1. At a Glance
Trident Techlabs Ltd – where engineering meets consultancy, and receivables meet the patience of a Himalayan monk. This ₹758 crore NSE-SME listed “knowledge-based corporation” dabbles in Electrical Power, Cyber Security, Engineering Solutions, and Semiconductors. Despite a P/E fatter than a Diwali ladoo (66.0), the company’s return on equity is a juicy 22%. The stock once hit ₹1,670 but is now hovering at ₹439 – clearly a case of “high-voltage dreams, low-voltage reality.”
2. Introduction
Imagine a company that tells you, “We’ll innovate, engineer, and consult you to success,” but then quietly adds, “Payment in 302 days is fine, right?” Welcome to Trident Techlabs.
Born in 2000, the company has survived two decades of tech evolution, power grid politics, and IT outsourcing waves. The problem? The market loved them too much at one point (remember ₹1,670?) and is now punishing them for daring to look mortal.
They aren’t some fly-by-night SME – they’ve got diversified verticals, a decent RoCE of 26.6%, and are debt-light. But when your operating cash flow plays hide-and-seek and your stock is 13.1 times book value, you’re basically walking into investor Tinder with an “emotionally unavailable” tag.
3. Business Model (WTF Do They Even Do?)
Think of Trident as that tech-savvy uncle who can fix your wiring, secure your Wi-Fi, and also talk semiconductors. Four verticals:
- Electrical Power Solutions – consultancy, testing, and simulation services for the power sector.
- Cyber Security –
- protection of infrastructure and systems from cyber threats (yes, even hackers have given up on getting paid within 302 days).
- Engineering Solutions – custom-built tech for product design, testing, and deployment.
- Semiconductors – embedded system development and chip-related engineering.
Revenue isn’t SaaS-subscription-style sticky; it’s project-based with chunky contracts, which means quarterly results swing harder than your mood on a Monday morning.
4. Financials Overview
Fresh P/E Calc: FY25 EPS = ₹6.65 → Annualised from Q4 FY25 EPS ₹4.65 × 4 = ₹18.6. Current Price ₹439 ÷ 18.6 = P/E ~ 23.6 (not 66 – that’s TTM without smoothing).
| Metric | FY25 | YoY Growth |
|---|---|---|
| Revenue | ₹77 Cr | 5% |
| EBITDA | ₹19 Cr | 18.7% |
| PAT | ₹12 Cr | 33% |
| EPS | ₹6.65 | ↑ from ₹5.42 |
| ROE | 22% | Stable |
| OPM | 24% | Higher than FY24’s 22% |
Commentary: Margins are decent, PAT growth is healthy, and debt reduction is real. But debtor days at 302? That’s like giving an interest-free loan to your customers for almost a year.
5. Valuation (Fair Value RANGE only)
| Method | Inputs | FV (₹) |
|---|---|---|
| P/E | Industry avg 30 × EPS ₹18.6 | 558 |
| EV/EBITDA | EV ₹736 Cr / EBITDA ₹19 Cr → ~38.7×; sector avg 25× → adj FV | 360–480 |
| DCF | 10% discount rate, 12% growth 5 yrs | 400–500 |
