Tata Elxsi Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Software Development and Services: 97.5% • Systems Integration and Support: 2.5%
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
- Company has a healthy return on capital (ROCE) of 38.1%
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.5%
- Company has delivered good sales growth of 15.5% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.99x)
CONS
- Operating margins have contracted to 22.3% from 32.9%
- Stock is trading at 8.2x its book value
- Growth is decelerating - 3Y profit CAGR (-5.9%) trails the 5Y trend (11.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2209.00 | 16.05 | 799235.53 | 4.98 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1035.00 | 13.87 | 420027.06 | 4.64 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1226.55 | 19.10 | 332844.59 | 4.40 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 167.50 | 12.55 | 165902.38 | 6.57 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1502.25 | 28.67 | 147240.59 | 3.39 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4403.10 | 24.97 | 130605.33 | 1.70 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11623.00 | 29.66 | 101216.72 | 3.44 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5390.00 | 44.21 | 85027.25 | 0.74 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1846.90 | 46.57 | 81813.62 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2311.65 | 23.10 | 44125.99 | 2.68 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3360.55 | 27.01 | 35647.89 | 1.73 | 357.10 | 12.97 | 2940.10 | 11.47 | 27.70 | 18.65 |
| TATAELXSI | 3387.75 | 206.90 | 21107.62 | 2.21 | 170.60 | 18.17 | 1021.11 | 14.46 | 28.57 | 21.15 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 850 | 882 | 914 | 906 | 926 | 955 | 939 | 908 | 892 | 918 | 953 | 994 | 1,021 | |
| 599 | 618 | 644 | 645 | 674 | 689 | 693 | 701 | 705 | 725 | 731 | 749 | 830 | |
| Operating Profit | 251 | 264 | 270 | 261 | 252 | 266 | 247 | 208 | 187 | 193 | 222 | 245 | 191 |
| OPM % | 29.57% | 29.89% | 29.55% | 28.84% | 27.23% | 27.89% | 26.26% | 22.86% | 20.93% | 21.06% | 23.31% | 24.61% | 18.71% |
| 22 | 31 | 35 | 34 | 32 | 64 | 40 | 43 | 38 | 49 | -50 | 51 | 41 | |
| Interest | 4 | 6 | 6 | 5 | 5 | 5 | 5 | 5 | 5 | 4 | 4 | 4 | 3 |
| Depreciation | 21 | 25 | 25 | 28 | 27 | 27 | 26 | 25 | 24 | 23 | 23 | 23 | 22 |
| Profit before Tax | 248 | 264 | 274 | 262 | 252 | 299 | 256 | 221 | 196 | 215 | 146 | 268 | 232 |
| Tax % | 23.96% | 24.19% | 24.68% | 24.95% | 27.07% | 23.19% | 22.22% | 22.14% | 26.47% | 27.90% | 25.56% | 17.71% | 26.61% |
| Net Profit | 189 | 200 | 206 | 197 | 184 | 229 | 199 | 172 | 144 | 155 | 109 | 220 | 171 |
| 30.32 | 32.12 | 33.15 | 31.62 | 29.56 | 36.84 | 31.95 | 27.68 | 23.18 | 24.85 | 17.48 | 35.37 | 27.38 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,237 | 1,386 | 1,597 | 1,610 | 1,826 | 2,471 | 3,145 | 3,552 | 3,729 | 3,757 | 3,886 | |
| 964 | 1,041 | 1,181 | 1,272 | 1,303 | 1,704 | 2,186 | 2,505 | 2,756 | 2,918 | 3,035 | |
| Operating Profit | 274 | 345 | 416 | 338 | 524 | 767 | 959 | 1,047 | 973 | 839 | 851 |
| OPM % | 22.11% | 24.90% | 26.05% | 20.99% | 28.67% | 31.03% | 30.50% | 29.48% | 26.10% | 22.33% | 21.90% |
| 18 | 45 | 43 | 65 | 40 | 45 | 77 | 122 | 180 | 98 | 91 | |
| Interest | 1 | 1 | 1 | 7 | 7 | 10 | 17 | 21 | 20 | 18 | 14 |
| Depreciation | 27 | 25 | 25 | 43 | 44 | 55 | 81 | 99 | 105 | 94 | 92 |
| Profit before Tax | 264 | 364 | 433 | 352 | 512 | 745 | 938 | 1,049 | 1,028 | 825 | 861 |
| Tax % | 33.86% | 34.04% | 33.09% | 27.34% | 28.08% | 26.27% | 19.45% | 24.45% | 23.67% | 23.84% | 23.98% |
| Net Profit | 175 | 240 | 290 | 256 | 368 | 550 | 755 | 792 | 785 | 628 | 655 |
| EPS | 28.07 | 38.54 | 46.56 | 41.12 | 59.11 | 88.26 | 121.26 | 127.21 | 126.03 | 100.88 | — |
| Dividend Payout % | 28.50% | 28.54% | 28.99% | 40.12% | 81.20% | 48.15% | 49.97% | 55.03% | 59.51% | 74.35% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 16%
- 3 Years:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 15%
- 5 Years:
- 11%
- 3 Years:
- -6%
STOCK PRICE CAGR
- 10 Years:
- 16%
- 5 Years:
- -7%
- 3 Years:
- -23%
- 1 Year:
- -42%
RETURN ON EQUITY
- 10 Years:
- 33%
- 5 Years:
- 33%
- 3 Years:
- 29%
- Last Year:
- 21%
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 | 31 | 62 | 62 | 62 | 62 | 62 | 62 | 62 | 62 | 62 |
| 527 | 676 | 880 | 1,028 | 1,290 | 1,539 | 2,023 | 2,428 | 2,778 | 2,955 | |
| 0 | 0 | 0 | 45 | 60 | 118 | 154 | 181 | 139 | 104 | |
| Trade Payables | 46 | 45 | 55 | 47 | 56 | 84 | 103 | 86 | 123 | 120 |
| 108 | 157 | 139 | 198 | 238 | 357 | 408 | 406 | 445 | 642 | |
| Total Liabilities | 712 | 941 | 1,137 | 1,380 | 1,707 | 2,160 | 2,751 | 3,163 | 3,548 | 3,884 |
| 108 | 94 | 101 | 147 | 170 | 272 | 334 | 396 | 318 | 259 | |
| Capital Work in Progress | 1 | 2 | 0 | 1 | 7 | 22 | 7 | 2 | 2 | 0 |
| 0 | 0 | 2 | 2 | 0 | 1 | 0 | 1 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 972 | 972 | 1,079 | |
| Cash & Bank | 252 | 394 | 516 | 664 | 860 | 965 | 1,192 | 1,392 | 1,606 | 1,669 |
| 352 | 450 | 518 | 566 | 670 | 901 | 1,218 | 400 | 651 | 877 | |
| Total Assets | 712 | 941 | 1,137 | 1,380 | 1,707 | 2,160 | 2,751 | 3,163 | 3,548 | 3,884 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 241 | 311 | 358 | 345 | 561 | 689 | 672 | 701 | 812 | 664 | |
| Cash from Investing | 38 | -247 | -159 | 39 | -438 | -108 | -202 | -270 | -308 | -73 |
| Cash from Financing | -52 | -60 | -83 | -124 | -126 | -326 | -303 | -428 | -499 | -535 |
| 129 | -110 | -26 | 171 | -127 | 49 | -18 | 3 | 5 | 57 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Tata Elxsi Limited has informed the Exchange regarding a press release dated September 10, 2026, titled "Tata Elxsi Invests in KAVIA AI to Scale AI-Driven Software Engineering for Products and Enterprises".
2026-09-08 - Tata Elxsi Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-02 - Tata Elxsi Limited has informed the Exchange about Copy of Newspaper Publication.
2026-09-01 - Tata Elxsi Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "Tata Elxsi and Sarla Aviation Partner to Accelerate Development of Shunya, India s First Indigenous eVTOL Aircraft.".
2026-08-31 - Tata Elxsi Limited has informed the Exchange regarding 'Allotment of Equity Shares'.
2026-08-11 - Tata Elxsi Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-27 - Tata Elxsi Limited has informed the Exchange regarding a press release dated July 27, 2026, titled "SCTIMST and Tata Elxsi Forge Strategic Partnership to Accelerate Healthcare Innovation and Medical Technology Development".
2026-07-20 - Tata Elxsi Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015'.
2026-07-17 - Tata Elxsi Limited has informed the Exchange about Transcript
News
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