ESCONET
Esconet Technologies financials
- Market cap
- ₹235 Cr
- Sector
- Information Technology
- Calls analysed
- 2
Esconet Technologies Ltd Q1 FY27
What went well
- Healthy operating momentum with Q1 FY27 standalone total income of ₹62.98 Crores.
- Consolidated total income reached ₹118.26 Crores, demonstrating meaningful revenue scale.
- Strong profitability with consolidated EBITDA Margin at 8.55% and PAT Margin at 5.56%.
What to watch
- Zeacloud revenue expected to remain insignificant (~₹5-5.5 Crores) and flat for FY27, despite large market opportunity.
- Management declined to provide specific growth guidance for FY27, stating it may not be 'significantly bigger than what we did previous year' and focus is on margins.
What Esconet Technologies Ltd does
Esconet Technologies is a systems integrator and IT-infrastructure provider serving private-sector and government clients across servers, storage, networking, virtualisation and data security. Its HexaData brand designs and manufactures servers, GPU-based AI/HPC systems, workstations and supercomputers under the Make in India initiative. Alongside this it runs ZeaCloud (a wholly owned cloud subsidiary offering IaaS, BaaS and DRaaS on India-hosted infrastructure), holds a 70% stake in Fluidech (a cybersecurity consulting and managed-security-operations firm), and operates Esconet Singapore Pte. Ltd., a wholly owned subsidiary that carries the group's hardware, cloud and security offerings to overseas markets.
Segments
- Esconet (Systems Integration & Services)
- HexaData (Base Hardware Infrastructure)
- ZeaCloud (Cloud)
- Fluidech (Cybersecurity)
- Esconet Singapore (International)
- Successful clients
- 500+
- HexaData server solutions installed
- 5,000+
- Industry verticals served
- 10+ (manufacturing, education, healthcare, logistics, government, media & entertainment, telecom, defense, legal, BFSI)
- Total workforce
- 60+ (FY25)
- Group structure
- 3 subsidiaries — ZeaCloud (100%), Fluidech (70%), Esconet Singapore (100%)
- NVIDIA partner tier
- NVIDIA Elite Partner — highest NPN tier in Compute
Guidance record · Q1 FY27
what the last two calls moved 11 tracked 0 delivered 3 missed 8 open- ZeaCloud Revenue missed said Q4 FY25 Promised: 8 - 8.5 crores from Zeacloud (50 to 60 percent growth) Q1 FY27: The target for FY26 was ₹8-8.5 crores. Management stated that 'Last year, we did almost like 5-5.5 crores in Zeacloud', indicating a significant miss.
- Fluidech and ZeaCloud Growth Rate at risk said Q4 FY25 Promised: 30 to 40 percent, at least bare minimum for the next upcoming three to four years Q1 FY27: For ZeaCloud, management guided for flat revenue in FY27 ('similar kind of numbers'), which contradicts the 30-40% minimum growth target for the subsidiary. This puts the multi-year promise at risk in its first year.
- Extra Data Business Size on track said Q4 FY25 Promised: Next few years, I see that as a bigger business than the rest of it. Q1 FY27: The company's strategic focus on its 'Sovereign Stack', particularly the HexaData hardware brand, aligns with the long-term vision of growing its own product business to be larger than the legacy system integration.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.7%, net profit up 116.7% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 71 | 69 | 107 | 123 | 145 +104% | 209 +203% | 116 +9% |
| EBITDA | 5 | 5 | 4 | 6 | 2 −60% | 7 +40% | 8 +105% |
| Net profit | 3 | 2 | 3 | 5 | 1 −67% | 5 +150% | 7 +117% |
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 +18.6% 1Y
1Y: ₹210.35 on 10 Sept 2025 → ₹249.5. High ₹269.85 (9 Oct 2025), low ₹91.25 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +10.0%
- 13 Aug
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 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹12 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹1 Cr | ₹2 Cr | ₹5 Cr | ₹25 Cr | ₹61 Cr | ₹67 Cr |
| Borrowings | ₹6 Cr | ₹8 Cr | ₹11 Cr | ₹5 Cr | ₹24 Cr | ₹13 Cr |
| Other liabilities | ₹9 Cr | ₹16 Cr | ₹12 Cr | ₹33 Cr | ₹65 Cr | ₹38 Cr |
| Total liabilities | ₹17 Cr | ₹26 Cr | ₹29 Cr | ₹75 Cr | ₹164 Cr | ₹131 Cr |
| Fixed assets | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹3 Cr | ₹3 Cr | ₹18 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Other assets | ₹16 Cr | ₹24 Cr | ₹27 Cr | ₹72 Cr | ₹161 Cr | ₹112 Cr |
| Total assets | ₹17 Cr | ₹26 Cr | ₹29 Cr | ₹75 Cr | ₹164 Cr | ₹131 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, the public added +1.11 pp while promoters trimmed −0.63 pp. The shareholder count grew 16% to 2,863.
- Promoters
- 60.2%
- FIIs
- 0.1%
- Public
- 39.7%
Since Jun 2025
- Public +1.11 pp
- Promoters −0.63 pp
- DIIs −0.44 pp
How it drifted, 10 quarters
Over this window the public went from 27.2% to 39.7% — +12.5 pp.
Ownership split by quarter, oldest first. Mar '24: Promoters 64.9%, FIIs 5.2%, DIIs 2.7%, Public 27.2%.Jun '24: Promoters 64.9%, FIIs 0.3%, DIIs 0.1%, Public 34.6%.Sep '24: Promoters 64.9%, FIIs 0.1%, DIIs 0.1%, Public 34.9%.Dec '24: Promoters 61.3%, FIIs 0.0%, DIIs 0.1%, Public 38.6%.Mar '25: Promoters 61.3%, FIIs 0.0%, Public 38.7%.Jun '25: Promoters 60.8%, FIIs 0.1%, DIIs 0.4%, Public 38.6%.Sep '25: Promoters 60.1%, FIIs 0.1%, DIIs 0.4%, Public 39.4%.Dec '25: Promoters 60.1%, FIIs 0.1%, DIIs 0.4%, Public 39.4%.Mar '26: Promoters 60.2%, FIIs 0.1%, Public 39.7%.Jun '26: Promoters 60.2%, FIIs 0.1%, Public 39.7%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Esconet Technologies Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Santosh Kumar Agrawal | 31.63% | unchanged |
| Sunil Kumar Agrawal | 23.56% | unchanged |
| Sarthak Agrawal | 2.08% | unchanged |
| Anil Kumar Agrawal | 2.08% | unchanged |
| Mamta Agrawal | 1.59% | −0.49 pp |
| Abha Agrawal | 1.33% | unchanged |
| Savitri Devi Agrawal | 0.83% | unchanged |
| Vineet Agrawal | 0.67% | unchanged |
| Monita Agrawal | 0.05% | unchanged |
| Shubhangi Agrawal | 0.03% | unchanged |
| Pooja Gupta | 0.00% | 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.
What the price assumes
- Growth the price implies
- 15.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (2)
Read the Q1 FY27 call →Learn to analyse Esconet Technologies Ltd
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