WEBSITE BSE:544610 NSE: WORKMATES Inc. Year: 2018 Industry: IT - Software My Bucket: Add Stock
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Workmates Core2Cloud Solution Ltd. is an Indian cloud‑services and digital‑transformation company (founded in 2018, headquartered in Kolkata) that helps enterprises migrate, modernize, and manage their IT infrastructure via cloud — especially through Amazon Web Services (AWS). The company offers a full suite of services: cloud migration, application modernization, managed services, cybersecurity, data analytics, DevOps/automation, and works with varied workloads (SAP, Microsoft, e‑commerce, media, etc.). Workmates follows an asset‑li...Read More
Workmates Core2Cloud Solution Ltd. is an Indian cloud‑services and digital‑transformation company (founded in 2018, headquartered in Kolkata) that helps enterprises migrate, modernize, and manage their IT infrastructure via cloud — especially through Amazon Web Services (AWS). The company offers a full suite of services: cloud migration, application modernization, managed services, cybersecurity, data analytics, DevOps/automation, and works with varied workloads (SAP, Microsoft, e‑commerce, media, etc.). Workmates follows an asset‑light, service‑driven business model, deriving much of its revenue from recurring managed‑service contracts rather than heavy capital investment. By 2025 it had built a diversified client base across sectors such as IT/ITES, BFSI, manufacturing, retail/e‑commerce, media and more — giving it exposure across industries rather than dependence on a single vertical. In late 2025, Workmates launched an IPO to raise fresh capital (for working‑capital, debt repayment and growth), and upon listing it received strong investor interest — reflecting positive market sentiment toward cloud‑services firms in India. Given rising digital adoption, greater enterprise cloud migration, and increasing demand for cloud‑native infrastructure, Workmates is well positioned to benefit — provided it maintains execution, client servicing quality, and scales its operations responsibly. ...Read Less
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Market Cap ₹433 Cr.
Stock P/E 31.1
P/B 4.7
Current Price ₹335
Book Value ₹ 71.4
Face Value 10
52W High ₹514
Dividend Yield 0%
52W Low ₹ 275
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|
| Net Sales | 13 | 29 | 53 | 108 | |
| Other Income | 0 | 0 | 0 | 1 | |
| Total Income | 13 | 29 | 54 | 108 | |
| Total Expenditure | 11 | 26 | 46 | 89 | |
| Operating Profit | 2 | 3 | 8 | 19 | |
| Interest | 0 | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 2 | 3 | 7 | 19 | |
| Provision for Tax | 0 | 1 | 2 | 5 | |
| Profit After Tax | 1 | 2 | 5 | 14 | |
| Adjustments | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 1 | 2 | 5 | 14 | |
| Adjusted Earnings Per Share | 1.3 | 1.9 | 5.3 | 13.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 104% | 103% | 0% | 0% |
| Operating Profit CAGR | 138% | 112% | 0% | 0% |
| PAT CAGR | 180% | 141% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 87% | 81% | 78% | 78% |
| ROCE Average | 92% | 102% | 101% | 101% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Shareholder's Funds | 2 | 4 | 9 | 23 |
| Minority's Interest | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 9 |
| Other Non-Current Liabilities | 0 | 0 | 0 | -0 |
| Total Current Liabilities | 3 | 7 | 15 | 31 |
| Total Liabilities | 5 | 11 | 24 | 62 |
| Fixed Assets | 0 | 0 | 0 | 1 |
| Other Non-Current Assets | 0 | 0 | 0 | 10 |
| Total Current Assets | 5 | 11 | 24 | 51 |
| Total Assets | 5 | 11 | 24 | 62 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 2 | 4 | 10 |
| Cash Flow from Operating Activities | 2 | 2 | 10 | 5 |
| Cash Flow from Investing Activities | -0 | -0 | -4 | -15 |
| Cash Flow from Financing Activities | 0 | 0 | 0 | 9 |
| Net Cash Inflow / Outflow | 2 | 2 | 6 | -1 |
| Closing Cash & Cash Equivalent | 2 | 4 | 10 | 9 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.25 | 1.86 | 5.34 | 13.91 |
| CEPS(Rs) | 1.31 | 2.03 | 5.56 | 0 |
| DPS(Rs) | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 1.75 | 3.61 | 8.95 | 22.86 |
| Core EBITDA Margin(%) | 13.58 | 8.69 | 13.89 | 17.01 |
| EBIT Margin(%) | 13.18 | 8.76 | 14.06 | 17.43 |
| Pre Tax Margin(%) | 13.18 | 8.76 | 14.06 | 17.41 |
| PAT Margin (%) | 9.78 | 6.42 | 10.05 | 12.94 |
| Cash Profit Margin (%) | 10.26 | 7 | 10.45 | 13.22 |
| ROA(%) | 26.39 | 23.49 | 30.08 | 32.16 |
| ROE(%) | 71.47 | 69.3 | 85.1 | 87.47 |
| ROCE(%) | 96.28 | 94.57 | 119.07 | 92.31 |
| Receivable days | 41.96 | 35.51 | 32.57 | 50.84 |
| Inventory Days | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | -0.15 | -0.13 | -0.25 | -0.07 |
| EV/Core EBITDA(x) | -1.12 | -1.44 | -1.76 | -0.42 |
| Net Sales Growth(%) | 0 | 126.17 | 83.85 | 102.25 |
| EBIT Growth(%) | 0 | 50.3 | 195.12 | 150.64 |
| PAT Growth(%) | 0 | 48.4 | 187.8 | 160.39 |
| EPS Growth(%) | 0 | 48.4 | 187.8 | 160.39 |
| Debt/Equity(x) | 0 | 0 | 0 | 0.38 |
| Current Ratio(x) | 1.54 | 1.45 | 1.56 | 1.65 |
| Quick Ratio(x) | 1.54 | 1.45 | 1.56 | 1.65 |
| Interest Cover(x) | 2410.29 | 0 | 9354.63 | 1659.92 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 |
| # | Nov 2025 | Mar 2026 |
|---|---|---|
| Promoter | 72.03 | 72.03 |
| FII | 1.73 | 0 |
| DII | 9.68 | 6.6 |
| Public | 16.56 | 21.37 |
| Others | 0 | 0 |
| Total | 100 | 100 |
| # | Nov 2025 | Mar 2026 |
|---|---|---|
| Promoter | 0.93 | 0.93 |
| FII | 0.02 | 0 |
| DII | 0.13 | 0.09 |
| Public | 0.21 | 0.28 |
| Others | 0 | 0 |
| Total | 1.29 | 1.29 |
* The pros and cons are machine generated.
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