WEBSITE BSE:530595 NSE: TELECANOR Inc. Year: 1991 Industry: BPO/ITeS My Bucket: Add Stock
Last updated: 11:26
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1. Business Overview
TeleCanor Global Ltd. is an Indian IT and BPO (Business Process Outsourcing) services provider. The company focuses on offering a range of technology-enabled services and solutions to its clients. Its core business model involves delivering services such as software development, IT consulting, digital marketing, mobile application development, and potentially back-office support functions. TeleCanor generates revenue by providing these services to clients on a project basis, time-and-material contracts, or fixed-price models, catering to various industries.
2. Key Segments / Revenue Mix
Specific revenue breakdowns by segment are not widely publicized or readily available without detailed financial reports. However, based on its stated services, TeleCanor's revenue likely primarily stems from:
IT Services: Including software development, web development, mobile app development, and IT consulting.
Digital Marketing: Services like SEO, SEM, social media marketing, and content creation.
BPO/ITeS: Potentially encompassing data entry, customer support, and other non-core business processes that can be outsourced.
The company likely serves clients across various geographies, primarily aiming for offshore and onshore delivery models.
3. Industry & Positioning
TeleCanor operates within the highly competitive Indian BPO/ITeS sector, which is characterized by a large number of players ranging from global giants (e.g., TCS, Infosys, Wipro) to numerous mid-sized and smaller niche providers. The industry is driven by global demand for cost-effective and skilled IT and business process services, digital transformation initiatives, and increasing automation. TeleCanor appears to position itself as a provider of comprehensive IT and digital solutions, likely targeting small to medium-sized enterprises (SMEs) or specific project requirements, rather than competing directly with the large-scale, multi-billion-dollar IT service providers on massive enterprise contracts. Its niche would likely be in flexibility, cost-effectiveness for smaller engagements, or specific technological expertise.
4. Competitive Advantage (Moat)
TeleCanor Global Ltd. does not appear to possess strong, wide-moat characteristics typically associated with market leaders (e.g., dominant brand, massive scale economies, proprietary technology that is hard to replicate). Potential competitive advantages, if any, would likely be more subtle:
Cost Efficiency: Ability to offer competitive pricing due to lower operational costs in India.
Client Relationships: Long-term relationships with specific clients built on trust and consistent service delivery.
Specialized Skill Sets: Niche expertise in certain technologies or digital marketing domains that differentiate it from generalists.
Operational Flexibility: Agility in adapting to client needs or project scopes, which might be harder for larger firms.
However, these advantages are generally easier for competitors to replicate in the long run.
5. Growth Drivers
Digital Transformation Spend: Increasing global corporate spending on digital transformation, cloud adoption, data analytics, and cybersecurity.
Outsourcing Trend: Continued global trend of businesses outsourcing IT and business processes to leverage cost efficiencies and specialized talent.
Expansion of Service Offerings: Diversifying into newer technologies like AI, IoT, blockchain, or expanding into higher-value consulting services.
Geographic Expansion: Targeting new international markets beyond its current primary client base.
Acquisitions: Strategic acquisitions of smaller firms with complementary skills or client bases.
6. Risks
Intense Competition & Pricing Pressure: The Indian BPO/ITeS sector is highly fragmented and competitive, leading to constant pressure on pricing and margins.
Talent Attrition & Retention: High demand for skilled IT professionals can lead to high employee turnover and increased wage costs.
Technological Obsolescence: Rapid changes in technology require continuous investment in training and upgrading skills, otherwise, the company risks becoming irrelevant.
Client Concentration: Reliance on a few key clients could lead to revenue volatility if a major client contract is lost or downsized.
Data Security & Privacy: Handling sensitive client data exposes the company to risks of breaches, regulatory penalties, and reputational damage.
Currency Fluctuations: As a service exporter, the company is exposed to exchange rate volatility, particularly between the Indian Rupee and currencies of its client countries (e.g., USD, EUR).
7. Management & Ownership
Information regarding specific promoter details and management quality is not widely disclosed in public domains readily. However, typically for smaller-cap Indian IT firms, promoter-family ownership tends to be significant, and management teams often consist of experienced individuals from the IT services sector. The effectiveness of management would depend on their ability to navigate the competitive landscape, adapt to technological shifts, and attract/retain talent.
8. Outlook
TeleCanor Global operates in a growing but intensely competitive sector. The overall demand for IT and BPO services remains robust, driven by global digital transformation trends, which presents a significant market opportunity. However, the company faces considerable challenges from established larger players with greater resources, as well as numerous niche competitors. Its ability to carve out and sustain a niche, manage talent effectively, control costs, and continuously innovate its service offerings will be crucial for long-term success. Growth will likely hinge on securing new client wins, expanding its service portfolio into higher-value areas, and efficiently managing its operational costs in a price-sensitive market. The outlook is cautiously optimistic, provided the company can demonstrate consistent execution and differentiation in a crowded market.
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Market Cap ₹27 Cr.
Stock P/E 35.2
P/B 21.2
Current Price ₹23.7
Book Value ₹ 1.1
Face Value 10
52W High ₹48.5
Dividend Yield 0%
52W Low ₹ 7.3
Price goes above X
Price falls below X
PE goes above X
PE falls below X
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | -0 | 0 | 4 | 1 | 6 | 7 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | -0 | 0 | 4 | 1 | 6 | 7 |
| Total Expenditure | 0 | 0 | -0 | 0 | 0 | 0 | 3 | 1 | 2 | 3 |
| Operating Profit | -0 | -0 | 0 | -0 | -1 | -0 | 2 | 0 | 3 | 4 |
| 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 | -1 | -0 | 2 | 0 | 3 | 4 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit After Tax | -0 | -0 | 0 | -0 | -1 | -0 | 1 | 0 | 3 | 3 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | -0 | -0 | 0 | -0 | -1 | -0 | 1 | 0 | 3 | 3 |
| Adjusted Earnings Per Share | -0.1 | -0.1 | 0.3 | -0.1 | -0.5 | -0.1 | 1.2 | 0.1 | 2.3 | 2.8 |
| #(Fig in Cr.) | Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 4 | 18 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 4 | 18 |
| Total Expenditure | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 3 | 0 | 3 | 9 |
| Operating Profit | -0 | -0 | -0 | -0 | -1 | 1 | -0 | -1 | -3 | 0 | 1 | 9 |
| Interest | 1 | 2 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 2 | 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 | -2 | -4 | -2 | -2 | -2 | -1 | -1 | -1 | -3 | 0 | 1 | 9 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Profit After Tax | -2 | -4 | -2 | -2 | -2 | -1 | -1 | -1 | -3 | 0 | 1 | 7 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -2 | -4 | -2 | -2 | -2 | -1 | -1 | -1 | -3 | 0 | 1 | 7 |
| Adjusted Earnings Per Share | -1.8 | -4.2 | -1.5 | -1.4 | -1.7 | -0.7 | -0.8 | -0.7 | -2.9 | 0 | 0.7 | 6.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 32% | 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 | 108% | 63% | 27% | 19% |
| ROE Average | 0% | 0% | -2% | -6% |
| ROCE Average | 16% | 7% | 2% | 0% |
| #(Fig in Cr.) | Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 34 | 25 | 25 | 25 | 23 | 24 | 23 | -2 | -5 | -5 | -5 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 |
| Other Non-Current Liabilities | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 |
| Total Current Liabilities | 12 | 15 | 15 | 15 | 17 | 17 | 17 | 18 | 19 | 14 | 15 |
| Total Liabilities | 48 | 42 | 41 | 41 | 41 | 42 | 42 | 17 | 15 | 15 | 17 |
| Fixed Assets | 40 | 33 | 33 | 33 | 33 | 32 | 32 | 7 | 7 | 7 | 7 |
| Other Non-Current Assets | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Total Current Assets | 6 | 7 | 7 | 7 | 7 | 8 | 8 | 8 | 6 | 6 | 7 |
| Total Assets | 48 | 42 | 41 | 41 | 41 | 42 | 42 | 17 | 15 | 15 | 17 |
| #(Fig in Cr.) | Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 0 | 0 | 0 | 0 | -0 | -1 | 0 | -0 | 0 | -0 | 1 |
| Cash Flow from Investing Activities | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 | 0 | -0 |
| Cash Flow from Financing Activities | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | -0 | -1 |
| Net Cash Inflow / Outflow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Sep 2014 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -1.83 | -4.19 | -1.52 | -1.45 | -1.75 | -0.66 | -0.79 | -0.7 | -2.91 | 0.01 | 0.69 |
| CEPS(Rs) | -1.62 | -1.97 | -1.28 | -1.2 | -1.5 | -0.28 | -0.41 | -0.56 | -2.89 | 0.01 | 0.7 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 3.87 | -4.92 | -4.04 | -4.39 | -5.81 | 21.6 | 20.82 | -2.03 | -4.94 | -4.94 | -4.34 |
| Core EBITDA Margin(%) | -3655.37 | -373.68 | -324.26 | -287.52 | 0 | 69.74 | -315.87 | 0 | 0 | 8.18 | 25.68 |
| EBIT Margin(%) | -5597.28 | -2178.26 | -651.23 | -702.59 | 0 | 34.6 | -600.56 | 0 | 0 | 6.27 | 25.49 |
| Pre Tax Margin(%) | 0 | -3897.33 | -2023.77 | -2444.66 | 0 | -61.72 | -600.6 | 0 | 0 | 3.92 | 25.47 |
| PAT Margin (%) | 0 | -3897.33 | -2023.77 | -2444.66 | 0 | -61.72 | -600.6 | 0 | 0 | 3.19 | 19.19 |
| Cash Profit Margin (%) | 0 | -1834.42 | -1696.79 | -2029.59 | 0 | -26.58 | -312.46 | 0 | 0 | 5.1 | 19.39 |
| ROA(%) | -3.57 | -8.72 | -4.06 | -3.89 | -4.69 | -1.75 | -2.07 | -2.63 | -20.19 | 0.05 | 4.74 |
| ROE(%) | -42.12 | 0 | 0 | 0 | 0 | -8.38 | -3.7 | -7.47 | 0 | 0 | 0 |
| ROCE(%) | -10.98 | 0 | 0 | 0 | 0 | 4.7 | -3.7 | -7.47 | 0 | 4.77 | 16.37 |
| Receivable days | 0 | 0 | 0 | 0 | 0 | 2137.69 | 0 | 0 | 0 | 7655.03 | 578.19 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 314.8 | 22.56 |
| Payable days | 0 | 996.04 | 613.12 | 0 | 0 | 0 | 0 | 0 | 0 | -29 | 4.36 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 579.73 | 13.03 |
| Price/Book(x) | 0 | -1.41 | -1.34 | -1.54 | -0.98 | 0 | 0.31 | -5.47 | -1.21 | -0.87 | -2.07 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 929.77 | 64.7 | 71.59 | 113.74 | 0 | 9.29 | 48.32 | 0 | 0 | 63.61 | 5.25 |
| EV/Core EBITDA(x) | -25.44 | -56.09 | -22.08 | -39.56 | -12.11 | 13.32 | -15.47 | -19.78 | -2.07 | 777.69 | 20.45 |
| Net Sales Growth(%) | -96.55 | 898.78 | -16.5 | -21.23 | -100 | 0 | -87.8 | -100 | 0 | 0 | 1449.66 |
| EBIT Growth(%) | 87.58 | -288.69 | 75.03 | 15.01 | -71.92 | 151.8 | -311.72 | 10.62 | -314.74 | 100.5 | 6197.18 |
| PAT Growth(%) | 71.29 | -128.38 | 56.64 | 4.84 | -20.67 | 62.16 | -18.69 | 10.62 | -314.71 | 100.25 | 9225.77 |
| EPS Growth(%) | 73.44 | -128.38 | 63.62 | 4.85 | -20.67 | 62.16 | -18.68 | 10.62 | -314.69 | 100.25 | 9233.78 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.13 | -2.3 |
| Current Ratio(x) | 0.52 | 0.44 | 0.45 | 0.45 | 0.4 | 0.46 | 0.45 | 0.44 | 0.3 | 0.42 | 0.49 |
| Quick Ratio(x) | 0.9 | 0.76 | 0.89 | 0.88 | 0.7 | 0.82 | 0.79 | 0.74 | 0.49 | 0.4 | 0.47 |
| Interest Cover(x) | -0.49 | -1.27 | -0.47 | -0.4 | -0.69 | 0.36 | 0 | 0 | 0 | 2.66 | 2240.74 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.38 | 1.08 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 22.99 | 22.99 | 22.99 | 22.99 | 22.99 | 22.99 | 22.99 | 23.01 | 29.05 | 34.09 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.11 | 0.1 |
| Public | 76.87 | 76.87 | 76.87 | 76.87 | 76.87 | 76.87 | 76.87 | 76.85 | 70.84 | 65.82 |
| 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 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.45 | 0.56 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 | 1.09 | 1.09 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.14 | 1.14 | 1.14 | 1.14 | 1.14 | 1.14 | 1.14 | 1.14 | 1.53 | 1.65 |
* The pros and cons are machine generated.
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