CG-VAK Software & Exports Ltd.

•

cgvak.comBSE: -NSE: CGVAK

Market Cap₹ 75 Cr.

Current Price

High / Low₹ 164 / 127

Stock P/E9.0

Book Value₹ 139

Price to Book2.12

Dividend Yield0.68 %

ROCE23.0 %

ROE16.2 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2012 • Software Services: 96.9% • BPO Services: 3.1%

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%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 30.8%
Company has a good return on equity (ROE) track record: 3 Years ROE 22.3%
Company has delivered good sales growth of 18.6% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.05x)

CONS

Recent results are weak - TTM profit is down 18.3% versus prior year
Operating margins have contracted to 24.5% from 35.5%
Growth is decelerating - 3Y profit CAGR (-0.0%) trails the 5Y trend (19.0%)

* 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

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
	15	14	13	13	12	13	14	14	14	15	15	14	14
	10	10	10	11	10	10	10	11	10	10	11	12	11
Operating Profit	5	3	2	2	3	3	4	3	4	4	4	3	2
OPM %	31.50%	23.91%	17.89%	17.78%	21.01%	25.72%	26.39%	23.91%	27.78%	29.58%	29.66%	19.85%	18.01%
	0	0	1	0	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	2	2	3	3	3	4	5	4	-0	3
Tax %	25.24%	24.84%	22.41%	30.22%	24.89%	24.52%	25.00%	27.33%	25.27%	25.55%	27.02%	-250.00%	25.17%
Net Profit	3	2	2	2	2	2	3	2	3	3	3	-0	2
	6.11	4.73	3.56	3.11	3.38	4.69	5.11	4.48	5.38	6.70	6.26	-0.28	3.71

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
	10	12	14	20	23	30	38	55	54	54	58
	9	11	13	15	17	20	26	37	41	41	44
Operating Profit	1	1	2	5	6	10	13	18	13	13	14
OPM %	12.49%	8.04%	11.19%	24.93%	25.85%	32.92%	33.18%	32.14%	23.22%	24.47%	24.43%
	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	1	1	2	5	5	9	12	16	12	12	11
Tax %	31.30%	30.31%	28.55%	28.31%	27.81%	24.07%	25.23%	25.76%	25.46%	25.55%	27.00%
Net Profit	1	0	1	3	4	7	9	12	9	9	8
EPS	0.00	0.00	0.00	0.00	7.39	13.59	17.67	23.14	17.51	17.66	—
Dividend Payout %	31.34%	64.80%	22.70%	10.98%	10.15%	7.36%	5.66%	4.32%	5.71%	5.66%	—

COMPOUNDED SALES GROWTH

10 Years:: 18%
5 Years:: 19%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: 25%
5 Years:: 19%
3 Years:: 0%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 22%
5 Years:: 27%
3 Years:: 22%
Last Year:: 16%

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	5	5	5	5	5	5	5	5	5	5
	4	4	5	8	11	18	26	37	46	54
	0	0	0	1	3	2	6	3	3	2
	1	1	2	1	2	2	3	4	4	4
Total Liabilities	10	10	12	15	22	28	41	50	59	66
	2	2	2	3	7	6	27	27	26	34
	4	3	4	5	4	9	5	9	7	14
	0	0	0	0	0	0	0	0	9	7
Cash & Bank	1	2	4	5	5	6	2	3	13	7
	3	2	2	3	6	7	7	11	4	5
Total Assets	10	10	12	15	22	28	41	50	59	66

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
	2	1	3	3	4	9	13	15	9	11
Cash from Investing	-0	0	-3	-2	-1	-4	-13	-6	-1	-16
Cash from Financing	-1	-0	-0	1	-2	-1	1	-4	-1	-2
	0	1	-1	1	-0	2	-1	1	6	-6

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 (₹)	1.60	0.77	2.20	6.83	7.39	13.59	17.67	23.14	17.51	17.66
Book Value (₹)	17.13	17.85	19.39	25.59	32.04	44.95	61.91	83.90	100.97	117.01
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 (₹)	2.06	1.32	2.76	7.50	9.08	15.54	19.96	26.42	20.83	20.72
PROFITABILITY
Operating Margin %	15.02%	8.85%	13.76%	26.03%	28.46%	35.07%	35.48%	32.82%	23.22%	24.47%
Net Margin %	8.03%	3.35%	7.80%	16.94%	16.21%	23.07%	23.29%	21.29%	16.37%	16.51%
ROE %	9.58%	4.41%	11.83%	30.36%	25.63%	35.31%	33.07%	31.75%	18.95%	16.20%
ROCE %	14.93%	8.45%	17.86%	41.81%	37.55%	48.37%	43.95%	42.91%	26.63%	23.00%
	8.50%	4.07%	10.50%	25.53%	20.09%	27.80%	25.84%	25.61%	16.31%	14.29%
EFFICIENCY
Debtor Days	103	67	37	23	40	47	40	37	53	53
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	103	67	37	23	40	47	40	37	53	53
FINANCIAL HEALTH
Debt to Equity (x)	0.01x	0.00x	0.00x	0.08x	0.01x	0.00x	0.08x	0.00x	0.00x	0.00x
Interest Coverage (x)	12.62x	3.92x	13.54x	33.54x	10.87x	22.94x	24.83x	26.49x	22.00x	18.52x
	3.08x	3.93x	2.88x	2.88x	3.30x	5.99x	1.83x	3.25x	5.61x	3.72x
GROWTH
Revenue Growth %	-4.75%	15.74%	22.73%	42.74%	13.04%	29.33%	28.75%	43.30%	-1.60%	-0.02%
Operating Profit Growth %	-19.77%	-31.77%	90.77%	170.02%	23.57%	59.35%	30.28%	32.54%	-21.71%	0.74%
Net Profit Growth %	-14.20%	-51.63%	185.42%	210.04%	8.17%	84.01%	30.00%	30.98%	-24.33%	0.83%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-24.33%	0.83%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	19.68x	14.03x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	3.41x	2.12x
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	11.40x	8.33x

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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