FIDEL
Fidel Softech financials
- Market cap
- ₹212 Cr
- Sector
- Information Technology
- Calls analysed
- 3
Fidel Softech Q4 FY26
What went well
- Q4 FY26 Revenue of ₹37.27 crores, up 47% QoQ and 155% YoY.
- FY26 PAT of ₹14.05 crores, growing 50% YoY.
- EBITDA grew 23.18% QoQ to ₹5.85 crores in Q4 FY26.
What to watch
- Standalone India revenues saw a decline due to structural shift post Japan/US acquisitions and clients moving onsite.
- Q1 of the next fiscal year is expected to be "a bit tough" due to high expectations set by Q4 performance.
What Fidel Softech does
Fidel Softech is a language-technology (LangTech) and IT consulting company that helps clients go global by localizing software and content into local languages and by delivering bilingual IT consulting. Its offerings span software localization and translation, machine-translation post-editing (MTPE), interpretation and multilingual LLM services, together with enterprise IT & consulting services (FinTech solutions, AI-enabled services, cloud/infra/app support, bilingual IT consulting) and Japan-India cross-border business consulting. The company runs in-house IP platforms - Spoggle.ai, Linguify and Nintei - and has built onsite delivery capability in Japan and the US through the acquisitions of Fidel Technologies KK, IM Corporation and Techvine, alongside its existing offshore delivery base in India.
Segments
- IT & Consulting Services
- Language Localization & Engineering
- Japan-India Business Consulting
- Global employees (Fidel Group worldwide)
- 500+
- On-ground delivery professionals in Japan
- 200+
- Group entities / subsidiaries
- 4 (FidelSoft Inc-USA, Fidel Technologies KK-Japan, IM Corporation-Japan, Techvine-USA)
- New hires (Q4 FY26)
- 66
- New customers added (Q4 FY26)
- 20
- Attrition rate
- 15%
Guidance record · Q4 FY26
what the last two calls moved 9 tracked 4 delivered 3 missed 2 open- Revenue Growth delivered said Q4 FY25 Promised: 30-40% top-line growth in FY26 Q4 FY26: Full-year FY26 revenue grew 85% YoY to INR 102.35 crores, significantly exceeding the guidance.
- EBIT Margin missed said Q2 FY26 Promised: retain our traditional levels of EBITDA or EBIT margin (19-20%) Q4 FY26: FY26 EBIT margin was 18.8%. Management also stated a strategic shift to prioritize growth over margins, effectively diluting the original commitment.
- PAT Margin at risk said Q4 FY25 Promised: improve it further from single digit (2-3%) Q4 FY26: Stated that 53% of revenue (US/Japan) yields single-digit margins, framing it as a future opportunity. No concrete improvement has been demonstrated after one year.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 26.5%, net profit down 47.4% 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 | 14 | 14 | 14 | 15 | 12 −13% | 13 −8% | 9 −35% | 11 −26% |
| EBITDA | 3 | 2 | 4 | 4 | 2 −43% | 3 +40% | 1 −63% | 2 −48% |
| Net profit | 2 | 2 | 3 | 3 | 2 −30% | 3 +53% | 2 −46% | 2 −47% |
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 −12.0% 1Y
1Y: ₹175 on 10 Sept 2025 → ₹154. High ₹195 (8 May 2026), low ₹117.1 (23 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +11.5%
- 27 Apr
- Q2 FY26
- −3.8%
- 30 Oct
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
Revenue grew 13.7% a year over 3 years, FY23 to FY26. Operating margin widened to 20.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹33 Cr | ₹40 Cr | ₹55 Cr | ₹49 Cr |
| Operating profit | ₹7 Cr | ₹7 Cr | ₹12 Cr | ₹10 Cr |
| Operating margin | 19.5% | 18.2% | 21.1% | 20.5% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹5 Cr | ₹6 Cr | ₹9 Cr | ₹9 Cr |
| Net margin | 16.2% | 15.1% | 16.9% | 19.0% |
| ROCE | 29.8% | 22.7% | 30.1% | 22.2% |
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 | ₹0 Cr | ₹10 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr |
| Reserves | ₹10 Cr | ₹5 Cr | ₹19 Cr | ₹24 Cr | ₹34 Cr | ₹38 Cr |
| Borrowings | ₹1 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr | ₹16 Cr | ₹15 Cr |
| Other liabilities | ₹7 Cr | ₹4 Cr | ₹5 Cr | ₹7 Cr | ₹7 Cr | ₹7 Cr |
| Total liabilities | ₹18 Cr | ₹20 Cr | ₹37 Cr | ₹44 Cr | ₹71 Cr | ₹74 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹4 Cr | ₹2 Cr | ₹14 Cr | ₹16 Cr | ₹28 Cr | ₹28 Cr |
| Other assets | ₹14 Cr | ₹18 Cr | ₹23 Cr | ₹28 Cr | ₹43 Cr | ₹44 Cr |
| Total assets | ₹18 Cr | ₹20 Cr | ₹37 Cr | ₹44 Cr | ₹71 Cr | ₹74 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 trimmed −0.10 pp. The shareholder count shrank 7% to 781.
- Promoters
- 73.1%
- FIIs
- 0.0%
- Public
- 26.9%
Since Jun 2025
- Public −0.10 pp
- Promoters +0.09 pp
- FIIs +0.01 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 72.8%, Public 27.3%.Dec '23: Promoters 72.8%, Public 27.3%.Mar '24: Promoters 72.8%, Public 27.3%.Jun '24: Promoters 72.8%, Public 27.2%.Sep '24: Promoters 72.8%, Public 27.2%.Dec '24: Promoters 72.8%, Public 27.2%.Mar '25: Promoters 73.0%, Public 27.0%.Jun '25: Promoters 73.0%, Public 27.0%.Sep '25: Promoters 73.0%, Public 27.0%.Dec '25: Promoters 73.0%, Public 26.9%.Mar '26: Promoters 73.1%, FIIs 0.0%, Public 26.9%.Jun '26: Promoters 73.1%, FIIs 0.0%, Public 26.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Fidel Softech above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sunil Sudhakar Kulkarni | 55.55% | unchanged |
| Prachi Sunil Kulkarni | 17.51% | unchanged |
| Vicco Products Bombay Pvt Ltd | 2.73% | unchanged |
| Deep Yashwant Pendharkar | 2.01% | unchanged |
| Shyamak Sunil Kulkarni | 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
ExpensiveTo justify its price of ₹154, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~17%. At that growth it is worth ₹107 — downside of 31%.
- Growth the price implies
- 23.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 16.6% a year
- net profit, FY23–FY26 · EPS 16.6%
- The gap
- 0.1 pp
- -31% downside if it only repeats history
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Fidel Softech
Guides on how to read this kind of business and the numbers that matter.