CG-VAK Software & Exports Ltd.

•

cgvak.comBSE: -NSE: CGVAK

Market Cap₹ 75 Cr.

Current Price

High / Low₹ 164 / 127

Stock P/E8.7

Book Value₹ 167

Price to Book1.75

Dividend Yield0.68 %

ROCE19.7 %

ROE13.8 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2012 • Software Services: 99.0% • BPO Services: 1.0%

AI Sector View

AI GENERATED

Information Technology

Buy

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.

Confidence

68%

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PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 25.5%
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.12x)
Working capital cycle has improved - days down from 140 to 108
Company generates healthy free cash flow

CONS

Recent results are weak - TTM profit is down 18.0% versus prior year
Operating margins have contracted to 17.2% from 25.5%
Growth is decelerating - 3Y profit CAGR (0.9%) trails the 5Y trend (19.3%)
Though reporting repeated profits, the company pays out little dividend (5.4%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyITIT - Software

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	TCS	2300.90	16.72	832485.76	4.78	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1130.00	15.14	458580.27	4.25	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1294.00	20.15	351148.26	4.17	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	176.80	13.25	175109.01	6.22	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1592.00	30.38	156037.29	3.20	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4550.00	25.80	134962.70	1.65	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	12067.35	30.79	105086.26	3.31	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5655.00	46.38	89207.62	0.71	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1967.45	49.61	87153.72	0.80	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2425.35	24.23	46294.46	2.56	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3492.45	28.07	37047.05	1.66	3571.00	1029.71	29401.00	1014.73	27.70	18.65
12.	CGVAK	147.90	8.66	74.69	0.68	1.94	-31.14	18.00	-2.42	19.67	16.17

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	21	20	19	19	18	19	20	20	18	18	19	19	18
	16	17	17	16	16	16	16	16	15	14	14	16	16
Operating Profit	5	3	2	2	3	3	4	4	4	4	4	3	2
OPM %	21.97%	16.53%	11.25%	13.27%	14.10%	16.84%	19.05%	18.22%	21.19%	23.80%	23.86%	15.36%	13.64%
	0	0	1	1	0	0	0	0	0	1	0	-2	0
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	4	3	2	3	2	3	4	3	4	5	4	0	3
Tax %	25.30%	24.62%	23.40%	29.80%	25.53%	24.45%	24.93%	28.02%	25.46%	25.75%	27.19%	116.67%	25.47%
Net Profit	0	0	0	0	2	2	3	2	3	3	3	-0	2
	6.25	4.90	3.58	3.54	3.46	4.76	5.31	4.83	5.57	6.86	6.41	-0.04	3.84

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	35	32	30	36	39	44	54	77	79	77	74
	33	31	28	31	33	34	41	59	66	64	60
Operating Profit	2	1	2	5	6	10	13	18	13	13	14
OPM %	5.69%	4.49%	6.57%	13.96%	15.42%	22.37%	23.88%	23.27%	16.02%	17.23%	19.17%
	0	0	0	0	1	1	1	0	2	1	-1
Interest	0	0	0	0	1	0	1	1	1	1	1
Depreciation	0	0	0	0	1	1	1	2	2	2	1
Profit before Tax	2	1	2	5	5	9	12	16	12	12	12
Tax %	30.75%	28.88%	28.24%	28.77%	27.96%	24.20%	25.36%	25.90%	25.65%	25.77%	27.15%
Net Profit	1	1	1	4	4	7	9	12	9	9	9
EPS	0.00	0.00	0.00	0.00	7.60	13.78	17.87	23.58	18.28	18.35	—
Dividend Payout %	19.05%	32.66%	18.13%	10.62%	9.87%	7.25%	5.60%	4.24%	5.47%	5.45%	—

COMPOUNDED SALES GROWTH

10 Years:: 7%
5 Years:: 14%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: 19%
5 Years:: 19%
3 Years:: 1%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 21%
3 Years:: 18%
Last Year:: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5	5	5	5	5	5	5	5	5	5
	11	11	12	16	20	27	36	48	57	67
	0	0	0	1	3	2	6	3	3	2
Trade Payables	2	1	1	1	1	1	0	0	0	1
	2	1	3	2	3	3	4	5	5	5
Total Liabilities	20	18	20	25	32	38	52	62	71	80
	2	2	2	3	7	6	27	27	26	34
	0	0	0	1	1	5	2	6	13	21
	0	0	0	0	0	0	0	0	12	10
Cash & Bank	6	7	11	11	13	15	11	14	15	10
	12	9	7	9	11	11	12	15	4	5
Total Assets	20	18	20	25	32	38	52	62	71	80

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	3	2	5	3	6	10	14	16	9	13
Cash from Investing	-0	0	-3	-2	-6	-2	-13	-12	-1	-17
Cash from Financing	-1	-0	-0	1	-2	-1	1	-4	-1	-2
	1	1	1	-0	-3	4	-1	-4	7	-5

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	2.62	1.53	2.76	7.07	7.60	13.78	17.87	23.58	18.28	18.35
Book Value (₹)	31.15	32.03	34.02	41.85	50.42	62.66	81.04	105.79	123.74	141.69
Dividend per Share (₹)	0.50	0.50	0.50	0.75	0.75	1.00	1.00	1.00	1.00	1.00
Cash EPS (₹)	3.09	2.09	3.32	7.75	9.31	15.74	20.17	26.87	21.59	21.43
PROFITABILITY
Operating Margin %	6.41%	4.87%	7.84%	15.19%	17.10%	23.96%	25.52%	23.87%	16.02%	17.23%
Net Margin %	3.76%	2.40%	4.64%	9.84%	9.77%	15.75%	16.74%	15.48%	11.75%	12.03%
ROE %	8.90%	4.85%	8.35%	18.63%	16.47%	24.38%	24.87%	25.24%	15.92%	13.83%
ROCE %	13.46%	8.05%	12.42%	26.26%	24.48%	33.51%	33.51%	34.42%	22.40%	19.67%
	6.85%	4.04%	7.23%	15.84%	13.54%	20.01%	20.21%	20.94%	13.88%	12.29%
EFFICIENCY
Debtor Days	108	97	74	56	62	60	50	43	53	52
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	108	97	74	56	62	60	50	43	53	52
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.05x	0.01x	0.00x	0.06x	0.00x	0.00x	0.00x
Interest Coverage (x)	18.82x	6.38x	15.73x	33.93x	11.15x	22.96x	24.90x	26.79x	22.74x	18.91x
	3.69x	6.65x	5.09x	5.45x	5.71x	8.25x	4.05x	5.59x	6.45x	4.86x
GROWTH
Revenue Growth %	-9.03%	-8.51%	-6.78%	20.71%	8.29%	12.59%	21.96%	42.65%	2.17%	-1.95%
Operating Profit Growth %	-18.33%	-30.44%	50.04%	133.75%	21.92%	57.73%	29.93%	33.39%	-20.14%	0.55%
Net Profit Growth %	-15.71%	-41.67%	80.16%	156.18%	7.54%	81.43%	29.64%	31.93%	-22.49%	0.44%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-22.49%	0.44%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	18.86x	13.49x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.79x	1.75x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.29%	0.40%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.82x	7.80x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.87	53.87	53.87	53.87	53.87	53.87	53.87	53.87	53.87
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.09
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	46.13	46.13	46.13	46.13	46.13	46.13	46.13	46.13	46.05

Documents

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