VERTOZ

Vertoz financials

Market cap
₹327 Cr
Sector
Media, Entertainment & Publication
Calls analysed
4
Latest concall · Q3 FY26 · call held 31 Dec 2025

Q3 FY26 earnings call

Read the full call →

What Vertoz Limited does

Vertoz builds proprietary technology platforms across two verticals: MadTech, which covers programmatic advertising, media monetisation, audience targeting and affiliate marketing (via platforms such as IncrementX, IngeniousPlex and its ad-exchange); and CloudTech, which covers domain registration/reseller services and cloud hosting infrastructure (via Qualispace Cloud). It earns by enabling advertisers, publishers and digital agencies to buy, sell and monetise online ad inventory, and by providing cloud/hosting infrastructure and domain management to businesses and technology partners. The company is headquartered in Mumbai with additional India offices in Gurgaon, Delhi, Pune and Bangalore, and runs several wholly-owned subsidiaries in the US (New Jersey, New York) that buy and sell online digital advertising.

Segments

  • MadTech
  • CloudTech
Domains under management
2.29 million (2025)
Data centers
8 (2025)
Total employees
355 (2025)
Ad campaigns executed annually
400+ (2025)
Office locations
7 cities (Mumbai, Gurgaon, Delhi, Pune, Bangalore, New Jersey, Dubai)
Core technology verticals
2 (MadTech, CloudTech)
Founded 2012Headquarters Mumbai, Maharashtra, IndiaEmployees 355 (FY25) Company website

Guidance record · Q3 FY26

what the last two calls moved 4 tracked 0 delivered 1 missed 3 open
  • EBITDA/PAT Margin on track said Q2 FY26 Promised: we expect that stability with moderate expansions on it. Q3 FY26: Management hedged slightly stating 'quarterly numbers may move around' due to business mix, but affirmed 'underlying operating strength is improving'.
  • Debtor Days went quiet said Q4 FY25 Promised: our debtors days have reduced from 120 days to 90 days in this year. And we are further and trying our best to enhance on this Q2 FY26: No update provided on receivables.
  • Inorganic Acquisitions delayed said Q4 FY25 Promised: We have already signed a couple of LOIs with promising targets... aiming to finalize this deal soon. Q2 FY26: Stated they are 'currently evaluating a couple of opportunities', indicating original LOIs from Q4 FY25 have not yet closed.

All 4 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 15.8%, net profit up 13.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue64 66 65 70 72 +14%75 +14%74 +13%82 +16%
EBITDA7 8 12 10 10 +53%13 +63%15 +20%15 +51%
Net profit7 7 6 6 7 +10%6 −16%6 +4%7 +14%
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 −56.8% 1Y

₹40.0₹60.0₹80.0Aug 25Oct 25Nov 25Jan 26Mar 26May 26Jul 26Aug 26Q1 FY26 — 13 Aug 2025Q2 FY26 — 14 Nov 2025Q3 FY26 — 2 Jan 2026

1Y: ₹88.91 on 13 Aug 2025 → ₹38.38. High ₹88.91 (13 Aug 2025), low ₹33.02 (2 Apr 2026).

Financials, as filed

Revenue grew 52.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 16.7%.

Year endingFY23FY24FY25FY26
Revenue₹83 Cr₹172 Cr₹255 Cr₹292 Cr
Operating profit₹17 Cr₹23 Cr₹36 Cr₹49 Cr
Operating margin20.6%13.5%14.3%16.7%
Interest₹1 Cr₹2 Cr₹2 Cr₹6 Cr
Depreciation₹3 Cr₹6 Cr₹13 Cr₹16 Cr
Net profit₹11 Cr₹18 Cr₹26 Cr₹26 Cr
Net margin13.3%10.4%10.1%8.9%
Cash from operations₹-15 Cr₹7 Cr₹8 Cr₹60 Cr
Free cash flow₹-16 Cr₹-34 Cr₹5 Cr₹-16 Cr
ROCE17.0%12.0%15.0%14.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹12 Cr₹12 Cr₹12 Cr₹42 Cr₹85 Cr₹85 Cr
Reserves₹46 Cr₹54 Cr₹90 Cr₹116 Cr₹144 Cr₹143 Cr
Borrowings₹14 Cr₹10 Cr₹9 Cr₹17 Cr₹18 Cr₹88 Cr
Other liabilities₹12 Cr₹10 Cr₹19 Cr₹22 Cr₹53 Cr₹104 Cr
Total liabilities₹84 Cr₹86 Cr₹130 Cr₹198 Cr₹301 Cr₹421 Cr
Fixed assets₹56 Cr₹55 Cr₹57 Cr₹93 Cr₹116 Cr₹199 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹5 Cr₹0 Cr₹0 Cr
Other assets₹27 Cr₹31 Cr₹73 Cr₹100 Cr₹184 Cr₹221 Cr
Total assets₹84 Cr₹86 Cr₹130 Cr₹198 Cr₹301 Cr₹421 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, FIIs trimmed −1.02 pp while the public added +0.96 pp. The shareholder count shrank 20% to 66,230.

Promoters
64.8%
FIIs
1.6%
Public
33.5%

Since Jun 2025

  • FIIs −1.02 pp
  • Public +0.96 pp
  • Promoters +0.06 pp

How it drifted, 12 quarters

Over this window promoters went from 49.0% to 64.8% — +15.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 49.0%, FIIs 3.3%, Public 47.7%.Dec '23: Promoters 49.0%, FIIs 7.1%, Public 43.9%.Mar '24: Promoters 37.5%, FIIs 23.1%, Public 39.4%.Jun '24: Promoters 64.5%, FIIs 11.4%, Public 24.1%.Sep '24: Promoters 64.7%, FIIs 4.3%, DIIs 0.0%, Public 31.0%.Dec '24: Promoters 64.7%, FIIs 2.8%, Public 32.5%.Mar '25: Promoters 64.7%, FIIs 3.0%, Public 32.3%.Jun '25: Promoters 64.7%, FIIs 2.7%, Public 32.6%.Sep '25: Promoters 64.7%, FIIs 2.0%, Public 33.2%.Dec '25: Promoters 64.7%, FIIs 2.4%, Public 32.8%.Mar '26: Promoters 64.8%, FIIs 2.2%, Public 33.0%.Jun '26: Promoters 64.8%, FIIs 1.6%, Public 33.5%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Vertoz Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Hirenkumar Rasiklal Shah 25.80%unchanged
Ashish Rasiklal Shah 25.80%unchanged
Gunja Ashish Shah 5.89%unchanged
Dimple Hirenkumar Shah 5.89%unchanged
Legends Global Opportunities (Singapore) Pte. Ltd. FPI fund1.06%unchanged
Rohit Vasantrai Shah 1.05%unchanged
Chintan Bharatkumar Shah 1.05%unchanged
Vipul Kishor Vejani 1.04%unchanged
Ranjanben Rasiklal Shah 0.28%unchanged
Shital Chintan Shah 0.28%unchanged
Rasiklal Hathichand Shah 0.28%unchanged
Archana Rohit Shah 0.28%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

Attractive

To justify its price of ₹38, this stock must grow earnings at 5% every year for 7 years. Our analysis caps realistic growth at ~30%. At that growth it is worth ₹139 — upside of 261%.

Growth the price implies
5.1% a year
for 7 years, fading to 4%
It has actually compounded at
29.9% a year
net profit, FY23–FY26
The gap
-0.2 pp
261% downside if it only repeats history
Price today ₹38.38 Value at the reference growth ₹138.73

Change the assumptions yourself →

All earnings calls (4)

Read the Q3 FY26 call →

Learn to analyse Vertoz Limited

Guides on how to read this kind of business and the numbers that matter.