PELATRO
Pelatro financials
- Market cap
- ₹311 Cr
- Calls analysed
- 5
Pelatro Ltd Q1 FY27
What went well
- Revenue from operations at INR40.22 crores, up 50.69% YoY.
- EBITDA increased to INR8.13 crores with a healthy EBITDA margin of 20.21%.
- PAT increased to INR5.43 crores, up 52.51% YoY.
What to watch
- Estel Division EBITDA margin stood at 8.72%, significantly lower than CVM's 22.56%.
- Unbilled Revenue (UBR) of INR20 crores, with some taking months to convert due to government approvals.
What Pelatro Ltd does
Pelatro builds and licenses mViva, a proprietary customer engagement platform that telecom operators use to collect and analyse subscriber data, segment audiences, and orchestrate targeted campaigns end-to-end - from data collection through execution and performance reporting. In FY26 it acquired Estel Technologies' software business, adding eRecharge/voucher management, sales & distribution, and mobile-money solutions for telcos as a second product line (Estel Division). It earns revenue through product licensing (recurring and one-time fees), implementation, managed services (business consulting plus business/IT operations support), and customization change requests.
Segments
- CVM Division
- Estel Division
- Telecom networks served
- 46 across 35 countries (as of Dec 2025)
- Subscribers on platform
- ~1.5 billion
- Employees
- 490+
- Patents held
- 11
- Campaigns executed across customers
- 20,000+
- Total customers
- 46 (as of 2025)
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 4 delivered 3 missed 7 open- M&A Execution delivered said Q4 FY25 Promised: Conclude Estel acquisition in the next one month or so Q1 FY27: Estel remains integrated, contributing INR 6.83 crores in revenue for Q1 FY27. Focus has shifted to improving its profitability.
- Days Sales Outstanding missed said Q4 FY25 Promised: 100 to 120 days in the longer term Q1 FY27: DSO was reported at 124 days, which is slightly above the targeted 100-120 day range.
- Revenue CAGR on track said Q4 FY25 Promised: 25%, 30% or 40% every year over the next five years Q1 FY27: Q1 FY27 organic CVM revenue grew 25.1% YoY, which is in line with the lower end of the clarified 25-30% target range.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 50.7%, net profit up 52.5% 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 | 20 | 23 | 25 | 27 | 34 +69% | 38 +69% | 39 +59% | 40 +51% |
| EBITDA | 4 | 3 | 4 | 6 | 6 +54% | 8 +146% | 6 +49% | 8 +36% |
| Net profit | 3 | 3 | 4 | 4 | 5 +70% | 4 +20% | 6 +66% | 5 +53% |
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 −7.8% 1Y
1Y: ₹408 on 10 Sept 2025 → ₹376. High ₹427.9 (16 Sept 2025), low ₹250.4 (14 Jul 2026).
How the price took the results
close before → close after
- Q1 FY27
- −7.8%
- 6 Aug
- Q4 FY26
- +0.6%
- 11 May
- Q3 FY26
- −6.1%
- 5 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
Revenue grew 61.2% a year over 1 year, FY25 to FY26. Operating margin widened to 18.8%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹86 Cr | ₹138 Cr |
| Operating profit | ₹14 Cr | ₹26 Cr |
| Operating margin | 16.3% | 18.8% |
| Interest | ₹2 Cr | ₹4 Cr |
| Depreciation | ₹3 Cr | ₹6 Cr |
| Net profit | ₹12 Cr | ₹18 Cr |
| Net margin | 13.9% | 13.1% |
| Cash from operations | ₹20 Cr | ₹20 Cr |
| Free cash flow | ₹-24 Cr | ₹-20 Cr |
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 | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹7 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹5 Cr | ₹83 Cr | ₹93 Cr |
| Borrowings | ₹20 Cr | ₹43 Cr | ₹41 Cr |
| Other liabilities | ₹26 Cr | ₹40 Cr | ₹39 Cr |
| Total liabilities | ₹58 Cr | ₹177 Cr | ₹184 Cr |
| Fixed assets | ₹27 Cr | ₹104 Cr | ₹102 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹31 Cr | ₹73 Cr | ₹82 Cr |
| Total assets | ₹58 Cr | ₹177 Cr | ₹184 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 +2.21 pp while FIIs trimmed −1.62 pp. The shareholder count grew 13% to 975.
- Promoters
- 52.6%
- FIIs
- 2.4%
- DIIs
- 1.6%
- Public
- 43.4%
Since Mar 2025
- Public +2.21 pp
- FIIs −1.62 pp
- Promoters −0.97 pp
How it drifted, 4 quarters
Over this window the public went from 37.3% to 43.4% — +6.1 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 53.6%, FIIs 5.6%, DIIs 3.6%, Public 37.3%.Mar '25: Promoters 53.6%, FIIs 4.0%, DIIs 1.2%, Public 41.2%.Sep '25: Promoters 52.6%, FIIs 2.6%, DIIs 1.2%, Public 43.6%.Mar '26: Promoters 52.6%, FIIs 2.4%, DIIs 1.6%, Public 43.4%.
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.
- Suresh Yezhuvath +2.65 pp 2.65% held
- Finavenue Capital Trust - Finavenue Growth Fund AIF +0.40 pp 1.57% held
- Key Managerial Personnel newly disclosed 0.19% held
The same filing shows 1 holder trimming and 9 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Pelatro Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Kiran Menon | 20.54% | unchanged |
| Varun Menon | 20.16% | unchanged |
| Sudeesh Yezhuvath | 9.28% | −2.65 pp |
| Suresh Yezhuvath | 2.65% | +2.65 pp |
| Finavenue Capital Trust - Finavenue Growth Fund AIF | 1.57% | +0.40 pp |
| Key Managerial Personnel | 0.19% | newly disclosed |
| Puthukulangara Jayapala Menon | 0.00% | unchanged |
| Y Lalitha | 0.00% | unchanged |
| Sandhya Menon Pottekkat | 0.00% | unchanged |
| Bharath Pottekkat | 0.00% | unchanged |
| Bindu Menon P | 0.00% | unchanged |
| Radhika Subash | 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
AttractiveTo justify its price of ₹376, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~35%. At that growth it is worth ₹976 — upside of 159%.
- Growth the price implies
- 15.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 34.6% a year
- net profit, FY25–FY26
- The gap
- -0.2 pp
- 159% downside if it only repeats history
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Pelatro Ltd
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