One97 Communications Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2024 • Payment & Financial Services: 81.5% • Commerce & Cloud Services: 17.4% • Other Operating Revenue: 1.1%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company is almost debt free
- Latest quarter profit grew 79.6% YoY, showing strong momentum
- Operating margins have improved to 5.9% from -20.4%
- Company has delivered good sales growth of 24.7% CAGR over last 5 years
- Company generates healthy free cash flow
- Institutional investors have been accumulating - FII+DII up 2.4pp
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (147.6% of PBT)
- Company has a low return on capital employed of -3.6%
- Company has a low return on equity of -5.3% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.14x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GROWW | 200.20 | 51.48 | 125597.40 | 0.00 | 7350.40 | — | 15014.20 | 1560.13 | 37.54 | 64.60 |
| PAYTM | 1806.25 | 178.29 | 115890.41 | 0.00 | 220.00 | 79.59 | 2448.00 | 27.67 | 3.87 | 8.29 |
| POLICYBZR | 1795.75 | 111.06 | 83098.83 | 0.00 | 1629.10 | 1824.51 | 18882.80 | 1300.81 | 10.84 | 7.24 |
| PINELABS | 202.35 | 183.43 | 23348.32 | 0.00 | 195.70 | 3985.59 | 7369.20 | 1096.47 | 4.21 | 12.88 |
| STYL | 386.25 | 23.69 | 6249.75 | 0.65 | 60.34 | 63.78 | 376.47 | 21.10 | 28.03 | 23.21 |
| CCAVENUE | 16.31 | 19.40 | 5702.66 | 0.00 | 84.77 | 45.08 | 2680.40 | 109.37 | 7.98 | 3.80 |
| TURTLEMINT | 136.25 | 0.00 | 4012.28 | 0.00 | -377.80 | — | 2940.80 | — | -38.38 | -11.20 |
| MOBIKWIK | 209.55 | 0.00 | 1650.14 | 0.00 | 7.62 | 118.17 | 281.48 | 3.73 | 8.02 | 2.88 |
| SUVIDHAA | 2.26 | 0.00 | 47.42 | 0.00 | -1.91 | 55.58 | 2.40 | 135.29 | -32.85 | -70.42 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,342 | 2,519 | 2,850 | 2,267 | 1,502 | 1,659 | 1,828 | 1,912 | 1,918 | 2,061 | 2,194 | 2,264 | 2,448 | |
| 2,634 | 2,750 | 3,010 | 2,491 | 2,294 | 2,063 | 2,051 | 2,000 | 1,846 | 1,920 | 2,038 | 2,132 | 2,383 | |
| Operating Profit | -293 | -231 | -160 | -224 | -792 | -404 | -223 | -88 | 72 | 141 | 156 | 132 | 65 |
| OPM % | -12.50% | -9.17% | -5.60% | -9.86% | -52.76% | -24.35% | -12.20% | -4.60% | 3.73% | 6.84% | 7.11% | 5.83% | 2.66% |
| 123 | 138 | 149 | 132 | 138 | 1,521 | 189 | -299 | 225 | 32 | 212 | 199 | 182 | |
| Interest | 7 | 7 | 5 | 5 | 4 | 3 | 4 | 5 | 4 | 5 | 4 | 5 | 7 |
| Depreciation | 159 | 180 | 201 | 196 | 178 | 179 | 165 | 150 | 166 | 137 | 133 | 132 | 131 |
| Profit before Tax | -336 | -280 | -217 | -293 | -837 | 935 | -203 | -542 | 126 | 31 | 231 | 194 | 247 |
| Tax % | -1.31% | -4.54% | -0.32% | -4.82% | -0.18% | 0.96% | -2.46% | -0.55% | 3.17% | 29.03% | 2.16% | 5.67% | 10.93% |
| Net Profit | 0 | 0 | 0 | 0 | -840 | 930 | -208 | -545 | 122 | 21 | 225 | 183 | 220 |
| -6.00 | -4.58 | -3.46 | -8.65 | -13.19 | 14.59 | -3.27 | -8.47 | 1.92 | 0.33 | 3.52 | 2.87 | 3.44 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 615 | 3,058 | 3,232 | 3,281 | 2,802 | 4,974 | 7,990 | 9,978 | 6,900 | 8,437 | 8,967 | |
| 1,944 | 4,793 | 7,610 | 5,910 | 4,567 | 7,312 | 9,622 | 11,136 | 8,443 | 7,939 | 8,473 | |
| Operating Profit | -1,330 | -1,735 | -4,378 | -2,630 | -1,764 | -2,338 | -1,631 | -1,158 | -1,543 | 498 | 494 |
| OPM % | -216.34% | -56.73% | -135.46% | -80.15% | -62.96% | -47.00% | -20.41% | -11.61% | -22.36% | 5.90% | 5.51% |
| 757 | 260 | 280 | -45 | 356 | 288 | 410 | 567 | 1,585 | 673 | 625 | |
| Interest | 4 | 29 | 20 | 53 | 38 | 42 | 24 | 26 | 17 | 19 | 21 |
| Depreciation | 40 | 79 | 100 | 174 | 178 | 247 | 485 | 736 | 673 | 568 | 533 |
| Profit before Tax | -617 | -1,582 | -4,218 | -2,958 | -1,698 | -2,385 | -1,743 | -1,390 | -645 | 582 | 703 |
| Tax % | -0.40% | -0.10% | 0.15% | 0.53% | -0.16% | -0.47% | -1.93% | -2.30% | -2.79% | 5.15% | 7.40% |
| Net Profit | -620 | -1,584 | -4,212 | -2,942 | -1,701 | -2,396 | -1,776 | -1,422 | -663 | 552 | 651 |
| EPS | -134.17 | -315.48 | -743.12 | -488.00 | -280.35 | -36.87 | -28.01 | -22.28 | -10.30 | 8.64 | — |
| 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:
- 26%
- 5 Years:
- 25%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 28%
- 1 Year:
- 48%
RETURN ON EQUITY
- 10 Years:
- -25%
- 5 Years:
- -11%
- 3 Years:
- -5%
- Last Year:
- 4%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 47 | 55 | 58 | 60 | 60 | 65 | 63 | 64 | 64 | 64 |
| Minority Interest | 0 | 135 | 86 | -14 | -19 | -22 | -23 | -28 | -30 | 2 |
| 2,264 | 7,294 | 5,431 | 7,690 | 6,048 | 13,084 | 10,556 | 9,576 | 14,315 | 15,353 | |
| 90 | 242 | 723 | 733 | 1,000 | 499 | 426 | 217 | 178 | 162 | |
| Trade Payables | 230 | 463 | 737 | 612 | 605 | 751 | 859 | 684 | 741 | 889 |
| 1,266 | 486 | 1,545 | 1,220 | 1,454 | 3,607 | 6,076 | 8,168 | 6,169 | 7,433 | |
| Total Liabilities | 3,897 | 8,676 | 8,579 | 10,300 | 9,148 | 17,985 | 17,957 | 18,681 | 21,437 | 23,903 |
| 144 | 572 | 651 | 594 | 491 | 914 | 1,209 | 1,247 | 890 | 906 | |
| Capital Work in Progress | 73 | 19 | 51 | 13 | 21 | 10 | 7 | 10 | 4 | 7 |
| 614 | 4,842 | 2,849 | 3,740 | 413 | 1,230 | 2,697 | 4,628 | 4,172 | 4,501 | |
| 0 | 0 | 0 | 0 | 471 | 746 | 1,238 | 1,651 | 1,297 | 1,186 | |
| Cash & Bank | 599 | 370 | 363 | 540 | 2,876 | 5,202 | 7,040 | 6,800 | 11,557 | 13,025 |
| 2,467 | 2,873 | 4,665 | 5,413 | 4,875 | 9,883 | 5,767 | 4,345 | 3,517 | 4,278 | |
| Total Assets | 3,897 | 8,676 | 8,579 | 10,300 | 9,148 | 17,985 | 17,957 | 18,681 | 21,437 | 23,903 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1,781 | -2,455 | -4,307 | -2,350 | -2,083 | -1,236 | 416 | 651 | -121 | -743 | |
| Cash from Investing | 1,687 | -4,200 | 1,916 | -1,996 | 1,930 | -5,489 | 2,626 | 318 | -2,043 | 1,719 |
| Cash from Financing | 487 | 6,400 | 2,816 | 5,160 | -222 | 8,054 | -1,112 | -22 | -53 | -50 |
| 349 | -419 | 236 | 787 | -375 | 1,329 | 1,929 | 947 | -2,217 | 926 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - One 97 Communications Limited has informed the Exchange about Clarification regarding media report dated September 9, 2026
2026-09-01 - One 97 Communications Limited has informed the Exchange regarding Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Allotment of 4,74,714 equity shares pursuant to exercise of stock options under One 97 Employees Stock Option Scheme 2019
2026-08-22 - One 97 Communications Limited has informed the Exchange regarding Disclosure under Regulation 30 and 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- Dispatch of letter to shareholders whose e-mail addresses are not registered with Company/ Registrar & Share Transfer Agent/ Depository Participant(s).
2026-08-22 - One 97 Communications Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Newspaper Advertisement regarding completion of dispatch of Notice of 26th Annual General Meeting ( AGM ) of Members of the Company and the Annual Report for financial year 2025-26along with other related information
2026-08-21 - Disclosure under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Business Responsibility and Sustainability Report of the Company for the financial year 2025-26
2026-08-21 - One 97 Communications Limited has informed the Exchange regarding Notice of 26th Annual General Meeting scheduled to be held on Tuesday, September 15, 2026 along with Annual Report for the financial year 2025-26
2026-08-19 - One 97 Communications Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-18 - One 97 Communications Limited has informed the Exchange regarding 'Intimation regarding 26th Annual General Meeting of Members of the Company for the financial year 2025- 26'.
2026-08-17 - One 97 Communications Limited has informed the Exchange about Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Resilient proposes Block Market Trade in Paytm shares under existing OCD agreement with Antfin; economic value to be retained by Antfin.
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One97 Communications Ltd.
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