49	68	71
CCC incl. unbilled	n/a	69	124	~119
Standalone debtor days (Screener)	197	154	83	–
Company-reported DSO (MD&A / calls)	145	85	127 (Sep-25: 100)	124
Screener working-capital days	~36–53	–	~97	–

Standalone history (Screener): FY21 75, FY22 62, FY23 139 days; AR FY25 standalone DSO 154 vs 224. AR FY26 receivables turnover 6.57x (FY25 5.59x). Unbilled drivers (Q1 FY27 call): pending POs, milestone billing, and ~Rs 6 Cr from two customers (since 2016) in a country where every invoice needs government approval (8–10 months to pay). Management's "healthy" DSO range: 100–120 days (May-2025). FEMA requires export realisation within 15 months. [Fact]

Key Ratios

Ratio	FY24	FY25	FY26	Jun-26 / latest
RoE (average equity)	-15.48% (closing)	26.00% [AR]	19.74% [AR]; RoNW 17.41% closing	19.76% annualised
RoCE (company: EBIT / capital employed)	3.85%	18.37% [AR FY26; AR FY25 said 18.00%]	20.36%	22.08% (3P); Screener ~16–19%
D/E, borrowings only	1.55	0.18	0.12	0.13
D/E incl. leases [Est.]	1.63	0.53 (AR FY26 prints 0.52)	0.39	0.38
Interest coverage (EBIT / finance cost)	1.0x	8.1x	5.4x (5.8x pre-exc.)	6.9x
EBIT / interest on borrowings only	–	12.9x	23.7x	–
Current ratio	1.04	4.39	3.22	3.20
Asset turnover	0.95x	0.63x	0.75x	–
Fixed-asset turnover (rev / PPE + IP + ROU)	7.2x	1.75x	2.83x	–
Net profit margin	-3.6%	14%	13%	13.5%

D/E reconciliation (resolved)	Definition
0.12–0.13 (company)	Borrowings only (12.46 / 103.99)
0.39 (Screener)	Borrowings + lease liabilities = Rs 41 Cr (12.46 + 28.43). Screener borrowings history: Rs 20 Cr (FY24), Rs 42 Cr (FY25), Rs 41 Cr (FY26) — the jump is the FY25 office lease, not new bank debt
0.03 (MarketsMojo)	Likely net of cash
Stockanalysis total debt Rs 41.8 Cr	Borrowings + leases; net debt ~Rs 25 Cr vs Rs 16.7 Cr cash
"0.52 → 0.12" (AR FY26 / governance module)	Mixes incl-lease FY25 (0.52–0.53) with borrowings-only FY26; like-for-like is 0.18 → 0.12 (borrowings) or 0.53 → 0.39 (incl. leases)

Debt Structure, Lenders & Rating

Component	Mar-26	Mar-25	Detail
Secured term loans	10.96	11.83	Current maturities 1.89 (FY25 1.51)
Unsecured loan from promoter Sudeesh Yezhuvath	1.50	2.10	Rs 2.75 Cr Mar-24; repaying Rs 0.60 Cr/yr; accepted as exempt deposit while he was a director
Working-capital / overdraft facilities	Nil	Nil	CARO notes WC limits above Rs 5 Cr secured by FDs and a promoter's residential property (sanctioned, not drawn)
Total borrowings	12.46	13.93	Jun-26: 13.84 (current portion 3.89). DRHP (Mar-24): secured 18.67, unsecured 2.75

Maturity (Rs Cr)	<1 yr	1–5 yrs	>5 yrs	Total
Term loans FY26	1.89	6.31	2.80	11.00
Promoter loan FY26	0.60	0.90	–	1.50
Term loans FY25	1.51	6.90	3.43	11.83

Lender	Rate	Tenor	Security
RBL Bank	9.20%	120 months	Property of a relative of a director (No. 86, 86/1, Jayamahal / Nandidurga Rd, Benson Town, Bengaluru); balance ~Rs 0.77 Cr (Mar-25)
ICICI Bank (Loan-1, Loan-2)	9.20% / 8.99%	60 months	Hypothecation, mainly motor vehicles
BMW Finance (two loans)	8.99% / 8.50%	60 months	Motor vehicle (probably executive cars [Est.])
Toyota Financial Services	10.01%	60 months	Motor vehicle

FY26 current maturities per lender ~0.94, 0.42, 0.25, 0.14, 0.14 (indicative; extract alignment imperfect). Interest on borrowings Rs 1.00 Cr (FY25 1.16) ≈ 7.6% on average borrowings [Est.]; bulk of finance cost is lease interest Rs 2.86 Cr (ROU building 26.38; lease cash outflow 4.90). ±1% rate = ±Rs 0.12 Cr PBT. Other obligations: Estel contingent provision Rs 10.00 Cr (of Rs 12 Cr gross); capital-goods creditors Rs 7.40 Cr. No wilful-default declaration. Credit rating: none. Promoter pledge: nil. No buyback; no debt raise planned. Warrant proceeds to be held at Kotak Mahindra Bank. [Fact]

Capex: Maintenance vs Growth

Business is asset-light: PPE ~Rs 6.6 Cr; capex "very light" (May-2026). Reported capex is dominated by non-cash or acquisition items: FY25 44.54 includes 28.20 ROU recognition and 14.54 IP; FY26 22.13 "slump sale purchase" includes Rs 10 Cr provision and Rs 7 Cr in shares. Underlying maintenance capex ~Rs 1.5–2 Cr/yr [Est.]. IPO capex object cut from Rs 10.12 Cr to Rs 3.78 Cr.

Equity Dilution & Share-Count History

Date	Event	Shares	Price (Rs)	Shares after	Source
21-Mar-2013	Incorporated (Pelatro Solutions Pvt Ltd)	–	–	1,00,000	AR FY25 SOCE
7-Feb-2024	Kiran & Varun Menon buy 100% from Pelatro plc (secondary)	1,00,000	210	–	[Fact-CF] ~Rs 2.1 Cr
FY24	Rights / fresh allotment for cash	+1,00,000 [Est.]	~100	2,00,000	Rs 90 lakh premium; Kiran 12.18L, Varun 12.18L, Sudeesh 36.12L, Arun 7.10L, Sharat 0.49L, Khushboo 1.10L (Rs lakh)
5-Mar-2024	Bonus ~34:1 (Rs 680 lakh capitalised)	+68,00,000	–	70,00,000	Kiran ~21.14L, Varun ~21.14L, Sudeesh ~12.28L, Arun ~2.49L, Anuradha 38,500, Sharat 17,000 sh
25-Apr-2024	Pre-IPO preferential	+6,07,663	132	76,07,663	AR FY25 (~Rs 8.0 Cr). Governance module's "16–17 lakh implied" estimate superseded
Sep-2024	IPO fresh issue	+27,99,000	200	1,04,06,663	Rs 55.98 Cr
22-Jul-2025	Preferential (Estel India swap) to Atlanta Capital Pvt Ltd	+1,90,736	366.70	1,05,97,399	AR FY26 Note 12 (+19.07 lakh capital; +680.93 lakh premium). MGT-7 wrongly books it on the "ESOPs" line
Nov-2025 / 16-Jan-2026	ESOP 2025 approved; first grant	up to 4,00,000 options	295 (3P)	(overhang)	Grant size not extracted; basic EPS = diluted in FY26
Sep–Oct 2026	Convertible warrants	7,00,000 → 6,85,000	400	–	Vote closes 21-Oct-2026
Fully diluted [Est.]				1,16,82,399	+10.2% vs current; +54% vs pre-IPO

Insiders' effective cost (Rs 210 on 1 lakh shares + Rs 100 rights, then 34:1 bonus) is a few rupees per share vs Rs 200 IPO and Rs 400 warrants [Est.].

Key Balance-Sheet Risks

Goodwill impairment if Estel margins do not recover (Rs 33.95 Cr of Estel goodwill; no PPA intangibles to amortise).
Cash call from Estel earn-out (Rs 10 Cr provided) within ~1–2 years plus Rs 7.40 Cr capital-goods creditors, against cash of Rs 16.67 Cr.
Unhedged USD receivables (US$2.42 mn) and unbilled build-up in FX-constrained markets.
Rs 17.86 Cr parent loan to Pte (payable on demand) and profit trapped offshore: Indian listed entity pays its dividend from Rs 3.3 Cr standalone PAT.

Management, Promoters & Governance

Sources: AR FY26, AR FY25, FY26 MGT-7, warrant postal-ballot notice (21-Sep-2026), Companies House, AIM RNS, Screener/Trendlyne. [Fact-CF] = carried from prior-run notes believed sourced from the Sep-2024 Prospectus, not re-verified. Not read: Prospectus litigation section, 9-Mar-2026 SAST text, 3-Oct-2024 auditor resignation letter (image-only). SME limits: half-yearly SHP; corporate-governance report not mandatory.

Governance verdict: elevated risk [Est.]. Operations are real and improving, with clean audits (FY26 opinion unmodified; CARO, secretarial and internal-audit reports clean; contingent liabilities Nil; no MCA penalties). The concerns are ownership history, related-party economics and where the profit is booked.

Top Red Flags

#	Flag	Detail	Severity
1	Ownership history: value transfer from AIM minorities	Feb-2024: CMD's sons bought 100% of the Indian operating company from the just-delisted UK parent for ~Rs 2.1 Cr; promoter LLP owned ~14% of the plc [Fact-CF]. A month earlier the Indian company bought IP-holder Pelatro Pte from the plc for US$350 [Fact-CF; date Fact]. UK minorities served a letter of claim; UK strike-off suspended Nov-2024; UK accounts overdue. Claim not disclosed — AR26 contingent liabilities Nil.	High
2	~87% of FY26 PAT in Pelatro Pte (Singapore)	Pte Rs 15.69 Cr vs parent Rs 1.83 Cr. India sells Rs 22.54 Cr of "software development services" to Pte (AOC-2); Pte books customer revenue and margin with nil tax provision. Group tax ~6% of PBT. The asset bought for US$350 is now the profit engine.	High
3	Auditor resigned 9 days after listing	Gnanoba & Bhat resigned 3-Oct-2024; P. Chandrasekar LLP filled casual vacancy; now term to FY2029-30. Reason not disclosed in AR25.	High until explained
4	Promoter-family RPT economics	Sudeesh Yezhuvath (non-director) Rs 97.6 lakh/yr; Suresh Yezhuvath Rs 1.15 Cr consulting from subsidiary; Sudeesh loan Rs 1.5 Cr; bank loan secured on director's relative's property; CMD Rs 1.93 Cr (19x median). ~Rs 4.3 Cr/yr ≈ 24% of PAT.	Moderate-High
5	Thin board independence	Long-serving non-independent NED Ms Anuradha (ex-"Chief Mentor", nominee shareholder for UK parent) redesignated Independent Aug-2026; ID K R Girish's firm valued the contested Singapore transfer; CMD sits on Audit Committee.	Moderate
6	IPO object variation and serial equity raises	Rs 6.50 Cr moved from capex to working capital (Nov-2025); preferential Rs 7 Cr (Jul-2025 at Rs 367); warrants Rs 27.4 Cr (Sep/Oct-2026 at Rs 400; Rs 21.5 Cr for WC). Equity ladder Rs 100 → 132 → 200 → 367 → 400.	Moderate

Corporate History: AIM-listed Pelatro plc to NSE-listed Pelatro Ltd

Date	Event	Tag
21-Mar-2013	Pelatro founded in Bengaluru by Subash Menon and Sudeesh Yezhuvath (ex-Subex)	[Fact]
21-Feb-2017	UK holdco incorporated as Beraf Technologies Ltd; renamed Pelatro Ltd (Apr-2017), then Pelatro plc (3-Aug-2017); UK Co. 10630166	[Fact]
Dec-2017	AIM IPO (PTRO). Nomad Cenkos, later finnCap. Chairman Richard Day. CFO Nic Hellyer (part-time May-2017, full-time Dec-2021). (Heard module says 2018; RNS dates support 2017)	[Fact]
2019 / Jun-2020	AIM-era wins: $10–12 mn Asian 5-year managed-services deal (2019); ~$2 mn/5-yr extension (Jun-2020); AIS Thailand; PrimeTel Cyprus. These belong to the predecessor and are not current order wins	[Fact]
3-Oct-2022	Chairman Day announces resignation	[Fact]
5-Dec-2022	Henry "Harry" Berry (75; ex-BT; NVP's representative on Subex board 2006-10) appointed Chairman	[Fact]
Dec-2022 / Jan-2023	Trading updates trigger LSE price-monitoring extensions	[Fact]
5-Jul-2023	Unnamed acquisition target abandoned	[Fact]
14-Aug-2023	£1.1 mn placing at 2.5p (30% discount), 44.7 mn shares, to HNI clients of Divit Advisors (Middle East)	[Fact]
Aug-2023	Concert party: Bannix Management LLP 26.47% before placing, 13.82% after. LLP members: Subash Menon 9.68 mn shares, Sudeesh Yezhuvath 3.31 mn, Suresh Yezhuvath 14.6k. Ravi Shanmugam 0.77%	[Fact]
29-Aug-2023	AIM cancellation proposed; CFO Hellyer resigns from board. Reasons: cost (~US$400k/yr), illiquidity, "likely working capital shortfall experienced by the Group". Plc shares fall ~73% on the day; ~96% over 12 months	[Fact]
21-Sep-2023	GM approves cancellation: 92.53% for / 7.47% against	[Fact]
25-Sep-2023	Trading update: 2023 revenue ~US$7 mn (cut from $8 mn); adjusted PBT loss ~$1 mn. Sven Klass (Germany) lifts holding to 4.20%	[Fact]
29-Sep-2023	AIM cancellation; matched-bargain facility (J P Jenkins)	[Fact]
13-Oct-2023	Re-registered as a private company	[Fact]
31-Oct-2023	NEDs Berry and Verkade resign	[Fact]
27-Nov-2023	Rajesh Kannan and Sasidharan Puthanveedu (Indian nationals; backgrounds not established) appointed UK directors	[Fact]
15-Dec-2023	Menon and Sudeesh resign as UK directors	[Fact]
8-Jan-2024	Pelatro Pte Ltd (UEN 201631740H; IP holder) acquired by the Indian company from the UK parent for US$350 (500 shares at US$0.70). Valuer: K R Girish & Associates. Pte reserves -US$1.97 mn vs share capital US$0.20 mn (Dec-2024)	[Fact-CF price; Fact date]
31-Jan / 7-Feb-2024	Plc ceases to be holding company (AR25: "holding company till 31st January 2024"). 100% of Pelatro India sold to Kiran and Varun Menon at Rs 210/share (~Rs 2.1 Cr). Ms Anuradha held 1 nominee share	[Fact] / [Fact-CF]
Early 2024	Rights issue (Rs 100), 34:1 bonus (5-Mar-2024), pre-IPO preferential at Rs 132 (25-Apr-2024)	[Fact-CF] / [Fact]
18-Jun-2024	Sudeesh Yezhuvath and Arun Kumar Krishna Reddy (COO) resign as directors; D V Prasad and K R Girish appointed IDs	[Fact]
24-Aug-2024	Letter of claim from UK shareholders Sven Klass and Jan Regenbogen (sale at undervalue, no shareholder consent)	[Fact-CF]
16–19-Sep-2024	IPO: 27.99 lakh fresh shares at Rs 200 (Rs 55.98 Cr); anchors Rs 15.64 Cr	[Fact]
24-Sep-2024	Lists at Rs 275 (closes Rs 288.75); post-issue mcap at Rs 200 ~Rs 208 Cr	[Fact]
3-Oct-2024	Statutory auditor Gnanoba & Bhat resigns; board met 4-Oct-2024	[Fact]
22-Oct / 8-Nov-2024	UK company applies for voluntary strike-off; strike-off suspended (objection likely)	[Fact] / [Est.]
Now	UK company: accounts to Dec-2023 overdue since 30-Sep-2024; confirmation statement overdue	[Fact]

Value-transfer arithmetic [Est.]. About 14%-promoter-owned plc assets (Pelatro India + Pelatro Pte) went to the family for ~Rs 2.1 Cr + US$350. Seven months later the IPO valued the company at ~Rs 152 Cr pre-money; it is ~Rs 397 Cr today. Mitigating: the plc was loss-making, Pte had negative net worth, delisting approved by 92.5%. Aggravating: sale approved by a UK board installed ~10 weeks earlier; the Singapore valuer joined the buyer's board as an ID; Pte now earns ~87% of group PAT. Claim status unknown: AR26 contingent liabilities Nil and no material court orders — lapsed, settled, or deemed not probable/quantifiable. Ask management. The DRHP risk factor also flags group company Pelatro UK as being in a similar line of business (conflict of interest); RHP noted no non-compete with group companies.

Promoter Group (11-Sep-2026, PB Annexure C)

Holder	Shares	%	Post-warrant (7 lakh basis)
Kiran Menon	21,76,195	20.54	22,56,195 (19.97%)
Varun Menon	21,36,195	20.16	22,56,195 (19.97%)
Sudeesh Yezhuvath	9,83,294	9.28	8.70%
Suresh Yezhuvath	2,30,941	2.18	–
Sarath S	50,000	0.47	–
Total	55,76,625	52.62	57,76,625 (51.13%)

Sudeesh fell from 12,64,235 (12.15%, FY25) by exactly 2,80,941 = 2,30,941 + 50,000, consistent with an inter-se transfer to Suresh and Sarath (SAST Reg 10(6)/29(2), 9-Mar-2026) [Est.; exact arithmetic]. Governance module alternatively suggests Sarath's 50,000 may have come from Varun (Varun is 40,000 below Kiran); the exact arithmetic favours Sudeesh. Heard module's "Suresh 2.65% (2.81 L)" combines both recipients. MGT-7 lists only 3 promoters (49.97%) vs SHP 52.62% promoter + group (classification inconsistency). MD Subash Menon holds 0 shares (MGT-7); business module's "13.58 lakh (12.82%) Directors and relatives block, probably Subash" is not supported — 12.82% matches the small-individuals category, and Directors & relatives were 0.27% at Mar-26. Pelatro PLC appears in the >5% list with nil holding.

Promoter Profiles

Promoter	Role	Background
Subash Menon (DIN 00002486; b.1965, Chittur, Kerala)	Chairman & MD (MD from 5-Mar-2024); reappointed by rotation at 14th AGM (3-Aug-2026); holds 0 shares; KMP of a subsidiary (from 11-Dec-2024)	BE, NIT Durgapur. Early career: Controls & Switchgear, Eiko Computers, Eltel Industries (1986-89). Founded Subex (1989/92; IPO 1999; 7 acquisitions incl. FCCB-funded Azure US$140 mn 2006 and Syndesis US$164.5 mn 2007); stepped down as chairman Jun-2012 under the FCCB restructuring (US$127.7 mn new bonds), then as MD & CEO 27-Sep-2012 (board push-out). Kivar Holdings sold Subex shares Oct-2013 ("Kivar" likely = Kiran + Varun [Est.]). Founder/CEO of Bannix Acquisition Corp (Nasdaq SPAC, 2021); resigned Oct-2022 on sponsor sale to Instant Fame LLC. Member, Bannix Management LLP. On Subex (Feb-2026): "an expensive acquisition compounded by … FCCBs … we will not sacrifice ROCE while acquiring"
Sudeesh Yezhuvath (55)	Promoter (9.28%); director until 18-Jun-2024; AR26: "Relative of KMP"	B.Tech (Univ of Calicut). Ex-director Syndesis Development India. Co-founder 2013; plc director 2017-Dec-2023; designated partner Bannix Management LLP. Draws Rs 97.60 lakh in FY25 and FY26 despite not being director or KMP. Lender: Rs 2.75 Cr (Mar-24), 2.10 (Mar-25), 1.50 (Mar-26); repaid 1.16, 0.65, 0.60 in FY24–26
Kiran Menon (26; son of Subash)	Promoter (20.54%); not on board; non-resident	B.Tech (VIT); MSc Management (LBS); ex-analyst Equiteq (London). Designated partner, Bannix Management and Bannix Ventures LLPs. Subscribing to 80,000 warrants (Rs 3.2 Cr)
Varun Menon (23; son of Subash)	Promoter (20.16%); not on board; non-resident	B.Tech (VIT); intern at Pelatro UK; MiM at ESSEC. Designated partner of the Bannix LLPs. Subscribing to 1,20,000 warrants (Rs 4.8 Cr), equalising the brothers at 22,56,195 each
Suresh Yezhuvath	Promoter group (2.18%); relative of KMP; KMP of a subsidiary	Professional/consulting fees from the subsidiary Rs 1.02 Cr (FY25), Rs 1.15 Cr (FY26)
Sarath S	Promoter group (0.47%); new by Sep-2026	Not in Mar-2025 or Mar-2026 promoter count; likely entrant via 9-Mar-2026 inter-se transfer [Est.]

Operating control (Subash, 0 shares) is separate from ownership (sons ~40.7%); the sons are "not active in the business at all" (Feb-2026 call); no disclosed succession plan. Regulatory history: SEBI AO 29-Sep-2020, Rs 2 lakh on Subash Menon and Kivar Holding (PIT/disclosure; 5 lakh Subex shares; off-market transfer 8-Aug-2018) [Fact-CF]; FEMA compounding Rs 20.72 lakh by Sudeesh, Kiran and Varun [Fact-CF]. PB declaration: no promoter/director is a wilful defaulter or fugitive economic offender.

Key Management Personnel & Senior Management

Name	Role	Background	Since	Pay FY26 (FY25)
Subash Menon	CMD	See above	2013 / MD 2024	Rs 1.93 Cr (1.93), 0%; 18.99x median (Rs 10.16 lakh); reimbursements Rs 1.26 Cr (0.94). Approved by special resolution, EGM 28-Oct-2024
Sharat G Hegde (38)	CFO; KMP of a subsidiary	B.Com, ACA; ex-VMware, Megalon eConcepts, GM Insights, Vimeo India; holds 20,133 shares	Joined May-2022 (business module: since 2018); CFO 22-May-2024	Rs 53.24 lakh (44.06), +20.8%
Lakshmy Mohanan	CS & Compliance Officer (ACS)	–	8-Apr-2026	–
Khushboo Sharma	Former CS	Appointed 1-May-2025; resigned 9-Feb-2026; ~2-month vacancy	–	Rs 13.55 lakh (10.41)
Arun Kumar Krishna (Reddy) (46)	COO (EVP Engineering)	Ex-Director Engineering, Subex; director until 18-Jun-2024; ~2.49 lakh bonus shares; HNI holder 2.34% (Sep-25, slowly trimming)	1-Apr-2013	n/a
Pramod K P (41)	CTO	Ex-Subex; Forbes Technology Council	2013	–
P T George (42)	Chief Architect – Analytics	Ex-Subex	2013	–
Bijay Ghosh (35)	AVP – Customer Solutions & Delivery	Ex-Subex	2013	–
Sham Ummer Kallarakkal (40)	AVP – Engineering	Ex-Subex	2016	–
Riju Jacob, Utpal Ranjan, Arun Nair, N Karthick	Senior management (development, MEA/Asia sales, projects, consulting)	Ex-Subex / Marlabs / Six Dee / Idea / KPMG	2016–21	–
Jean Nicolas Foo Kune	KMP of a subsidiary (likely Estel FZE or Pte)	–	–	–
Hamish Christie (H.A. Christie & Co, Christie Cosec Services)	Subsidiary KMP / company-secretarial provider (Singapore [Est.])	–	–	Fees Rs 23.96 lakh (15.56)

Key-man risk concentrated in Subash Menon; Subex-alumni engineering core in place since 2013. IR firms: ConfideLeap/Ventura (2025), ORIM Connect (2026).

Board of Directors

Name	DIN	Category	Since	FY26 attendance	Shares (MGT-7)	FY26 commission + fees	Notes
Subash Menon	00002486	Chairman & MD; executive	2013	8/9	0	(salary Rs 1.93 Cr)	Audit Committee member (4/4)
Ms Anuradha	07660540	NED until Aug-2026; redesignated Independent by special resolution, 14th AGM 3-Aug-2026	5-Mar-2024	9/9	28,600 (38,500 bonus Mar-2024)	Rs 5.0 lakh + 0.9 lakh	"Chief Mentor at Pelatro"; ex-SVP Engineering Subex (to 2013); ex-Compliance Officer & DGM, State Bank of Mysore; Director, Mistral Solutions; VTU, Georgia Tech; officer of Pelatro plc, held nominee share; NRC, SRC
Kalpathi Ratna (K R) Girish	07178890	Independent	18-Jun-2024	6/9 (AC 3/4)	4,550	Rs 5.0 lakh + 0.9 lakh	CA; K R Girish & Associates valued the Jan-2024 Pte transfer [Fact-CF]; AC, NRC, SRC
Danda Venkateshwar (D V) Prasad	01280303	Independent	18-Jun-2024	8/9	4,550	Rs 5.0 lakh + 1.2 lakh	Profile not captured; AC, NRC, SRC
Former: Sudeesh Yezhuvath; Arun Kumar Krishna Reddy	–	Executive / promoter	to 18-Jun-2024	9/9 in FY25 until exit	–	–	Resigned pre-IPO when IDs came on

Meetings & committees. Board: 21 meetings in FY25 (IPO year), 9 in FY26. Audit Committee (Girish, Prasad, Subash Menon): 4 in FY26 (5-May, 1-Aug, 7-Nov-2025, 3-Feb-2026), 4 in FY25. NRC (Girish, Prasad, Anuradha): 1 in FY26 (16-Jan-2026, ESOP grant date), none in FY25 (SME exemption). SRC: same three. No CSR committee (spend <Rs 50 lakh); FY26 CSR Rs 14.62 lakh across 5 Bengaluru NGOs. ID meeting 3-Feb-2026. No board changes in FY26. Vigil mechanism, PIT code, NRC policy in place; no POSH complaints.

AGMs/EGMs. 13th AGM (11-Jul-2025): 15 members attended holding 47.94%; approved preferential issue. 14th AGM (3-Aug-2026): all resolutions passed 100%, 23 members voting (62.92 lakh shares, ~59%): accounts, Re 1 dividend, Menon reappointment, commission to NEDs/IDs, Anuradha redesignation. Three EGMs in Oct-2024; EGM 28-Oct-2024 voting results filed in PDF not XBRL → NSE fine Rs 10,000, waiver refused.

Board observations [Est.]. (1) Anuradha's independence is a red flag pending verification: ~2.4 years as non-independent NED, "Chief Mentor", nominee shareholder of the former parent, 38,500 bonus shares; s.149(6) bars relatives of promoters/KMP and ex-employees/KMP within 3 years. "Directors and relatives" holdings fell 38,500 (Mar-25) → 28,600 (Mar-26) → 22,900 (Sep-26), implying ~15,600 shares of director-side selling (likely Anuradha; Form C not seen). (2) K R Girish: test s.149(6)(c) fee threshold; cannot be independent on any review of the Pte transfer. (3) CMD on Audit Committee: permissible but weak practice. (4) IDs hold 4,550 shares each and take Rs 5 lakh commission. (5) Board was already 2-of-4 independent before the redesignation; motive undisclosed.

Shareholding Pattern (half-yearly; SME)

Category (%)	Jun-24 (pre-IPO)	23-Sep-24 (pre-listing)	Sep-24	Mar-25	Sep-25	Mar-26	11-Sep-26 (PB)
Promoters & group	73.30	53.59	53.59	53.59	52.62	52.62	52.62
Promoter pledged	0	0	0	0	0	0	0
FPIs	–	6.9	5.56	4.03	2.58	2.41	2.41
DIIs (AIFs)	–	5.6	3.61	1.20	1.17	1.57	1.57
Mutual funds	0	0	0	0	0	0	0
Public / others	26.70	33.9	37.25	41.18	43.63	43.39	43.40
Shareholders (no.)	–	–	989	861	919	975 (MGT-7: 973)	–

Promoter decline is pure dilution (55,76,625 shares throughout): 73.31% pre-IPO → 53.59% post-IPO (1,04,06,663 sh) → 52.62% after the 22-Jul-2025 Atlanta allotment (1,05,97,399 sh). FPI+DII fell 9.17% → 3.98% after anchor lock-in expiries (20-Oct and 19-Dec-2024); ~12.5% → ~4.0% vs the pre-listing snapshot.

Detail at 31-Mar-2026 (AR26/MGT-7): individuals up to Rs 2 lakh 12.82%; above Rs 2 lakh 21.32%; bodies corporate 6.91% (7.72% at Sep-26); directors and relatives 0.27%; KMP 0.19%; holdings of Rs 1 lakh nominal and above 89.3% of capital. FPIs: Neptune Alpha Fund (Mauritius; Fidelis Trust) 1.58%; Aegis Investment Fund PCC 0.78%; Al Maha Investment Fund PCC – Onyx Strategy 0.05%. AIFs 1.57% (1,66,800 shares). Holders above Rs 2 lakh nominal 9.6% at Sep-26 → 12.67% post-warrants. Promoter lock-in: 100% locked to Sep-2025; 37.66% (21 L shares) remain locked (3-year minimum promoter contribution); lock-in expiry on 55,07,663 shares 24-Sep-2025. Pledge: none disclosed, current or historical; PB states "no assets charged"; no SAST Reg 31(1)/(2) encumbrance filings; Reg 31(4) annual non-encumbrance declarations filed. [Fact]

Notable Holders & Smart-Money Trail

Investor	Type	Latest holding	Change / activity	Read
Kiran Menon	Promoter (NRI)	20.54% (21.76 L)	Shares flat; % fell from 20.91% by dilution; 80,000 warrants	Founder family
Varun Menon	Promoter (NRI)	20.16% (21.36 L)	Shares flat; 1,20,000 warrants	Founder family
Sudeesh Yezhuvath	Promoter, co-founder	9.28% (9.83 L)	Down from 12.15%; 2.81 L moved inter-se (Mar-2026)	Also lender to company
Kishan Gopal Mohta	HNI	2.96% (3,13,200)	Bought 1,50,000 at Rs 275 on listing day; 2.94→2.96%; 1,65,000 warrants (Rs 6.6 Cr) → 4.23%	Long-term holder; with Prabha Mohta (1,70,000 warrants; 79,800 sh) the Mohta family → ~6.44%, largest non-promoter bloc
Arun Kumar Krishna	HNI (COO)	2.34% (Sep-25)	2.41% → 2.39% → 2.34%	Slow trimming
Shanmugam Ravi	HNI	2.31% (Sep-25)	2.35% → 2.31% (shares flat); 0.77% of plc in 2023	Holder since IPO
Niraj Mohata	HNI	2.18% (Sep-25)	1.65% (Mar-25) → 2.18%	Accumulating
Atlanta Capital Pvt Ltd	Body corporate	1.80% (Sep-25)	1,90,736 sh preferential at Rs 367 (Jul-2025) — Estel India consideration swap	Link to Estel sellers/promoters not disclosed
Ginni Finance Pvt Ltd	NBFC	1.13% (Sep-25); ~1.7% [Est.]	Bulk buys 54,300 at Rs 401.71 (16-Sep-25) and 60,000 at Rs 350 (4-Dec-25)	Contrarian buyer
Shree Bahubali Stock Broking	Market maker	1.32%	1.35% → 1.32%	Inventory, not a view
Finavenue Capital Trust – Finavenue Growth Fund	FPI	1.57% (Mar-26)	1.11% → 1.17% → 1.57%	Only institution adding
Neptune Alpha Fund (Mauritius)	FPI	1.58% (Mar-26)	–	–
Universal Golden Fund	FPI	<1% (Mar-26)	1.61% → 1.58% → not named	Exiting [Est.]
Aegis Investment Fund PCC	FPI anchor	0.78% (Mar-26)	1,99,800 anchor; 1.92% → 1.87% → <1%	Anchor trimming/exit
Vikasa India EIF I (Incube)	FPI	<1%	1.44% (1.5 L) → sold 75,000 at Rs 288.81 (25-Oct-24)	Exit 5 days after 30-day unlock
SB Opportunities Fund I	AIF/FPI anchor	<1%	1,93,200 anchor (1.86%); sold 60,000 at Rs 395.04 (24-Jan-25)	Exit after 90-day lock-in
Zeta Global Funds (Series B)	FPI	–	Sold 73,800 at Rs 279.47 on listing day	Listing flip
Salim Pyarli Govani; Baunwert Advisors	HNI / corporate	1.01% each (to Mar-25)	Not named at Sep-25	–
Invicto Incrementum Fund (AIF; UBO Vaishali Goverdhan Urkude)	AIF	new	35,000 warrants (Rs 1.4 Cr) → 0.31%	Only AIF in warrant list

Pattern [Est.]: institutional anchors and QIBs sold (Zeta, Vikasa, SB Opportunities, Aegis); domestic HNIs, NBFCs and broker-linked entities absorbed supply (Mohta, Mohata, Ginni, Arun Kumar Krishna, Shanmugam Ravi). No bulk-deal activity since Dec-2025; no block deals ever. No open-market buying or selling by Kiran, Varun or Sudeesh since listing.

IPO Book: Structure, Anchors, Subscription

Item	Detail
Issue	27,99,000 shares, 100% fresh, Rs 200 (band Rs 190–200; premium Rs 190) = Rs 55.98 Cr; bidding 16–19 Sep 2024 (AR25: 13–16 Sep counting anchor day); allotment 20-Sep-2024; prospectus 20-Sep-2024
Lot / allocation	600 shares (retail ~Rs 1.2 L; HNI min 2 lots). QIB 13,03,200 (incl. anchor 7,81,800); NII 3,92,400; Retail 9,13,200; Employee 49,800; Market maker 1,40,400
Anchors (13-Sep-2024)	7,81,800 shares (Rs 15.64 Cr, ~60% of QIB): AEGIS Investment Fund PCC 1,99,800 (Rs 4.00 Cr); SB Opportunities Fund I 1,93,200 (Rs 3.86 Cr); others ~3.89 L (~Rs 7.8 Cr) not retrieved (Vikasa, Zeta probable). Lock-in 50% to 20-Oct-2024, 50% to 19-Dec-2024
Subscription	~21.9x ex-anchor (5paisa 21.69–21.94x: QIB 15.22x, NII 55.31x, retail 12.09–12.41x); 15.96x incl. anchor (Chittorgarh: 4,24,41,600 bid vs 26,58,600; 21,158 applications; Rs 848.8 Cr bid; 1,784 allottees); mStock/Trendlyne 20.7x (Trendlyne QIB 7.87x, NII 72.38x, retail 16.89x); Business Standard 14.91x
Day-wise (Trendlyne)	Day 1 retail 1.69x, NII 0.78x, QIB 0x; Day 2 retail 3.51x, NII 1.98x; Day 3 retail 6.39x, NII 4.71x; Day 4 QIBs bid first time. HNI-led, back-ended
Pricing basis (FY24)	Revenue Rs 55.4 Cr; PAT -Rs 1.96 Cr (standalone +5.41); RoNW -15.5%; D/E 1.55; P/B ~11.6x; negative P/E — priced on growth. Pre-issue mcap Rs 152 Cr; post-issue ~Rs 208 Cr; listing-close Rs 300.49 Cr
Grey market	No GMP history retrieved; 37.5% pop consistent with ~Rs 60–80 GMP [Est., unverified]

Bulk & Block Deals (complete NSE list; no block deals)

Date	Party	Side	Qty	Price (Rs)	Read
24-Sep-2024	Zeta Global Funds (OEIC) PCC – Zeta Series B Fund PC	Sell	73,800	279.47	Listing-day flip (likely non-anchor QIB) [Est.]
24-Sep-2024	Kishan Gopal Mohta	Buy	1,50,000	275.00	HNI at open
24-Sep-2024	Khushboo Nahar	Buy	63,000	275.00	HNI
24-Sep-2024	Mansi Share & Stock Advisors	Buy	1,20,000	288.75	At upper circuit
24-Sep-2024	Vijit Global Securities	Buy	99,600	282.12	–
25-Sep-2024	Vijit Global Securities	Sell	99,600	303.15	Next-day round trip (+7.5%)
25-Sep-2024	Mansi Share & Stock Advisors	Sell 99,600 / Buy 21,000	–	303.15	Same-price cross with Vijit; operator/prop activity [Est.]
26-Sep-2024	Multiplier Share & Stock Advisors	Buy	1,15,200	288.00	–
25-Oct-2024	Vikasa India EIF I Fund – Incube Global Opportunities	Sell	75,000	288.81	Choice India headline "buys" appears wrong
24-Jan-2025	SB Opportunities Fund I	Sell	60,000	395.04	Anchor exit
16-Sep-2025	Ginni Finance Pvt Ltd	Buy	54,300	401.71	Near 52-week high
04-Dec-2025	Ginni Finance Pvt Ltd	Buy	60,000	350.00	Added on dip

Insider / SAST Disclosures

Date	Filing / event	Content
9-Mar-2026	SAST Reg 10(6) + Reg 29(2); investor meeting (intimated 3-Mar)	Exempt inter-se promoter acquisition; consistent with Suresh Yezhuvath 2,30,941 and Sarath S 50,000 appearing. Contents not read
FY24–25	Reg 31(4) annual non-encumbrance declaration	Filed
Mar-25 → Sep-26	"Directors and relatives" 38,500 → 28,600 → 22,900 sh	Implies ~15,600 shares director-side selling (most likely Anuradha); Form C/PIT not seen
17-Sep-2026	Warrants: Varun 1,20,000 + Kiran 80,000 at Rs 400	Rs 8 Cr (25% upfront); ICDR Reg 164 floor (90/10-day VWAP to 21-Sep-2026); promoters "have not previously subscribed"
Routine	Trading-window closures	30-Sep-24, 30-Sep-25, 31-Dec-25, 31-Mar-26, 30-Jun-26, 28-Sep-26 / 1-Oct-26
Historical	Subex: Kivar sales (Oct-2013); 2018 off-market transfer	SEBI 2020 penalty Rs 2 lakh

Warrant Issue (Sep–Oct 2026)

Allottee	Category	Warrants	Rs Cr	Pre-issue holding	Post-conversion %
Varun Menon	Promoter	1,20,000	4.80	20.16%	19.97%
Kiran Menon	Promoter	80,000	3.20	20.54%	19.97%
Prabha Mohta	Public	1,70,000	6.80	79,800 (0.75%)	2.21%
Kishan Gopal Mohta	Public	1,65,000	6.60	3,13,200 (2.96%)	4.23%
Gurpreet Jitendra Singh	Public	45,000	1.80	17,400 (0.16%)	0.55%
Invicto Incrementum Fund (AIF)	AIF	35,000	1.40	–	0.31%
Aakriti Surana	Public	35,000	1.40	12,900 (0.12%)	0.42%
Ishawar Raju Rathod	Public	15,000	0.60	3,000 (0.03%)	0.16%
Megha Rathi	Public	15,000	0.60	–	0.13%
Luke Christopher Coutinho	Public	20,000	0.80	6,600 (0.06%)	0.24%
Total (original notice)	–	7,00,000	28.00	–	Promoters 51.13%
Corrigendum 30-Sep-2026	Cut to 6,85,000 (Rs 27.4 Cr); which allottee lost 15,000 not identified. Further corrigendum annexure 8-Oct-2026 restated holdings on fully diluted basis; revised ICDR certificates 29-Sep and 8-Oct

Terms: 1:1 within 18 months; 25% upfront, 75% on conversion; unexercised lapse and 25% forfeited. Board 17-Sep-2026; relevant date 21-Sep-2026; e-voting 22-Sep to 21-Oct-2026 (scrutinizer Karthik S N); result due ~23-Oct. Objects (Annexure A): working capital Rs 21.5 Cr (77%), GCP Rs 6.5 Cr (23%; ≤25%); no acquisition object; spend within 2 years of last warrant maturity; Kotak Mahindra Bank separate account; no monitoring agency (<Rs 100 Cr). "No change in control"; no allottee sold in prior 90 trading days. Investor call intimated 28-Sep-2026 and cancelled same day. Dilution: 6,85,000 / 1,05,97,399 = 6.5% of current (≈6.1% of post-issue); with 4.0 L ESOP pool ≈ 10.8 L shares ≈ 10% [Est.].

Related-Party Transactions (Note 32; Rs lakh)

Counterparty	Relationship	Nature	FY24	FY25	FY26
Subash Menon	CMD	Remuneration	–	193.00	193.00
Subash Menon	CMD	Expense reimbursement	–	93.74	125.66
Sudeesh Yezhuvath	Relative of KMP; promoter	Remuneration	–	97.60	97.60
Sudeesh Yezhuvath	same	Loan taken	61.00	–	–
Sudeesh Yezhuvath	same	Loan repaid	116.00	65.00	60.00
Sudeesh Yezhuvath	same	Loan balance	275.00	210.00	150.00
Sudeesh Yezhuvath	same	Expense reimbursement	–	2.28	2.43
Suresh Yezhuvath	Relative of KMP; subsidiary KMP	Consulting fee paid by subsidiary	25.48 [uncertain]	101.98	115.39
Hamish Christie (H.A. Christie & Co / Christie Cosec)	Subsidiary KMP	Fees paid by subsidiary	1.24 [uncertain]	15.56	23.96
Sharat G Hegde	CFO	Remuneration	–	44.06	53.24
Khushboo Sharma	CS	Remuneration	–	10.41	13.55
Anuradha	NED/ID	Commission + sitting fees	–	1.00	5.90
D V Prasad	ID	Commission + sitting fees	–	1.30	6.20
K R Girish	ID	Commission + sitting fees	–	1.00	5.90
Pelatro plc (holding co. to 31-Jan-2024)	Former parent	Sale of services	1,061.20	–	–
Pelatro plc / Pelatro LLC (former group, likely US)	Former group	Expenses reimbursed	1.25 / 0.25	–	–
Pelatro Pte Ltd	WOS	Software development services (AOC-2 "material", ongoing)	–	1,254 (sales)	2,254.19
Pelatro Pte Ltd	WOS	Balances Mar-25: receivable 1,714; loan 1,452 (Mar-26: 1,786); investment 998	–	–	–
Relative of a director	Collateral provider	RBL Bank term loan secured on relative's property (Benson Town); balance ~77 (Mar-25)	–	–	–

FY24 Rs 10.35 Cr receivable from Pelatro plc (RHP) shows nil at both 31-Mar-2025 and 31-Mar-2026 — cleared in FY25; AR does not say whether by collection or write-off. FY25 legal & professional expense jumped to Rs 6.78 Cr from Rs 1.97 Cr (likely IPO/transaction costs, possibly UK-claim defence; breakdown undisclosed). Promoter-family cash outside shareholding ~Rs 4.3 Cr in FY26 (CMD 1.93 + Sudeesh 0.98 + Suresh 1.15 + CMD reimbursements 1.26) ≈ 24% of consolidated PAT [Est.]. All RPTs declared at arm's length; AOC-2 lists only Pte as material.

Auditors

Item	Detail
IPO-era statutory auditor	Gnanoba & Bhat, Chartered Accountants; FY24 audit fee Rs 3.25 lakh
Resignation	3-Oct-2024 (9 days post-listing); reason not read (image letter); board met 4-Oct-2024
Current statutory auditor	P. Chandrasekar LLP, Bengaluru (FRN 000580S/S200066), partner Rajesh D (M.No. 234709); casual vacancy for FY25, reappointed 1-Apr-2025 to FY2029-30 AGM (13th AGM)
Fees (FY25)	Statutory audit Rs 8.0 lakh; tax Rs 1.0 lakh; certification Rs 5.9 lakh
FY26 opinion	Unmodified (standalone + consolidated). Single KAM: valuation of trade receivables. Other Matters: two subsidiaries (total assets Rs 56.54 Cr; revenue 65.17; PAT 16.27) audited by others. CARO clean; no s.143(12) fraud; audit-trail compliance confirmed
FY25 opinion	Unmodified (no qualification, reservation or adverse remark) but with an Emphasis of Matter on Pelatro Pte going concern: current liabilities exceeded current assets by US$3,038,788; net capital deficiency US$1,280,044; dependent on parent support (US$1,149,800 infused FY25). EoM is not a qualification; absent in FY26
FY24 / feed tags	Quartr summary notes subsidiary going-concern risk in H2 FY24 results. S&P feed "going concern doubt" tags (11-Sep-2024, 16-Jun-2025) treated as feed errors re: the listed entity; AR25/AR26 directors confirm going-concern basis
Secretarial auditor	FY25 Zeeshan Yusuf & Associates (appointed 26-Dec-2024); FY26 KDSH & Associates LLP (Shivarama Hegde, FCS 10680; 5-year term); no qualifications
Internal auditor	R. Subramanian and Company LLP, Chennai (FY26)
Q1 FY27	Limited review by P. Chandrasekar LLP; Pte reviewed by own auditors; Estel FZE unreviewed

Assessment [Est.]: post-listing auditor change unexplained; mid-sized Bengaluru replacement firm, small relative to a multi-country group; ~87–90% of group profit audited by component auditors (Singapore, Ajman), limiting the comfort of the clean opinion.

Subsidiaries, Group Structure & Acquisitions

Entity	Country / reg.	Since	Period reported	Turnover	PAT	Net assets / notes
Pelatro Pte Ltd	Singapore, UEN 201631740H	8-Jan-2024 (US$350)	15 months, 1-Jan-2025 to 31-Mar-2026	US$8.03 mn (~Rs 75.7 Cr)	US$1.32 mn; tax nil	Share capital US$1.15 mn (from 0.20); reserves -US$0.65 mn; total assets US$5.85 mn; share of consol. PAT Rs 15.69 Cr (86.64%); net assets Rs 20.87 Cr (27.76%)
Pelatro Pte, CY2024	–	–	12 months	US$4.70 mn	US$0.32 mn (tax nil)	Reserves -US$1.97 mn: negative net worth
Estel Technologies International FZE	Ajman, UAE, licence 23187	1-Jul-2025	9 months	AED 0.73 mn (~Rs 1.87 Cr)	AOC-1 AED (0.26) mn vs Note 42 +Rs 0.58 Cr	Net assets Rs 1.37 Cr (1.82%); sign conflict unresolved
Pelatro Ltd (parent)	India	–	FY26	Rs 95.56 Cr	Rs 3.30 Cr (FY25 5.10)	Share in consol. PAT Rs 1.83 Cr (10.13%); net assets 70.42%
Former: Pelatro plc (UK shell), Pelatro LLC (US)	UK / US	–	–	–	–	Appear in FY24 RPTs; not subsidiaries now; no JVs or associates

Deal	Date	Consideration	Is it working?
Pelatro Pte (Singapore) from Pelatro plc	8-Jan-2024	US$350; target had negative net worth	Turned profitable (FY26 PAT US$1.3 mn over 15 months) after IPO capital infusion; legally contested
Pelatro India by Kiran & Varun from Pelatro plc	7-Feb-2024	~Rs 2.1 Cr	Very accretive to promoters
Estel: (i) BTA slump sale of Estel Technologies Pvt Ltd software business; (ii) 100% SPA Estel FZE	Board ~7-Apr-2025; effective 1-Jul-2025	BTA ~Rs 23 Cr incl. ~Rs 12 Cr contingent; FZE US$2.11 mn (Rs 18.32 Cr); total ~Rs 41 Cr	Revenue real (~16% of group) but margin 15.6% → 8.7%; earn-out a future cash call; integration listed as key risk in AR26

Earnings-location risks [Est.]: Indian transfer-pricing scrutiny of the cost-plus/royalty structure; cash repatriation and dividend capacity of the listed entity (dividend paid from Rs 3.3 Cr standalone PAT); profits sit in an entity whose acquisition is contested by UK minorities. India has funded Pte: ~Rs 10 Cr equity (IPO), Rs 14.5–17.9 Cr loan, Rs 17 Cr receivable (Mar-25).

Litigation, Tax, Regulatory & Other Red Flags

#	Issue	Severity
1	UK minority claim (Klass/Regenbogen, Aug-2024) over Feb-2024 sale; UK strike-off suspended; UK accounts overdue; not in contingent liabilities (Nil). Tijori flags a pending claim over the Pelatro UK sale valuation with no timeline	High
2	~87% of PAT in Singapore subsidiary (bought for US$350, tax nil, component-audited, IPO money infused)	High
3	Auditor resigned 9 days post-listing	High until explained
4	Promoter-family RPT leakage ~Rs 4.3 Cr/yr; Sudeesh loan; relative's property as collateral; promoter's residential property backs WC limits (CARO)	Moderate-High
5	Independence: Anuradha redesignation; Girish as valuer; CMD on Audit Committee; IDs hold shares and take commission	Moderate
6	IPO object variation (Rs 6.50 Cr capex → WC); delays flagged by monitoring agency; issue expenses 12.2% of issue	Moderate
7	Serial dilution: Jul-2025 preferential; Rs 27.4 Cr warrants; ESOP pool 4 lakh (~10% potential)	Moderate
8	Receivables: ~Rs 50 Cr incl. ~Rs 19–20 Cr unbilled at Q1 FY27; Rs 6 Cr needs foreign-government approval; DSO ~124; KAM	Moderate
9	Filing inconsistencies: MGT-7 promoters 49.97% vs SHP 52.62%; Atlanta allotment under "ESOPs"; Estel FZE PAT sign; 35 vs 33 countries; FY25 D/E 0.52 vs 0.18	Low-Moderate
10	CS churn (Feb–Apr 2026 vacancy); secretarial-auditor change FY25→FY26; NSE Rs 10,000 XBRL fine	Low
11	Promoter regulatory history: SEBI 2020 (Rs 2 lakh, PIT); FEMA compounding Rs 20.72 lakh	Low-Moderate
12	Track record: Subex FCCB crisis and founder exit (2012); Pelatro plc AIM delisting after working-capital shortfall (2023); Bannix SPAC CEO exit (2022)	High for minority treatment
13	India tax demands / litigation: none disclosed; contingent liabilities Nil; no IBC, no benami, not wilful defaulter, no undisclosed income (Note 43). Prospectus litigation section not read	Low (data gap)
14	MCA penalties / compounding FY26: Nil (MGT-7 XII)	Low
15	FY25 legal & professional Rs 6.78 Cr (from 1.97); breakdown undisclosed	Low (query)

Positives. Clean audit, CARO and secretarial reports FY25/FY26; Re 1 dividend for FY25 and FY26 (Rs 1.04–1.06 Cr); borrowings-only D/E 0.18 → 0.12; no pledge; repeat revenue 82%; ~82% of FY27 contracted at AR (~100% by Aug-26); vigil mechanism, PIT code, NRC policy; no POSH complaints; promoters subscribing to warrants at a premium.

Questions for management / gaps. Status of Klass/Regenbogen claim; transfer-pricing policy and tax residence of Pte; Sudeesh's role justifying Rs 97.6 lakh; scope of Suresh's consulting; identity of relative pledging property; reason for Gnanoba & Bhat resignation; Anuradha's relationships (2026 AGM notice); SAST 9-Mar-2026 text; which allottee was cut by 15,000 warrants; ESOP grant quantum and price; Atlanta Capital's link to Estel.

Supply Chain

Pelatro has no physical bill of materials. Upstream dependence is people, premises, cloud and channels; downstream it is a small set of telecom operator groups. Sources: AR FY26/FY25, RHP, websites, concalls.

↑ Upstream — What Pelatro Depends On

Input	Supplier / source	Dependence / risk	Cost pass-through
Engineering, delivery and domain talent (~60% of revenue)	Employees in Bengaluru, Gurugram, Manila, Nizhny Novgorod (511 total)	Median wage inflation 13–15%/yr (FY25–26); CVM attrition ~15% (49 leavers on ~322 opening) [Est.]; founder-led, depends on CTO/COO; Russia office brings sanctions and payment risk [Est.]; Labour Codes raise gratuity cost (wage definition ≥50% basic). Management concedes wage increases cap margins	Partial, via escalations, change-request billing and managed-services repricing; no indexation clause disclosed [Est.]
Office space	Leased Bengaluru premises (Rs 28.4 Cr lease liability; 8-year lease)	Long lease commitment; no owned property	n/a
Cloud, hosting, IT servers	Third-party hosting (unnamed in RHP); "Rent – IT server" expense; Estel on public cloud	Moderate; many telco deployments on operator premises [Est.]	Built into SaaS/managed pricing [Est.]
Software, subscriptions, hardware	Software expenses; standalone FX outgo Rs 2.89 Cr	Low and fragmented; trade payables only Rs 1.04 Cr (Mar-26; 3.20 Mar-25)	n/a
Messaging and push channels	Third-party SMS/email providers; Apple APNs, Google FCM; WhatsApp, Viber (RHP); telco SMSC/USSD for deployments	Dependence on Apple, Google, Meta for OTT/push	Usually borne by telco
Data	Telco's own subscriber data plus optional enrichment	GDPR, India DPDP and localisation rules [Est.]	n/a
AI / LLM models	Not disclosed	Emerging dependence [Est.]	n/a
IP	Pelatro Pte (Singapore); used by Pelatro Ltd at no fee (2020 agreement)	Intra-group only; IP sits offshore	n/a
Go-to-market	Trade shows (MWC, AfricaCom, CVM Executive Forum, ME Banking Innovation Summit) ~Rs 45 lakh each	RHP: each yields ≥1 customer (e.g., Asian telco Rs 9.7 Cr/5 yrs after MWC 2023)	n/a

Supplier concentration: none. No material vendors, no physical BOM, trade payables <1% of revenue; no import dependence on goods (technology absorption/imported technology "NIL"). The only real upstream dependence is people — and, structurally, the Singapore entity that owns the IP. Single-source risk: key personnel (CMD, CTO Pramod K P, COO Arun Kumar Krishna). [Fact] [Est.]

↓ Downstream — Who Depends On Pelatro

Customer type: telecom operators only (AR FY26), "including their subsidiaries and companies forming part of their group"; FY25 strategy also targeted banking (RHP cites an African bank) but BFSI is shelved; Estel also serves fintech and mobile-money operators. Land-and-expand: win one opco in a group (AR cites Vodafone, América Movil, Telenor, SingTel), then sell to sister opcos — seven telco groups in eight years; group referrals e.g. Sudatel → Chinguitel → Expresso; "There are no greenfields, it is all brownfields" (displacing incumbents). [Fact]

Named / logo customers (a logo does not confirm current revenue)

Customer	Country / group	Division
Reliance Jio	India	Estel (recharge, ~500 mn subs)
Vodafone Idea	India	CVM — ~13–14% of revenue on "fixed monthly revenue" (May-2025 call)
BSNL; Videocon Telecom (legacy)	India	Estel
Airtel	India	Trial "awaiting contract confirmation" (May-2025); never mentioned again
Grameenphone	Bangladesh (Telenor)	CVM
Robi Axiata	Bangladesh (Axiata)	CVM
Dialog Axiata	Sri Lanka (Axiata)	CVM
Digi / CelcomDigi	Malaysia	CVM / Estel
dtac	Thailand	Estel
AIS	Thailand	CVM (AIM era)
Globe	Philippines	Estel
Atom	Myanmar	Estel
Ncell	Nepal	Estel
Roshan	Afghanistan	Estel
Afghan Wireless	Afghanistan	CVM
Umniah	Jordan (Beyon)	CVM
Virgin Mobile UAE	UAE	CVM
Sudani	Sudan (Sudatel)	CVM
MTN; Glo	Nigeria / Africa	Estel
One NZ	New Zealand	CVM / Estel
YasComoros	Comoros (Axian)	CVM
Cashmoov; OK Dollar; Express Union	Guinea; Myanmar; Cameroon (fintech)	n/a
Telenor Asia opcos; Singtel, Axiata, Ooredoo, Telenor groups	Groups named on May-2025 call	CVM
PrimeTel	Cyprus (AIM era)	CVM; one European customer (Bulgaria) also referenced

Disclosed deals

Date	Customer	Scope	Value and tenor
1-Oct-2024	Large telco, South-East Asia	mViva campaign + loyalty	~US$3.2 mn / 5 yrs (~Rs 27 Cr)
7-Jan-2025	Telco, Middle East	Campaign management + change-request orders	~US$2.1 mn / 3 yrs (~Rs 18 Cr)
4-Feb-2025	Telco group, Africa (3 countries)	mViva Campaign Management	~US$3.4 mn / 5 yrs (~Rs 29 Cr)
16-Jul-2025	Business update	Content not extracted	–
19-Aug-2025	African telco group	mViva deployment	Rs 3.5 Cr over 6–8 months (business module); possibly Sudatel-group extension [Est.]
2023	Asian telco	–	Rs 9.7 Cr / 5 yrs
2023	African bank	–	Rs 4.8 Cr / 5 yrs
Jun-2023	Middle East telco	–	~US$650k a year
Aug-2022	Middle East telco	–	~US$1 mn / 3 yrs
Jun-2022	Global telco proof of concept	–	Up to US$4 mn/yr potential
Oct-2021	Southern European telco	–	~US$0.6 mn / 3 yrs
Jun-2020	Managed services contract	Extension	~US$2 mn / 5 yrs
Apr-2018	Central Asian telco	–	~US$1.7 mn

Pre-Sep-2024 deals are AIM-era (predecessor plc) announcements. Disclosed TCV Oct-24 to Feb-25 ~US$8.7 mn (~Rs 74 Cr) ≈ Rs 17–18 Cr/yr incremental run-rate [Est.]. No Reg-30 order-win announcements Oct-2025 to Oct-2026.

Customer concentration

Measure	FY22	FY23	FY24	FY25	FY26
Top-5 (RHP, standalone, Rs Cr / %)	32.46 (79.66%)	30.36 (61.99%)	28.55 (39.09%)	~45% (May-26 call)	39–40%
Top-10 (RHP, standalone)	40.75 (100%)	40.21 (82.09%)	35.56 (48.70%)	–	~60%
Largest single customer	–	–	–	Vodafone Idea ~13–14%	not disclosed

RHP figures are distorted by billing to group companies (standalone sales to Pte Rs 26.18 / 31.88 / 31.38 / 12.54 / 22.54 Cr FY22–FY26; to plc Rs 10.61 Cr FY24), so end-customer concentration inside Singapore is invisible in standalone data. The CMD guessed top-5 at "30–35%, not more" in May-2025; FY25 actual later disclosed ~45%. AR FY26 gives no Ind AS 108 major-customer disclosure but lists "concentration of demand in a relatively narrow customer base of telecom operators, where the loss, consolidation or financial stress of a large customer could affect revenue" as a principal risk. Estimate: 46 customers averaging ~Rs 3 Cr; largest probably Jio (Estel) and big Telenor, Axiata and Middle East opcos [Est.].

End-products containing Pelatro's output

Personalised prepaid bundles and offers (SMS, USSD, app, RCS); loyalty points and rewards.
Recharges and e-vouchers, plus the dealer commissions, inventory and POS apps behind them.
Mobile-money wallets, P2P transfers, bill-pay and merchant payments.
Campaigns run for partner brands (banks, retailers) via data monetisation. All embedded in the operator's ARPU, churn, recharge, distribution and fintech economics.

Stickiness and contract tenor

High switching costs: platforms are "mission-critical", with "a meaningful share of an operator's day-to-day customer interactions and revenue-generating activity" running through them (AR FY26); recharge/distribution systems sit directly in the revenue path.
Lock-in via services: 31 of 46 customers on managed services; gain-share ties fees to operator incremental revenue.
Tenor: typically 3–5 years fixed price; two customers since 2016; "Every customer of ours till date has renewed contracts" (Feb-2026); one customer lost in 10 years after an ownership change ("They wanted everything to be in Russian").
Growth levers: penetration 46 of ~450 telcos; products per customer 1.3 of 8; change requests 35% of Q1 FY27 revenue; CVM–Estel cross-sell.

Value-Chain Map

Upstream inputsPeople (511; India ~92%, Manila, Russia, Gurugram); leased offices; cloud/servers; SMS/e-mail/push/OTT APIs; telco's own data (xDRs); LLMs

→

PelatroCVM: mViva (campaign, loyalty, lead, CDP, DMS, UCM, agentic AI) + managed services. Estel: recharge & mobile money; sales & distribution + managed services. IP: ~11–13 patents in Pelatro Pte (SG); Pte contracts ~46% of revenue

→

Downstream customersTelco / MFS operators (46 networks, 35 countries, 7 telco groups): marketing, CVM, distribution and fintech units; Enterprise Partners (data monetisation)

→

End-usersPrepaid/postpaid subscribers (~1.5 bn); retailers, dealers, field agents, merchants, wallet users; partner brands (banks/retail)

Where pricing power sits. At contract award, operators hold it: RFP-led awards, price-sensitive emerging-market operators, consolidated buyer side, and some markets add government billing delays. After deployment it shifts toward Pelatro: mission-critical, managed services, gain-share and change-request revenue, documented ROI (~20% incremental revenue; 16–75% churn reduction in case studies). Suppliers have negligible power except labour. Margin lever: product reuse plus AI-driven delivery-cost cuts (CVM reported EBITDA +57% on revenue +36% in FY26). Net: pricing power is limited at entry and moderate in-life. [Analyst View]

Competitive Position

No third-party market-share data exists for telecom CVM; no broker initiations. Competitor and peer figures recomputed from raw data; prices as of 9–13 Oct 2026. Some call-transcript details come via secondary summaries.

Industry Size, Growth and Trends

Metric	Value	Source
Global telecom analytics market	US$8.09 bn (2025), US$9.06 bn (2026), US$14.69 bn (2031); 10.15% CAGR 2026–31	Mordor Intelligence [Fact]
Customer-analytics share	28.16% (2025) → ~US$2.3–2.6 bn	Mordor [Fact]; value [Est.]
Deployment / spend / demand	Cloud 66.4%; software 71.2% of spend; MNOs 61.2% of demand	Mordor [Fact]
Growth drivers (impact on CAGR)	5G analytics +2.5pp; churn reduction +2.1pp; cloud-native +1.9pp; fraud +1.8pp; AI zero-touch ops +1.6pp	Mordor [Fact]
Addressable telcos	~450; Pelatro ~10% (46)	Management [Fact]
Bottom-up CVM pool	450 × ~Rs 3 Cr ARPC ≈ Rs 1,350 Cr (~US$155 mn) at 1.3 products; Pelatro TTM ~Rs 152 Cr ≈ 11% (not comparable with Mordor TAM)	[Est.]
Pelatro share of broad market	~US$17–18 mn TTM ≈ 0.7% of US$2.3–2.6 bn customer analytics	[Est.]

Agentic AI / GenAI in CVM: every competitor pitching AI agents (Flytxt "Agentic AI with causal reasoning", Comviva MobiLytix, Amdocs amAIz, Pelatro mViva agents / Zero-Touch Campaigning). AI lowers the cost of building campaign engines, eroding differentiation; management: an LLM-built campaign engine "just does not work".
Telco consolidation and cost-cutting: operator M&A and Telenor's exit from several Asian markets shrink buyers and trigger vendor rationalisation; flat-ARPU telcos push outcome-based/managed pricing.
Cloud, SaaS, managed services: ~66% of telecom-analytics deployments are cloud; 31 of Pelatro's 46 on managed services.
CVM–fintech–distribution convergence: Comviva straddles both (mobiquity ~24% of global mobile money); Estel is Pelatro's move into this adjacency.
Data privacy/localisation raise compliance costs, favour on-prem/hybrid vendors in some EMs. Sales cycles 10–12 months + 6–8 months implementation.

Government Policy & Regulation

Policy	Impact on Pelatro
PLI schemes	Not applicable — target hardware/electronics/telecom-equipment manufacturing, not export software [Est.]
New Labour Codes (21-Nov-2025)	Rs 1.68 Cr exceptional gratuity charge Q3 FY26; structurally higher employee-benefit cost (basic ≥50% of wages) [Fact]
India DPDP Act 2023 / Rules 2025	Processes subscriber PII; consent artefacts and data-processor obligations; penalties up to Rs 250 Cr per breach [Est.]
Customer-market privacy laws	Bangladesh draft PDPA, Sri Lanka PDPA, Malaysia PDPA, UAE PDPL, Kenya and Nigeria data-protection laws, GDPR for EU business [Est.]
UAE corporate tax 9%	Applies to Estel FZE profits >AED 375k unless Qualifying Free Zone Person [Est.]
Singapore tax / Pillar Two	Headline 17%; Pillar Two does not bite (only above EUR 750 mn revenue) [Est.]
Transfer pricing (India s.92; Singapore TP)	~87–90% of PAT in foreign subsidiaries; Screener flags low tax rate; intra-group pricing exposed [Est.]
FEMA/RBI export realisation	Proceeds within 15 months; 8–10 month government-approval delays narrow the buffer [Est.]
Capital controls / sanctions in customer countries	Bangladesh FX shortages, Sudan civil war, Afghanistan sanctions/Taliban; the "government-approval" country is undisclosed [Est.]
SME exchange rules	Min lot 600 shares; low liquidity; main-board migration needs track record, paid-up capital and profitability tests; none announced

Named Competitors (mostly unlisted or divisions)

Competitor	Ownership / listing	Scale	Overlap with Pelatro	Moat
Flytxt	Private; HQ Netherlands, Dubai office, AI R&D Trivandrum; CEO Dr Vinod Vasudevan	75+ telcos, 80+ enterprises, 50+ countries; 1 bn+ consumers (PR 7-Jul-2026)	Closest like-for-like. CVM/AI decisioning for EM telcos; NEON-dX cloud platform (Digicel T&T go-live Jul-2026); Vodacom Mozambique; strong in Africa, ME, LatAm	Larger base; patented causal-AI; analyst mentions
Comviva (MobiLytix)	Tech Mahindra subsidiary	FY26 sales ~Rs 1,672 Cr (+12.7%), profit +33.3% [aggregator, unverified]; 200+ CSPs; 100+ countries	MobiLytix CVM, digital BSS, recharge & voucher (vs Estel), mobiquity mobile money (24% global share)	Bundled BSS+CVM+fintech; Tech Mahindra reach; scale incumbent in South Asia/Africa
Amdocs	NASDAQ: DOX	FY25 (Sep) US$4,533 mn; TTM US$4,653 mn	Engagement/marketing modules in BSS/CES; amAIz GenAI; tier-1 top-down	BSS lock-in; multi-year managed services
Lumine Group	TSXV: LMN (Constellation spin-off)	TTM ~US$846 mn (CAD 1.20 bn); FY25 US$765.7 mn	Roll-up of telecom/media software incl. messaging, monetisation, engagement	Permanent-capital acquirer of mission-critical niche software
Evolving Systems (ex-Lumata/Evolving CVM)	Formerly NASDAQ: EVOL	Operating business sold Dec-2021; shell became Symbolic Logic [Est.; verification failed]; current owner (PartnerOne/Lumine) unverified	Historic CVM/loyalty rival in Africa/ME	Cautionary example of sub-scale CVM vendors being consolidated
Optimove	Private (Israel/US)	Retail, gaming, consumer brands	Adjacent only (CRM-marketing orchestration, not telco-native)	Strong in non-telco B2C
Others	Huawei (SmartCare/CVM), Ericsson, Nokia, Oracle, SAP, Salesforce, Adobe, Pega, SAS, Exacaster, Braze/MoEngage/CleverTap, Evam, Hansen, Mobileum; Estel rivals: Seamless, Ericsson Wallet, regional vendors	–	NEP bundling; martech going after digital-first telcos. Management named Flytxt, Comviva, Pega, Adobe, Salesforce (Nov-25); SAS, Exacaster, Evolving (May-25)	Bundling power; martech breadth

Listed Peer Comparison

Company	Revenue (latest FY)	Growth	EBITDA % (ex-OI)	PAT %	RoE	P/E (TTM)	EV/EBITDA (TTM)	Moat
Pelatro (FY26, Rs Cr)	138.2	+61.2% (CVM organic ~36%)	18.8% (co. 22.8%)	13.1%	19.7% (RoNW 17.4%)	19.9x	14.1x / 15.0x on core EBITDA (11.8x / 12.7x on company EBITDA)	Telco CVM IP; managed-services stickiness; India cost base
Subex (FY26)	279	-2.4%	9.3%	10.4%	9.9%	35.1x	24.1x	Revenue-assurance/fraud base at tier-1; HyperSense AI; net cash ~Rs 96 Cr
Tanla Platforms (FY26)	4,418	+9.7%	16.4%	11.5%	21.4%	12.9x	8.1x	Wisely/Trubloq; India A2P scale; net cash ~Rs 722 Cr
Route Mobile (FY26; Proximus Opal)	4,408	-3.7%	12.3%	5.8%	12.6%	10.2x (Screener 7.7x)	2.7x	Direct telco A2P connections; net cash ~Rs 1,364 Cr
OnMobile Global (FY26)	517	-9.8%	-3.9%	-2.1%	-1.8%	n.m.	n.m.	Telco VAS / ringback (declining)
Amdocs (FY25, US$ mn)	4,533	-9.4% (TTM +0.1%)	22.4%	12.5% (TTM 9.8%)	13.3%	13.9x	6.7x	BSS lock-in at tier-1
Lumine Group (FY25, US$ mn)	765.7	+14.6% (TTM 846)	~30%	12.9% TTM	13.7%	36.9x	15.5–15.8x	Acquisition engine

Comparability [Est.]: Pelatro revenue ~3% of Tanla/Route; Tanla and Route are A2P/CPaaS (sell to enterprises through telcos) — valuation anchors, not product peers. Subex is the closest Indian "software sold to telcos" peer and shares founder lineage. Lumine ratios computed within one currency; FY23 IFRS loss excluded. Pelatro P/E by vendor: Screener 18.6x, stockanalysis 19.9x, Arthneeti 16.9x (Rs 372 / Rs 361 Cr mcap), MarketsMojo 14.4x at Rs 272 (~Aug-26). Peer EV/EBITDA is on operating EBITDA, so Pelatro's like-for-like is the core 14.1–15.0x; market module's 15.1x uses stockanalysis EV Rs 423 Cr. P/E ~20x sits between Indian CPaaS (10–13x) and Subex/Lumine (35–37x); SME illiquidity warrants a discount.

Market Position & Share

Rank: tier-2 / niche specialist. Behind Comviva (200+ CSPs), Flytxt (75+) and Huawei/Amdocs tier-1 bundles; ahead of many regional boutiques. Forrester Now Tech 2022, Landscape 2022/2023; no Gartner/IDC placement. MD says Pelatro historically scores highly on technical capability in RFPs; no win/loss data. [Est.]
Share: ~0.7% of broad telecom customer analytics; ~11% of narrow bottom-up CVM pool; ~10% of the 450-telco universe by count.
Wallet share: 1.3 products per customer, ~Rs 3 Cr ARPC (Rs 2.77 Cr Nov-2025) — cross-sell headroom; Estel adds a second product family.
Pipeline & win rate: 35–40 prospects (May-25), ~30 with ~1/3 conversion (Nov-25), ~30% conversion of RFI/RFP-stage (May-26); "about 3 out of 10".

Porter's Five Forces [Est.]

Force	Intensity	Rationale
Buyer power	High	Few large telco groups (Axiata, Telenor, Veon-type) with competitive RFPs; top-10 ~49% (FY24 RHP) / ~60% (FY26); telcos under ARPU and capex pressure
Supplier power	Low–Medium	Engineers (Indian tech wage inflation) and cloud/hardware; management concedes wages cap margins
Threat of substitutes	Medium–High	In-house data science at large telcos; martech (Salesforce, Adobe, Braze); BSS-bundled CVM (Amdocs, Huawei); GenAI-built tools
Threat of new entrants	Medium	Incumbency and references protect the base; AI-native start-ups can enter digital-first telcos
Rivalry	High	Fragmented: Comviva, Flytxt, Huawei, Amdocs, Evam and others compete on price in EMs; RFPs won on technical score plus price

Barriers to entry: moderate. Deep real-time integration with charging, OSS/BSS and network probes (17K campaigns/day; 1.3 bn subscriber records/day); reference-driven procurement with 10–12 month cycles; ~12 patents. Falling: cloud CDPs, martech SaaS and LLM tooling cut the cost of a campaign engine.

Moat durability: narrow and moderate. + Switching costs (data feeds, models trained on operator history, managed operations), 82% repeat revenue FY26, ~100% FY27 contracted. − Depends on retaining a few large groups; vulnerable to group-wide standardisation on Comviva/Amdocs/Huawei; AI commoditisation. Pricing power: limited — fragmented vendors vs consolidated buyers; partly a cost play via India delivery; gain-share upside only if campaigns lift ARPU; ~30% EBITDA "at maturity" framed as expectation, not target.

Strengths & Weaknesses vs Each Peer [Est.]

Peer	Pelatro strengths	Pelatro weaknesses
Flytxt	Listed (M&A currency); Estel adjacencies; strong South Asia anchors (Grameenphone, Robi, Dialog)	46 vs 75+ telcos; Flytxt stronger in LatAm/Europe; stronger analyst recognition and causal-AI branding; similar cost base
Comviva	Focused, nimble, faster customisation, lower price; no large IT-services parent	~12x larger, 200+ CSPs, bundled BSS+CVM+recharge+mobile money (competes with Estel); Tech Mahindra reach; can cross-subsidise
Amdocs	Lower TCO; better fit for mid-tier EM telcos; faster deployment	Owns tier-1 BSS and bundles; vastly stronger balance sheet and GenAI budget
Lumine	Organic growth (~25% CVM) vs acquisition-led; pure telecom CVM specialist	Natural acquirer of sub-scale telco software (can absorb competitors); far lower cost of capital
Subex	Growth +61% (+36% organic) vs -2.4%; core margin 18.8% vs 9.3%; RoE ~20% vs 9.9%; P/E ~20x vs ~35x	Subex 2x revenue, tier-1 RA/fraud base, net cash ~Rs 96 Cr, main-board liquidity
Tanla / Route Mobile	Far higher growth; software-IP model vs low-margin messaging pass-through	30x larger; large net cash; liquid main-board; India-centric, no EM payment risk
OnMobile	Profitable and growing vs loss-making and shrinking	Same telco-dependency; reminder that telco-dependent software can de-rate

Risks & Red Flags

Consolidated risk register from the market, governance, financials, narrative and street-sentiment modules. Where modules conflicted, the reconciled figure is used (borrowings Rs 12.46 Cr; Screener's ~Rs 41 Cr = borrowings + Rs 28.43 Cr leases; warrants have no acquisition object; FY26 CFO Rs 19.72 Cr).

Risk Register

#	Risk	Category	Severity	Detailed explanation	Mitigant
1	Receivables / unbilled build-up and cash conversion	Financial	High	DSO incl. unbilled 124 days (Jun-26), 127 (Mar-26) vs mgmt "healthy" 100–120; ~Rs 50 Cr receivables (Rs 31 Cr billed + ~Rs 19–20 Cr unbilled) ≈ 120 days of TTM revenue; unbilled 4.59 → 21.42 (4.7x vs revenue 1.6x); ~Rs 6 Cr with two customers in a country requiring government approval per invoice (8–10 months); receivables are sole KAM; Screener WC days ~36–53 → 97; prepaid 0.37 → 10.01 unexplained	Customers historically pay in full; mgmt expects unbilled to be invoiced with Q2 billing; ageing all <1 year
2	Negative free cash flow / equity dependence	Financial	High	FCF after acquisitions and leases -25.09 (FY25), -25.31 (FY26), ~-48 Cr over FY24–26 vs PAT 28; underlying FY26 CFO ~Rs 2–4 Cr; cash 36.03 → 15.19; three equity raises in ~2 years (IPO, Jul-25 preferential, Rs 27.4 Cr warrants, 77% for WC)	Bank borrowings only Rs 12.46 Cr; warrants 25% upfront (~Rs 6.9 Cr)
3	Profit location, tax and transfer pricing	Regulatory	High	86.6% of FY26 PAT (Rs 15.69 Cr) in Pelatro Pte; foreign subsidiaries Rs 16.27 Cr ≈ 90% of PAT; standalone PAT 5.10 → 3.30 (4.56 pre-exc.); Rs 22.54 Cr intra-group services; Pte tax provision nil; ETR 6.3% computed / 8.82% AR / ~5% Screener; guide 9–10% "for a couple of years"; Rs 17.86 Cr loan to Pte payable on demand	Legally structured (IP in Singapore); TP documentation; Pillar Two not applicable
4	Undisclosed UK minority claim / ownership history	Governance	High	Klass/Regenbogen letter of claim (Aug-2024) over Feb-2024 sale of Pelatro India (~Rs 2.1 Cr) and Pte (US$350) to promoter family; UK strike-off suspended; contingent liabilities Nil; DRHP flags group company in similar business (conflict)	Plc was loss-making; delisting approved 92.5%; non-compete/ROFR in DRHP to check
5	Customer concentration	Business	High	Top-5 39–40% (FY26; ~45% FY25), top-10 ~60%; Vodafone Idea ~13–14% (May-25); RHP top-10 100% / 82.1% / 48.7% (FY22–24, standalone, distorted by group billing); exposure to Telenor, Axiata, Sudatel groups	46 customers; 31 on managed services; multi-year contracts; only one loss in 10 years
6	Emerging-market country, FX and sanctions risk	Macro	High	Bangladesh FX shortages, Sudan civil war, Afghanistan sanctions/Taliban, Russia office, Africa/ME; ~92% export; unhedged USD receivables US$2.42 mn; FY26 EBITDA included Rs 4.74 Cr FX gain that reversed in Q1 FY27	USD invoicing; 35-country spread; India cost base is a natural margin hedge
7	Margin deterioration and Estel integration	Execution	High	Group EBITDA 23.66% (Q1 FY26) → 20.21% (Q1 FY27); Estel 15.64% → 8.72%; CVM 24.10% → 22.56%; Estel "almost no pipeline when acquired"; flat ~Rs 27–29 Cr run-rate; margin target slipped from "next year" to 12–18 months	AI productivity from FY28; CVM–Estel cross-sell; Estel pipeline wins expected ~Q1 FY28
8	Goodwill and intangible impairment	Financial	Medium–High	Goodwill 52.91 + unamortised IP 16.03 = 68.94 Cr, 66% of net worth; no PPA, no impairment-testing disclosure; Estel cost ~Rs 41 Cr vs FY26 9-month EBITDA 3.39	CVM goodwill (Pte, 18.96) supported by Pte profits
9	Key-person dependency	Governance	High	Founder-centric (Subash Menon, 0 shares); sons (owners) "not active in the business"; no succession plan disclosed; CTO/COO Subex-alumni core	Professional CFO; board committees
10	Related-party leakage and board independence	Governance	Medium–High	~Rs 4.3 Cr/yr promoter-family cash (≈24% of PAT); Sudeesh loan; relative's/promoter's property backing loans; Anuradha redesignated ID; Girish valued Pte transfer; CMD on Audit Committee	All RPTs declared arm's length; clean secretarial audit
11	Auditor change and audit coverage	Governance	Medium	Gnanoba & Bhat resigned 9 days post-listing, reason undisclosed; replacement is mid-size Bengaluru firm; ~90% of PAT audited by component auditors; FY25 EoM on Pte going concern (cleared FY26); Estel FZE unreviewed in Q1 FY27	Unmodified opinions FY25/FY26; Q1 FY27 limited review
12	Dilution	Financial / Governance	Medium	6.85 L warrants at Rs 400 = ~6.5% of current shares; promoters 52.62% → ~51.1–51.2%; plus 4.0 L ESOP ≈ 10% total; shares 76.1 L pre-IPO → 106.0 L → ~116.8 L fully diluted. Objects: WC Rs 21.5 Cr + GCP Rs 6.5 Cr — no acquisition object (market module's "funds growth/M&A" corrected)	Issue ~7% above CMP; promoters take 29% (Rs 8 Cr)
13	Debt-like obligations understated by headline D/E	Financial	Medium	Borrowings Rs 12.46 Cr (D/E 0.12) is the reconciled figure; Screener's ~Rs 41 Cr = borrowings + Rs 28.43 Cr leases (not new bank debt); net cash -2.73 / -2.83 Cr (Mar/Jun-26, borrowings basis) vs net debt ~Rs 25 Cr incl. leases; debt-like items ~Rs 58 Cr incl. Rs 10 Cr earn-out and Rs 7.40 Cr capex creditors; unrated	~1x gross debt/EBITDA even incl. leases; no WC lines drawn
14	Technology obsolescence / AI commoditisation	Business	Medium–High	Agentic AI lets telcos, martech and BSS vendors embed CVM; rule-based campaign engines commoditise; AI-disruption questions dominated the Feb-2026 call	mViva agentic-AI launch Mar-2026; patents; telecom domain depth
15	Telco consolidation / group standardisation	Business	Medium	Telenor Asia restructuring, Axiata deals and M&A can move whole groups to Comviva/Amdocs/Huawei; one historic loss followed an ownership change	Partner of seven telco groups; multi-opco references
16	Wage inflation and attrition	Business	Medium	Employee cost ~60% of revenue; median pay +13–15%/yr; CVM attrition ~15%; Labour Codes	AI tooling (LLM coding, automated support); Bengaluru talent pool
17	Revenue-recognition quality and mix volatility	Financial	Medium	Unbilled ~40% of receivables; one-time 18% (FY26) vs 3% (Q1 FY27); recurring 67% → 60%; licence timing can flatter quarters; OI added ~4pp to FY26 headline margin; Pte 15-month period caveat (±Rs 4–5 Cr)	Unqualified audits
18	Guidance credibility	Execution	Medium	25–30% CAGR (Nov-25) cut to ≥15% (May-26) and then "always stated"; margin aspiration 30–35% → 26–30%; FY25 base restated lower; "no capital needed" contradicted; investor call cancelled 28-Sep-2026	FY26/FY27 contracted revenue delivered/on track
19	Acquisition integration and contingent consideration	Execution	Medium	Rs 12 Cr earn-out (Rs 10 Cr provided) is a cash call in ~1–2 years; founder's Subex history of FCCB-funded acquisitions (Azure US$140 mn 2006; Syndesis US$164.5 mn 2007) led to distress before FCCBs converted by 2016	Recent deals small; CMD's stated ROCE discipline
20	SME liquidity and institutional absence	Market	Medium	975 holders; 600-share lot; ~5,100 shares traded on 9-Oct-2026; FII+DII ~12.5% → ~4.0%; no MF ever; no sell-side; every identifiable anchor except Finavenue sold; HNI/NBFC-dominated float; listing-week operator-style round trips (Vijit/Mansi)	Main-board migration eligibility ~Sep-2027; regular concalls
21	Data privacy / security breach	Regulatory / ESG	Medium	PII for 1.3 bn+ subscriber records/day; DPDP penalties up to Rs 250 Cr; no ISO 27001/SOC2 disclosed	Telco-grade security audits; on-prem/hybrid deployments
22	India business weakness	Business	Medium	India revenue fell 13% to Rs 11.47 Cr despite Estel/Jio; Jio price point "very low"; Airtel trial silently dropped	India only 8.3% of revenue
23	Promoter selling / holding drift	Governance	Low	Promoter 53.59% → 52.62% purely from dilution; no pledge; no promoter selling; director-side selling ~15,600 sh (likely Anuradha)	Promoters subscribing to warrants
24	Litigation / tax demands	Regulatory	Low–Medium (data gap)	No tax demands found; Prospectus litigation section not read; NSE Rs 10,000 XBRL fine	Contingent liabilities Nil
25	Filing / compliance quality	Governance	Low–Medium	MGT-7 promoter 49.97% vs 52.62%; Atlanta allotment as "ESOPs"; FZE PAT sign; 33 vs 35 countries; D/E 0.52 vs 0.18; IPO issue expenses 12.2%; CS vacancy Feb–Apr 2026	–
26	ESG	ESG	Low	Asset-light; risk mainly G (family control, related group company) and data ethics in subscriber profiling; CSR Rs 14.62 lakh	Privacy-by-design

Red-Flag Checklist

Red flag	Status	Evidence
Rising debt	Amber	Bank borrowings falling (18.68 → 13.93 → 12.46; 13.84 Jun-26); Screener's 20 → 42 → 41 is the FY25 office lease; net cash only -2.83 on borrowings basis; net debt ~25 incl. leases
Margin deterioration	Amber/Red	Q1 FY27 20.2% vs 23.7%; Estel 8.7% vs 15.6%; FY26 core 18.8% vs reported 22.8% (Screener OPM 19%)
Auditor concerns	Amber	Opinions unmodified (FY25 with Pte EoM); but auditor resigned 9 days post-listing and ~90% of PAT component-audited
Related-party abuse	Amber	~Rs 4.3 Cr/yr family cash; Pte transfer at US$350; UK claim pending/undisclosed
Promoter selling	Green	None; no pledge
Dilution	Amber	Warrants ~6.5%; ESOP ~3.8%; equity capital Rs 7 Cr → 10.41 → 10.60 Cr
Customer loss	Amber (watch)	One loss in 10 years; top-10 ~60%; telco consolidation
Litigation / tax	Amber	UK claim; offshore profit; low ETR
Commodity / currency / rate	Amber	~92% export; EM currency and repatriation; rate risk low (±1% = ±Rs 0.12 Cr)
Technology obsolescence	Amber	Agentic AI resets the field
Key-person dependency	Red	Founder-centric; no succession disclosure
Working capital	Red	DSO ~124 incl. unbilled; WC days ~97; FCF negative two years running
Capital-raise contradiction	Red	"Absolutely no" need for capital (May-26) → Rs 27.4 Cr WC warrants (Sep-26); call cancelled

Street-sentiment risk lens (heard module). Bull debate: revenue 2.5x in two years, ~20x P/E for ~50% EPS growth, promoter cash at Rs 400, regular concalls, dividends. Bear debate: working capital (~97 days), ~5% tax rate, repeated equity raises, institutional exits and zero MF, AIM delisting history ("delist cheap in London, relist richer in India"), founder's Subex record, auditor resignation, SME illiquidity. No ValuePickr/X/Reddit discussion retrieved — the stock looks under-discovered rather than actively debated. [Est.]

Concall Highlights & Guidance

Five investor calls: 9-May-2025, 24-Nov-2025, 5-Feb-2026, 11-May-2026, 6-Aug-2026 (transcripts on pelatro.com; Nov-2024 and Mar-2025 calls listed on Screener not reviewed). Plus investor meeting 9-Mar-2026 and Bharat Connect Conference deck (Apr-2026). Speakers: CMD Subash Menon, CFO Sharat G Hegde. IR: ConfideLeap/Ventura (2025), ORIM Connect (2026). Some transcript detail via secondary summaries (Investing.com, Multibagg, Quartr, TradeBrains, ScanX).

Call-by-Call Log

Call	Numbers	Guidance / key statements (management's words)	Analyst Q&A that revealed risk	Tone
H2/FY25 9-May-2025	FY25 revenue 85.77 (+56%); EBITDA 19.82 (23%) — later restated to 17.89; PAT 11.89. H2 vs H1: revenue +23%, EBITDA +28%, PAT +36%	"We are not giving a guidance … very healthy growth and nonlinearity will continue." Optimal EBITDA "somewhere between 30% and 35%", "eminently doable" in 5 years. TAM ~400 telcos × ~Rs 5 Cr = "2,000 plus crores"; ticket Rs 2.5–3 Cr; "over the next five years, I can grow at 25%, 30% or 40% every year and still be nowhere near that saturation point". "For our organic growth, we don't need to raise money … If at all … for inorganic growth." Estel deal "hopefully in the next one month or so". "Almost 40 networks across about 34 odd countries"	Top-5 "probably … about 30% to 35%" (CMD guess; CFO had no data; actual ~45%). Vodafone Idea ~13–14% on "fixed monthly revenue". "We have not lost any customer." Jio's price point "very low"; Airtel trial awaiting contract. BFSI on hold. Goodwill Rs 18 Cr; 8-year lease doubles seats 150→300 (ROU ~Rs 27.8 Cr); software development ~75% of expenses, all expensed; DSO 85 (FY24 145), healthy 100–120. Pipeline 35–40, win rate ~3/10, cycle 10–12 months, implementation 4–6 months	Expansive
H1 FY26 24-Nov-2025	H1 revenue 60.74 (+58%), EBITDA 13.81 (+59%), PAT 8.21 (+63%); receivables 33.55 = DSO 100; cash 20.7	"Revenue CAGR expected over the next three years, 25% to 30%" organic; "the 25% to 30% growth is a number that we'll certainly achieve." CFO: FY26 EBITDA "around 24%", PAT "around 14%", ETR "20% to 22%". "I'm absolutely confident … it will swing to the positive side … for the full year, we'll have free cash flow." Estel "about INR 28–30 crores" revenue; margin to CVM levels "short term … next year". FY26 100% contracted (96% end-Q1); FY27 59% (49% end-Q1); avg revenue/customer Rs 2.77 Cr	Cross-sell: one CVM customer selected an Estel product, two shortlisted. ~30 opportunities, ~1/3 conversion; all-8-product customer "INR 7–8 crores at least per year". Competitors: Flytxt, Comviva, Pega, Adobe, Salesforce. "Q1 to Q2 … is a wrong metric to follow"	Euphoric
Q3 FY26 5-Feb-2026	9M revenue 99.12 (+62%), EBITDA 22.38 (+73%); Q3 revenue 38.38 (+69%); 9M mix 57/20/23 ("some large perpetual license deals")	Tax revised to "9% to 10%" from 20–22%. Margin reframed: "26% to 29% or maybe 30% … in the next couple of years". "Every customer of ours till date has renewed contracts." ~60% of organic growth from existing customers, ~40% new logos. KPIs: 46 networks, ~35 countries, ~1.5 bn subs, 11 patents, 480+ staff; customers 13 (2019) → 46; 31 managed services; largest CVM ~250 mn subs, Estel ~500 mn	Subex: "an expensive acquisition compounded by … FCCBs … we will not sacrifice ROCE while acquiring." Succession: sons "not active in the business at all". AI-disruption questions dominated	Guarded
Q4/FY26 11-May-2026	FY26 revenue 138.23 (+61.2%), CVM 116.57, Estel 21.66; EBITDA 31.48 ("+76%" restated; +59% vs presented base); PAT 18.10 (+52%); repeat revenue 82%	Guidance cut: "at least 15% annual growth … organic … over the next five years"; "I do not want to be committing anything more than 15% at this point in time." EBITDA "30% … next two to three years". TAM ~Rs 12,000 Cr (8 × 450); penetration ~10%; 1.3 products/telco, target 2–2.5; target 20–25% telco penetration in 4–5 years. FY27 82% contracted at start; "a lot of FY28 revenue is also contracted". Capex "very light"; "absolutely no" need for equity or debt for organic growth. Tax "10% … current financial year and maybe a year and two". AI cost benefits 18–24 months	Top-5 "39% to 40%", top-10 "around 60%", top-5 "around 45% last year". One customer lost in 10 years after ownership change ("everything to be in Russian"). Sudatel → Chinguitel → Expresso referrals; "no greenfields, it is all brownfields". 3–5 year fixed-price contracts; 15% is "constant currency … volume growth". LLM-built campaign engine "just does not work"	Conservative reset
Q1 FY27 6-Aug-2026	Revenue 40.22 (+50.7%); CVM 33.39 (+25.1%) at 22.56%; Estel 6.83 at 8.72%; EBITDA 8.13 (20.2%); PAT 5.43; DSO 124 (127 Mar-26); cash 16.17–16.67; mix 62/35/3	"About 100% of our expected revenue for '27 has already been contracted … visibility … is absolute." "We have always stated that we will grow at about 15%"; "15% is for the projection"; "organic growth … is 25%". Estel to CVM-level EBITDA "by next year" (12–15 months). Reliance Jio: "every recharge of Reliance happens on our platform"	AJ Capital on receivables: ~Rs 50 Cr = Rs 31 Cr billed + ~Rs 20 Cr unbilled; "INR 6 crores is from two customers in a country where every invoice has to be approved by the government … 8 to 10 months to pay." Buyback "Not at this point in time" (analyst: stock "almost at its all-time low"). Dividend Re 1	Defensive

Six weeks after the Aug-2026 call the board proposed warrants (17-Sep-2026) with 77% of proceeds for working capital; an investor call intimated 28-Sep-2026 was cancelled the same day. Sep-2026: "an unexplained raise". [Fact]

Guidance vs Actual: Credibility Scorecard

#	Date	Guidance / statement	Outcome	Verdict
1	May-2025	"Very healthy growth and nonlinearity will continue"	FY26 revenue +61.2%; EBITDA +59% (presented) / +76% (restated); Estel ~21.7 of ~52.5 increase	Delivered (inorganic help)
2	May-2025	EBITDA 30–35% within 5 years	Feb-26 "26–29% or maybe 30%"; AR26 "26–30%"; Aug-26 "about 30%". Actual 20.85% → 22.77% → 20.2%	Target walked down
3	May-2025	Healthy DSO 100–120 days	100 (Sep-25) → 127 (Mar-26) → 124 (Jun-26); unbilled 4.59 → 21.42	Breached
4	May-25 / May-26	No capital needed for organic growth	Jul-25 Rs 7 Cr preferential (Estel swap); Sep-26 warrants Rs 27.4–28 Cr for WC (21.5) + GCP (6.5), no acquisition object	Contradicted
5	Nov-2025	25–30% revenue CAGR over 3 years; "certainly achieve"	Cut to "at least 15%" (May-26); "always stated … 15%" (Aug-26)	Cut in 6 months; history rewritten
6	Nov-2025	FY26 EBITDA ~24%, PAT ~14%	22.77% / 13.1% (14.0% ex-exceptional)	EBITDA miss ~120 bp; PAT in line
7	Nov-2025	FY26 ETR 20–22%	8.8% (AR) / 6.3% computed	Large favourable error
8	Nov-2025	Cash flow turns positive; FY27 FCF positive	FY26 CFO 19.72 (down from 20.20; underlying ~2–4); FCF after acquisitions/leases -25.31; WC-funding warrant raise	Not delivered so far
9	Nov-2025	Estel margin to CVM level "short term" / "next year"	15.6% → 8.7%; AR26 "12 to 18 months"	Missed / deferred
10	Nov-2025	Estel ~Rs 28–30 Cr run-rate	~Rs 27–29 Cr annualised, no growth	In line, no growth
11	Nov-2025	One CVM customer selected an Estel product	AR26: cross-sell "already an outcome in some of the accounts"; Estel wins expected "in the next 8 to 10 months"	Claimed, unquantified
12	Nov-2025	FY26 100% contracted	138.23 delivered	Delivered
13	May-2026	FY27 82% contracted at start	~100% by Aug-26 (base undisclosed)	On track
14	May-2025	Airtel trial awaiting contract	Never mentioned again	Silently dropped
15	IPO	BFSI adjacency	Shelved	Abandoned
16	May-2025	"Not lost any customer"	One loss disclosed (May-26)	Minor restatement
17	May-25 → AR26	FY25 EBITDA 19.82 (23.1%)	Restated to 17.89 (20.85%), enabling "+76%"	Base lowered; flatters growth
18	May-2025	Top-5 "30–35%, not more"	FY25 actual ~45%	Understated

Credibility read [Est.]. Contracted, near-term revenue is reliable (#1, #12, #13). Medium-term numeric targets have been repeatedly softened (#2, #5) and the comparison base was quietly lowered (#17). Working-capital and cash promises failed (#3, #8), and the warrant objects now openly fund that gap (#4). On visibility, end-Q1 FY26 was 96% contracted vs ~100% for FY27 — similar — but the denominator is an undisclosed internal target, possibly lowered with the guidance cut (15% floor implies ≥Rs 159 Cr; 25% organic ~Rs 173 Cr; Q1 run-rate ~Rs 161 Cr). The 15% cut looks like a "beatable public number" (organic CVM +25%) rather than a demand collapse. The deterioration is in cash conversion, not bookings.

Tone & Themes Over Time

Period	Tone	Defining line
May-2025	Expansive, didactic	"Nowhere near that saturation point"
Nov-2025	Euphoric	"Firing on all engines", "no negative surprises whatsoever"
Feb-2026	Guarded	Margin "26–29% or maybe 30%"
May-2026	Conservative reset, defensive on numbers	"Not … committing anything more than 15%"
Aug-2026	Defensive (receivables, Estel)	"We have always stated that we will grow at about 15%"
Sep-2026	Silent	Warrant raise; investor call cancelled

Recurring themes: non-linearity; land-and-expand within telco groups; recurring share; TAM (Rs 2,000 → 12,000 Cr); no capital needed; AI as opportunity; ROCE discipline (Subex lesson). Contradictions: "no capital needed" vs WC warrants; "certainly achieve 25–30%" vs "always stated 15%"; "not lost any customer" vs one loss; top-5 "30–35%" vs ~45%; Jio "every recharge" vs India revenue down 13%.

Growth, Outlook & Valuation

Order-book / visibility and outlook from the narrative module; valuation from the financials module (authoritative); market and coverage from the street-sentiment module. No sell-side consensus exists; 3-year historical multiple averages are not computable (listed 24-Sep-2024).

Order Book & Revenue Visibility

No order book, backlog or book-to-bill is disclosed. The proxy is the percentage of the internal (undisclosed) revenue target already contracted. [Fact]

As at	FY26 contracted	FY27 contracted	Source
End Q1 FY26 (Jun-25)	96%	49%	Nov-2025 call
End Q2 FY26 (Sep-25)	100%	59%	Nov-2025 call
Start FY27 (May-26)	–	82%	May-2026 call; AR26 MD&A
End Q1 FY27 (Aug-26)	–	~100%	Aug-2026 call ("visibility … is absolute")
FY28	–	–	"A lot of FY28 revenue is also contracted" (May-2026)

Implied FY27 target [Est.]: ≥Rs 159 Cr at the 15% floor; ~Rs 173 Cr at 25% organic; Q1 FY27 run-rate ~Rs 161 Cr. Repeat revenue (recurring + re-occurring) 87% (FY25) → 82% (FY26) → 97% (Q1 FY27). Reg-30 wins since listing: SE Asia ~US$3.2 mn/5 yrs (1-Oct-24); Middle East ~US$2.1 mn/3 yrs (7-Jan-25); Africa 3-country group ~US$3.4 mn/5 yrs (4-Feb-25); African telco group mViva (19-Aug-25, value not retrieved). No Reg-30 order wins in the last 12 months (Oct-25 to Oct-26). Estel pipeline "started yielding results in the form of new contracts"; wins expected "in the next 8 to 10 months" (~Q1 FY28). Pipeline ~30 opportunities, ~30–33% conversion.

Expansion Plans, New Products, Markets

Capacity: new Nagavara office (8-year lease, seats 150→300) absorbs headcount growth; capex "very light"; headcount flat at ~500–511 while AI tooling is rolled out (cost per dollar of revenue falling; full benefit FY28).
Products: mViva Revenue Acceleration Platform with agentic AI, Copilot and Zero Touch Campaigning (launched MWC 2-Mar-2026; several customers live); CDP added FY25; Estel productisation/roadmap stage 1 complete within 9 months of acquisition.
Markets: penetration of ~450 telcos from ~10% to 20–25% in 4–5 years; products per telco from 1.3 to 2–2.5; CVM↔Estel cross-sell; group referrals (land-and-expand); BFSI shelved; Europe not a focus; India weak (Jio price point "very low").
Inorganic: CMD's stated willingness to acquire ("if at all we need to raise money, that will be for inorganic growth"), but with ROCE discipline; current warrant objects contain no acquisition.

Catalysts & Watch-List

Timing	Catalyst	What to watch
21–23-Oct-2026	Warrant postal-ballot result	Approval; which allottee lost 15,000 warrants; 25% upfront (~Rs 6.9 Cr)
~Nov-2026	H1 FY27 results / call; Sep-2026 SHP	Unbilled and DSO trend; Estel margin vs 8.7%; OCF; FY28 % contracted; institutional holdings
FY27–FY28	Estel earn-out (Rs 10 Cr provided)	Timing of cash payout; whether revenue targets certified as met
By ~Q1 FY28	Estel pipeline wins	First disclosed Estel or cross-sell contracts
Within 18 months of allotment	Warrant conversion (~Rs 20.6 Cr balance)	Needs share price above Rs 400
Ongoing	AI platform monetisation; operating leverage	Headcount flat at ~500–511 vs revenue growth
Sep-2027 onward [Est.]	NSE main-board migration eligibility	Institutional access (FII + DII <4%); first MF discovery
FY28+	Tax-rate step-up; transfer-pricing scrutiny	ETR vs 9–10% guide
Open	UK minority claim	Any disclosure or settlement

Management Guidance & Drivers

Item	Current guidance	History
Revenue growth	"At least 15%" organic, constant currency, over 5 years (organic running ~25%)	Nov-25: 25–30% CAGR over 3 years
EBITDA margin	26–30% over "next couple of years" (AR26); "about 30%" in 2–3 years	May-25: 30–35% within 5 years; FY26 guide ~24% (actual 22.77%)
Estel margin	CVM level in 12–18 months (AR26) / 12–15 months (Aug-26)	Nov-25: "next year"
Effective tax rate	9–10% "for a couple of years"	Nov-25: 20–22%
Capex / funding	Capex "very light"; no capital needed for organic growth (May-26)	Contradicted by Sep-26 WC warrants
Dividend / buyback	Re 1/share; buyback "not at this point in time"	Re 1 for FY25 and FY26
Analyst consensus FY+1 / FY+2	None — no sell-side coverage, no initiations, no target prices, no rating changes

Short-term (12m) drivers: FY27 fully contracted; H1 cash conversion; Estel margin repair; warrant inflow. Long-term (3–5y): telco penetration and products-per-customer; agentic-AI monetisation; managed-services expansion; main-board migration. Tailwinds: telecom analytics 10.15% CAGR (Mordor); churn-reduction and 5G analytics demand; shift to managed services; mobile-money/distribution digitisation in EMs. No PLI or specific government scheme applies.

Valuation Snapshot (Rs 375 on 9-Oct-2026; 1,05,97,399 shares; mcap Rs 397.4 Cr)

Metric	Current [Est.]	Reference points
P/E, TTM (PAT 19.97)	19.9x	18.7x ex-exceptional (21.23); Screener 18.6x; stockanalysis 19.9x; Arthneeti 16.9x; MarketsMojo ~Aug-26 at Rs 272: 14.4x; IPO Rs 200 on FY25 EPS 13.16: 15.2x
P/E on FY26 EPS 17.18	21.8x	–
P/B (Jun-26 NW 109.88; BVPS Rs 103.7)	3.6x	On tangible book (~Rs 41 Cr) ~9.7x; IPO P/B 11.6x on FY24 NAV
EV (mcap + borrowings 13.84 − cash 16.67)	Rs 394.6 Cr	Incl. leases 422.2; incl. Estel provision ~432; stockanalysis EV Rs 423 Cr
EV/EBITDA, TTM company EBITDA 33.30	11.8x – 12.7x	ex-leases / incl. leases (Ind AS 116 consistent); MarketsMojo 11.0x
EV/EBITDA on core EBITDA (28.07)	14.1x – 15.0x	Market module's 14.1–15.1x uses this core basis (15.1x with stockanalysis EV) — different EBITDA basis, not a different valuation
EV/Sales (TTM)	2.6x	–
FCF yield (after acquisitions & leases)	-6.4% (FY26)	Valuation rests entirely on earnings
Dividend yield	0.27%	Re 1 (FY25 paid; FY26 paid 3-Sep-2026)
PEG	~0.8	On ~25% CVM organic growth
Buyback	None	None ever; none planned
3-year average multiples	Not computable	~2 years of history; 52-week 404.5/246; 1-year change about -5% to flat
Warrant price as "street" mark	Rs 400	+6.7% vs CMP; promoters + HNIs paying 25% upfront

Read. At issue the stock had a negative P/E (FY24 PAT -1.96) and 11.6x book; it now trades ~20x on positive earnings that grew ~52% in FY26, so the multiple has de-rated sharply even as the price nearly doubled. The market "accepts the earnings turnaround but will not pay a premium multiple". On peers: ~20x P/E sits between Indian CPaaS (10–13x) and Subex/Lumine (35–37x); core EV/EBITDA 14–15x vs Subex 24.1x, Tanla 8.1x, Amdocs 6.7x, Lumine 15.5–15.8x. [Est.]

Illustrative Scenarios [Analyst View]

Scenario	Assumptions	Earnings base	Multiple	Implied value / share	vs CMP
Bear	Cash conversion stays weak; Estel impairment risk; growth at 15% floor offset by margin pressure; multiple reverts to Aug-2026 trough	TTM PAT 19.97	14x	~Rs 264	-30%
Base	FY27 PAT +15% on FY26 ex-exceptional (19.36 → ~22.3); unbilled stabilises; no re-rating	FY27E ~22.3	18x	~Rs 378	~+1%
Bull	Organic 25% holds (19.36 → ~24.2); Estel margin repairs; H1/H2 cash conversion proves out; main-board path	FY27E ~24.2	22x	~Rs 502	+34%

Per-share on 1,05,97,399 current shares; fully diluted (1.168 Cr shares) plus warrant cash would lower each by ~3–5%. Not a target price — no external targets exist.

Price Performance & Street Coverage

Sources: Chittorgarh, Trendlyne bulk deals, ICICIdirect/Dhan, Anand Rathi, Multibagg. ATH date not retrieved (narrative module cites a calendar Dec-2024 peak); FY26 monthly range Rs 461 (Jun-25 high) to Rs 270 (Mar-26 low).

Period (to 9-Oct-2026)	Return
1 week	+3.2%
1 month	-0.3% to -3.6%
3 months	+44% to +48.8%
6 months	+23% to +27%
9 months	+7.8%
1 year	~-5% to +0.5%
Since IPO	+87.5%
From ATH	~-33%

Coverage	Rating / target
Institutional sell-side	None — no initiations, targets, upgrades/downgrades
Chittorgarh broker tally (Sep-24)	1 × "May Apply"; 0 Subscribe; 0 Avoid; 0 member reviews
Bajaj Broking, Equentis, Ventura, 5paisa, Angel One, Upstox, Finowings, Bigul	Descriptive IPO notes, no rating (Equentis reads promotional)
Media	Wire-style listing stories only ("NSE SME Pelatro makes a stellar debut", BS, 24-Sep-24); no TV or fund-manager coverage
Forums	No ValuePickr/X/Reddit threads retrieved; AIM-era LSE board inaccessible
Street price signals	Warrant Rs 400; Jul-25 preferential Rs 367; bulk prints Rs 275–402

Sentiment synthesis [Est.]. Six-month shift: improving (from the Rs 246 low to Rs 375–404; above 50-DMA 348.7 and 200-DMA 313.7) on Q4 FY26 PAT 6.1, Q1 FY27 PAT 5.4, the dividend, and the Rs 400 warrant mark — but ~flat over 12 months and ~33% below ATH. Variant bull: HNI/NBFC base plus promoter cash at Rs 400 marks a floor; if H1 FY27 normalises working capital, main-board migration (from Sep-2027) could bring first institutional/MF discovery. Clash points: earnings quality (WC days 36→97, ~5% tax), capital allocation (three raises in ~2 years), governance (UK holders lost ~96% pre-delisting; auditor quit after listing), institutional verdict (all identifiable anchors/FPIs except Finavenue sold).

Final Verdict

Aamara Capital lead-analyst view, 13-Oct-2026. [Analyst View]

Business Quality

Medium

Medium Sticky mission-critical CVM IP, 82–97% repeat revenue, 100% FY27 contracted; but telco-only, top-10 ~60%, EM payment risk, Estel dilutive, AI commoditisation

Management Quality

Weak

Weak Capable operators; poor minority-alignment record (Subex, AIM plc), UK claim undisclosed, auditor exit, RPT ~24% of PAT, guidance resets

Financial Quality

Medium

Medium Revenue/PAT compounding, low bank debt; underlying CFO ~Rs 2–4 Cr, FCF ~-Rs 48 Cr over 3 yrs, goodwill+IP 66% of NW, FX-aided EBITDA

Valuation

Fair

Fair 19.9x TTM P/E, 11.8–12.7x EV/EBITDA, PEG ~0.8 — undemanding on P&L, unsupported by FCF; SME illiquidity

Overall View

Neutral

Neutral Real growth; discount for cash quality and governance is warranted until proven otherwise

Bull Case

Organic engine is strong: CVM +36% (FY26), +25% (Q1 FY27); 15% guide is a floor; FY27 ~100% contracted; land-and-expand with 1.3 of 8 products per customer and ~10% penetration.
Operating leverage + AI: product reuse (CVM EBITDA +57% on revenue +36%), AI delivery savings from FY28, Estel margin repair toward CVM levels → group 26–30%.
Re-rating path: ~20x for ~50% EPS growth; promoters paying Rs 400 in cash; main-board eligibility from ~Sep-2027 with <4% institutional ownership today.

Bear Case

Earnings don't convert: underlying CFO ~Rs 2–4 Cr; unbilled 4.7x; DSO 124–127; Rs 6 Cr behind foreign-government approvals; equity raised repeatedly for working capital.
Structure and governance: ~87% of PAT in a Singapore entity bought for US$350 from the AIM parent, with nil tax and component audit; undisclosed UK claim; transfer-pricing exposure; RPT leakage.
Quality of numbers: FX-flattered EBITDA (core 18.8%), restated FY25 base, Estel goodwill (~Rs 34 Cr) at risk with margin 8.7%; guidance credibility eroded.

Base Case (12–18 months)

Revenue grows ~20–25% (organic CVM ~20–25%, Estel flat-to-modest), core EBITDA margin ~19–21%, PAT ~Rs 22–24 Cr in FY27. Working capital stabilises but does not release much cash; the Rs 10 Cr earn-out and warrant conversion dominate cash flows. Warrants approved; stock trades in a Rs 300–420 range around 17–20x earnings, with direction set by H1/H2 FY27 cash conversion and any UK-claim disclosure.

Five Things to Remember

FY26: revenue Rs 138.23 Cr (+61.2%), PAT Rs 18.10 Cr (+52%), company EBITDA 22.8% but core 18.8% (Rs 4.74 Cr FX gain); EBITDA growth +76% restated / +59% original base.
~87% of PAT sits in Pelatro Pte (Singapore), acquired for US$350 from the delisted AIM parent; ~90% of PAT audited by component auditors; ETR 6–9%.
Cash conversion is poor: reported FY26 CFO Rs 19.72 Cr, underlying ~Rs 2–4 Cr; FCF after acquisitions/leases ~-Rs 48 Cr over FY24–26; cash 36.03 → 15.19.
Bank debt is small (Rs 12.46 Cr, D/E 0.12), but debt-like items total ~Rs 58 Cr with leases (28.43), Estel earn-out (10.00) and capex creditors (7.40); unrated; no pledge.
Guidance and capital promises have slipped: 25–30% CAGR → ≥15%; margin 30–35% → 26–30%; "no capital needed" → Rs 27.4 Cr working-capital warrants at Rs 400.

Five Questions to Ask Before Investing

What is the status of the Klass/Regenbogen UK claim, and why is it not disclosed as a contingent liability?
How much of the Rs 21.42 Cr unbilled revenue has been invoiced and collected since March, and which country requires government approval for the Rs 6 Cr?
What is the India–Singapore transfer-pricing policy, Pte's tax residence/position, and how will cash be repatriated to the listed parent?
Why did Gnanoba & Bhat resign nine days after listing, and what are Ms Anuradha's relationships to the promoter families?
What are the Estel earn-out targets and payment schedule, and what does the impairment test on Rs 52.91 Cr goodwill assume?

Pelatro is a real, sticky niche software business growing 25%+ organically, priced at an undemanding ~20x earnings. But its profits sit offshore, barely convert to cash, and come with a governance history that has twice been costly for minority holders. Neutral: we would revisit on two clean half-years of cash conversion and transparent disclosure on the UK claim and transfer pricing.

Sources

Merged and de-duplicated from the Sources lists of all six research modules (financials, business, governance, narrative, market, street sentiment). All accessed 13-Oct-2026 unless noted. Primary documents were read as text extracts; some NSE PDFs timed out for some modules (noted). [Fact-CF] items rely on prior-run notes believed sourced from the Sep-2024 Prospectus.

A. Company Filings — Annual Reports, Results, Notices

Document	URL	Accessed
Annual Report FY2025-26 (company site)	pelatro.com/…/Annual-Report-FY-25-26.pdf	13-Oct-2026
Annual Report FY2025-26 (NSE archive)	archives.nseindia.com/…/SME_AR_29727_PELATRO_2025_2026…	13-Oct-2026
Annual Report FY2024-25 (company site)	pelatro.com/…/Annual-Report-FY2024-25-1.pdf	13-Oct-2026
Annual Report FY2024-25 (NSE archive)	archives.nseindia.com/…/SME_AR_26562_PELATRO_2024_2025…	13-Oct-2026
Q4 / FY26 audited results (5-May-2026)	pelatro.com/…/Quarterly-Results-FY25-26-Q4…	13-Oct-2026
Q1 FY27 results + limited review (3-Aug-2026)	pelatro.com/…/Quarterly-Results-FY26-27-Q1.pdf	13-Oct-2026
Warrant Postal Ballot Notice (21-Sep-2026)	pelatro.com/…/Postal-Ballot-Notice-21.09.2026.pdf	13-Oct-2026
Corrigendum to Postal Ballot Notice (30-Sep-2026)	pelatro.com/…/Corrigendum…30.09.2026.pdf (summary via Screener)	13-Oct-2026
ESOP Grant Intimation (16-Jan-2026)	pelatro.com/…/ESOP-Grant-Intimation… (not re-read)	13-Oct-2026
FY2025-26 MGT-7 Annual Return	pelatro.com/financial-reports/	13-Oct-2026
Red Herring Prospectus (Sep-2024)	pelatro.com/…/Red-Herring-Prospectus-1.pdf	13-Oct-2026
SME Issue Prospectus (SEBI) — not read (gap)	sebi.gov.in/…/pelatro-limited-sme-issue-prospectus_86923.html	13-Oct-2026
SAST Reg 10(6) intimation (9-Mar-2026) — not read (gap)	pelatro.com/…/Intimation-to-NSE-under-Reg-106-of-SAST…	13-Oct-2026
Statutory auditor resignation letter (3-Oct-2024) — image, not read	pelatro.com/…/Statuatory-Auditor_Resignation_letter…	13-Oct-2026
2026 AGM Notice (FY25-26) — not read (gap)	pelatro.com/…/Annual-General-Meeting-Notice-FY-25-26.pdf	13-Oct-2026

B. NSE Exchange Filings

Filing	URL	Accessed
Board outcome 17-Sep-2026 (warrants)	nsearchives…PELATRO_17092026184052… (timed out for some modules)	13-Oct-2026
Postal-ballot notice intimation 21-Sep-2026	nsearchives…PELATRO_21092026171057…	13-Oct-2026
Board outcome 22-Jul-2025 (preferential)	nsearchives…PELATRO_22072025190655…	13-Oct-2026
Monitoring agency report Sep-2025	nsearchives…PELATRO_07112025173419…	13-Oct-2026
Monitoring agency report Q3 FY26	nsearchives…PELATRO_03022026135352…	13-Oct-2026
Postal ballot (IPO variation) notice	nsearchives…PELATRO_21102025132710…	13-Oct-2026
Postal ballot (IPO variation) result	nsearchives…PELATRO_21112025183332…	13-Oct-2026
Business update 4-Feb-2025 (Africa order)	nsearchives…PELATRO_04022025103123…	13-Oct-2026
Q3 FY26 press release and investor deck	nsearchives…PELATRO_03022026162146…	13-Oct-2026
FY26 press release (6-May-2026)	nsearchives…PELATRO_06052026132219… (timed out for market module)	13-Oct-2026
Investor deck Sep-2025	nsearchives…PELATRO_07112025155349… (timed out for market module)	13-Oct-2026
Q1 FY27 concall transcript (NSE copy)	nsearchives…PELATRO_10082026211833…	13-Oct-2026
FY26 investor-meet transcript (NSE copy)	nsearchives…PELATRO_14052026182719…	13-Oct-2026
Nov-2025 concall transcript (NSE copy)	nsearchives…PELATRO_26112025164741…	13-Oct-2026
Basis-of-allotment advertisement (IPO)	nsearchives…Pelatro_postadv_0.pdf (not fetched; timed out)	13-Oct-2026
NSE circular: ST → SM segment move	nsearchives…CML64101.pdf (snippet)	13-Oct-2026

C. Concall Transcripts (company site)

Call	URL	Accessed
H2/FY25 call, 9-May-2025	pelatro.com/…/Transcript-09.05.25.pdf	13-Oct-2026
H1 FY26 call, 24-Nov-2025	pelatro.com/…/Transcript-24.11.25.pdf	13-Oct-2026
Q3 FY26 call, 5-Feb-2026	pelatro.com/…/Transcript-05.02.26.pdf	13-Oct-2026
Q4/FY26 call, 11-May-2026	pelatro.com/…/Transcript-11.05.2026.pdf	13-Oct-2026
Q1 FY27 call, 6-Aug-2026	pelatro.com/…/Transcript-06.08.2026.pdf	13-Oct-2026
Investing.com Q1 FY27 transcript	investing.com/…/earnings-call-transcript-pelatro-q1-2027…	13-Oct-2026
Investing.com Q1 FY27 slides	investing.com/…/pelatro-q1-fy27-slides…	13-Oct-2026
Quartr event: Q1 FY27	quartr.com/events/…q1-26-27_FYFR3WR1	13-Oct-2026
Quartr event: Q4 FY26	quartr.com/events/…q4-25-26_FYFRLcRU	13-Oct-2026
Quartr event: Q3 FY26	quartr.com/events/…q3-25-26_FYFR3OJS	13-Oct-2026
Quartr event: H2 2025	quartr.com/events/…h2-2025_FYFRLADT	13-Oct-2026
Quartr event: H2 2024	quartr.com/events/…h2-2024_FYFRLLoB	13-Oct-2026
Quartr company page	quartr.com/companies/pelatro-limited_18666	13-Oct-2026
TradingView / Quartr 9M FY26 summary	tradingview.com/news/…9m-fy26…	13-Oct-2026

D. Company & Estel Websites

Page	URL
Homepage; About; Contact; Group businesses; Services	pelatro.com · /about-us/ · /contact-us/ · /group-businesses/ · /services/
Product pages	Campaign · Loyalty · Lead & Acquisition · CDP · Data Monetisation · UCM
Resources	Success stories · Newsroom · Agentic AI launch release (2-Mar-2026)
Investor pages	Presentations · Earnings calls · Announcements · Investors · Promoters & KMP · Shareholding · ESOP · Corporate actions · Announcements (alt) · Earnings call (alt)
Estel	About · Customers · Products

E. Financial Databases & Market Data

Source	URL
Screener (consolidated / standalone)	screener.in/company/PELATRO/consolidated/ · screener.in/company/PELATRO/
Trendlyne (IPO; bulk/block deals; shareholding)	IPO · Bulk/block · SHP Q3-2024 · Q1-2025 · Q3-2025 · Q1-2026
Stockanalysis (Pelatro statistics)	stockanalysis.com/quote/nse/PELATRO/statistics/
Tijori Finance	tijorifinance.com/company/pelatro-ltd/
MarketsMojo Q1 FY27 analysis	marketsmojo.com/…/pelatro-q1-fy27…
Upstox / Choice India / Sharpely (shareholding, board)	Upstox · Choice SHP · Choice board · Sharpely
Price data	ICICIdirect · Dhan · Anand Rathi · share.market · Zerodha
Indiainfoline FY26 reports	Directors' report · Auditor's report · MD&A
Insider profiles	MarketScreener (Subash Menon) · MarketScreener AU · Zonebourse (Anuradha) · Affluense · Wikipedia (Subash Menon)

F. IPO Platforms & Reviews

Source	URL
Chittorgarh (IPO, subscription, recommendations, FAQs)	IPO · Subscription · Recommendations · FAQs
5paisa	About IPO · Subscription · Listing · Allotment · SME IPO page
Groww (DRHP data)	groww.in/ipo/pelatro-ipo
mStock	mstock.com/ipo/pelatro-ltd/ipo445
Finowings	finowings.com/SME-IPO/pelatro-limited…
Equentis / Bajaj Broking IPO notes	Equentis · Bajaj Broking
Business Standard: "NSE SME Pelatro makes a stellar debut" (24-Sep-2024)	business-standard.com/…/nse-sme-pelatro-makes-a-stellar-debut…

G. News & Secondary Analysis

Source	URL
ScanX: FY26 results; Q4 call schedule; 14th AGM	FY26 · Q4 call · AGM
Multibagg: Q1 FY27; Q3 FY26; warrants; stock page	Q1 FY27 · Q3 FY26 · Warrants · Stock page
TradeBrains: Q1 FY27; Q4 FY26	Q1 FY27 · Q4 FY26
Arthneeti (AI-generated secondary)	Q1 FY27 · Q4 FY26 · Q1 FY26
MarketScreener news (orders, Estel, going-concern tags, office shift)	News list · SE Asia order · ME order · African group · Estel approval · GC tag 1 · GC tag 2 · Office shift
Africa USD 3.4 mn order (secondary post)	x.com/nileshkurhade/status/1886641559845875757
Outlook Business: "Final goodbye" (Nov-2014, Kivar/Subex)	outlookbusiness.com/…/final-goodbye-27

H. AIM-Era (Pelatro plc), UK Registry & Founder History

Source	URL
Investegate RNS index (PTRO)	investegate.co.uk/company/PTRO
RNS (under investegate.co.uk/announcement/rns/pelatro--ptro/)	/subscription-to-raise-1-1m-and-issue-of-equity/7693201 · /proposed-cancellation-and-directorate-change-/7721110 · /aim-cancellation-notice-of-general-meeting/7726425 · /result-of-general-meeting/7769813 · /trading-update/7773841 · /holding-s-in-company/7783299 · /potential-acquisition/7613189 · /directorate-change/7318779 · /directorate-change/7197524 · /board-update/6657928 · /board-update/6829827
RNS contract wins	Jun-2023 · Aug-2022 · Jun-2022 · Oct-2021 · May-2021 · Apr-2018 · Trading update Jan-2023
Telecompaper (Jun-2020 extension)	telecompaper.com/news/pelatro-wins-contract-extension--1343799
Morningstar UK: CFO resigns, AIM delisting	morningstar.co.uk/…/cfo-resigns-as-pelatro-plans-delisting…
Companies House: Pelatro Limited (UK) 10630166	company-information.service.gov.uk/company/10630166 (+ /filing-history, /officers)
Bannix SPAC	SPACInsider · SEC EDGAR 8-K
Subex	Subex press release · Commsrisk · Wikipedia (Subex)

I. Peers & Industry

Source	URL
Screener peers	Subex · Tanla · OnMobile · Route Mobile
Stockanalysis peers	Tanla · Subex · OnMobile · Route · Amdocs stats · Amdocs financials · Lumine stats · Lumine financials
Mordor Intelligence: telecom analytics market	mordorintelligence.com/…/telecom-analytics-market
Flytxt – Digicel T&T (PTI/PRN, 7-Jul-2026)	thewire.in/…/flytxt-partners-with-digicel…
Comviva (Briefglance; FY26 sales aggregator — unverified)	Briefglance · yespress.io/comviva.md

Known gaps after all modules. Prospectus litigation section and director relationships; auditor resignation reason; SAST 9-Mar-2026 text; which warrant allottee was cut by 15,000; ESOP grant quantum/price; ATH date; full anchor list; Nov-2024 and Mar-2025 call transcripts; value of 19-Aug-2025 African win and content of 16-Jul-2025 business update; Estel PPA/earn-out terms; certifications; customer-level concentration for FY26; status of UK claim; Evolving Systems product ownership; Comviva FY26 figures (verify vs Tech Mahindra AR).