IT - Software · Founded 1993 · www.kellton.com · BSE 519602 · NSE KELLTONTEC · ISIN INE164B01030
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Business
Kellton Tech Solutions Ltd. is an India-based IT services company that provides end-to-end digital transformation and IT solutions to clients globally. Its core business model revolves around offering services that help businesses innovate, optimize operations, and enhance customer experience through technology. This includes areas like enterprise resource planning (ERP) implementation, digital consulting, cloud services, data analytics, internet of things (IoT), artificial intelligence/machine learning (AI/ML), and custom software development. The company makes money through project-based contracts, managed services, and consulting fees charged to its clients across various industries such as retail, manufacturing, healthcare, and logistics.
Revenue Mix
Kellton Tech typically categorizes its services across several technology and solution areas rather than distinct business segments with separate P&Ls. While specific percentage breakdowns are not always publicly granular, its primary revenue streams generally come from:
Enterprise Solutions: Implementation and support for platforms like SAP, Oracle, and Microsoft Dynamics.
Digital Transformation & Consulting: Strategy, design, and execution of digital initiatives, including mobile app development, web development, and UI/UX design.
Cloud & Data Services: Cloud migration, infrastructure management, data warehousing, business intelligence, and analytics.
Emerging Technologies: Solutions leveraging IoT, AI/ML, and blockchain.
Geographically, the company serves clients primarily in North America, Europe, and India.
Industry
Kellton Tech operates in the highly competitive global IT services and digital transformation industry. This industry is characterized by a mix of large global players (e.g., Accenture, TCS, Infosys), mid-tier providers, and numerous niche specialists. Kellton Tech positions itself as a mid-tier agile IT service provider, focusing on delivering integrated solutions and acting as a strategic partner for digital transformation journeys. It often competes on its ability to offer specialized expertise, deliver cost-effective solutions, and cater to the specific needs of mid-market enterprises or particular industry verticals, differentiating itself from larger players through agility and a client-centric approach.
MOAT
Kellton Tech, as a mid-tier IT services provider, faces challenges in establishing a strong, durable competitive moat comparable to industry leaders. Its advantages, while present, are generally less entrenched:
Niche Expertise: Developing specialized knowledge in specific platforms (e.g., SAP, Salesforce) or emerging technologies (IoT, AI) for particular industry verticals can create a temporary advantage.
Client Relationships: Building long-term relationships with clients through successful project delivery and reliable service can lead to recurring revenue and referrals.
Agility & Cost-effectiveness: Being more agile and potentially offering more competitive pricing than larger competitors for certain projects can attract clients.
However, these are often replicable, and the company generally lacks strong network effects, significant brand power, or high switching costs that typically characterize strong moats in other industries.
Growth Drivers
Accelerated Digital Transformation: The ongoing global imperative for businesses across all sectors to digitize operations and enhance customer experience fuels demand for IT services.
Cloud Adoption: Continued migration of enterprises to cloud platforms (public, private, hybrid) drives demand for cloud migration, management, and optimization services.
Emergence of AI/ML and Data Analytics: Increasing adoption of AI/ML for automation, insights, and innovation creates new service opportunities.
Expansion into New Geographies/Verticals: Strategic expansion into untapped markets or focusing on high-growth industry verticals can provide new revenue streams.
Cross-selling and Upselling: Leveraging existing client relationships to offer a broader suite of services and larger projects.
Risks
Intense Competition: The IT services market is highly fragmented and competitive, leading to pricing pressure and challenges in winning new clients.
Talent Acquisition & Retention: Difficulty in attracting, training, and retaining skilled IT professionals, particularly in emerging technologies, can impact project delivery and growth.
Client Concentration: Over-reliance on a few large clients could lead to revenue volatility if a major contract is lost or scaled down.
Technological Obsolescence: The rapid pace of technological change requires continuous investment in R&D and skill upgrades, posing a risk if the company fails to adapt.
Global Economic Slowdown: A downturn in global economic conditions can lead to reduced IT spending by clients, impacting revenue and profitability.
Currency Fluctuations: As a global service provider, adverse movements in foreign exchange rates can impact reported earnings.
Management & Ownership
Kellton Tech was co-founded by its promoters, including Narinder Singh and Karanjit Singh, who have played instrumental roles in guiding the company's strategy and growth since its inception. The management team comprises professionals with experience in technology and business consulting. As of recent data, the promoters generally hold a significant stake in the company, demonstrating their commitment and aligning their interests with shareholders. The ownership structure typically includes promoter holding, institutional investors, and public shareholders.
Outlook
Kellton Tech is positioned to benefit from the tailwinds of global digital transformation and increasing enterprise IT spending, particularly in areas like cloud, data, and AI. Its focus on niche solutions and client-centric approach could enable it to capture market share within specific segments. The ongoing demand for digital services across industries provides a conducive environment for growth. However, the company operates in a highly competitive landscape with larger, more established players, necessitating continuous innovation, strong execution, and effective talent management to maintain and grow its market position. The ability to effectively scale operations, win larger deals, and differentiate its offerings will be crucial for sustainable long-term performance, while managing the risks of intense competition and technological shifts remains a constant challenge.
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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 | 245 | 248 | 262 | 271 | 279 | 286 | 295 | 300 | 308 | 314 |
| Other Income | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 6 |
| Total Income | 246 | 248 | 262 | 271 | 279 | 287 | 296 | 301 | 309 | 320 |
| Total Expenditure | 227 | 216 | 230 | 238 | 245 | 257 | 260 | 263 | 269 | 289 |
| Operating Profit | 19 | 33 | 32 | 33 | 34 | 30 | 36 | 38 | 40 | 31 |
| Interest | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 10 | 24 | 23 | 24 | 25 | 21 | 27 | 29 | 30 | 21 |
| Provision for Tax | 1 | 0 | 3 | 4 | 4 | 1 | 4 | 5 | 5 | 1 |
| Profit After Tax | 8 | 24 | 20 | 20 | 21 | 19 | 23 | 24 | 25 | 20 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 |
| Profit After Adjustments | 8 | 24 | 20 | 20 | 21 | 19 | 23 | 24 | 25 | 20 |
| Adjusted Earnings Per Share | 0.2 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.4 |
| #(Fig in Cr.) | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 238 | 359 | 615 | 783 | 814 | 771 | 776 | 843 | 917 | 983 | 1098 | 1217 |
| Other Income | 2 | 1 | 4 | 3 | 5 | 4 | 5 | 1 | 2 | 2 | 2 | 9 |
| Total Income | 240 | 360 | 618 | 786 | 819 | 775 | 780 | 844 | 920 | 985 | 1100 | 1226 |
| Total Expenditure | 205 | 309 | 533 | 665 | 696 | 658 | 668 | 738 | 824 | 878 | 970 | 1081 |
| Operating Profit | 34 | 50 | 86 | 121 | 123 | 116 | 112 | 106 | 96 | 106 | 130 | 145 |
| Interest | 6 | 9 | 10 | 16 | 19 | 16 | 13 | 12 | 11 | 18 | 20 | 22 |
| Depreciation | 3 | 2 | 4 | 5 | 7 | 13 | 13 | 11 | 14 | 16 | 17 | 16 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -184 | 0 | -0 | 0 |
| Profit Before Tax | 26 | 39 | 71 | 99 | 97 | 87 | 87 | 83 | -114 | 72 | 92 | 107 |
| Provision for Tax | 4 | 8 | 18 | 31 | 20 | 17 | 16 | 13 | 13 | 8 | 13 | 15 |
| Profit After Tax | 22 | 31 | 53 | 68 | 77 | 71 | 71 | 70 | -127 | 64 | 80 | 92 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 22 | 31 | 53 | 68 | 77 | 71 | 71 | 70 | -127 | 64 | 80 | 92 |
| Adjusted Earnings Per Share | 0.5 | 0.7 | 1.1 | 1.4 | 1.6 | 1.5 | 1.5 | 1.5 | -2.6 | 1.3 | 1.6 | 1.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 12% | 9% | 7% | 17% |
| Operating Profit CAGR | 23% | 7% | 2% | 14% |
| PAT CAGR | 25% | 5% | 2% | 14% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -40% | 8% | -3% | -1% |
| ROE Average | 16% | 1% | 7% | 20% |
| ROCE Average | 17% | 5% | 10% | 20% |
| #(Fig in Cr.) | Jun 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 78 | 126 | 177 | 260 | 329 | 416 | 421 | 479 | 373 | 443 | 535 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 31 | 32 | 44 | 32 | 36 | 29 | 23 | 13 | 38 | 33 | 52 |
| Other Non-Current Liabilities | 12 | 10 | 65 | 65 | 26 | 62 | 24 | 24 | 19 | 17 | 15 |
| Total Current Liabilities | 116 | 141 | 164 | 224 | 208 | 212 | 164 | 157 | 166 | 167 | 187 |
| Total Liabilities | 237 | 309 | 450 | 581 | 599 | 718 | 632 | 672 | 596 | 660 | 789 |
| Fixed Assets | 107 | 118 | 222 | 228 | 220 | 278 | 206 | 199 | 64 | 69 | 63 |
| Other Non-Current Assets | 2 | 2 | 3 | 13 | 23 | 22 | 13 | 10 | 11 | 29 | 43 |
| Total Current Assets | 128 | 188 | 226 | 340 | 356 | 418 | 413 | 463 | 522 | 562 | 683 |
| Total Assets | 237 | 309 | 450 | 581 | 599 | 718 | 632 | 672 | 596 | 660 | 789 |
| #(Fig in Cr.) | Jun 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 | 17 | 8 | 16 | 21 | 26 | 30 | 39 | 25 | 30 | 28 |
| Cash Flow from Operating Activities | 17 | 14 | 43 | 55 | 59 | 56 | 80 | 1 | 24 | 56 | 6 |
| Cash Flow from Investing Activities | -56 | -29 | -46 | -40 | -39 | -39 | 32 | -4 | -72 | -40 | -25 |
| Cash Flow from Financing Activities | 51 | 7 | 12 | -10 | -15 | -13 | -102 | -11 | 53 | -19 | 19 |
| Net Cash Inflow / Outflow | 12 | -9 | 8 | 4 | 5 | 4 | 9 | -14 | 5 | -2 | -0 |
| Closing Cash & Cash Equivalent | 17 | 8 | 16 | 21 | 26 | 30 | 39 | 25 | 30 | 28 | 28 |
| # | Jun 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) | 0.51 | 0.66 | 1.13 | 1.42 | 1.6 | 1.46 | 1.48 | 1.46 | -2.63 | 1.31 | 1.64 |
| CEPS(Rs) | 0.57 | 0.71 | 1.22 | 1.53 | 1.73 | 1.73 | 1.74 | 1.69 | -2.33 | 1.64 | 1.98 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0.05 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 1.5 | 2.68 | 3.73 | 5.36 | 6.79 | 8.59 | 8.68 | 9.89 | 7.69 | 9.06 | 10.93 |
| Core EBITDA Margin(%) | 13.68 | 13.76 | 13.33 | 15.11 | 14.48 | 14.58 | 13.9 | 12.43 | 10.19 | 10.63 | 11.63 |
| EBIT Margin(%) | 13.23 | 13.34 | 13.25 | 14.77 | 14.28 | 13.43 | 12.84 | 11.27 | -11.21 | 9.18 | 10.27 |
| Pre Tax Margin(%) | 10.76 | 10.9 | 11.58 | 12.7 | 11.96 | 11.3 | 11.18 | 9.9 | -12.46 | 7.32 | 8.43 |
| PAT Margin (%) | 9.28 | 8.64 | 8.63 | 8.73 | 9.45 | 9.15 | 9.17 | 8.36 | -13.82 | 6.51 | 7.26 |
| Cash Profit Margin (%) | 10.46 | 9.33 | 9.32 | 9.42 | 10.27 | 10.81 | 10.84 | 9.66 | -12.25 | 8.14 | 8.81 |
| ROA(%) | 13.06 | 11.35 | 13.97 | 13.26 | 13.04 | 10.71 | 10.53 | 10.81 | -19.99 | 10.19 | 11 |
| ROE(%) | 40.91 | 32.46 | 35.17 | 31.48 | 26.27 | 19.03 | 17.09 | 15.74 | -29.91 | 15.77 | 16.38 |
| ROCE(%) | 27.49 | 25.71 | 31.98 | 34.49 | 28.14 | 21.02 | 18.89 | 17.04 | -18.43 | 16.22 | 17.31 |
| Receivable days | 81.05 | 101.09 | 79.87 | 77.82 | 82.43 | 90.69 | 96.1 | 92.79 | 95.34 | 97.57 | 98.88 |
| Inventory Days | 0.83 | 1.93 | 1.7 | 1.12 | 1.14 | 0.64 | 0.02 | 0.01 | 0 | 0 | 1.98 |
| Payable days | 1962.44 | 2157.82 | 6766.72 | 350.07 | 703.84 | 605.77 | 691.6 | 2320.52 | 0 | 0 | 0 |
| PER(x) | 12.86 | 32.35 | 11.83 | 9.15 | 5 | 0.97 | 9.75 | 11.52 | 0 | 14.82 | 13.06 |
| Price/Book(x) | 4.36 | 7.98 | 3.56 | 2.42 | 1.18 | 0.17 | 1.66 | 1.7 | 1.14 | 2.15 | 1.96 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0.35 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.47 | 3.01 | 1.19 | 0.92 | 0.59 | 0.2 | 0.97 | 1.07 | 0.59 | 1.09 | 1.09 |
| EV/Core EBITDA(x) | 10.19 | 21.47 | 8.53 | 5.94 | 3.92 | 1.33 | 6.72 | 8.51 | 5.69 | 10.05 | 9.18 |
| Net Sales Growth(%) | 77.97 | 50.77 | 71.4 | 27.44 | 3.91 | -5.34 | 0.64 | 8.64 | 8.86 | 7.15 | 11.69 |
| EBIT Growth(%) | 187.41 | 52.05 | 70.23 | 42.07 | 0.44 | -10.97 | -3.8 | -4.59 | -208.24 | 187.78 | 24.92 |
| PAT Growth(%) | 246.93 | 40.31 | 71.32 | 28.89 | 12.5 | -8.33 | 0.84 | -0.95 | -280.01 | 150.48 | 24.55 |
| EPS Growth(%) | 230.22 | 30.29 | 70.16 | 26.1 | 12.5 | -8.33 | 0.84 | -1.07 | -279.95 | 150.03 | 24.4 |
| Debt/Equity(x) | 1.26 | 0.69 | 0.68 | 0.44 | 0.38 | 0.28 | 0.24 | 0.24 | 0.4 | 0.33 | 0.33 |
| Current Ratio(x) | 1.1 | 1.33 | 1.38 | 1.52 | 1.72 | 1.98 | 2.51 | 2.96 | 3.15 | 3.36 | 3.66 |
| Quick Ratio(x) | 1.1 | 1.31 | 1.36 | 1.51 | 1.7 | 1.98 | 2.51 | 2.96 | 3.15 | 3.36 | 3.62 |
| Interest Cover(x) | 5.36 | 5.46 | 7.92 | 7.11 | 6.16 | 6.3 | 7.75 | 8.22 | -8.99 | 4.92 | 5.56 |
| Total Debt/Mcap(x) | 0.29 | 0.09 | 0.19 | 0.18 | 0.32 | 1.7 | 0.15 | 0.14 | 0.35 | 0.15 | 0.17 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.1 | 51.94 | 51.67 | 40.82 | 40.82 | 40.82 | 40.78 | 38.7 | 37.67 | 37.67 |
| FII | 0.44 | 0.79 | 0.46 | 1.32 | 1.43 | 1.06 | 1.27 | 0.96 | 1.21 | 1.04 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 47.46 | 47.27 | 47.86 | 57.85 | 57.74 | 58.11 | 57.95 | 60.34 | 61.11 | 61.29 |
| 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 | 5.03 | 5.03 | 5.03 | 3.98 | 3.98 | 3.98 | 3.98 | 19.88 | 19.88 | 19.88 |
| FII | 0.04 | 0.08 | 0.04 | 0.13 | 0.14 | 0.1 | 0.12 | 0.49 | 0.64 | 0.55 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.58 | 4.58 | 4.66 | 5.64 | 5.62 | 5.66 | 5.65 | 31 | 32.26 | 32.35 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9.66 | 9.69 | 9.74 | 9.74 | 9.74 | 9.74 | 9.75 | 51.37 | 52.78 | 52.78 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +12% | +9% | +7% | +17% |
| Operating Profit CAGR | +23% | +7% | +2% | +14% |
| PAT CAGR | +25% | +5% | +2% | +14% |
| Share Price CAGR | -40% | +8% | -3% | -1% |
| ROE Average | +16% | +1% | +7% | +20% |
| ROCE Average | +17% | +5% | +10% | +20% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.1 | 51.94 | 51.67 | 40.82 | 40.82 | 40.82 | 40.78 | 38.7 | 37.67 | 37.67 |
| FII | 0.44 | 0.79 | 0.46 | 1.32 | 1.43 | 1.06 | 1.27 | 0.96 | 1.21 | 1.04 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 47.9 | 48.06 | 48.33 | 59.18 | 59.18 | 59.18 | 59.22 | 61.3 | 62.33 | 62.33 |
| 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 | 5.03 | 5.03 | 5.03 | 3.98 | 3.98 | 3.98 | 3.98 | 19.88 | 19.88 | 19.88 |
| FII | 0.04 | 0.08 | 0.04 | 0.13 | 0.14 | 0.1 | 0.12 | 0.49 | 0.64 | 0.55 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.63 | 4.66 | 4.71 | 5.76 | 5.76 | 5.76 | 5.77 | 31.49 | 32.9 | 32.9 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 9.66 | 9.69 | 9.74 | 9.74 | 9.74 | 9.74 | 9.75 | 51.37 | 52.78 | 52.78 |
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