Avio Smart Market Stack Ltd.
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ABOUT
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company is almost debt free
- Working capital cycle has improved - days down from 70 to 8
- Company comfortably covers its interest (50.8x coverage)
CONS
- Company is loss-making at the operating / net level
- Receivables are growing faster than sales - a possible quality concern
- Operating cash flow has been negative in recent years
- Promoter holding has decreased over last 2 years: -23.9pp
- Company has a low return on equity of 3.9% over last 3 years
- A large part of profit comes from other income (28.9% of PBT)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2300.90 | 16.72 | 832485.76 | 4.78 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1130.00 | 15.14 | 458580.27 | 4.25 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1294.00 | 20.15 | 351148.26 | 4.17 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 176.80 | 13.25 | 175109.01 | 6.22 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1592.00 | 30.38 | 156037.29 | 3.20 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4550.00 | 25.80 | 134962.70 | 1.65 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 12067.35 | 30.79 | 105086.26 | 3.31 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5655.00 | 46.38 | 89207.62 | 0.71 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1967.45 | 49.61 | 87153.72 | 0.80 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2425.35 | 24.23 | 46294.46 | 2.56 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3492.45 | 28.07 | 37047.05 | 1.66 | 357.10 | 12.97 | 2940.10 | 11.47 | 27.70 | 18.65 |
| ASMS | 7.05 | 36.18 | 214.73 | 0.00 | 0.92 | — | 11.97 | 34.32 | 8.90 | 1.08 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12 | 12 | 12 | 12 | 14 | 9 | 9 | 9 | 9 | 12 | 48 | 34 | 12 | |
| 11 | 13 | 12 | 13 | 13 | 9 | 9 | 9 | 10 | 12 | 46 | 32 | 12 | |
| Operating Profit | 1 | -0 | -0 | -0 | 0 | -0 | -0 | -0 | -1 | 1 | 3 | 2 | 0 |
| OPM % | 5.39% | -3.14% | -1.51% | -1.21% | 1.69% | -0.68% | -4.25% | -1.12% | -9.29% | 5.73% | 5.36% | 6.75% | 2.97% |
| 0 | -0 | 0 | 1 | 1 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 1 | -1 | -0 | 1 | 1 | 0 | -0 | 1 | -1 | 1 | 3 | 3 | 1 |
| Tax % | 9.80% | -20.73% | -500.00% | -253.57% | 16.82% | 0.00% | -0.00% | 33.57% | 156.25% | 0.00% | 8.96% | 20.15% | -22.66% |
| Net Profit | 0 | -1 | -0 | 2 | 1 | 0 | -0 | 1 | 0 | 1 | 2 | 2 | 2 |
| 0.01 | -0.03 | 0.00 | 0.06 | 0.03 | 0.01 | -0.01 | 0.03 | 0.01 | 0.03 | 0.08 | 0.07 | 0.05 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 43 | 73 | 71 | 68 | 66 | 63 | 65 | 53 | 49 | 40 | 107 | |
| 33 | 62 | 58 | 84 | 59 | 57 | 60 | 51 | 49 | 40 | 101 | |
| Operating Profit | 10 | 10 | 13 | -16 | 7 | 6 | 6 | 2 | -0 | -0 | 6 |
| OPM % | 24.18% | 13.95% | 18.13% | -23.46% | 10.45% | 9.49% | 8.64% | 3.74% | -0.08% | -0.65% | 5.58% |
| 19 | -3 | 2 | 0 | 3 | 0 | 0 | 158 | 1 | 3 | 2 | |
| Interest | 54 | 52 | 52 | 52 | 52 | 52 | 52 | 26 | 0 | 0 | 0 |
| Depreciation | 11 | 6 | 6 | 5 | 5 | 4 | 4 | 4 | 0 | 0 | 0 |
| Profit before Tax | -35 | -51 | -43 | -74 | -47 | -50 | -51 | 130 | 0 | 2 | 8 |
| Tax % | 6.35% | 0.78% | 0.90% | 10.51% | -9.42% | 2.48% | 1.14% | 15.01% | -489.64% | 27.16% | 6.52% |
| Net Profit | -33 | -51 | -43 | -66 | -51 | -49 | -50 | 110 | 1 | 2 | 7 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -6.85 | -16.75 | -14.77 | 3.62 | 0.05 | 0.06 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 0%
- 5 Years:
- -10%
- 3 Years:
- -15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 3%
- 1 Year:
- -43%
RETURN ON EQUITY
- 10 Years:
- -35%
- 5 Years:
- 2%
- 3 Years:
- 4%
- Last Year:
- 6%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 34 | 34 | 34 | 34 | 34 | 34 | 34 | 30 | 30 | 30 |
| 116 | 57 | 15 | -27 | -51 | -108 | -147 | -5 | -4 | -2 | |
| 240 | 238 | 174 | 175 | 333 | 360 | 387 | 0 | 0 | 0 | |
| Trade Payables | 263 | 262 | 65 | 75 | 44 | 44 | 45 | 0 | 1 | 2 |
| 814 | 858 | 909 | 972 | 895 | 911 | 948 | 0 | -0 | -0 | |
| Total Liabilities | 1,466 | 1,450 | 1,196 | 1,228 | 1,255 | 1,241 | 1,268 | 26 | 27 | 30 |
| 55 | 50 | 45 | 39 | 32 | 28 | 24 | 4 | 2 | 0 | |
| Capital Work in Progress | 14 | 14 | 14 | 14 | 12 | 12 | 12 | 0 | 0 | 0 |
| 302 | 302 | 302 | 306 | 302 | 302 | 302 | 0 | 0 | 5 | |
| 8 | 5 | 4 | 3 | 3 | 3 | 4 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | |
| Cash & Bank | 5 | 6 | 6 | 6 | 8 | 11 | 15 | 4 | 10 | 2 |
| 1,082 | 1,072 | 826 | 860 | 897 | 885 | 911 | 18 | 14 | 20 | |
| Total Assets | 1,466 | 1,450 | 1,196 | 1,228 | 1,255 | 1,241 | 1,268 | 26 | 27 | 30 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -5 | 4 | 64 | 31 | 61 | 2 | 4 | -9 | -0 | -3 | |
| Cash from Investing | -2 | 1 | 0 | 20 | 11 | 0 | 0 | 1 | 1 | -0 |
| Cash from Financing | 8 | -3 | -64 | -52 | -69 | -0 | 0 | -2 | 0 | 0 |
| 1 | 1 | -0 | -0 | 3 | 2 | 4 | -11 | 0 | -3 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -9.74 | -14.92 | -12.65 | -19.37 | -15.06 | -14.46 | -14.77 | 3.62 | 0.05 | 0.06 |
| Book Value (₹) | 43.93 | 26.88 | 14.36 | 1.95 | -5.00 | -21.74 | -33.05 | 0.83 | 0.87 | 0.93 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -6.47 | -13.13 | -10.92 | -17.78 | -13.72 | -13.20 | -13.52 | 3.76 | 0.06 | 0.06 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 67.31% | 13.70% | 20.32% | -22.00% | 14.88% | 9.77% | 8.82% | 4.86% | -0.08% | -0.65% |
| Net Margin % | -75.94% | -67.44% | -58.95% | -91.60% | -75.39% | -77.61% | -76.72% | 209.44% | 2.83% | 4.36% |
| ROE % | -19.97% | -42.13% | -61.33% | -237.42% | 0.00% | 0.00% | 0.00% | 0.00% | 5.33% | 6.38% |
| ROCE % | 2.04% | 0.08% | 1.07% | -2.66% | 0.61% | 0.19% | 0.15% | 29.17% | 0.96% | 8.90% |
| -2.29% | -3.48% | -3.25% | -5.44% | -4.13% | -3.95% | -4.01% | 17.04% | 5.24% | 6.19% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 7290 | 4292 | 3772 | 3272 | 3630 | 3939 | 3833 | 2437 | 10 | 13 |
| Inventory Days | 63 | 32 | 24 | 20 | 17 | 16 | 18 | 14 | 1 | 0 |
| Payable Days | 0 | 4930 | 6568 | 1653 | 2536 | 6165 | 4433 | 0 | 1452 | 0 |
| 7353 | -606 | -2773 | 1639 | 1111 | -2210 | -581 | 2451 | -1441 | 14 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 5.16x | 8.62x | 15.28x | 119.86x | -61.56x | -14.75x | -10.27x | 0.00x | 0.00x | 0.01x |
| Interest Coverage (x) | 0.34x | 0.01x | 0.17x | -0.40x | 0.11x | 0.04x | 0.03x | 5.95x | 17.06x | 50.84x |
| 0.71x | 0.69x | 0.60x | 0.58x | 0.59x | 0.56x | 0.56x | 3.61x | 4.33x | 1.26x | |
| GROWTH | ||||||||||
| Revenue Growth % | 9.32% | 68.97% | -2.24% | -3.68% | -3.25% | -5.02% | 4.18% | -19.58% | -7.20% | -18.02% |
| Operating Profit Growth % | 6889.54% | -64.92% | 43.87% | -206.72% | 163.92% | -38.77% | -6.69% | -55.78% | -43.97% | -69.79% |
| Net Profit Growth % | 70.50% | -53.09% | 15.21% | -53.13% | 22.25% | 3.98% | -2.17% | 319.13% | -98.75% | 26.30% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -98.75% | 26.21% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 390.75x | 234.38x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 20.39x | 14.48x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 369.79x | 941.35x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - Avio Smart Market Stack Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-04 - Avio Smart Market Stack Limited has informed the Exchange that Record date for the purpose of Meeting is 23-Sep-2026.
2026-09-04 - Avio Smart Market Stack Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-09-03 - Avio Smart Market Stack Limited has informed the Exchange regarding Outcome of Board Meeting held on September 03, 2026.
2026-09-03 - The Exchange has sought clarification from Avio Smart Market Stack Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-08-12 - Avio Smart Market Stack Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Incorporation of a step-down subsidiary of the Company'.
2026-08-12 - Avio Smart Market Stack Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-30 - Avio Smart Market Stack Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-29 - Avio Smart Market Stack Limited has informed the Exchange regarding a press release dated July 29, 2026, titled "Avio Smart Market Stack Limited and ProClime Join Hands to Develop Biochar-Based Soil Solutions for Climate-Resilient Agriculture".
News
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