1. At a Glance
If stock markets had a “Survivor: Corporate Edition”, Visesh Infotecnics Ltd would be the contestant that refuses to leave the island—no matter how many torches get snuffed out. Incorporated in 1989, now renamed MPS Infotecnics Ltd, the company currently trades at ₹0.33, with a market cap of ~₹125 crore, quarterly sales of ₹0.06 crore, and a quarterly loss of ₹0.87 crore.
Return ratios are deeply negative (ROE -2.23%, ROCE -2.21%), operating margins resemble a horror movie (OPM -2,285%), and yet—plot twist—it still exists on the exchanges. Debt stands at ₹31.83 crore, current ratio at 2.34, and price-to-book at 0.30x, which value-hunters might squint at before realizing the “book” itself is slowly on fire.
Latest results are Quarterly Results (Q3 FY26, Dec 2025)—lock it here. No EPS annualisation gymnastics required beyond the rulebook: quarterly results stay quarterly. The company is operationally constrained, legally entangled, and administratively bruised. Curious? You should be.
2. Introduction
Visesh Infotecnics is not a turnaround story. It’s a case study. A reminder that being listed is not the same as being alive.
Once upon a time, the company dabbled in IT solutions, telecom VAS, and hosting services. Today, it dabbles in SEBI notices, frozen accounts, delisting show-cause letters, and impairment charges. Revenues have collapsed from ₹246 crore (FY14) to ₹0.34 crore (TTM). That’s not a typo—that’s a decade-long vanishing act.
The business claims it’s “exploring new avenues,” including consultancy in solar energy. Investors, meanwhile, are exploring the Announcements tab like investigative journalists. The latest board outcomes talk about impairments of ₹56.44/₹62.22/₹61.75 crore, regulatory penalties, and compliance deadlines that read like courtroom calendars.
So what is Visesh today? An IT company? A legal dispute aggregator? Or a listed
shell trying to outrun time?
3. Business Model – WTF Do They Even Do?
Officially, three verticals:
- IT Solutions & Products – hardware trading, system integration, enterprise software
- IT Enabled Services – domain registration, web hosting, VAS, site builders
- Telecom – prepaid/postpaid bill payments, bulk SMS, airtime trading
Unofficially? Only IT-enabled services generate any revenue, and even that is barely measurable with standard accounting instruments.
Why? Because:
- Bank accounts are frozen
- Credit lines are unavailable
- Accounts were declared NPA earlier
- Regulatory disputes block operations
Imagine running an IT company without banking access. That’s like running Swiggy without delivery boys. The “business model” today is essentially cost containment + legal survival, with occasional whispers of revival.
If this were Shark Tank, the sharks wouldn’t ask about TAM. They’d ask, “Beta, court case kitne chal rahe hain?”
4. Financials Overview (Quarterly Results)
Quarterly Comparison Table (₹ Crore)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.06 | 0.11 | 0.10 | -45.5% | -40.0% |
| EBITDA | -0.37 | -0.34 | -0.39 | NA | NA |
| PAT | -0.87 | -0.84 | -0.88 | -3.6% | +1.1% |
| EPS (₹) | ~0.00 | ~0.00 | ~0.00 | NA | NA |
Commentary:
Revenue is shrinking like a wool sweater in hot water. Losses are steady—not improving, not exploding—just… persisting. This is not operating leverage; this is operating paralysis.
5. Valuation Discussion
