--- title: "CES (2941) Financials & Shareholding" symbol: "2941" company: "CES Ltd" canonical: "https://tapetide.com/stocks/2941" sector: "Services" industry: "Commercial Services & Supplies" generated_at: "2026-11-05T01:59:38.441Z" --- # CES (2941) Canonical page: https://tapetide.com/stocks/2941 ## Key Facts - **Revenue, Jun 2025 quarter:** ₹141.51 Cr, against ₹131.56 Cr in Jun 2024 (+7.56% year on year) - **Net profit, Jun 2025 quarter:** ₹6.39 Cr, against ₹8.48 Cr in Jun 2024 (-24.65% year on year) - **Promoter holding:** 74.84% in Jun 2025, unchanged from Mar 2025 ## Company - **Macro sector:** Services - **Sector:** Services - **Industry:** Commercial Services & Supplies - **Basic industry:** Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO) - **In the F&O segment:** No ## Key Insights ### Strengths - Stock is trading at 0.01 times its book value ### Weaknesses - 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 Growth computed from the financial statements below. A window with no rate gives the reason instead of a figure. | Metric | Window | Growth | What it compares | | --- | --- | ---: | --- | | Revenue | 10Y | Irregular period | compounded annual rate, Mar 2015 to Mar 2025. A period in this window is not a full year or quarter, or the year-end changed, so the periods do not compare. | | Revenue | 5Y | 13.43% | compounded annual rate, Mar 2020 to Mar 2025 | | Revenue | 3Y | 9.92% | compounded annual rate, Mar 2022 to Mar 2025 | | Revenue | 1Y | 11.3% | fiscal year to Mar 2025 vs the year to Mar 2024 | | Net profit | 10Y | Irregular period | compounded annual rate, Mar 2015 to Mar 2025. A period in this window is not a full year or quarter, or the year-end changed, so the periods do not compare. | | Net profit | 5Y | 8.45% | compounded annual rate, Mar 2020 to Mar 2025 | | Net profit | 3Y | -5.9% | compounded annual rate, Mar 2022 to Mar 2025 | | Net profit | 1Y | 15.38% | fiscal year to Mar 2025 vs the year to Mar 2024 | | Operating cash flow | 10Y | Irregular period | compounded annual rate, Mar 2015 to Mar 2025. A period in this window is not a full year or quarter, or the year-end changed, so the periods do not compare. | | Operating cash flow | 5Y | Turned negative | compounded annual rate, Mar 2020 to Mar 2025: ₹11.00 Cr to -₹66.00 Cr. A cash inflow at the start and an outflow at the end. | | Operating cash flow | 3Y | Turned negative | compounded annual rate, Mar 2022 to Mar 2025: ₹29.00 Cr to -₹66.00 Cr. A cash inflow at the start and an outflow at the end. | | Operating cash flow | 1Y | Turned negative | fiscal year to Mar 2025 vs the year to Mar 2024: ₹13.00 Cr to -₹66.00 Cr. A cash inflow at the start and an outflow at the end. | | Operating margin | 10Y | Irregular period | compounded annual rate, Mar 2015 to Mar 2025. A period in this window is not a full year or quarter, or the year-end changed, so the periods do not compare. | | Operating margin | 5Y | -3.44 pp | compounded annual rate, Mar 2020 to Mar 2025 | | Operating margin | 3Y | -3.27 pp | compounded annual rate, Mar 2022 to Mar 2025 | | Operating margin | 1Y | +0.11 pp | fiscal year to Mar 2025 vs the year to Mar 2024 | Trailing twelve months: The latest quarterly results are more than a year old. ## Financial Statements ### Quarterly Results Results for the period ended Sep 2025 were due by 14 Nov 2025 and are not in this table yet. Figures in ₹ crore unless the row name gives another unit. | Item | 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 | | Profit before tax | 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 in Rs | 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 Figures in ₹ crore unless the row name gives another unit. | Item | 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 | | Profit before tax | 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 in Rs | 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 | | Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — | ### Balance Sheet Figures in ₹ crore unless the row name gives another unit. | Item | 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 Figures in ₹ crore unless the row name gives another unit. | Item | Jun 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Cash from Operating Activity | — | 9 | 12 | 16 | 26 | 32 | 11 | 50 | 29 | 34 | 13 | -66 | | Cash from Investing Activity | — | -14 | -13 | -24 | -16 | -20 | -11 | -3 | 8 | -1 | -2 | -8 | | Cash from Financing Activity | — | 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 | Item | 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% | ## Shareholding Pattern The latest pattern on file is for Jun 2025; it may not describe the holding today. ### Quarterly Shareholding Holdings in % of shares; shareholders as a count. | Holder | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Promoters | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | | FIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | | DIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | | Government | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | | Public | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | | Others | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | | No. of Shareholders | 26 | 26 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | ### Annual Shareholding Holdings in % of shares; shareholders as a count. | Holder | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Jun 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Promoters | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | | FIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | | DIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | | Government | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | | Public | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | | Others | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | | No. of Shareholders | 27 | 28 | 28 | 27 | 27 | 26 | 25 | 25 | 25 | 25 | ## Documents ### Annual reports | Year | Report | | --- | --- | | FY2022 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport//76300512341.pdf) | | FY2021 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport//72361512341.pdf) | | FY2020 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport//68038512341.pdf) | | FY2019 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport//5123410319.pdf) | | FY2018 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport//5123410318.pdf) | | FY2017 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport//5123410317.pdf) | | FY2016 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport//5123410316.pdf) | | FY2015 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport//5123410315.pdf) | | FY2014 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport//5123410614.pdf) | | FY2013 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport//5123410613.pdf) | | FY2012 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport//5123410612.pdf) | ## Frequently Asked Questions about CES ### What does CES Ltd do? 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) ### Which sector does CES Ltd belong to? CES Ltd is classified under the Services sector, in the Commercial Services & Supplies industry. ## 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) - **Website:** https://cesltd.com/ - **Face Value:** ₹10 --- Negative figures use an ASCII hyphen-minus (-) so they parse as numbers. Amounts are in Indian rupees; "Cr" is crore (10 million). Dates are Indian Standard Time. Financial statements, shareholding and filings are as reported by the company. Price, volume and 52-week levels are market data. Technical indicators are computed by Tapetide from daily prices. The Tapetide Score is Tapetide’s own analysis. Analyst ratings and forecasts are the published estimates of third-party analysts, not company statements. The AI sections are generated text. For research and information only, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser. Generated 5 Nov 2026, 07:29 IST.