C2C
C2C Advanced financials
- Market cap
- ₹362 Cr
- Sector
- Capital Goods
- Calls analysed
- 2
C2C Advanced Q1 FY27
What went well
- Management expects to collect a minimum of 80% of the receivables outstanding beyond 180 days by the end of September 2026.
- The ₹14.5 crore IFRS provision is expected to be nullified by year-end (2026) as collections occur.
- The company has won an 80 crore drone order, with cash expected by September or October 2026.
What to watch
- H2 FY26 revenue of ₹90 crores significantly missed the prior guidance of ₹150 crores.
- FY26 PAT of ₹18 crores was substantially lower than the ex-CFO's projection of ₹40 crores.
What C2C Advanced does
C2C Advanced Systems designs and builds proprietary software, hardware and firmware systems for defence and industrial customers, centred on its MAGI-C4ISR and MAGI-CIX architectures that integrate sensors, communications and data for command-and-control and situational awareness. Its Defence Vertical supplies combat management systems, integrated platform management systems, drone/anti-drone command-and-control, electronic-warfare and radar-distribution systems to militaries, navies and security forces in India and abroad. Its Industry 4.0 Vertical adapts the same underlying technology into IIoT integration, digital-twin, control-and-automation and AI/ML analytics offerings for industrial customers. The company earns revenue through bespoke system-integration projects and by licensing its IP-driven platforms.
Segments
- Defence
- Industry 4.0
- Employees
- ~250 (targeting 350 by year-end)
- Proprietary technology platforms
- 12-13
- Projects delivered
- 200+
- Operating verticals
- 2 (Defence, Industry 4.0)
- Product/solution lines
- 14 (8 Defence + 6 Industry 4.0)
- International project geographies
- Malaysia, Indonesia, Philippines, Middle East
Guidance record · Q4 FY26
what the last two calls moved 15 tracked 0 delivered 7 missed 8 open- Turnover missed said Q2 FY26 Promised: We expect the turnover to be in the range of around 250 crores plus. Q4 FY26: H2 FY26 revenue was only ₹90 Cr, a significant miss from the implied run-rate needed to achieve the target. Total FY26 revenue was not disclosed but is clearly well below ₹250 Cr.
- Free Cash Flow at risk said Q2 FY26 Promised: somewhere in 2027, we can be consistently... month after month after month, we should have free cash flows. Q4 FY26: The company reported liquidity issues, including delays in EPF payments, and is heavily reliant on promoter loans. This trajectory is negative and puts the 2027 target at risk.
- Receivables Collection (>180 days) open said Q4 FY26 Promised: We expect to collect a minimum of 80% of the receivables outstanding beyond 180 days by the end of September 2026. Q4 FY26: Target set to collect minimum 80% of receivables >180 days old by Sep 2026.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 43 | 72 | 66 | 80 |
| EBITDA | 14 | 28 | 29 | -6 |
| Net profit | 10 | 19 | 24 | -5 |
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 −71.9% 1Y
1Y: ₹755.25 on 10 Sept 2025 → ₹212.15. High ₹800 (23 Sept 2025), low ₹212.15 (11 Sept 2026).
How the price took the results
close before → close after
- Q4 FY26
- −2.2%
- 4 Aug
- Q2 FY26
- −4.1%
- 25 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹12 Cr | ₹17 Cr |
| Reserves | ₹0 Cr | ₹-2 Cr | ₹1 Cr | ₹64 Cr | ₹205 Cr |
| Borrowings | ₹2 Cr | ₹6 Cr | ₹10 Cr | ₹1 Cr | ₹48 Cr |
| Other liabilities | ₹5 Cr | ₹4 Cr | ₹6 Cr | ₹8 Cr | ₹23 Cr |
| Total liabilities | ₹8 Cr | ₹9 Cr | ₹18 Cr | ₹86 Cr | ₹293 Cr |
| Fixed assets | ₹1 Cr | ₹1 Cr | ₹4 Cr | ₹4 Cr | ₹14 Cr |
| Capital work in progress | ₹3 Cr | ₹3 Cr | ₹0 Cr | ₹0 Cr | ₹26 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹4 Cr | ₹5 Cr | ₹15 Cr | ₹82 Cr | ₹253 Cr |
| Total assets | ₹8 Cr | ₹9 Cr | ₹18 Cr | ₹86 Cr | ₹293 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 Mar 2026
Since Mar 2025, the public added +6.83 pp while promoters trimmed −4.37 pp. The shareholder count grew 97% to 5,204.
- Promoters
- 37.0%
- FIIs
- 3.2%
- DIIs
- 0.1%
- Public
- 59.8%
Since Mar 2025
- Public +6.83 pp
- Promoters −4.37 pp
- DIIs −3.63 pp
How it drifted, 4 quarters
Over this window the public went from 45.4% to 59.8% — +14.3 pp.
Ownership split by quarter, oldest first. Dec '24: Promoters 40.7%, FIIs 4.4%, DIIs 9.5%, Public 45.4%.Mar '25: Promoters 41.4%, FIIs 2.0%, DIIs 3.7%, Public 52.9%.Sep '25: Promoters 41.3%, FIIs 1.9%, DIIs 1.9%, Public 54.9%.Mar '26: Promoters 37.0%, FIIs 3.2%, DIIs 0.1%, Public 59.8%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Affluence Gems Private Limited newly disclosed 1.04% held
- Resonance Opportunities Fund FPI fund newly disclosed 1.01% held
- Mukul Aggarwal +0.19 pp 2.75% held
- V2k Hospitality +0.08 pp 2.97% held
- Savithri Antarjanam newly disclosed 0.00% held
- Krishna Chandra newly disclosed 0.00% held
- Realtime Tech Solutions Private Limited newly disclosed 0.00% held
- Hari Chandra newly disclosed 0.00% held
The same filing shows 8 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of C2C Advanced above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| P V R Multimedia Pvt Ltd | 18.49% | −3.43 pp |
| C2c Innovations Private Limited | 12.38% | −0.24 pp |
| Ashish Kacholia | 3.82% | −0.08 pp |
| V2k Hospitality | 2.97% | +0.08 pp |
| Kuriyedath Ramesh | 2.95% | −0.06 pp |
| L S S Narendra | 2.95% | −0.06 pp |
| Mukul Aggarwal | 2.75% | +0.19 pp |
| Sanjay Katkar | 1.96% | unchanged |
| Kailash Sahebrao Katkar | 1.82% | unchanged |
| Bengal Finance And Investment Pvt Ltd | 1.27% | unchanged |
| Sahasrar Capital Private Limited | 1.19% | −0.07 pp |
| Kamal Mavji Visaria | 1.06% | −0.05 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.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse C2C Advanced
Guides on how to read this kind of business and the numbers that matter.