Ceinsys Tech Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ceinsys Tech Ltd filed with BSE on 08 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Ceinsys Tech reported quarterly operational revenue of INR171 crores, up 20% year-on-year, with EBITDA up 50% to INR40 crores and net profit up 70% to INR37 crores. For the full year, revenue grew 58% to INR661 crores, EBITDA rose 86% to INR145 crores, and net profit grew 111% to INR133 crores. Management discussed order book of INR876 crores, an ongoing inorganic growth search, unbilled revenue growth, and plans to reduce dependence on government business while expanding international operations.
Numbers mentioned
Operational revenue: INR171 crores (Q4 FY26)
p. 4
“For the quarter under review, the operational revenue stood at INR171 crores, registering a strong growth of 20% year-on-year”
Kaushik Khona, page 4 of the filed PDF · View the filing
EBITDA: INR40 crores (Q4 FY26)
p. 4
“EBITDA for the quarter increased significantly by 50% year-on-year to INR40 crores with EBITDA margins improving to 23.6%”
Kaushik Khona, page 4 of the filed PDF · View the filing
Net profit: INR37 crores (Q4 FY26)
p. 4
“Net profit for the quarter stood at INR 37 crores, reflecting a robust growth of 70% year-on-year”
Kaushik Khona, page 4 of the filed PDF · View the filing
Operational revenue: INR661 crores (FY26)
p. 4
“For the financial year 25-26, the operational revenue stood at INR 661 crores, registering a strong growth of 58% year-on-year”
Kaushik Khona, page 4 of the filed PDF · View the filing
EBITDA: INR145 crores (FY26)
p. 4
“The EBITDA for the year stood at INR 145 crores, reflecting a robust increase of 86% year-on-year, while the EBITDA margins improved significantly to 21.9% on a full year basis”
Kaushik Khona, page 4 of the filed PDF · View the filing
Net profit: INR133 crores (FY26)
p. 4
“Net profit for the year stood at INR133 crores, delivering an exceptional growth of 111% year-on-year”
Kaushik Khona, page 4 of the filed PDF · View the filing
Geospatial Engineering Services revenue: INR102 crores (Q4 FY26)
p. 4
“our Geospatial Engineering Services revenue increased by 75% to INR102 crores”
Kaushik Khona, page 4 of the filed PDF · View the filing
Technology Solutions revenue: INR 68 crores (Q4 FY26)
p. 4
“On the Technology Solutions side, the revenue slightly declined to INR 68 crores and therefore, reflecting the mix of the 2 segments”
Kaushik Khona, page 4 of the filed PDF · View the filing
Geospatial Engineering Services revenue: INR 359 crores (FY26)
p. 4
“For the full year, our Geospatial Engineering Services revenue increased by 76% year-on-year to INR 359 crores”
Kaushik Khona, page 4 of the filed PDF · View the filing
Technology Solutions revenue: INR 301 crores (FY26)
p. 4
“Similarly, our Technology Solutions grew by 41% year-on-year to INR 301 crores”
Kaushik Khona, page 4 of the filed PDF · View the filing
New order booking: INR 62 crores (Q4 FY26)
p. 4
“During the quarter, we booked our new orders aggregating to INR 62 crores, including mobility -- excluding mobility and product services”
Kaushik Khona, page 4 of the filed PDF · View the filing
Closing order book: INR876 crores (as on 31st March 2026)
p. 4
“taking our closing order book as on 31st March 2026 to a healthy number of INR876 crores”
Kaushik Khona, page 4 of the filed PDF · View the filing
Net working capital cycle: 157 days (Q4 FY26)
p. 4
“our net working capital cycle improved marginally to 157 days from 162 days of the previous quarter”
Kaushik Khona, page 4 of the filed PDF · View the filing
Net cash balance: INR 248 crores (as on 31st March 2026)
p. 4
“we have maintained discipline on working capital with our net working capital cycle improved marginally to 157 days from 162 days of the previous quarter”
Kaushik Khona, page 4 of the filed PDF · View the filing
Debtors outstanding: INR 153 crores (as on 31st March 2026)
p. 7
“we have a debtors of INR 153 crores outstanding as on 31st March 2026, out of which approximately INR 94 crores is less than 90 days”
Amita Saxena, page 7 of the filed PDF · View the filing
VTS FY26 turnover: INR 7 crores to INR 8 crores (FY26)
p. 8
“So in the finance year 25-26, the turnover was not significant. It was around INR 7 crores to INR 8 crores”
Kaushik Khona, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Inorganic growth closure — next 1 or 2 quarters
stated conditionally by Kaushik Khona
p. 5
“there could be a closure of inorganic growth for the purpose of due diligence in next 1 or 2 quarters”
Kaushik Khona, page 5 of the filed PDF · View the filing
VTS revenue — more than INR 20 crores · FY27
stated firmly by Kaushik Khona
p. 8
“So we are expecting VTS to not only contribute a turnover of more than INR 20 crores, but it could be also a profitable growth”
Kaushik Khona, page 8 of the filed PDF · View the filing
Order inflow — exceed FY26 order inflow of more than INR 350 crores · Q2 or half of Q3
stated firmly by Abhay Kimmatkar
p. 12
“For the FY 26 we just closed, we may exceed to that by Q2 or half of Q3”
Abhay Kimmatkar, page 12 of the filed PDF · View the filing
Subsidiary breakeven — breakeven · this financial year
stated firmly by Amita Saxena
p. 14
“We will be in breakeven in this financial year. We are targeting to have that breakeven in these subsidiaries, but we may also incur certain expenses towards BD in this financial year also.”
Amita Saxena, page 14 of the filed PDF · View the filing
Tax rate — 25% · FY27-28
stated firmly by Kaushik Khona
p. 14
“I think FY 27-28, it will be 25% tax rate.”
Kaushik Khona, page 14 of the filed PDF · View the filing
IP development expenditure — INR 12 crores to INR 15 crores
stated firmly by Kaushik Khona
p. 17
“In the recent AOP, we have identified at least 3 major IPs where the expenditure outlay is targeted to be in the range of around INR 12 crores to INR 15 crores, but that is also a part of our revenue expenditure.”
Kaushik Khona, page 17 of the filed PDF · View the filing
Government business mix — less than 50% · next 2 to 3 years
stated as an aspiration by Kaushik Khona
p. 20
“still have a combination of changing the mix from the present of government business from, let's say, average 70% to less than 50% over the next 2 to 3 years, but while continuing to grow”
Kaushik Khona, page 20 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said two prior opportunities fell through and a new opportunity could close in 1-2 quarters, with proposed restructuring of fund allocation to include joint ventures.
Answered by Kaushik Khona
Asked by Ashish Soni: What is the status of the planned acquisition and use of the mobilized funds?
p. 5
“there could be a closure of inorganic growth for the purpose of due diligence in next 1 or 2 quarters”
Kaushik Khona, page 5 of the filed PDF · View the filing
Management said they are hopeful the growth momentum will continue but did not commit to a number.
Answered by Kaushik Khona
Asked by Ashish Soni: Can the company maintain its growth momentum of recent years?
p. 6
“we are hopeful that this growth momentum will continue”
Kaushik Khona, page 6 of the filed PDF · View the filing
CFO said INR153 crores debtors outstanding, most under 90 days, with only INR27 crores over a year old pending due to government sanctions.
Answered by Amita Saxena
Asked by Ashish Soni: What is the status of receivables recovery from government projects?
p. 7
“So the recovery of the aging, which we have more than 1 year is hardly INR 27 crores out of the total INR 153 crores”
Amita Saxena, page 7 of the filed PDF · View the filing
CFO explained payables track back-to-back contract terms with suppliers, paid once client funds are realized.
Answered by Amita Saxena
Asked by Kaushal Sharma: Why has trade payable increased significantly?
p. 7
“These are all back-to-back contracts. And once we will get the funds, even we will pay our suppliers because we have the terms with them -- similar terms with them that once we will realize our debtors, we will pay off our back-to-back contractors.”
Amita Saxena, page 7 of the filed PDF · View the filing
CFO said unbilled revenue rose because milestones had not been achieved by year-end and would convert to billing in the following quarters.
Answered by Amita Saxena
Asked by Kaushal Sharma: What is driving the unbilled revenue increase?
p. 8
“it has increased in this financial year. But this is just because the milestones have not been achieved as on 31st March 2026, which may come up in this financial year, in this first quarter also and in the coming next quarter also”
Amita Saxena, page 8 of the filed PDF · View the filing
Management expects VTS revenue to more than double this year with positive EBITDA.
Answered by Kaushik Khona
Asked by Kaushal Sharma: What is the current status and outlook for VTS?
p. 8
“it may be more than 2x or more than 2x from what we have achieved in the FY 25-26 on VTS”
Kaushik Khona, page 8 of the filed PDF · View the filing
Management said the order book has a 12-18 month execution pipeline with spillover into next year, and described a strong Q1/Q2 closing pipeline including L1 positions.
Answered by Kaushik Khona
Asked by Kaushal Sharma: What is the execution timeline for the order book and pipeline outlook?
p. 8
“the 861-- sorry, INR 876 crores order book, it is having -- there are various projects, which are having an execution pipeline of 12 to 18 months”
Kaushik Khona, page 8 of the filed PDF · View the filing
Management attributed the improvement to higher-value delivery mix, employee skilling, and new AI-enabled technology segments, calling it sustainable.
Answered by Kaushik Khona
Asked by Kaushal Sharma: What drove the EBITDA margin expansion and is it sustainable?
p. 9
“There is a constant, persistent efforts based on the last 8 quarters, you can see that EBITDA margins have been increasing. -- and it's sustainable.”
Kaushik Khona, page 9 of the filed PDF · View the filing
Management said they have 3 L1 projects and expect to match or exceed FY26 order inflow by Q2 or Q3.
Answered by Abhay Kimmatkar
Asked by Gunit Singh: What is the bid pipeline and expected order inflow for FY27?
p. 11
“We have 3 L1 projects at this point in time. I won't provide a number to those L1, but those would be any day we'll be able to get those orders.”
Abhay Kimmatkar, page 11 of the filed PDF · View the filing
CFO denied aggressive accounting, attributing the rise to unattained government project milestones that will convert to billing in coming quarters.
Answered by Amita Saxena
Asked by Gunit Singh: Why is unbilled revenue growing so fast and is there aggressive accounting?
p. 13
“there is no aggressive kind of accounting what we are doing. It is the normal as per Ind AS accounting is being done.”
Amita Saxena, page 13 of the filed PDF · View the filing
CFO said the subsidiary is targeted to reach breakeven this financial year, though some BD expenses may continue.
Answered by Amita Saxena
Asked by Gunit Singh: When will the loss-making subsidiary breakeven?
p. 14
“We will be in breakeven in this financial year. We are targeting to have that breakeven in these subsidiaries, but we may also incur certain expenses towards BD in this financial year also.”
Amita Saxena, page 14 of the filed PDF · View the filing
CFO said the drop was due to a tax refund and reversal of an excess prior-year provision, not a change in tax rate, with 25% expected going forward.
Answered by Amita Saxena
Asked by Shubham: Why did tax rate drop in FY26 and what is the normalized rate going forward?
p. 14
“We have got a refund of INR8 crores, INR9 crores, which has received in this financial year. We have reversed the provision, excess provision which we have done in income tax in FY 24-25, which got reversed in FY 25-26.”
Amita Saxena, page 14 of the filed PDF · View the filing
Management called the decline temporary, tied to milestone timing rather than demand moderation.
Answered by Kaushik Khona
Asked by Shubham: Is the technology solutions revenue decline in Q4 a demand issue?
p. 14
“No, no, it is completely temporary. In fact, the overall mix of technology solutions in the contract has been more than 55%, 60%.”
Kaushik Khona, page 14 of the filed PDF · View the filing
Management said JJM contribution to order book is now below 15-20%, with new pipeline focused on infrastructure, transport, energy and defense rather than new JJM projects.
Answered by Kaushik Khona
Asked by Maitri Shah: What share of order book comes from Jal Jeevan Mission and is new JJM business being pursued?
p. 18
“The current order book percentage of Jal Jeevan Mission is less than 15% or 20%.”
Kaushik Khona, page 18 of the filed PDF · View the filing
Management declined to commit to a specific growth percentage.
Answered by Kaushik Khona
Asked by Maitri Shah: Can the company maintain ~50% growth for the next few years?
p. 18
“We don't commit any numbers on growth. We keep on pushing ourselves.”
Kaushik Khona, page 18 of the filed PDF · View the filing
Management confirmed he remains a strategic adviser providing input on AI initiatives and IP projects.
Answered by Kaushik Khona
Asked by Amit Kochar: Is strategic adviser Tarun Raisoni still associated with the company?
p. 19
“No, no, he is a strategic adviser. So he does give his inputs for our AI initiatives.”
Kaushik Khona, page 19 of the filed PDF · View the filing
Management described growing both international and India business while shifting the government revenue mix down over time.
Answered by Kaushik Khona
Asked by Gunit Singh: What is the company's strategic direction over the next 3-5 years?
p. 20
“grow international faster, grow India business at its own pace without taking much exposure or risk”
Kaushik Khona, page 20 of the filed PDF · View the filing
Risks flagged
Business continuity challenges caused two acquisition opportunities to be dropped
p. 5
“there was some challenge as regards to the business continuity, and therefore, we had to take a call not to pursue that”
Kaushik Khona, page 5 of the filed PDF · View the filing
Aging receivables tied to government fund sanctions and milestone delays
p. 7
“there are challenges, not maybe some are -- because of the milestone, other are because of the government funds and sanctions, which we are waiting”
Amita Saxena, page 7 of the filed PDF · View the filing
Order closures delayed due to code of conduct restrictions
p. 5
“There are many opportunities which could not be concluded due to several instance of code of conduct in the last 12 months”
Kaushik Khona, page 5 of the filed PDF · View the filing
Order inflow slipped from expected quarter to a later quarter
p. 11
“Q1, what we were anticipating, again, it got slipped to Q2, I agree to your statement.”
Abhay Kimmatkar, page 11 of the filed PDF · View the filing
General business risk requiring mitigation across shifting domains
p. 17
“the risk obviously will always be there for any business, but we are trying to have a mitigation plan for that purpose”
Kaushik Khona, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.