CES
No trades in 1Y
Key Insights
Strengths
1- Stock is trading at 0.01 times its book value
Weaknesses
4- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 13.4% over last 3 years.
- Debtor days have increased from 92.5 to 135 days.
- Working capital days have increased from 38.3 days to 89.9 days
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2025; 1Y: fiscal year to Mar 2025 against Mar 2024.
Revenue
| 10Y | Irregular period |
|---|---|
| 5Y | +13.43% |
| 3Y | +9.92% |
| 1Y | +11.30% |
Net profit
| 10Y | Irregular period |
|---|---|
| 5Y | +8.45% |
| 3Y | −5.90% |
| 1Y | +15.38% |
Operating cash flow
| 10Y | Irregular period |
|---|---|
| 5Y | Turned negative |
| 3Y | Turned negative |
| 1Y | Turned negative |
Operating margin· change in pp
| 10Y | Irregular period |
|---|---|
| 5Y | −3.44 pp |
| 3Y | −3.27 pp |
| 1Y | +0.11 pp |
Trailing twelve months: The latest quarterly results are more than a year old.
Revenue by year
| Mar 2016 | ₹176 Cr |
|---|---|
| Mar 2017 | ₹226 Cr |
| Mar 2018 | ₹204 Cr |
| Mar 2019 | ₹246 Cr |
| Mar 2020 | ₹278 Cr |
| Mar 2021 | ₹313 Cr |
| Mar 2022 | ₹393 Cr |
| Mar 2023 | ₹426 Cr |
| Mar 2024 | ₹469 Cr |
| Mar 2025 | ₹522 Cr |
Net profit by year
| Mar 2016 | ₹15.00 Cr |
|---|---|
| Mar 2017 | ₹15.00 Cr |
| Mar 2018 | ₹8.00 Cr |
| Mar 2019 | ₹13.00 Cr |
| Mar 2020 | ₹20.00 Cr |
| Mar 2021 | ₹26.00 Cr |
| Mar 2022 | ₹36.00 Cr |
| Mar 2023 | ₹20.00 Cr |
| Mar 2024 | ₹26.00 Cr |
| Mar 2025 | ₹30.00 Cr |
Quarterly Results
₹ CrResults for the period ended Sep 2025 were due by 14 Nov 2025 and are not in this table yet.
| Particulars | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 100 | 112 | 111 | 103 | 118 | 117 | 118 | 116 | 132 | 127 | 131 | 132 | 142 |
| Expenses | 92.27 | 99.9 | 97.71 | 109 | 108 | 106 | 107 | 110 | 117 | 116 | 119 | 126 | 131 |
| Operating Profit | 8.07 | 12.22 | 13.42 | −6.54 | 10.11 | 11.6 | 11.16 | 5.92 | 14.28 | 11.59 | 12.33 | 5.74 | 10.21 |
| OPM % | 8.04% | 10.9% | 12.08% | −6.36% | 8.55% | 9.9% | 9.46% | 5.13% | 10.85% | 9.11% | 9.38% | 4.36% | 7.22% |
| Other Income | 2.15 | 2.11 | 1.37 | 0.59 | 0.45 | 1.2 | 0.66 | 0.99 | 0.52 | 0.64 | 1.89 | 0.12 | 0.5 |
| Interest | 0.03 | 0.09 | 0.06 | 0.27 | 0.07 | 0.08 | 0.08 | 0.35 | 0.03 | 0.02 | 0 | 0.2 | 0.05 |
| Depreciation | 1.09 | 1.12 | 1.11 | 1.1 | 1.03 | 1.12 | 1.13 | 0.84 | 0.87 | 0.87 | 0.87 | 0.87 | 0.89 |
| PBT | 9.1 | 13.12 | 13.62 | −7.32 | 9.46 | 11.6 | 10.61 | 5.72 | 13.9 | 11.34 | 13.35 | 4.79 | 9.77 |
| Tax % | 39.67% | 28.66% | 38.62% | −49.45% | 38.37% | 31.9% | 30.91% | 5.42% | 38.99% | 38.18% | 28.09% | 7.52% | 34.6% |
| Net Profit | 5.49 | 9.36 | 8.36 | −3.69 | 5.83 | 7.91 | 7.34 | 5.41 | 8.48 | 7.01 | 9.6 | 4.44 | 6.39 |
| EPS (₹) | 1.51 | 2.57 | 2.3 | −1.01 | 1.6 | 2.17 | 2.02 | 1.49 | 2.33 | 1.93 | 2.64 | 1.22 | 1.76 |
Profit & Loss
₹ Cr| Particulars | Jun 2014 | Mar 2015 9m | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 103 | 91 | 176 | 226 | 204 | 246 | 278 | 313 | 393 | 426 | 469 | 522 | 532 |
| Expenses | 93 | 81 | 151 | 198 | 185 | 223 | 245 | 289 | 348 | 399 | 430 | 478 | 492 |
| Operating Profit | 10 | 10 | 24 | 28 | 18 | 24 | 33 | 25 | 46 | 27 | 39 | 44 | 40 |
| OPM % | 10% | 11% | 14% | 12% | 9% | 10% | 12% | 8% | 12% | 6% | 8% | 8% | 7% |
| Other Income | 1 | 0 | 0 | 1 | 0 | 3 | 1 | 16 | 7 | 6 | 3 | 3 | 3 |
| Interest | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
| Depreciation | 2 | 2 | 4 | 5 | 6 | 7 | 8 | 7 | 5 | 4 | 4 | 3 | 4 |
| PBT | 8 | 8 | 20 | 22 | 12 | 19 | 25 | 34 | 47 | 29 | 37 | 43 | 39 |
| Tax % | 38% | 35% | 27% | 32% | 30% | 33% | 21% | 24% | 24% | 32% | 29% | 32% | — |
| Net Profit | 5 | 5 | 15 | 15 | 8 | 13 | 20 | 26 | 36 | 20 | 26 | 30 | 27 |
| EPS (₹) | 1.39 | 1.49 | 4.06 | 4.09 | 2.27 | 3.47 | 5.5 | 7.05 | 9.77 | 5.36 | 7.27 | 8.11 | 7.55 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| Particulars | Jun 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 1 | 1 | 36 | 36 | 36 | 36 | 36 | 36 | 36 |
| Reserves | 31 | 37 | 49 | 70 | 75 | 45 | 63 | 85 | 114 | 140 | 165 | 189 |
| Borrowings | 4 | 8 | 10 | 21 | 24 | 2 | 1 | 4 | 3 | 14 | 16 | 37 |
| Other Liabilities | 23 | 20 | 40 | 42 | 45 | 80 | 75 | 100 | 112 | 124 | 124 | 127 |
| Total Liabilities | 60 | 66 | 101 | 134 | 144 | 164 | 174 | 225 | 266 | 314 | 341 | 389 |
| Fixed Assets | 11 | 21 | 30 | 49 | 55 | 66 | 66 | 61 | 57 | 53 | 50 | 47 |
| CWIP | 1 | 3 | 5 | 7 | 8 | 0 | 0 | 0 | 0 | 2 | 11 | 27 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 47 | 42 | 66 | 78 | 81 | 97 | 109 | 164 | 209 | 260 | 280 | 315 |
| Total Assets | 60 | 66 | 101 | 134 | 144 | 164 | 174 | 225 | 266 | 314 | 341 | 389 |
Cash Flow
₹ Cr| Particulars | Jun 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | 9 | 12 | 16 | 26 | 32 | 11 | 50 | 29 | 34 | 13 | −66 |
| Investing | — | −14 | −13 | −24 | −16 | −20 | −11 | −3 | 8 | −1 | −2 | −8 |
| Financing | — | 4 | 4 | 5 | −6 | 0 | 1 | 4 | 0 | 0 | −1 | 0 |
| Net Cash Flow | — | −2 | 3 | −3 | 4 | 12 | 1 | 50 | 36 | 32 | 10 | −74 |
| Free Cash Flow | — | −5 | −1 | −11 | 18 | 12 | 4 | 47 | 28 | 32 | 2 | −82 |
| CFO/OP | — | 108 | 71 | 81 | 159 | 160 | 53 | 232 | 87 | 158 | 60 | −151 |
Ratios
| Particulars | Jun 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 55 | 79 | 57 | 60 | 63 | 52 | 51 | 77 | 67 | 73 | 70 | 135 |
| Cash Conversion Cycle | 55 | 79 | 57 | 60 | 63 | 52 | 51 | 77 | 67 | 73 | 70 | 135 |
| Working Capital Days | 42 | 45 | 39 | 39 | 24 | 3 | 20 | −4 | 4 | 5 | 20 | 90 |
| ROCE % | — | — | 38% | 30% | 13% | 21% | 27% | 29% | 32% | 16% | 17% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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58 extracted metrics across FY11–FY26.
Documents
Frequently Asked Questions about CES
What does CES Ltd do?
Which sector does CES Ltd belong to?
Company Information
Incorporated in 1985 and formerly known as Serve All Enterprise Solutions Limited; CES Ltd. is an Information Technology (IT) and Information Technology-enabled Services (ITeS) provider serving the midsize market of global enterprises through Business Process Management (BPM)
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