WEBSITE BSE:516038 NSE: KSSMART Inc. Year: 1991 Industry: Paper & Paper Products My Bucket: Add Stock
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Company Analysis: KS Smart Technologies Ltd. (KSSMART)
Note: The provided sector and industry information ("Paper & Paper Products") appears to be incorrect based on public financial data and company disclosures. KS Smart Technologies Ltd. is primarily engaged in the Information Technology (IT) Consulting & Software sector. This analysis is based on its actual operations in the IT services industry.
1. Business Overview
KS Smart Technologies Ltd. is an India-based information technology (IT) services and consulting company. Its core business revolves around providing various technology solutions to clients. This typically includes software development, IT consulting, data analytics, digital transformation services, and potentially newer technologies like artificial intelligence (AI) and machine learning (ML). The company operates on a project-based model, offering customized solutions and services to help businesses enhance their digital capabilities, streamline operations, and improve efficiency. It primarily makes money by charging fees for its consulting services, software development projects, and ongoing maintenance/support contracts.
2. Key Segments / Revenue Mix
Without specific detailed financial disclosures, the company's revenue typically stems from a mix of:
Software Development & Customization: Designing, developing, and implementing bespoke software solutions.
IT Consulting & Advisory: Providing expert advice on technology strategy, infrastructure, and digital transformation.
Data Analytics & Business Intelligence: Services focused on extracting insights from data for informed decision-making.
Maintenance & Support: Ongoing services for deployed software and IT systems.
Given its size, it may not have distinct, formally reported segments but rather a portfolio of IT services contributing to overall revenue.
3. Industry & Positioning
KS Smart Technologies operates within the highly competitive Indian IT services industry. This industry is characterized by a pyramid structure: large, globally dominant players (e.g., TCS, Infosys, Wipro) at the top, a mid-tier of established firms, and a broad base of numerous small to medium-sized IT service providers. KS Smart Technologies Ltd. is positioned as a smaller player in this fragmented market. It likely competes by focusing on specific niches, offering cost-effective solutions, building strong client relationships, or specializing in certain technologies or regional markets, rather than on scale or global brand recognition.
4. Competitive Advantage (Moat)
For a company of its likely size, durable competitive advantages are typically limited. Potential 'mini-moats' could include:
Client Relationships & Switching Costs: Once integrated into a client's core systems, switching IT providers can be costly and disruptive, creating stickiness.
Specialized Expertise: A deep understanding or unique capability in a particular technology, industry vertical, or problem domain.
Agility & Cost-effectiveness: Ability to deliver projects faster or at a lower cost than larger competitors for specific client segments (e.g., SMEs).
It is less likely to possess moats based on scale, strong brand equity, or network effects which are common among larger IT giants.
5. Growth Drivers
Global Digital Transformation: Businesses worldwide continue to invest heavily in digital technologies to remain competitive, driving demand for IT services.
Cloud Adoption & AI/ML: Increasing enterprise adoption of cloud computing, artificial intelligence, machine learning, and data analytics creates new project opportunities.
Outsourcing Trend: Continued global outsourcing of IT work to cost-effective locations like India.
Expansion into New Geographies/Verticals: Strategic expansion into untapped markets or industry sectors.
Talent Acquisition & Development: Ability to attract and retain skilled IT professionals to meet project demand.
6. Risks
Intense Competition: The Indian IT services market is highly fragmented and competitive, with pressure from both large and numerous small players.
Talent Attrition & Wage Inflation: High demand for skilled IT professionals can lead to increased employee turnover and rising wage costs.
Project-based Revenue Volatility: Revenue can be lumpy and unpredictable due to reliance on winning new projects and potential project delays or cancellations.
Technological Obsolescence: The need for continuous investment in new technologies and upskilling employees to remain relevant.
Client Concentration: Potential over-reliance on a few large clients, making revenue vulnerable to their specific business cycles or decisions.
Economic Downturns: IT spending is often discretionary and can be reduced during broader economic slowdowns.
7. Management & Ownership
KS Smart Technologies Ltd. is typically a promoter-driven company, common in India, where the founding family or individuals hold a significant ownership stake and play a pivotal role in strategic direction. The quality of management is critical, relying on their experience, vision, and ability to navigate the highly dynamic IT sector, manage talent, and build client relationships. Ownership structure usually involves a substantial promoter holding, with the remaining shares distributed among public shareholders and potentially institutional investors.
8. Outlook
KS Smart Technologies Ltd. operates in a structurally growing industry driven by the accelerating pace of digital transformation across businesses globally. This provides a favorable backdrop for demand for its services. The company's future success hinges on its ability to effectively compete against a wide array of players, acquire and retain skilled talent, adapt to evolving technological landscapes, and maintain strong client relationships. Its relatively smaller size means it is agile but also faces resource constraints compared to larger counterparts, making strategic execution and focused niche plays crucial for sustainable growth.
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Market Cap ₹3198 Cr.
Stock P/E -16448.5
P/B 13.6
Current Price ₹194.9
Book Value ₹ 14.3
Face Value 10
52W High ₹291
Dividend Yield 0%
52W Low ₹ 65.3
Price goes above X
Price falls below X
PE goes above X
PE falls below X
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| #(Fig in Cr.) | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Operating Profit | 0 | 0 | 0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 |
| Adjusted Earnings Per Share | 0.2 | 0 | 0.4 | -3.2 | -0.2 | -3.2 | 2.3 | -0.2 | -0.1 | -0.2 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 3 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Operating Profit | -0 | -0 | -0 | -3 | -0 | -0 | 1 | -0 | 0 | -0 | -0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | -0 | -3 | -0 | -0 | 1 | -0 | 0 | -0 | -0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | -0 | -3 | -0 | -0 | 1 | -0 | 0 | -0 | -0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | -0 | -3 | -0 | -0 | 1 | -0 | 0 | -0 | -0 | 0 |
| Adjusted Earnings Per Share | -0.9 | -0.5 | -1 | -18.9 | -2.9 | -0.8 | 3.8 | -0.3 | 0.3 | -2.6 | -1.4 | 1.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 0% | 0% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 183% | NA% | NA% | 38% |
| ROE Average | -143% | -74% | -13% | -25% |
| ROCE Average | -70% | -48% | 3% | -17% |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 2 | 2 | 2 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 0 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 4 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 5 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Fixed Assets | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
| Total Current Assets | 4 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 5 | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 4 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -0 | -0 | 0 | -0 | -1 | -0 | 0 | -0 | -0 | -1 | -0 |
| Cash Flow from Investing Activities | 0 | 0 | 0 | -1 | 1 | 0 | -0 | -0 | 2 | 1 | 0 |
| Cash Flow from Financing Activities | 0 | -3 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | 0 | -3 | 0 | -1 | 0 | -0 | 0 | -0 | 2 | 0 | -0 |
| Closing Cash & Cash Equivalent | 4 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 |
| # | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.9 | -0.46 | -1.04 | -18.93 | -2.91 | -0.83 | 3.76 | -0.28 | 0.33 | -2.56 | -1.39 |
| CEPS(Rs) | -0.9 | -0.46 | -1.04 | -18.93 | -2.91 | -0.83 | 3.76 | -0.28 | 0.33 | -2.56 | -1.39 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -38.68 | -39.19 | -40.23 | 4.15 | 1.24 | 0.41 | 4.17 | 3.89 | 4.22 | 1.66 | 0.28 |
| Core EBITDA Margin(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | -2.35 | -1.61 | -5.47 | -129.1 | -36.49 | -18.12 | 91.25 | -6.83 | 7.96 | -81.1 | -67.66 |
| ROE(%) | 0 | 0 | 0 | 0 | -107.77 | -99.95 | 163.84 | -6.91 | 8.03 | -86.94 | -143.06 |
| ROCE(%) | 0 | 0 | 0 | 0 | -104.49 | -99.82 | 166.04 | -6.78 | 8.61 | -81.91 | -70.42 |
| Receivable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | -0.89 | -0.34 | -0.25 | 0 | 0 | 0 | 0 | 0 | 0 | 39.4 | 186.63 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | -8.08 | -9.39 | -9.15 | -0.49 | -3.19 | -11.34 | 2.43 | -36.5 | 27.7 | -24.98 | -37.37 |
| Net Sales Growth(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | 24.74 | 47.61 | 88.36 | 0 | 85.11 | 70.63 | 560.2 | -107.18 | 227.74 | -831.33 | 45.79 |
| PAT Growth(%) | 23.62 | 48.78 | -124.45 | -1720.06 | 84.64 | 71.49 | 553.52 | -107.42 | 216.85 | -884.72 | 45.79 |
| EPS Growth(%) | 23.62 | 48.78 | -124.45 | -1720.06 | 84.64 | 71.48 | 553.5 | -107.42 | 216.85 | -884.78 | 45.79 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.21 | 5.95 |
| Current Ratio(x) | 1.1 | 1.31 | 1.32 | 0.39 | 0.55 | 0.49 | 14.8 | 1.64 | 15.59 | 5.15 | 1.16 |
| Quick Ratio(x) | 1.1 | 1.31 | 1.32 | 0.39 | 0.55 | 0.49 | 14.8 | 1.64 | 15.59 | 5.15 | 1.16 |
| Interest Cover(x) | -3298.25 | 0 | 0 | 0 | -33.13 | -791.13 | 2902.7 | -238.25 | 490 | -1383.59 | -1377.78 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.03 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 49.5 | 49.5 | 49.5 | 49.52 | 49.52 | 49.52 | 49.52 | 49.52 | 56.64 | 60.95 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.53 |
| DII | 6.84 | 3.33 | 3.33 | 2.23 | 2.23 | 2.23 | 2.23 | 2.23 | 0.02 | 0.01 |
| Public | 43.65 | 47.16 | 47.16 | 48.25 | 48.25 | 48.25 | 48.25 | 48.25 | 43.34 | 30.5 |
| 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 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 6.54 | 10 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4 |
| DII | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 5 | 5 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 11.55 | 16.41 |
* The pros and cons are machine generated.
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