CAPILLARY
Capillary Technologies India share price & financials
- Price
- ₹495.25
- Market cap
- ₹4.2k Cr
- Sector
- Information Technology
- Calls analysed
- 3
Capillary Technologies India Limited Q1 FY27
What went well
- Revenue increased by 43% YoY to INR256 crores, demonstrating strong top-line growth.
- EBITDA surged by 132% YoY to INR44 crores, indicating significant operating leverage and efficiency gains.
- Adjusted EBITDA margin improved to 17-18% overall, with organic business achieving over 20%.
What to watch
- Reported PAT was -INR9.5 crores, though normalized PAT was INR25 crores after adjusting for a cyber-fraud incident and deferred tax liability.
- Recovery timeline for the exceptional loss due to the cyber-fraud incident, though covered by insurance, remains unclear.
What Capillary Technologies India Limited does
Capillary Technologies builds AI-powered, cloud-native loyalty and customer engagement management software that large enterprise brands run on long-term subscription contracts. Its platform ingests customer data from POS/kiosks, e-commerce, mobile apps, social and third-party sources to create a single customer view, then runs it through modules for loyalty program management, engagement/communication, analytics, and rewards fulfilment. The company has grown its footprint across retail, fuel, travel, airlines, healthcare and BFSI verticals, both organically and through acquisitions (Persuade, Brierley, Rewards+, and SessionM — Mastercard's merchant loyalty business) that are subsequently migrated onto the core Capillary platform. Revenue is earned mainly through per-transaction or per-member platform subscriptions, with its newer aiRA AI features monetized on a usage/outcome basis.
- Consumers on platform
- 1.9 Billion+
- Brand customers on platform
- 415+
- Fortune 500 customers
- 20
- Countries with offices or customer presence
- 49
- Global offices
- 16
- Employees worldwide
- ~700
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 6 delivered 0 missed 12 open- Non-COGS Cost Growth delivered said Q3 FY26 Promised: much lower rate than revenue Q1 FY27: This was a promise for FY26 and was successfully achieved. No new updates.
- FY27 Revenue revised up said Q4 FY26 Promised: INR 1,000-1,050 crores Q1 FY27: Management expressed high confidence in exceeding a revised (higher) internal target of INR 1,065 crores, stating 'We will definitely beat our INR1,065 crores and revenue'. This represents an upward revision of the original guidance.
- Steady-state EBITDA Margin on track said Q4 FY26 Promised: 25-30% Q1 FY27: The company is on track towards this long-term goal. The overall adjusted EBITDA margin was 17.5%, while the core organic business margin improved to over 20%, showing continued progress.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 51.9%, net profit up 251.8% against the same quarter last year.
| Line item | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 42 | 49 | 42 | 47 | 58 +37% | 65 +31% | 64 +52% |
| EBITDA | 9 | 15 | 6 | 8 | 10 +16% | 16 +5% | 15 +167% |
| Net profit | 0 | 7 | -5 | -3 | 1 +950% | 10 +40% | 8 +252% |
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 −31.8% YTD
YTD: ₹677.05 on 1 Jan 2026 → ₹461.95. High ₹677.05 (1 Jan 2026), low ₹459.9 (10 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +8.0%
- 4 Aug
- Q4 FY26
- +5.0%
- 6 May
- Q3 FY26
- −0.6%
- 6 Feb
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.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹212 Cr |
| Operating profit | ₹39 Cr |
| Operating margin | 18.6% |
| Interest | ₹4 Cr |
| Depreciation | ₹43 Cr |
| Net profit | ₹3 Cr |
| Net margin | 1.4% |
| Cash from operations | ₹38 Cr |
| Free cash flow | ₹-1 Cr |
| ROCE | 1.0% |
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 | ₹2 Cr | ₹10 Cr | ₹11 Cr | ₹15 Cr | ₹15 Cr | ₹16 Cr |
| Reserves | ₹30 Cr | ₹140 Cr | ₹195 Cr | ₹451 Cr | ₹582 Cr | ₹807 Cr |
| Borrowings | ₹20 Cr | ₹63 Cr | ₹135 Cr | ₹76 Cr | ₹100 Cr | ₹48 Cr |
| Other liabilities | ₹29 Cr | ₹54 Cr | ₹115 Cr | ₹51 Cr | ₹196 Cr | ₹94 Cr |
| Total liabilities | ₹82 Cr | ₹267 Cr | ₹455 Cr | ₹592 Cr | ₹892 Cr | ₹965 Cr |
| Fixed assets | ₹3 Cr | ₹5 Cr | ₹41 Cr | ₹57 Cr | ₹455 Cr | ₹74 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹6 Cr | ₹3 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹96 Cr | ₹133 Cr | ₹356 Cr | ₹35 Cr | ₹421 Cr |
| Other assets | ₹79 Cr | ₹166 Cr | ₹277 Cr | ₹175 Cr | ₹403 Cr | ₹469 Cr |
| Total assets | ₹82 Cr | ₹267 Cr | ₹455 Cr | ₹592 Cr | ₹892 Cr | ₹965 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 Dec 2025, DIIs added +1.63 pp while promoters trimmed −0.84 pp. The shareholder count shrank 19% to 16,688.
- Promoters
- 51.5%
- FIIs
- 3.3%
- DIIs
- 19.4%
- Public
- 25.8%
Since Dec 2025
- DIIs +1.63 pp
- Promoters −0.84 pp
- FIIs −0.59 pp
How it drifted, 3 quarters
Over this window DIIs went from 17.8% to 19.4% — +1.6 pp.
Ownership split by quarter, oldest first. Dec '25: Promoters 52.3%, FIIs 3.9%, DIIs 17.8%, Public 26.0%.Mar '26: Promoters 52.2%, FIIs 3.4%, DIIs 18.6%, Public 25.8%.Jun '26: Promoters 51.5%, FIIs 3.3%, DIIs 19.4%, Public 25.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Innovation Fund Mutual fund +2.17 pp 3.69% held
- Kotak Pioneer Fund Mutual fund +1.35 pp 2.57% held
- Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Digital India Fund Mutual fund newly disclosed 1.00% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Multicap Fund Mutual fund +0.17 pp 1.64% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Capillary Technologies India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Capillary Technologies International Pte Ltd | 48.92% | −0.78 pp |
| Ronal Holdings Llc | 6.95% | unchanged |
| Avp Fund Ii | 5.08% | unchanged |
| ICICI Prudential Innovation Fund Mutual fund | 3.69% | +2.17 pp |
| Mirae Asset Flexi Cap Fund Mutual fund | 3.47% | −2.83 pp |
| Filter Capital India Fund I VC / PE | 3.38% | unchanged |
| Trudy Holdings VC / PE | 3.28% | unchanged |
| Kotak Pioneer Fund Mutual fund | 2.57% | +1.35 pp |
| Aneesh Reddy Boddu | 2.18% | unchanged |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Multicap Fund Mutual fund | 1.64% | +0.17 pp |
| SBI Technology Opportunities Fund Mutual fund | 1.50% | −0.15 pp |
| Schroders Capital Private Equity Asia Mauritius Ix Limited | 1.42% | unchanged |
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.
Mutual funds in CAPILLARY
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹58 Cr
- 2 schemes
- Biggest holder
- SBI Technology Opportunities Fund
- ₹40 Cr · 0.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Technology Opportunities Fund SBI Mutual Fund | ₹40 Cr | held | Nov '25 |
| SBI Resurgent India Opportunities Scheme SBI Mutual Fund | ₹18 Cr | held | Nov '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- -20%
- vs est. average cost
- Held by funds
- ₹58 Cr
- 2 schemes · ≈ 1.4% of the company
- Biggest holder
- SBI Technology Opportunities Fund
- ₹40 Cr · 0.9% of that fund
Shares held by these funds +42%
Nov '25 11.70 L shares Jul '26
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse Capillary Technologies India Limited
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