ASMS
Avio Smart Market Stack financials
- Market cap
- ₹210 Cr
- Sector
- Information Technology
What Avio Smart Market Stack Limited does
Avio Smart Market Stack Limited (formerly Bartronics India Limited) runs a rural banking-correspondent network, partnering with 7 public-sector and regional rural banks to deliver financial-inclusion and digital services across roughly 5,000 villages in 10 states. On top of this distribution network it has launched an Agri Supply Chain & Technologies division ('Project Avio', December 2025) covering agri-commerce, trade finance, smart retail and crop advisory. It has also entered Diagnostics & Healthcare through a strategic partnership with Huwel Lifesciences, under which it holds master distribution rights for a molecular diagnostics portfolio of 140+ point-of-care test products (TB, HPV, Hepatitis, Sepsis, AMR, respiratory and infectious diseases). Historically (as Bartronics) the company also built and delivered identification-technology solutions — barcoding, biometrics, RFID, POS, EAS and smart cards — for e-governance, financial-inclusion and enterprise clients.
Segments
- Financial Inclusion & Digital Services
- Agri Supply Chain & Technologies
- Diagnostics & Healthcare
- Villages served (Financial Inclusion network)
- ~5,000
- States covered (rural banking network)
- 10
- Partner banks (Public Sector & Regional Rural Banks)
- 7
- Rural population reached
- ~40 million
- Rural banking network operating history
- 15+ years
- Molecular diagnostic products (via Huwel Lifesciences)
- 140+
Quarterly results
Q1 FY27: revenue up 35.6%, net profit up 235.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9 | 9 | 9 | 9 | 12 +40% | 48 +455% | 34 +286% | 12 +36% |
| EBITDA | -0 | -0 | -0 | -1 | 1 +1267% | 3 +800% | 2 +2430% | 1 +187% |
| Net profit | 0 | -0 | 1 | 0 | 1 +300% | 2 +842% | 2 +125% | 2 +236% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −56.7% 1Y
1Y: ₹15.89 on 10 Sept 2025 → ₹6.88. High ₹16.51 (11 Sept 2025), low ₹6.88 (11 Sept 2026).
Financials, as filed
Revenue grew 25.5% a year over 3 years, FY23 to FY26. Operating margin widened to 4.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹53 Cr | ₹49 Cr | ₹40 Cr | ₹104 Cr |
| Operating profit | ₹2 Cr | ₹-0 Cr | ₹-0 Cr | ₹5 Cr |
| Operating margin | 3.7% | -0.1% | -0.7% | 4.6% |
| Interest | ₹26 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹4 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹110 Cr | ₹1 Cr | ₹2 Cr | ₹6 Cr |
| Net margin | 209.5% | 2.8% | 4.3% | 5.8% |
| Cash from operations | ₹-9 Cr | ₹0 Cr | ₹-3 Cr | ₹1 Cr |
| Free cash flow | ₹-9 Cr | ₹-1 Cr | ₹1 Cr | ₹0 Cr |
| ROCE | 0.0% | 4.0% | 1.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹34 Cr | ₹34 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr | ₹30 Cr |
| Reserves | ₹-108 Cr | ₹-147 Cr | ₹-5 Cr | ₹-4 Cr | ₹-1 Cr | ₹4 Cr |
| Borrowings | ₹1.1k Cr | ₹1.2k Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹9 Cr |
| Other liabilities | ₹244 Cr | ₹245 Cr | ₹2 Cr | ₹3 Cr | ₹5 Cr | ₹25 Cr |
| Total liabilities | ₹1.3k Cr | ₹1.3k Cr | ₹28 Cr | ₹30 Cr | ₹35 Cr | ₹68 Cr |
| Fixed assets | ₹28 Cr | ₹24 Cr | ₹4 Cr | ₹2 Cr | ₹0 Cr | ₹2 Cr |
| Capital work in progress | ₹12 Cr | ₹12 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹302 Cr | ₹302 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr | ₹14 Cr |
| Other assets | ₹919 Cr | ₹951 Cr | ₹24 Cr | ₹28 Cr | ₹29 Cr | ₹53 Cr |
| Total assets | ₹1.3k Cr | ₹1.3k Cr | ₹28 Cr | ₹30 Cr | ₹35 Cr | ₹68 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −9.18 pp while the public added +9.04 pp. The shareholder count grew 18% to 71,131.
- Promoters
- 65.8%
- FIIs
- 1.5%
- DIIs
- 0.2%
- Public
- 32.5%
Since Jun 2025
- Promoters −9.18 pp
- Public +9.04 pp
- FIIs +0.14 pp
How it drifted, 12 quarters
Over this window promoters fell from 90.0% to 65.8% — −24.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 90.0%, DIIs 0.2%, Public 9.8%.Dec '23: Promoters 90.0%, DIIs 0.2%, Public 9.8%.Mar '24: Promoters 90.0%, DIIs 0.2%, Public 9.8%.Jun '24: Promoters 89.8%, DIIs 0.2%, Public 10.0%.Sep '24: Promoters 85.6%, DIIs 0.2%, Public 14.2%.Dec '24: Promoters 81.3%, FIIs 3.2%, DIIs 0.2%, Public 15.3%.Mar '25: Promoters 75.0%, FIIs 4.0%, DIIs 0.2%, Public 20.8%.Jun '25: Promoters 75.0%, FIIs 1.4%, DIIs 0.2%, Public 23.4%.Sep '25: Promoters 69.4%, FIIs 1.7%, DIIs 0.2%, Public 28.7%.Dec '25: Promoters 69.4%, FIIs 1.7%, DIIs 0.2%, Public 28.7%.Mar '26: Promoters 67.5%, FIIs 1.7%, DIIs 0.2%, Public 30.6%.Jun '26: Promoters 65.8%, FIIs 1.5%, DIIs 0.2%, Public 32.5%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Avio Smart Market Stack Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kinex India Private Limited | 65.82% | −1.68 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Avio Smart Market Stack Limited
Guides on how to read this kind of business and the numbers that matter.