📌 At a Glance

All E Tech (aka ALLETEC) is a Microsoft-centric ERP/CRM consultancy that scaled from ₹54 Cr to ₹140 Cr in 5 years. It’s delivering 22% OPM, 30% ROCE, and ROE of 22% – all while staying debt-free. With over 900 project engagements in 30+ countries, it’s the quiet engine behind global digital transformation… without the noise.

1️⃣ Intro: Small ERP, Big ROI

This isn’t your flashy IT giant. No airport ads. No Murthy 2.0 speeches.

It’s a ₹765 Cr SME stock that’s:

• Profitable for 15+ years
• Focused solely on Microsoft Dynamics ERP & CRM services
• Posting a 5Y PAT CAGR of 76%

Most investors skipped it post IPO. Now, it’s up 47% in 1 year. And yes — it’s still under the radar.

2️⃣ WTF Do They Even Do?

🚀 They don’t build products. They build the customization layer over Microsoft’s cloud stack.

👨‍💻 Core Offerings:

• ERP & CRM consulting (Microsoft Dynamics 365)
• Intelligent Cloud solutions
• Custom low-code apps, Power BI dashboards, Azure integration
• Support & maintenance for enterprise rollouts

🧾 Clients across 30+ countries, 900+ project engagements.
Mostly mid-sized enterprises that can’t afford Accenture, but still want top-grade ERP.

3️⃣ Financials: The No-Noise Multibagger

📊 6-Year Snapshot (₹ Cr)

🧠 EPS looks jumpy due to capital base expansion post-IPO. But profit has grown 3.7x in 3 years.

4️⃣ Valuation – Cheap, Meh, or Crack?

CMP: ₹379
EPS (FY25): ₹14.93
P/E = 25.4x
Book Value = ₹71.5 → P/B = 5.3x

Let’s compare 👇

And those guys aren’t debt-free like ALLETEC.

🎯 FV Range Calculation (EduMethod™)

1. P/E Method

• EPS FY25 = ₹14.93
• Fair P/E = 24–30 (high margin + niche + global client base)
• FV Range = ₹358 – ₹448

2. EV/EBITDA Method

• EBITDA ~ ₹31 Cr
• EV/EBITDA: 10–12x
• Implied EV = ₹310–₹372 Cr
• Net cash ~₹10 Cr → Equity value = ₹320–₹380 Cr
• Per Share = ₹320–₹380

🎯 Final EduInvesting FV Range: ₹360 – ₹440

CMP ₹379 → Slightly mid-to-upper end, fair if earnings sustain.

5️⃣ What’s Cooking – Triggers & Talk

🟢 Q4FY25 Results:

• Net profit up 50% YoY
• OPM hit 26% – best in company history
• Revenue up 25% YoY

📣 Concall Buzz (May 2025):

• Expanding into Europe (partnering with Microsoft resellers)
• New vertical for AI-based predictive ERP modules
• Targeting 20%+ annual growth

📜 Recent Disclosure:
Promoters reconfirmed non-encumbrance under SEBI rules on June 26, 2025.

6️⃣ Balance Sheet – No Leaks, No Leverage

⚖️ Light-asset model + retained profits = textbook clean tech consulting balance sheet.

7️⃣ Cash Flow – Sab Number Game Hai

🧮 Capex-light, free cash flow-positive, with zero debt dilution.

8️⃣ Ratios – Sexy or Stressy?

9️⃣ P&L Breakdown – Show Me the SaaS Money

• FY25 Net Profit = ₹30 Cr
• Net Margin = 21.4%
• Operating Margin = 22%
• Other Income = ₹10 Cr
  (✅ Healthy, but needs monitoring if recurring)

🔟 Misc – IPO, Promoters, Institutions

🧑‍💼 Promoters:

• Ajay Mian & Suman Mian – Tech consultants with decades in ERP
• No dilution since IPO

📈 IPO (2023)

• IPO at ₹292 → now at ₹379 → +29% in 1 year
• Fair pricing + margin growth = re-rating candidate

🔍 FII Holding:

• From 0.2% to 1.77% in 1 year
• Institutions slowly sniffing the compounding trail

🧠 EduInvesting Verdict™

✅ 76% 5Y profit CAGR
✅ 22% OPM, 30% ROCE
✅ Debt-free, Microsoft-aligned niche
✅ Steady FII interest and improving operating leverage

🚫 Very low float, SME risks
🚫 Other income = 1/3rd of PAT → normalize for core ops

🎯 FV Range: ₹360 – ₹440

CMP ₹379 → Fairly valued with strong operating tailwinds.

If this was listed on NASDAQ as “MSFT-Powered Digital Transformation Co.”, it’d be 35x easy.

✍️ Written by Prashant | 📅 27 June 2025
Tags: All E Technologies, ALLETEC, Microsoft Dynamics Partner, ERP Consulting Stock, SME Tech Stocks, Digital Transformation, High Margin Tech, EduInvesting