1. At a Glance
Ladies and gentlemen, welcome to the circus of cloud, code, and confusion —All E Technologies Ltd (AET), the company that helps others go digital while its own share price goes vintage. Trading at₹242, the stock has dropped~56% in the last one year, as if it mistook gravity for innovation. With amarket cap of ₹488 crore,P/E of 16.1, and aROE of 22.4%, this Microsoft partner has all the makings of a high-tech prodigy stuck in a mid-life identity crisis.
InQ2 FY26, AET reportedrevenue of ₹33.35 crore(down7.1% QoQ) but managed to increasePAT to ₹7.38 crore(up10.5% QoQ) — a classic IT move: lesser work, more profit. Operating margins stood at a healthy20.1%, proving that even though sales slowed, efficiency partied harder.
Debt? Just ₹0.55 crore — the equivalent of a misplaced pen in Infosys’s budget. Promoters hold50.06%, and there’s0% pledge, so at least no one is mortgaging the dream. In short: cloud’s rising, profits are shining, but investors are still whining.
2. Introduction
All E Technologies — or as clients call them, “the Microsoft people who don’t sleep” — was incorporated in2000, back when floppy disks were cool. Fast-forward 25 years, and they’ve become a full-fledgeddigital transformation enabler, offering everything fromERP & CRMtoAI, Data Engineering, and Intelligent Cloud.
Their specialization? Helping enterprises move from Excel sheet nightmares to AI dashboards that pretend to know the future. They’ve completed900+ project engagementsacross30+ countries, which means somewhere in Switzerland, a CEO is watching his ERP crash at 2 a.m., and an engineer in Noida is fixing it with Maggi in hand.
But here’s the fun part — while AET helps businesses “go cloud,” its own stock price has goneunderground. From₹633 highsto₹242, the stock has lost 60% of its charm. Yet, the company keeps delivering profits like an obedient coder with good Wi-Fi.
So what’s going on? Is the market missing something, or is the “All E” secretly short for “All Earnings, No Excitement”?
3. Business Model – WTF Do They Even Do?
In simple terms,AET is your IT plumber. They fix leaks in your business systems using Microsoft tools. Whether it’s ERP (Enterprise Resource Planning), CRM (Customer Relationship Management), or just CRY (when the system crashes on quarter-end), they have a solution.
Their offerings include:
- Digital Core Modernization– They make old IT systems feel young again, like a Botox session for your backend.
- Enterprise Applications– ERP, CRM, HCM, and Commerce platforms tuned to client needs.
- Data & AI– Helping clients make sense of data that’s usually nonsense.
- Process Optimization & Change Management– Basically telling employees, “Please stop using Excel for everything.”
- System Integration– Making sure different software talk to each other without fighting.
They’re powered byMicrosoft Dynamics 365andPower Platformtools — like Power BI, Power Automate, and Power Apps — which help corporates feel they’ve entered the future, even if the only automation they get is automatic coffee breaks.
TheirIP-led solutionsinclude fancy names likeEdTech365,Travel365, andGreen Power, each designed to make niche sectors digital. So whether it’s a college, a travel company, or a renewable firm — AET finds a way to sprinkle Microsoft dust over it.
4. Financials Overview
Let’s crunch the latest quarterly numbers (₹ crore):
| Metric | Q2 FY26 (Sep’25) | Q2 FY25 (Sep’24) | Q1 FY26 (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 33.35 | 35.91 | 34.07 | -7.1% | -2.1% |
| EBITDA | 6.70 | 7.02 | 6.53 | -4.5% | +2.6% |
| PAT | 7.38 | 6.69 | 6.32 | +10.3% | +10.5% |
| EPS (₹) | 3.65 | 3.31 | 3.13 | +10.3% | +16.6% |
Commentary:Revenue dipped slightly, but profits grew — the IT version of “doing less, earning more.” Margins improved, tax was well-behaved, and expenses were controlled like a
budget under a strict CFO. The company also continues to earngood other income, which some may call “interest,” others may call “divine intervention.”
If we annualize the EPS of ₹3.65, we get ₹14.6, giving aP/E of ~16x, which is cheaper than your average chai at a Mumbai airport lounge (if chai had margins).
5. Valuation Discussion – Fair Value Range
Let’s check AET’s fair value through three lenses:
(a) P/E Method:Industry median P/E = 25.3AET current P/E = 16.1Annualized EPS = ₹14.6
- Fair Range = 20x – 25x = ₹292 – ₹365 per share
(b) EV/EBITDA Method:EV = ₹350 croreEBITDA (FY25) = ₹31 crore → FY26E (20% growth) ≈ ₹37 croreEV/EBITDA range = 9x–10x → Fair EV = ₹333–₹370 croreImplied Price = ₹278 – ₹308
(c) DCF (Discounted Cash Flow) Method:Assume PAT CAGR 20% for 5 years, discount rate 12%, terminal growth 3%.Fair Value =₹300 – ₹360 range
Fair Value Range (Educational Only): ₹290 – ₹360 per shareDisclaimer: This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
- Q2 FY26 Results:Revenue ₹33.35 crore, PAT ₹7.38 crore. Management proudly announced this like it’s a new iPhone launch.
- Subsidiary Expansion:Incorporated awholly owned subsidiary in UAE Free Zone (Jan 2025)— because every Indian IT firm dreams of a Dubai address.
- Deviation Report:InNov 2025, they reported a₹4,377.6 lakh deviation in IPO fund utilization, later approved by shareholders. Basically, they reallocated funds — corporate yoga for capital.
- New Contracts:BuiltBI and Analytics System for Zambia Electronic Clearing House— when Indian software meets African fintech.
- Canadian Subsidiary:Strengthened ties withMaple Lodge Farmsin 2023. Yes, chicken farms meet cloud farms.
Triggers ahead include expansion of AI-driven tools, global subsidiaries ramp-up, and recurring revenue from managed
