IT - Software · Founded 1998 · https://www.cstech.ai/ · BSE 538734 · NSE CEINSYS · ISIN INE016Q01014
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Business
Ceinsys Tech Ltd. is an India-based IT software and services company. It primarily offers services in Geographic Information Systems (GIS), engineering services, and digital transformation solutions. The company assists clients across various sectors, including government, public utilities, infrastructure, and private enterprises, in leveraging technology for improved operations, planning, and decision-making. Its core business model revolves around project-based services, often involving data creation, mapping, analytics, software development, and system integration, and generates revenue through contracts and service fees for these projects.
Revenue Mix
While specific revenue percentages for each segment are not consistently disclosed publicly by the company, Ceinsys Tech's primary service offerings, which act as its key segments, include:
GIS & Geospatial Solutions: This involves creating, managing, and analyzing spatial data, developing GIS applications, mapping, and implementing GIS for urban planning, utilities, and land management.
Engineering Services: Provides civil engineering design, surveying, project management, and related consultancy services, often integrated with GIS.
Digital Transformation & IT Services: Encompasses software development, cloud services, data analytics, enterprise solutions, and other digital technology consulting aimed at modernizing client operations.
The company has a notable presence in serving government and public sector clients in India.
Industry
Ceinsys Tech operates within the highly competitive Indian IT services sector. The industry is characterized by a wide spectrum of players, from large global IT giants and major Indian outsourcing firms to niche specialized providers. Ceinsys positions itself as a specialized player, particularly strong in GIS and engineering services for public sector and utility clients. Its niche focus allows it to compete effectively against both larger, more generalized integrators and smaller, local specialized firms by offering domain-specific expertise and long-standing client relationships in its target segments.
MOAT
Ceinsys Tech's competitive advantages are primarily derived from:
Niche Expertise: Deep domain knowledge and specialized skills in GIS and engineering services, particularly tailored for government, utilities, and infrastructure projects. This expertise is difficult for generalist IT firms to replicate quickly.
Client Relationships & Track Record: A proven track record and long-term relationships with government bodies and public sector enterprises, which often have complex procurement processes and high switching costs for established vendors.
Execution Capabilities: Ability to deliver complex, large-scale mapping and GIS projects that require significant project management and technical proficiency.
Growth Drivers
Key factors that can drive Ceinsys Tech's growth over the next 3-5 years include:
Government Digitalization & Smart City Initiatives: Increased government spending on e-governance, smart city projects, and infrastructure development, which heavily rely on GIS and digital solutions.
Utility Modernization: Demand from power, water, and telecom utilities for modernizing their infrastructure, network mapping, and operational efficiency using geospatial technologies.
Digital Transformation Across Sectors: Continued adoption of digital technologies, cloud computing, and data analytics by businesses and public entities to enhance operations.
Infrastructure Development: India's ongoing focus on infrastructure development (roads, railways, ports) creates demand for engineering and geospatial services.
Expansion into New Geographies/Clients: Potential to replicate its success in its core segments with new clients or expand its geographical footprint within India.
Risks
Client Concentration: Over-reliance on a few large government or public sector projects could lead to revenue volatility if a major contract is lost or delayed.
Intense Competition: Facing competition from larger, well-capitalized IT services firms and other specialized players, potentially leading to pricing pressure.
Technological Obsolescence: Rapid evolution of technology necessitates continuous investment in new skills and platforms to remain competitive.
Talent Attrition: High demand for skilled IT and GIS professionals in India can lead to talent retention challenges and increased wage costs.
Government Policy Changes: Changes in government priorities, funding, or procurement policies could impact project pipelines.
Execution Risk: Challenges in managing complex, large-scale projects, including delays, cost overruns, or failure to meet client expectations.
Management & Ownership
Ceinsys Tech Ltd. is a promoter-led company, with the founding family holding a significant stake. This typically implies strong alignment between management and long-term shareholder interests. The company operates with a professional management team responsible for day-to-day operations and strategic execution. The ownership structure generally comprises promoter holdings, institutional investors, and public shareholders, common for listed entities in India.
Outlook
Ceinsys Tech is well-positioned to capitalize on India's push for digitalization, infrastructure development, and smart city initiatives, leveraging its specialized expertise in GIS and engineering services. The increasing demand for geospatial data and digital transformation solutions from both government and utility sectors presents a favorable market environment. However, the company operates in a highly competitive landscape with larger players, necessitating continuous innovation, talent management, and efficient project execution. Its growth trajectory will depend on its ability to expand its client base, deepen its niche expertise, and mitigate risks associated with client concentration and intense market competition.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 63 | 78 | 74 | 90 | 112 | 142 | 157 | 163 | 170 | 171 |
| Other Income | 1 | 1 | 2 | 3 | 4 | 4 | 5 | 6 | 3 | 3 |
| Total Income | 63 | 80 | 75 | 93 | 116 | 146 | 161 | 169 | 173 | 174 |
| Total Expenditure | 52 | 66 | 61 | 73 | 91 | 116 | 126 | 128 | 130 | 130 |
| Operating Profit | 11 | 14 | 15 | 20 | 25 | 30 | 35 | 42 | 43 | 44 |
| Interest | 1 | 1 | 0 | 0 | 0 | 2 | 1 | 1 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 2 | 3 | 3 | 3 | 3 | 3 | 3 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Profit Before Tax | 9 | 11 | 13 | 18 | 22 | 26 | 31 | 37 | 37 | 39 |
| Provision for Tax | 2 | 4 | 4 | 9 | 6 | 7 | 2 | 14 | 2 | 5 |
| Profit After Tax | 7 | 7 | 9 | 9 | 15 | 20 | 29 | 23 | 35 | 34 |
| Adjustments | 3 | 4 | 3 | 3 | 2 | 2 | 3 | 3 | 4 | 3 |
| Profit After Adjustments | 10 | 12 | 12 | 12 | 18 | 22 | 32 | 26 | 39 | 37 |
| Adjusted Earnings Per Share | 6.7 | 7.1 | 7.3 | 6.7 | 10.2 | 12.5 | 18.1 | 14.4 | 21.8 | 17.8 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 108 | 133 | 144 | 141 | 176 | 197 | 185 | 203 | 219 | 253 | 418 | 661 |
| Other Income | 1 | 1 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | 4 | 12 | 17 |
| Total Income | 109 | 134 | 146 | 143 | 179 | 199 | 187 | 205 | 222 | 257 | 430 | 677 |
| Total Expenditure | 89 | 110 | 122 | 119 | 152 | 147 | 168 | 179 | 186 | 209 | 338 | 514 |
| Operating Profit | 20 | 24 | 24 | 24 | 27 | 52 | 19 | 26 | 35 | 48 | 92 | 164 |
| Interest | 8 | 12 | 16 | 17 | 18 | 17 | 13 | 11 | 10 | 5 | 5 | 6 |
| Depreciation | 2 | 3 | 4 | 4 | 4 | 4 | 3 | 3 | 4 | 5 | 8 | 12 |
| Exceptional Income / Expenses | 0 | 0 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Profit Before Tax | 10 | 9 | 6 | 5 | 5 | 31 | 2 | 13 | 29 | 50 | 90 | 144 |
| Provision for Tax | 3 | 5 | 1 | 1 | 2 | 9 | 0 | 4 | -2 | 15 | 26 | 23 |
| Profit After Tax | 7 | 5 | 6 | 5 | 3 | 22 | 2 | 10 | 31 | 35 | 63 | 121 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 13 |
| Profit After Adjustments | 7 | 5 | 6 | 5 | 3 | 22 | 2 | 9 | 31 | 35 | 63 | 134 |
| Adjusted Earnings Per Share | 6.9 | 4.5 | 5.5 | 4.1 | 3.1 | 19.9 | 1.8 | 6 | 20 | 21.4 | 36.3 | 72.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 65% | 27% | 16% | 14% |
| Operating Profit CAGR | 92% | 52% | 12% | 16% |
| PAT CAGR | 80% | 85% | 23% | 25% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -38% | 63% | 40% | 31% |
| ROE Average | 21% | 19% | 13% | 14% |
| ROCE Average | 27% | 22% | 17% | 17% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 37 | 41 | 52 | 72 | 71 | 90 | 89 | 163 | 198 | 234 | 412 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 0 | 0 | 0 |
| Borrowings | 13 | 13 | 9 | 7 | 4 | 3 | 1 | 0 | 1 | 1 | 1 |
| Other Non-Current Liabilities | 5 | 5 | -0 | -0 | -1 | -2 | -3 | -1 | -6 | -7 | -9 |
| Total Current Liabilities | 68 | 121 | 138 | 151 | 178 | 157 | 166 | 126 | 111 | 88 | 158 |
| Total Liabilities | 123 | 180 | 198 | 229 | 252 | 248 | 253 | 296 | 304 | 315 | 562 |
| Fixed Assets | 26 | 29 | 28 | 28 | 28 | 26 | 23 | 45 | 40 | 44 | 79 |
| Other Non-Current Assets | 8 | 3 | 8 | 10 | 14 | 15 | 9 | 31 | 40 | 42 | 37 |
| Total Current Assets | 88 | 148 | 161 | 192 | 210 | 208 | 222 | 220 | 221 | 229 | 446 |
| Total Assets | 123 | 180 | 198 | 229 | 252 | 248 | 253 | 296 | 304 | 315 | 562 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 5 | 11 | 3 | 1 | 0 | 0 | 1 | 0 | 14 | 32 | 11 |
| Cash Flow from Operating Activities | 2 | -31 | 5 | -3 | 24 | 36 | 23 | 26 | 47 | 49 | 6 |
| Cash Flow from Investing Activities | -5 | -5 | -10 | -8 | -0 | 4 | 1 | -1 | -9 | -5 | -53 |
| Cash Flow from Financing Activities | 8 | 35 | 3 | 11 | -23 | -39 | -24 | -21 | -20 | -65 | 49 |
| Net Cash Inflow / Outflow | 6 | -0 | -2 | -0 | 0 | 0 | -1 | 4 | 18 | -21 | 1 |
| Closing Cash & Cash Equivalent | 11 | 11 | 1 | 0 | 0 | 1 | 0 | 14 | 32 | 11 | 12 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 6.87 | 4.52 | 5.55 | 4.08 | 3.1 | 19.92 | 1.79 | 5.96 | 20.02 | 21.42 | 36.26 |
| CEPS(Rs) | 9.42 | 7.54 | 9.16 | 7.86 | 6.91 | 23.41 | 4.83 | 8.13 | 22.93 | 24.58 | 40.97 |
| DPS(Rs) | 0.75 | 1 | 1.25 | 1.25 | 2.25 | 2.5 | 2.25 | 2.25 | 2 | 2.5 | 3.5 |
| Book NAV/Share(Rs) | 36.26 | 40.38 | 51.04 | 64.69 | 63.83 | 80.92 | 80.18 | 105.54 | 122.07 | 143.26 | 203.72 |
| Core EBITDA Margin(%) | 17.97 | 17.17 | 15.54 | 15.14 | 13.74 | 25.4 | 9.51 | 11.84 | 15.04 | 17.45 | 19.19 |
| EBIT Margin(%) | 16.48 | 15.88 | 15.11 | 15.42 | 12.92 | 24.36 | 8.52 | 12.09 | 17.61 | 21.52 | 22.55 |
| Pre Tax Margin(%) | 9.39 | 7.01 | 4.31 | 3.63 | 2.84 | 15.56 | 1.31 | 6.64 | 13.17 | 19.63 | 21.42 |
| PAT Margin (%) | 6.43 | 3.41 | 3.87 | 3.22 | 1.95 | 11.22 | 1.08 | 4.69 | 14.07 | 13.84 | 15.13 |
| Cash Profit Margin (%) | 8.7 | 5.69 | 6.4 | 6.19 | 4.35 | 13.19 | 2.9 | 6.18 | 16.12 | 15.88 | 17.09 |
| ROA(%) | 6.25 | 2.99 | 2.95 | 2.12 | 1.43 | 8.85 | 0.8 | 3.47 | 10.29 | 11.3 | 14.41 |
| ROE(%) | 24.2 | 11.82 | 12.15 | 7.35 | 4.82 | 27.53 | 2.23 | 7.55 | 17.59 | 16.57 | 21.46 |
| ROCE(%) | 21.47 | 18.17 | 14.1 | 12.1 | 11.93 | 25.32 | 8.7 | 12.3 | 16.23 | 22.13 | 27.28 |
| Receivable days | 102.84 | 127.6 | 191.2 | 270 | 236.28 | 206.65 | 232.57 | 276 | 283.43 | 235.27 | 183.33 |
| Inventory Days | 84.46 | 119.32 | 87.93 | 24.53 | 8.94 | 7.84 | 10.91 | 3.7 | 4.42 | 3.61 | 0.5 |
| Payable days | 102.84 | 163.03 | 137.06 | 504.24 | 1268.69 | 1232.62 | 1222.04 | 901.09 | 482.17 | 505.75 | 642.16 |
| PER(x) | 7.68 | 10.68 | 22.79 | 42.16 | 34.24 | 4.17 | 69.08 | 26.93 | 6.36 | 27.47 | 37.57 |
| Price/Book(x) | 1.45 | 1.2 | 2.48 | 2.66 | 1.66 | 1.03 | 1.55 | 1.52 | 1.04 | 4.11 | 6.69 |
| Dividend Yield(%) | 1.29 | 1.88 | 0.9 | 0.73 | 2.12 | 3.01 | 1.82 | 1.4 | 1.57 | 0.42 | 0.26 |
| EV/Net Sales(x) | 0.91 | 1.03 | 1.66 | 2.13 | 1.26 | 0.91 | 1.16 | 1.39 | 0.95 | 3.7 | 5.39 |
| EV/Core EBITDA(x) | 4.85 | 5.65 | 9.89 | 12.51 | 8.22 | 3.44 | 11.2 | 10.95 | 5.88 | 19.62 | 24.53 |
| Net Sales Growth(%) | 36.63 | 23.08 | 8.4 | -2.26 | 25.37 | 11.9 | -6.15 | 9.53 | 8.19 | 15.24 | 65.28 |
| EBIT Growth(%) | 13.09 | 18.58 | 3.14 | -0.26 | 5.1 | 110.91 | -67.16 | 55.38 | 57.52 | 40.83 | 73.26 |
| PAT Growth(%) | 14.05 | -34.77 | 23.24 | -18.83 | -23.93 | 543.51 | -91 | 377.41 | 224.48 | 13.32 | 80.69 |
| EPS Growth(%) | -16.28 | -34.17 | 22.72 | -26.43 | -24.12 | 543.52 | -91 | 232.22 | 235.93 | 7.01 | 69.29 |
| Debt/Equity(x) | 1.57 | 2.44 | 2.29 | 1.64 | 1.72 | 1.08 | 0.97 | 0.37 | 0.29 | 0.02 | 0.11 |
| Current Ratio(x) | 1.29 | 1.23 | 1.17 | 1.27 | 1.18 | 1.32 | 1.34 | 1.74 | 1.98 | 2.61 | 2.82 |
| Quick Ratio(x) | 0.88 | 0.74 | 1.09 | 1.22 | 1.18 | 1.27 | 1.32 | 1.74 | 1.94 | 2.6 | 2.81 |
| Interest Cover(x) | 2.32 | 1.79 | 1.4 | 1.31 | 1.28 | 2.77 | 1.18 | 2.22 | 3.97 | 11.43 | 19.85 |
| Total Debt/Mcap(x) | 1.08 | 2.04 | 0.93 | 0.62 | 1.03 | 1.05 | 0.63 | 0.24 | 0.28 | 0 | 0.02 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.61 | 55.35 | 55.35 | 51.86 | 51.86 | 51.86 | 51.86 | 50.7 | 50.7 | 50.87 |
| FII | 0.05 | 0 | 0 | 4.27 | 4.56 | 4.68 | 4.66 | 4.57 | 4.33 | 10.25 |
| DII | 0 | 0 | 0 | 0 | 0.25 | 0.87 | 1 | 1.03 | 0.23 | 0.19 |
| Public | 41.34 | 44.65 | 44.65 | 43.87 | 43.33 | 42.6 | 42.48 | 43.71 | 44.74 | 38.69 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 1.07 |
| FII | 0 | 0 | 0 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.21 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.02 | 0.02 | 0 | 0 |
| Public | 0.64 | 0.73 | 0.73 | 0.77 | 0.76 | 0.74 | 0.74 | 0.78 | 0.8 | 0.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.54 | 1.63 | 1.63 | 1.74 | 1.74 | 1.74 | 1.74 | 1.78 | 1.78 | 2.09 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +65% | +27% | +16% | +14% |
| Operating Profit CAGR | +92% | +52% | +12% | +16% |
| PAT CAGR | +80% | +85% | +23% | +25% |
| Share Price CAGR | -38% | +63% | +40% | +31% |
| ROE Average | +21% | +19% | +13% | +14% |
| ROCE Average | +27% | +22% | +17% | +17% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.61 | 55.35 | 55.35 | 51.86 | 51.86 | 51.86 | 51.86 | 50.7 | 50.7 | 50.87 |
| FII | 0.05 | 0 | 0 | 4.27 | 4.56 | 4.68 | 4.66 | 4.57 | 4.33 | 10.25 |
| DII | 0 | 0 | 0 | 0 | 0.25 | 0.87 | 1 | 1.03 | 0.23 | 0.19 |
| Public | 41.39 | 44.65 | 44.65 | 48.14 | 48.14 | 48.14 | 48.14 | 49.3 | 49.3 | 49.13 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 1.07 |
| FII | 0 | 0 | 0 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.21 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.02 | 0.02 | 0.02 | 0 | 0 |
| Public | 0.64 | 0.73 | 0.73 | 0.84 | 0.84 | 0.84 | 0.84 | 0.88 | 0.88 | 1.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.54 | 1.63 | 1.63 | 1.74 | 1.74 | 1.74 | 1.74 | 1.78 | 1.78 | 2.09 |
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