Smartlink Holdings 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 has delivered good profit growth of 21.4% CAGR over last 5 years
- Company is almost debt free
- Company has delivered good sales growth of 53.1% CAGR over last 5 years
- Stock looks reasonably valued - P/E of 15.3 is below its historical median
- Working capital cycle has improved - days down from 390 to 311
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- A large part of profit comes from other income (177.6% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on capital employed of 3.0%
- Company has a low return on equity of 3.1% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.32x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLINKINDIA | 451.95 | 14.96 | 1604.64 | 7.41 | 27.61 | 13.26 | 456.96 | 30.50 | 28.82 | 7.61 |
| SMARTLINK | 217.70 | 13.10 | 217.16 | 0.92 | 5.61 | 157.79 | 65.28 | 76.32 | 9.12 | 7.07 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 3 | 17 | 36 | 11 | 0 | 30 | 29 | 19 | 0 | 25 | 53 | 24 | |
| 2 | 2 | 19 | 34 | 14 | 29 | 31 | 33 | 21 | 31 | 28 | 52 | 27 | |
| Operating Profit | 1 | 1 | -2 | 3 | -3 | -2 | -2 | -3 | -3 | -2 | -3 | 1 | -2 |
| OPM % | 48.40% | 54.01% | -9.40% | 7.28% | -24.37% | — | -5.47% | -10.42% | -13.53% | — | -12.82% | 2.32% | -6.81% |
| Other Income | 0 | 0 | 3 | 3 | 3 | 4 | 3 | 3 | 4 | 2 | 3 | 15 | 4 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 1 | 1 | 1 | 5 | -1 | 0 | 0 | -1 | 0 | -0 | -1 | 15 | 1 | |
| Tax % | 28.26% | 27.50% | 42.37% | 5.88% | -35.85% | 96.97% | -248.84% | 394.92% | 33.33% | 20.41% | 32.23% | 3.77% | 24.29% |
| Net Profit | 1 | 1 | 0 | 5 | -1 | 0 | 2 | 2 | 0 | -0 | -1 | 14 | 1 |
| 1 | 1 | 0 | 5 | -1 | 0 | 2 | 2 | 0 | -1 | -1 | 14 | 0 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 22 | 18 | 22 | 17 | 15 | 9 | 10 | 13 | 97 | 125 | 102 | |
| 16 | 5 | 45 | 25 | 7 | 7 | 10 | 7 | 107 | 132 | 137 | |
| Operating Profit | 6 | 13 | -24 | -8 | 8 | 2 | -0 | 5 | -10 | -7 | -35 |
| OPM % | 26.76% | 71.29% | -110.13% | -44.30% | 54.81% | 26.72% | -1.11% | 42.89% | -10.18% | -5.25% | -34.40% |
| 6 | 3 | 0 | -4 | 0 | 28 | 22 | 0 | 13 | 24 | 24 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 3 | 4 |
| Profit before Tax | 10 | 14 | -25 | -14 | 7 | 29 | 21 | 4 | -0 | 13 | 15 |
| Tax % | 48.77% | 23.80% | -12.54% | 3.69% | 27.37% | 1.44% | 16.02% | 26.35% | 815.40% | 0.98% | 2.84% |
| Net Profit | 5 | 11 | -28 | -13 | 5 | 29 | 18 | 3 | 3 | 13 | 14 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 3.77 | 27.59 | 17.79 | 3.21 | 2.54 | 13.25 | — |
| Dividend Payout % | 87.19% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15.09% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 53%
- 3 Years:
- 136%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 12%
- 5 Years:
- 21%
- 3 Years:
- -9%
STOCK PRICE CAGR
- 10 Years:
- 9%
- 5 Years:
- 15%
- 3 Years:
- 6%
- 1 Year:
- 45%
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- 7%
- 3 Years:
- 3%
- Last Year:
- 6%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 |
| 335 | 341 | 255 | 185 | 190 | 181 | 199 | 202 | 198 | 211 | |
| 0 | 0 | 1 | 3 | 2 | 2 | 1 | 1 | 2 | 2 | |
| Trade Payables | 1 | 1 | 1 | 0 | 1 | 0 | 1 | 0 | 9 | 31 |
| 19 | 22 | 5 | 4 | 23 | 23 | 5 | 6 | 14 | 12 | |
| Total Liabilities | 360 | 368 | 266 | 195 | 219 | 209 | 208 | 212 | 225 | 258 |
| 20 | 19 | 20 | 26 | 11 | 8 | 9 | 3 | 14 | 15 | |
| Capital Work in Progress | 0 | 0 | 0 | 2 | 2 | 2 | 0 | 0 | 0 | 1 |
| 305 | 321 | 239 | 163 | 167 | 150 | 175 | 180 | 137 | 157 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 6 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19 | 43 | |
| Cash & Bank | 13 | 2 | 5 | 1 | 5 | 11 | 8 | 8 | 3 | 4 |
| 22 | 26 | 2 | 3 | 34 | 37 | 16 | 20 | 45 | 31 | |
| Total Assets | 360 | 368 | 266 | 195 | 219 | 209 | 208 | 212 | 225 | 258 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -17 | -3 | 73 | 72 | 1 | 40 | -19 | -0 | -29 | 4 | |
| Cash from Investing | 99 | 14 | -4 | -12 | -0 | -0 | 23 | -0 | 37 | -4 |
| Cash from Financing | -82 | -5 | -68 | -59 | -1 | -39 | -0 | -0 | -8 | -0 |
| -1 | 2 | -2 | -0 | 0 | -0 | 0 | -0 | -0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.29 | 4.88 | -16.72 | -9.88 | 3.77 | 29.03 | 17.79 | 3.21 | 2.54 | 13.25 |
| Book Value (₹) | 148.95 | 151.42 | 152.67 | 141.09 | 144.96 | 183.55 | 201.35 | 204.52 | 200.61 | 214.00 |
| Dividend per Share (₹) | 2.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.00 |
| Cash EPS (₹) | 2.83 | 5.45 | -15.99 | -8.81 | 4.81 | 30.11 | 18.81 | 4.26 | 5.47 | 16.63 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 38.41% | 87.40% | -109.97% | -39.63% | 57.36% | 336.79% | 14.68% | 42.89% | -10.18% | -5.25% |
| Net Margin % | 23.90% | 60.93% | -131.18% | -68.76% | 33.61% | 318.39% | 185.87% | 25.56% | 2.62% | 10.54% |
| ROE % | 1.38% | 3.25% | -9.44% | -5.89% | 2.64% | 15.41% | 9.24% | 1.58% | 1.26% | 6.39% |
| ROCE % | 2.74% | 4.28% | -8.30% | -5.88% | 3.73% | 15.56% | 11.00% | 2.21% | 0.16% | 6.65% |
| 1.29% | 3.02% | -8.94% | -5.71% | 2.43% | 13.54% | 8.51% | 1.53% | 1.16% | 5.47% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 0 | 0 | 6 | 12 | 22 | 33 | 25 | 11 | 36 | 90 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23 | 18 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 65 |
| 0 | 0 | 6 | 12 | 22 | 33 | 25 | 11 | 40 | 44 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.00x | 0.00x | 0.01x | 0.02x | 0.01x | 0.01x | 0.01x | 0.01x | 0.00x | 0.00x |
| Interest Coverage (x) | 69.31x | 221.91x | -127.56x | -33.57x | 25.47x | 176.27x | 125.63x | 29.42x | 0.48x | 34.14x |
| 24.75x | 20.98x | 230.19x | 142.38x | 91.74x | 120.60x | 64.85x | 78.23x | 10.69x | 4.01x | |
| GROWTH | ||||||||||
| Revenue Growth % | -32.31% | -16.57% | 19.62% | -20.06% | -13.51% | -39.11% | 4.96% | 31.35% | 673.42% | 29.40% |
| Operating Profit Growth % | 1.44% | 89.83% | -250.50% | 68.11% | 213.10% | 257.55% | -95.42% | 296.10% | -41.42% | 426.66% |
| Net Profit Growth % | 18.00% | 112.69% | -357.52% | 53.62% | 138.20% | 476.82% | -38.73% | -81.94% | -20.83% | 421.12% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -81.94% | -20.83% | 421.12% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 52.64x | 49.58x | 7.92x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.83x | 0.63x | 0.49x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.90% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 29.14x | 37.68x | 5.88x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-05 - Smartlink Holdings Limited has informed the Exchange about Retirement of Mr. Pradeep Anant Rane (DIN 01446215) as Independent Director of the Company
2026-08-03 - Smartlink Holdings Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-01 - Smartlink Holdings Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 01, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-01 - Smartlink Holdings Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 01, 2026
2026-07-31 - Smartlink Holdings Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-11 - Smartlink Holdings Limited has informed the Exchange about Letters sent to shareholders
2026-07-09 - Smartlink Holdings Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-07-08 - Smartlink Holdings Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-07 - Smartlink Holdings Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 01, 2026
News
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