IT - Software · Founded 1995 · www.silvertouch.com · BSE 543525 · NSE SILVERTUC · ISIN INE625X01026
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Business
Silver Touch Technologies Ltd. is an Indian IT services and solutions provider. The company offers a comprehensive suite of services including digital transformation, cloud computing, enterprise resource planning (ERP) solutions (like SAP), data analytics & AI, mobile application development, cybersecurity, IT consulting, and infrastructure management. Its core business model involves providing end-to-end technology solutions and services to clients. The company primarily generates revenue through project-based contracts, consulting fees, and managed service agreements, serving both government/public sector undertakings (PSUs) and private enterprises.
Revenue Mix
While specific revenue percentages by segment are not readily disclosed in general public information, Silver Touch Technologies primarily focuses on two broad client segments:
Government & Public Sector Units (PSUs): This segment is a significant focus, with the company having expertise in e-governance projects, smart city initiatives, and digital transformation for various government departments.
Enterprise Clients: Serving private sector companies across diverse industries with their digital transformation, cloud adoption, and enterprise solution needs.
The company offers a wide range of services within these segments, indicating a mix of project-based work, recurring managed services, and consulting.
Industry
Silver Touch operates within the highly competitive Indian IT - Software industry. This industry is characterized by a fragmented landscape with large global players, mid-sized firms, and numerous niche providers. Silver Touch positions itself as a comprehensive digital transformation partner, with a notable strength and established track record in government and PSU projects (e-governance, smart cities, etc.). Within this niche, it competes with other IT firms vying for public sector tenders, while in the enterprise space, it faces competition from a broader array of domestic and international IT service providers.
MOAT
Silver Touch's competitive advantages primarily stem from:
Domain Expertise in Government Projects: A proven track record and specialized understanding of the complexities, compliance requirements, and long sales cycles associated with large-scale government e-governance and digital initiatives. This builds trust and strong relationships within the public sector.
Comprehensive Service Offering: The ability to provide a wide range of IT services from consulting to implementation and managed services allows them to be a single-point solution provider for clients.
Established Client Relationships: Long-standing relationships, particularly with government bodies, which can lead to repeat business and referrals.
Growth Drivers
Key factors that can drive growth for Silver Touch over the next 3-5 years include:
Government Digitalization Push: Continued emphasis on "Digital India," smart cities, and e-governance initiatives by the Indian government will drive demand for IT services.
Enterprise Digital Transformation: Increasing adoption of cloud, AI, data analytics, and automation by private enterprises to enhance efficiency and customer experience.
Cybersecurity Demand: Growing concern over data breaches and cyber threats leading to increased spending on robust cybersecurity solutions.
Cloud Adoption: Continued migration of legacy systems to cloud environments by both public and private sector entities.
Risks
High Competition: The IT services market is intensely competitive, requiring continuous innovation and competitive pricing.
Dependency on Government Contracts: A significant reliance on government tenders can expose the company to policy changes, budget allocations, and lengthy procurement cycles.
Technological Obsolescence: Rapid advancements in technology necessitate continuous investment in skill development and new capabilities to remain relevant.
Talent Acquisition & Retention: Difficulty in attracting and retaining skilled IT professionals, particularly in emerging technologies, can impact project execution and growth.
Project Execution Risks: Large and complex IT projects carry inherent risks of delays, cost overruns, and client dissatisfaction.
Management & Ownership
Silver Touch Technologies is a promoter-led company. Key individuals associated with its founding and leadership include Mr. Vipul Jagubhai Thakkar, Mr. Minesh J. Doshi, Mr. Hiren P. Patel, and Mr. Palak H. Patel, who hold significant management positions and are part of the promoter group. The promoter holding typically constitutes a substantial portion of the company's equity, reflecting a strong owner-operator model. The management team generally possesses long-standing experience in the IT services sector.
Outlook
Silver Touch Technologies is well-positioned to capitalize on the ongoing digital transformation wave in India, particularly given its established expertise and strong relationships within the government and PSU segment. The government's continued focus on e-governance and smart city projects provides a stable demand pipeline. Concurrently, the increasing digital spending by enterprises on cloud, AI, and analytics offers additional growth avenues. However, the company operates in a highly competitive market, requiring sustained investment in technology and talent. Its ability to navigate intense competition, manage project execution effectively, and adapt to evolving technological landscapes will be crucial for its continued success. Diversification of client base and service offerings beyond its traditional strengths could further de-risk its revenue streams and accelerate growth.
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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 | 53 | 79 | 57 | 75 | 74 | 86 | 63 | 86 | 96 | 101 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 53 | 79 | 57 | 75 | 74 | 86 | 63 | 86 | 96 | 101 |
| Total Expenditure | 46 | 68 | 50 | 66 | 65 | 70 | 54 | 72 | 77 | 79 |
| Operating Profit | 7 | 11 | 7 | 9 | 10 | 15 | 9 | 14 | 19 | 22 |
| Interest | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 2 | 1 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 6 | 9 | 5 | 6 | 7 | 12 | 6 | 10 | 15 | 18 |
| Provision for Tax | 1 | 3 | 1 | 2 | 1 | 3 | 2 | 2 | 4 | 5 |
| Profit After Tax | 5 | 6 | 3 | 4 | 5 | 9 | 4 | 7 | 11 | 13 |
| Adjustments | 0 | 0 | -0 | 0 | -0 | 0 | -0 | 0 | -0 | 0 |
| Profit After Adjustments | 5 | 6 | 3 | 4 | 5 | 9 | 4 | 7 | 11 | 13 |
| Adjusted Earnings Per Share | 0.4 | 0.5 | 0.3 | 0.3 | 0.4 | 0.7 | 0.3 | 0.6 | 0.9 | 1 |
| #(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 | 117 | 140 | 123 | 172 | 211 | 190 | 152 | 140 | 164 | 224 | 288 | 346 |
| Other Income | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 3 | 3 | 3 | 0 |
| Total Income | 118 | 141 | 124 | 173 | 212 | 191 | 153 | 141 | 166 | 227 | 292 | 346 |
| Total Expenditure | 104 | 128 | 111 | 155 | 192 | 177 | 148 | 128 | 147 | 199 | 251 | 282 |
| Operating Profit | 14 | 13 | 14 | 18 | 21 | 14 | 5 | 13 | 19 | 28 | 41 | 64 |
| Interest | 3 | 3 | 3 | 1 | 2 | 2 | 2 | 1 | 1 | 1 | 4 | 6 |
| Depreciation | 7 | 5 | 4 | 3 | 4 | 4 | 2 | 3 | 5 | 5 | 7 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 4 | 5 | 6 | 14 | 15 | 8 | 1 | 9 | 13 | 22 | 30 | 49 |
| Provision for Tax | 1 | 2 | 2 | 5 | 4 | 3 | 0 | 2 | 4 | 5 | 8 | 13 |
| Profit After Tax | 3 | 3 | 4 | 8 | 11 | 5 | 1 | 6 | 10 | 16 | 22 | 35 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3 | 3 | 4 | 8 | 11 | 5 | 1 | 6 | 10 | 16 | 22 | 35 |
| Adjusted Earnings Per Share | 0.2 | 0.3 | 0.4 | 0.7 | 0.8 | 0.4 | 0.1 | 0.5 | 0.8 | 1.3 | 1.8 | 2.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 29% | 27% | 9% | 9% |
| Operating Profit CAGR | 46% | 47% | 24% | 11% |
| PAT CAGR | 38% | 54% | 34% | 22% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 137% | 70% | 88% | NA% |
| ROE Average | 18% | 15% | 11% | 11% |
| ROCE Average | 23% | 20% | 15% | 16% |
| #(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 | 36 | 38 | 42 | 65 | 76 | 81 | 82 | 86 | 95 | 113 | 134 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 7 | 5 | 3 | 1 | 1 | 1 | 0 | 0 | 4 | 7 | 7 |
| Other Non-Current Liabilities | 4 | 1 | 1 | 1 | 1 | 3 | 9 | 7 | 6 | 11 | 14 |
| Total Current Liabilities | 38 | 62 | 29 | 50 | 55 | 48 | 33 | 32 | 45 | 46 | 94 |
| Total Liabilities | 85 | 107 | 76 | 117 | 133 | 132 | 124 | 125 | 151 | 178 | 249 |
| Fixed Assets | 15 | 16 | 17 | 16 | 19 | 19 | 19 | 22 | 31 | 29 | 54 |
| Other Non-Current Assets | 9 | 7 | 6 | 8 | 9 | 11 | 12 | 10 | 15 | 28 | 25 |
| Total Current Assets | 61 | 83 | 53 | 93 | 105 | 102 | 93 | 93 | 105 | 121 | 170 |
| Total Assets | 85 | 107 | 76 | 117 | 133 | 132 | 124 | 125 | 151 | 178 | 249 |
| #(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 | 6 | 7 | 6 | 6 | 14 | 10 | 10 | 13 | 7 | 11 | 4 |
| Cash Flow from Operating Activities | -2 | 5 | 13 | 8 | -7 | 0 | 12 | 8 | 16 | 3 | -3 |
| Cash Flow from Investing Activities | -2 | -5 | -3 | -2 | -5 | -3 | -2 | -7 | -19 | -12 | -19 |
| Cash Flow from Financing Activities | 6 | -2 | -9 | 2 | 8 | 2 | -6 | -8 | 7 | 3 | 27 |
| Net Cash Inflow / Outflow | 2 | -2 | 1 | 8 | -4 | -0 | 4 | -7 | 4 | -6 | 6 |
| Closing Cash & Cash Equivalent | 7 | 6 | 6 | 14 | 10 | 10 | 13 | 7 | 11 | 4 | 10 |
| # | 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) | 0.23 | 0.27 | 0.36 | 0.65 | 0.83 | 0.42 | 0.08 | 0.51 | 0.77 | 1.27 | 1.75 |
| CEPS(Rs) | 0.85 | 0.76 | 0.76 | 0.86 | 1.17 | 0.76 | 0.27 | 0.77 | 1.13 | 1.66 | 2.31 |
| DPS(Rs) | 0.03 | 0.03 | 0.03 | 0.05 | 0.05 | 0.05 | 0.05 | 0.1 | 0.05 | 0.05 | 0.05 |
| Book NAV/Share(Rs) | 2.86 | 3.08 | 3.42 | 4.86 | 5.69 | 6.05 | 6.13 | 6.76 | 7.39 | 8.68 | 10.54 |
| Core EBITDA Margin(%) | 10.72 | 8.84 | 9.98 | 8.66 | 9.14 | 6.94 | 2.71 | 8.33 | 10.33 | 11.12 | 13.01 |
| EBIT Margin(%) | 5.85 | 5.51 | 7.42 | 7.78 | 7.82 | 5.16 | 1.74 | 6.87 | 9.02 | 10.25 | 11.72 |
| Pre Tax Margin(%) | 3.48 | 3.27 | 4.85 | 7.06 | 6.97 | 4.09 | 0.71 | 6.29 | 8.17 | 9.6 | 10.38 |
| PAT Margin (%) | 2.23 | 2.18 | 3.29 | 4.3 | 5 | 2.77 | 0.65 | 4.61 | 5.93 | 7.16 | 7.7 |
| Cash Profit Margin (%) | 8.12 | 6.09 | 6.88 | 5.67 | 7.06 | 5.08 | 2.27 | 6.98 | 8.79 | 9.38 | 10.14 |
| ROA(%) | 3.21 | 3.19 | 4.43 | 8.53 | 8.43 | 3.97 | 0.77 | 5.17 | 7.04 | 9.77 | 10.41 |
| ROE(%) | 8.38 | 9.22 | 11.14 | 16.57 | 15.81 | 7.07 | 1.28 | 7.87 | 10.83 | 15.77 | 18.21 |
| ROCE(%) | 14.12 | 13.82 | 16.15 | 25.06 | 22.82 | 11.69 | 3.21 | 11.69 | 15.51 | 20.39 | 22.66 |
| Receivable days | 110.55 | 127.36 | 141.26 | 94.03 | 106.14 | 113.35 | 128.83 | 120.81 | 111.16 | 104.36 | 100.69 |
| Inventory Days | 12.7 | 14.36 | 10.74 | 4.44 | 3.51 | 2.1 | 2.41 | 2.03 | 1.45 | 1.05 | 1.24 |
| Payable days | 64.31 | 104.54 | 134.71 | 74.65 | 100.67 | 108.2 | 142.47 | 362.27 | 381.34 | 247 | 145.42 |
| PER(x) | 0 | 0 | 0 | 18.51 | 15.16 | 24.82 | 108.96 | 40.06 | 47.76 | 50.82 | 36.12 |
| Price/Book(x) | 0 | 0 | 0 | 2.49 | 2.22 | 1.7 | 1.39 | 3.01 | 4.95 | 7.42 | 6 |
| Dividend Yield(%) | 0 | 0 | 0 | 0.41 | 0.4 | 0.49 | 0.59 | 0.49 | 0.14 | 0.08 | 0.08 |
| EV/Net Sales(x) | 0.17 | 0.17 | 0.13 | 0.82 | 0.75 | 0.69 | 0.62 | 1.72 | 2.8 | 3.66 | 2.87 |
| EV/Core EBITDA(x) | 1.49 | 1.78 | 1.21 | 8.06 | 7.61 | 9.28 | 18.55 | 18.57 | 23.6 | 29.31 | 20.27 |
| Net Sales Growth(%) | 7.18 | 20.06 | -12.35 | 39.8 | 22.62 | -9.91 | -19.84 | -8.3 | 17.33 | 36.95 | 28.57 |
| EBIT Growth(%) | -34.67 | 13.12 | 17.97 | 63.36 | 10.48 | -40.54 | -72.9 | 261.49 | 54.01 | 55.65 | 46.92 |
| PAT Growth(%) | -57.4 | 17.4 | 32.26 | 103.35 | 28.05 | -50.11 | -81.2 | 550.33 | 50.98 | 65.37 | 38.18 |
| EPS Growth(%) | -57.4 | 17.4 | 32.26 | 80.67 | 27.19 | -50.11 | -81.2 | 550.3 | 50.98 | 65.37 | 38.19 |
| Debt/Equity(x) | 0.69 | 0.68 | 0.44 | 0.04 | 0.12 | 0.14 | 0.01 | 0 | 0.12 | 0.1 | 0.33 |
| Current Ratio(x) | 1.6 | 1.34 | 1.8 | 1.87 | 1.91 | 2.13 | 2.84 | 2.89 | 2.31 | 2.61 | 1.81 |
| Quick Ratio(x) | 1.46 | 1.25 | 1.74 | 1.81 | 1.89 | 2.11 | 2.81 | 2.87 | 2.3 | 2.59 | 1.8 |
| Interest Cover(x) | 2.47 | 2.45 | 2.89 | 10.74 | 9.26 | 4.85 | 1.69 | 11.68 | 10.64 | 15.6 | 8.73 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.02 | 0.05 | 0.08 | 0 | 0 | 0.02 | 0.01 | 0.05 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.51 | 74.36 | 74.36 | 74.36 | 74.42 | 74.53 | 74.61 | 74.61 | 74.61 | 74.62 |
| FII | 0 | 0.03 | 0 | 0 | 0 | 0 | 0.05 | 0.1 | 0.75 | 1.15 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.04 | 0 |
| Public | 25.49 | 25.6 | 25.64 | 25.64 | 25.58 | 25.47 | 25.35 | 25.29 | 24.59 | 24.23 |
| 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 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.95 | 0.95 | 0.95 | 0.95 | 9.46 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.15 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.32 | 0.32 | 0.33 | 0.33 | 0.32 | 0.32 | 0.32 | 0.32 | 0.31 | 3.07 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 12.68 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +29% | +27% | +9% | +9% |
| Operating Profit CAGR | +46% | +47% | +24% | +11% |
| PAT CAGR | +38% | +54% | +34% | +22% |
| Share Price CAGR | +137% | +70% | +88% | — |
| ROE Average | +18% | +15% | +11% | +11% |
| ROCE Average | +23% | +20% | +15% | +16% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.51 | 74.36 | 74.36 | 74.36 | 74.42 | 74.53 | 74.61 | 74.61 | 74.61 | 74.62 |
| FII | 0 | 0.03 | 0 | 0 | 0 | 0 | 0.05 | 0.1 | 0.75 | 1.15 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.04 | 0 |
| Public | 25.49 | 25.64 | 25.64 | 25.64 | 25.58 | 25.47 | 25.39 | 25.39 | 25.39 | 25.38 |
| 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 | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 | 0.95 | 0.95 | 0.95 | 0.95 | 9.46 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.15 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.32 | 0.33 | 0.33 | 0.33 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 3.22 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 1.27 | 12.68 |
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