1. At a Glance – The AI Baba of Dalal Street 🧙♂️
Ladies and gentlemen, welcome to the wildest IT story you didn’t ask for—but now can’t ignore.
This is a company doing ₹265 Cr quarterly revenue, ₹18.6 Cr profit… and casually telling you they’ll hit ₹3,000 Cr revenue in FY27.
That’s not guidance. That’s manifestation.
From a humble software and data processing company to suddenly talking about:
- AI healthcare platforms
- Cybersecurity products
- 5G telecom
- Edge semiconductor chips
- AND… wait for it… ₹350 million data centres
This is not a business model. This is a Marvel cinematic universe.
And the market? Confused.
Stock is down ~30% in 6 months… but financials are improving.
So what is this?
A hidden AI compounder?
A strategic pivot masterclass?
Or India’s most ambitious “PowerPoint company”?
Let’s investigate like CID—because something here smells like both opportunity and overconfidence.
2. Introduction – From Software Guy to AI Infrastructure King?
Back in 1991, this company was doing:
- Software development
- IT services
- Data processing
Basically, the classic “hum log sab karte hain IT mein” company.
Fast forward to 2026:
- AI diagnostics
- Cyber surveillance
- Edge computing
- Telecom networks
- Sovereign data centres
Bro… what happened?
This is like your CA friend suddenly saying:
“I’m also into crypto mining, EV batteries, and building a metro line.”
The transformation is aggressive.
And the numbers support some momentum:
- Sales: ₹908 Cr (TTM)
- PAT: ₹61 Cr
- ROE: 44.5% (insanely high)
But then comes the twist…
Cash flow is negative.
Receivables are rising.
And capital allocation? Chaotic energy.
So the real question is:
Is this a high-growth disruptor…
or a startup mindset stuck inside a listed company?
3. Business Model – WTF Do They Even Do?
Let’s decode this multi-headed hydra.
Core Segments (as per management)
1. Security (~75%)
- Cybersecurity
- Surveillance systems
- AML (Anti-money laundering) tools
This is the bread and butter.
2. Healthcare (~10%)
- AI diagnostics (BluBio)
- Population health management (BluHealth)
Sounds fancy. Still early-stage.
3. Telecom + Others (~15%)
- Private 5G networks
- CNPN (industrial networks)
Basically trying to ride every government buzzword.
But Wait… There’s More
They’re ALSO:
- Building AI data centres (BECI)
- Entering semiconductor ecosystem (Edge AI chips)
- Acquiring companies (AIS Anywhere, Global Impex)
This is not diversification.
This is FOMO as a strategy.
Real Business Reality
Revenue still comes from:
👉 Security contracts
👉 Government / enterprise IT projects
Everything else?
Still cooking in PowerPoint.
Question for You 🤔
If 75% revenue comes from security…
why is management talking 90% about data centres and AI?
4. Financials Overview – Numbers Don’t Lie (But They Can Confuse)
Quarterly Comparison (₹ Crores)
