🪦 Is this an IT company or a time-traveling relic from the 2015 digital boom? Because while peers are busy building AI and blockchain tools, Bodhtree is busy breaking balance sheets and posting negative net profits like it’s a hobby.
⚡ At a Glance
Bodhtree Consulting Ltd is an IT services firm with a focus on enterprise apps, analytics, and cloud integration. It was a decent name in its heyday — but over the last 5 years, it’s been more of a case study in decline than a growth stock.
- 💻 Business: IT & ITeS – enterprise applications, integration, cloud
- 📉 Market Cap: ₹92 Cr
- 💸 CMP: ₹42.2 (up from ₹7.38 lows = ~472% bounce!)
- 🩸 TTM Sales: ₹6.07 Cr
- 🔴 TTM Net Profit: ₹-1.27 Cr (Loss)
- 📊 ROE: -9.02%, ROCE: -8.17%
- 🧮 Book Value: ₹1.58 → P/B = 26.7x (Yes, really.)
🏢 WTF Do They Even Do?
- Bodhtree offers digital transformation, data integration, cloud analytics, and managed services.
- CMMI Level 5 certified (which sounds fancy, but doesn’t guarantee profits).
- Clients include government bodies and enterprise customers.
- But where’s the revenue now? Latest full-year sales = just ₹6 Cr, down from ₹145 Cr in FY21.
So essentially: Started with SAP, ended with RIP.
📉 Financials Breakdown
📆 5-Year Sales Trend (Rs Cr)
| FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| 145.6 | 104.2 | 39.3 | 16.6 | 6.07 |
→ Sales down 95% in 4 years.
📆 Net Profit (Rs Cr)
| FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| 13.05 | 0.72 | -26.3 | -2.46 | -1.27 |
→ Went from ₹13 Cr profit to ₹-1.3 Cr loss.
🤕 Margins
- FY21 OPM: 8.91%
- FY25 OPM: -26.4%
- That’s not margin compression — that’s margin annihilation.
💸 Valuation – Is It Cheap or Crack?
| Metric | Value |
|---|---|
| P/B | 26.7x |
| P/E | NA (loss-making) |
| EV/Sales | Sky-high (tiny revenue base) |
So you’re telling me a loss-making microcap with declining sales and debtor days of 366 is trading at 26.7x book?
🧠 Either the market knows something we don’t… or this is straight-up euphoria overdose.
🔍 What’s Cooking?
- 📅 Q1 FY25 results on July 9, 2025
- 🧾 Rights Issue: ₹14.07 Cr raise via 46.92 lakh shares at ₹30 → Purpose? Unknown.
- 🧙♂️ Promoters increased stake from 41.22% → 93.17% in FY24
- This looks bullish on paper… but retail is now barely 6.77%
- Were public shares bought or wiped out via capital restructuring?
Still waiting for real disclosures. This feels more like a soap opera than a tech turnaround.
🧾 Balance Sheet
| Item | FY25 |
|---|---|
| Equity Capital | ₹17.17 Cr |
| Reserves | ₹-3.64 Cr (Negative net worth almost) |
| Borrowings | ₹0.49 Cr |
| Fixed Assets | ₹0.24 Cr |
| Cash | Barely alive |
Reserves went negative in FY24. Your IT firm is running on fumes. At this rate, the laptops might be worth more than the receivables.
💰 Cash Flow – Sab Number Game Hai
| FY25 |
|---|
| CFO |
| FCF |
| Capex |
| Net Cash Flow |
No cash. No runway. No clue.
📊 Peer Comparison
| Company | Sales (Cr) | Net Profit (Cr) | ROCE | ROE |
|---|---|---|---|---|
| Cyient | 7,360 | ₹612 Cr | 16.6% | 12.8% |
| Netweb Tech | 1,149 | ₹114 Cr | 32.6% | 24% |
| Sagility | 5,570 | ₹539 Cr | 9.5% | 7.3% |
| Bodhtree | ₹6 Cr | ₹-1.27 Cr | -8.2% | -9% |
Let’s not even pretend this is a peer group.
🧪 Shareholding – Some Drama
- 🔺 Promoters jumped to 93.17% → Almost delisting levels.
- Public shareholding down to 6.77%
- DIIs at 0.06% → Basically symbolic.
This massive promoter hike could either signal revival plans… or a consolidation before exit/restructure.
🧠 EduInvesting Verdict™
“From CMMI Level 5 to ₹5 Crores in Revenue: The Bodhtree Story”
📉 Sales have collapsed by 95%
🩸 Net worth turned negative
🔮 Valuation defies logic
⚠️ Debtor days = 1 year
And yet… stock is up 472% from its lows.
This isn’t a tech turnaround. This is Hope-as-a-Strategy Investing.
🚫 Definitely not investment advice, but this one’s screaming “Trade Me If You Dare” — just make sure you’re not left holding the (empty) server rack.
📊 Fair Value Range?
Let’s be generous and say:
- Normalizing FY25 sales at ₹6 Cr
- Assuming 10% net margin = ₹0.6 Cr profit (hypothetical)
- Assigning 15x P/E → ₹9 Cr market cap
Fair Value: ₹4.5–7.5 per share (vs ₹42 CMP)
So yeah… it’s at 6x that. Bubble or backdoor play? Only SEBI might know.
✍️ Written by Prashant | 📅 July 3, 2025
Tags: Bodhtree Consulting, penny stock analysis, rights issue, IT microcap, stock bubble, tech sector India, SME turnaround, EduInvesting
