1. At a Glance – Blink and You’ll Miss the Profits
Ekennis Software Service Ltd is that rare SME which tries to be an IT consulting firm, an ERP implementer, an e-learning platform, and a printing & packaging house — all inside a ₹21 crore market cap jacket that’s two sizes too tight. Incorporated in 2019 and listed on BSE SME in March 2022 (with a trophy for being the fastest kid to reach the exchange), the company today trades around ₹150 with a face value of ₹10 and a book value of ₹20.6, implying a price-to-book north of 7x for a business that is currently allergic to profits. Latest half-year numbers show sales of ₹0.85 crore and a PAT loss of ₹0.53 crore, with operating margins at a stomach-churning –37.6%. ROCE sits at –21.3%, ROE at –38.4%, debt-to-equity at 1.26, and interest coverage is negative — which is accounting’s polite way of saying “boss, interest bhi nahi nikal raha.”
And yet, the stock has delivered a 150% return over six months and ~75% over one year. Confused? Good. That’s the correct emotional response before reading the rest.
2. Introduction – The Great Indian Multi-Avatar Experiment
Ekennis Software Service Ltd (ESSL) feels like a startup pitch deck where someone forgot to delete the extra slides. Software consulting? Yes. ERP implementations across SAP, Microsoft, Oracle? Sure. E-learning platforms with forums, blogs, and tagging? Of course. And just when you think it’s a standard IT SME story, the plot twists into 3D printing, digital printing, and packaging under the brand MyPerfectPack.
The result is a company that wants to be asset-light like IT services but acts asset-heavy like manufacturing. It wants ERP-like margins but reports printing-like volatility. And the numbers reflect this identity crisis beautifully. Sales peaked at ₹6.32 crore in FY23, slid to ₹2.70 crore in FY24, and further to ₹2.17 crore in FY25. TTM sales stand at ₹1.96 crore. Operating profit has turned into operating loss, and cash flows have started doing parkour.
So why does the market still care? Because SMEs are Bollywood — logic optional, drama compulsory. And because Ekennis has a story: fast listing, marquee clients (Amazon India, Bosch, LinkedIn, Naukri.com), ERP buzzwords, and a proposed new printing facility in Bengaluru. The question is simple: story ke saath numbers kab aayenge?
3. Business Model – WTF Do They Even Do?
Let’s explain Ekennis like you’d explain crypto to your chacha — slowly and with hand gestures.
First avatar: IT Solutions.
ESSL positions itself as an ERP solution provider and implementation partner for SAP, Microsoft, and Oracle. This includes consulting, customization, deployment, and ongoing support. In theory, this is high-value, sticky, enterprise-grade work. In practice, FY23 segment data shows ~97% of revenue coming from manpower supply services — which is a fancy way of saying “we bill people by the hour.”
Second avatar: E-learning & Mobile Learning.
The company offers digital learning platforms for institutions and enterprises with collaboration features like forums, messaging, tagging, and analytics. It’s a crowded space, but margins can be decent if scale arrives. Spoiler alert: scale has not RSVP’d yet.
Third avatar: Printing & Packaging (MyPerfectPack).
This is where things get spicy. Ekennis runs printing and packaging services, including 3D printing, serving retail, food, fashion, sports, personal hygiene, and industrial segments. Land has been procured in Bengaluru for a proposed new printing facility. This explains why fixed assets jumped from ₹1.70 crore (Mar 2024) to ₹7.07 crore (Mar 2025). Asset-light IT firm? Not anymore,
