All E Technologies Ltd Q2 FY26 – Microsoft’s Favourite Indian Cousin With 22% OPM, Zero Debt, and a Cash Flow Story That Deserves a Power BI Dashboard

1. At a Glance

If Microsoft ever decided to pick an Indian cousin who actually listens, All E Technologies Ltd (AET) would be it. Trading at ₹247 per share with a ₹500 crore market cap, the company looks like that overachieving engineer who’s been quietly shipping code for 20 years while everyone else chases startup valuations. With an OPM of 22%, ROE of 22.4%, and ROCE of nearly 30%, this Noida-based digital transformation firm is basically running a high-margin consulting modelwithoutthe debt headaches that plague the IT crowd.

In Q2 FY26, AET clocked a revenue of ₹33.35 crore and a PAT of ₹7.38 crore — that’s a healthy 10.5% profit growth despite a 7.13% dip in topline. When your other income (₹3.77 crore) almost matches the size of some microcap company’s net profit, you know you’re playing a different league. The firm’s annualised EPS now stands at around ₹14.6, putting its P/E at a mere 16.5x — a discount compared to the sector’s 25x.

Debt? ₹0.55 crore. Practically a rounding error. Promoter holding? 50.06%. Dividend yield? A polite 0.61%, like a corporate Namaste to shareholders.

But with a 55.9% stock price drop over the last year, the market’s basically saying, “Bro, we don’t trust calm competence.” Well, let’s see if All E Technologies is a misunderstood software monk or just another IT midcap suffering from post-hype syndrome.

2. Introduction

Welcome to another episode of “India’s Got Tech Talent But Not Stock Momentum.” All E Technologies Ltd, or AET as it likes to call itself (because no one wants to spell that out on a Teams call), is a 25-year-old digital transformation house that lives, breathes, and occasionally prays to Microsoft Dynamics.

While the big boys — TCS, Infosys, and HCL — dominate the enterprise IT scene, All E Tech plays the niche but profitable role of theMicrosoft whisperer. The company implements ERP, CRM, and automation solutions using Microsoft Business Applications and Azure Cloud. In short, if your company still runs on Excel macros and Outlook reminders, AET shows up to perform a corporate exorcism.

The firm operates across 30+ countries and has completed 900+ project engagements, which sounds like “we’ve fixed everyone’s mess at least once.” The company’s revenue model is smartly balanced between software services (~94%) and interest income (~6%). And yes, they even have IP-led products like Travel365 and EdTech365 — names that scream “please acquire me, Satya Nadella.”

But here’s the kicker — while peers flaunt billion-dollar valuations, AET’s ₹500 crore market cap feels criminally underpriced given its margins, cash generation, and global spread. Either the market hasn’t woken up yet, or this is one of those “hidden in plain sight” tech gems.

3. Business Model – WTF Do They Even Do?

Imagine if your office IT team actually knew what they were doing. That’s All E Technologies.

They don’t sell laptops or write chatbots that tell you “I’ll get back to you soon.” Instead, AET helps companies go from chaos to cloud. Their core business revolves aroundMicrosoft Dynamics ERP and CRM,Power BI analytics,automation, andcustom enterprise solutions.

In desi terms, they’re like the wedding planners of digital transformation. They don’t own the venue (Microsoft does), but they handle everything from theme setup (ERP/CRM), guest management (data), to the baraat (integration and automation).

Their service verticals include:

• Digital Core Modernization:Moving legacy setups to the cloud, making Excel warriors redundant.
• Enterprise Applications:Tailoring Dynamics 365 suites for clients.
• Process Optimization:Corporate version of Marie Kondo — decluttering workflows.
• System Integration:Ensuring data flows like ghee in a hot paratha.
• Data & AI:Making business leaders believe they’re “data-driven” while AET’s code does the heavy lifting.
• Change Management:Because no ERP project succeeds unless someone forces employees to attend a training session.

Their client list spans Education, Travel, Manufacturing, Green Energy, Retail, BFSI — basically, every industry where Excel sheets still dictate million-rupee decisions.

4. Financials Overview (Quarterly Data)

Reporting Basis: Quarterly Results