1. At a Glance
CyberTech just dropped its Q1 FY26 results — ₹58 Cr in revenue, ₹8.17 Cr in PAT, and a fresh $5 million love letter to Microsoft for an Azure + ArcGIS collab. While the IT biggies are busy chasing GenAI, CyberTech is here asking, “Have you tried maps?”
2. Introduction with Hook
Imagine if Google Maps and SAP had a startup baby, and that baby moved to the US to work in GIS (Geographic Info Systems) with enterprise clients. That’s CyberTech Systems. Small, profitable, almost debt-free — and now throwing $5 million into Microsoft’s cloud party.
It’s niche. It’s nerdy. It’s kind of working.
3. Business Model (WTF Do They Even Do?)
CyberTech is the “spatial analytics meets enterprise IT” shop your cousin in Chicago probably sells into.
- Core Biz:
Geospatial analytics (ArcGIS), SAP digital solutions, enterprise cloud transformation - Client Geography:
~100% USA (because they know selling IT in India is like selling ice to a snowman) - Model:
Staff augmentation + consulting + project deployment
Basically, they do boring stuff that keeps cities and Fortune 500s running — like tracking utility poles, fleet data, and public safety systems. Sexy? No. Sticky? You bet.
4. Financials Overview
| Metric | FY23 | FY24 | FY25 | TTM |
|---|---|---|---|---|
| Revenue (₹Cr) | 176 | 222 | 236 | 236 |
| PAT (₹Cr) | 22 | 23 | 35 | 36 |
| EPS (₹) | 7.62 | 7.31 | 11.22 | 11.47 |
| ROCE (%) | 21% | 17% | 20% | 20% |
| OPM (%) | 18% | 12% | 13% | 12% |
Profits are growing. Margins are cooling. But at ₹558 Cr market cap, this thing is not pretending to be TCS — and thank god.
5. Valuation
- P/E (TTM): ~15.6x
- P/BV: 2.25x
- Fair Value Range:
- At 15x–20x on FY26E EPS of ₹12 → ₹180–₹240
If this were a pizza, you’d get full cheese for half the IT price. But is the size enough for the hunger?
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26: PAT ₹8.17 Cr, flat revenue at ₹58 Cr
- $5 million partnership with Microsoft for Azure ArcGIS — bold move for a company with ₹36 Cr annual profit
- Debtor days down from 50 to 32 — solid
- Working capital days up from 81 to 201 — not solid
- No debt — at least you’ll sleep
The biz model is clean. But this Microsoft bet better pay off faster than Windows updates.
7. Balance Sheet
| Metric | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Equity Capital (₹Cr) | 28 | 31 | 31 |
| Reserves (₹Cr) | 132 | 187 | 217 |
| Borrowings (₹Cr) | 2 | 8 | 7 |
| Total Liabilities | 199 | 267 | 305 |
| Total Assets (₹Cr) | 199 | 267 | 305 |
Balance sheet’s light. Cash flow is alive. And the ₹142 Cr in investments? Likely that’s where the Microsoft budget came from.
8. Cash Flow – Sab Number Game Hai
| FY | CFO (₹Cr) | CFI (₹Cr) | CFF (₹Cr) | Net Flow |
|---|---|---|---|---|
| FY23 | 26 | -14 | -4 | +8 |
| FY24 | 36 | -67 | +36 | +5 |
| FY25 | 38 | -29 | -7 | +2 |
Net cash remains positive. But investment outflows hint at expansion, not just tinkering.
9. Ratios – Sexy or Stressy?
| Ratio | Value | Comment |
|---|---|---|
| ROE (%) | 15% | Solid for a midcap |
| ROCE (%) | 20% | Respectable |
| OPM (%) | 12% | Decent, not high-margin royalty |
| D/E Ratio | 0.03x | Basically negligible |
| Working Cap Days | 201 | Needs caffeine |
10. P&L Breakdown – Show Me the Money
| FY | Revenue (₹Cr) | EBITDA (₹Cr) | PAT (₹Cr) |
|---|---|---|---|
| FY23 | 176 | 31 | 22 |
| FY24 | 222 | 26 | 23 |
| FY25 | 236 | 32 | 35 |
This is not a “hockey stick.” This is slow, steady, dividend-yielding growth.
11. Peer Comparison
| Company | Rev (₹Cr) | PAT (₹Cr) | P/E | ROCE (%) |
|---|---|---|---|---|
| TCS | 2.56L | 49,273 | 23.1 | 64.6 |
| Wipro | 89,259 | 13,462 | 20.4 | 19.5 |
| Persistent Sys | 12,535 | 1,519 | 53.3 | 30.4 |
| CyberTech | 236 | 36 | 15.6 | 19.6 |
CyberTech is a micro-cap with large-cap discipline and mid-cap ambition. It’s like the 12th man in an IPL team — not flashy, but ready.
12. Miscellaneous – Shareholding, Promoters
| Group | Jun 2025 |
|---|---|
| Promoters | 36.42% |
| FIIs | 0.04% |
| DIIs | 0.00% |
| Public | 63.53% |
No major FII presence = no hype
But also no exit drama = no panic
13. EduInvesting Verdict™
CyberTech is that rare IT play that’s:
- Profitable
- Debt-light
- Dividend-paying
- Still niche
And yet… nobody talks about it.
It’s not gonna 5x tomorrow, but it won’t blow up either. If your portfolio likes underdogs that do real work quietly, this one’s your Excel sheet’s best friend.
Not sexy. Not scary. Just sensibly scaling.
Metadata:
Written by EduInvesting Team | 25 July 2025
Tags: CyberTech Systems, IT Services, ArcGIS, Azure, EduInvesting Premium
