1. At a Glance
AI, drones, hospitality bots, and a ₹1,000 Cr market cap—Kody Technolab wants to be the Tesla of industrial robots. With a 205% PAT growth over 3 years and global JVs popping like popcorn, it’s no longer just coding apps—it’s assembling the future.
2. Introduction with Hook
Imagine if Infosys married Boston Dynamics and the honeymoon was in the Metaverse. That’s Kody Technolab.
- Revenue up 6x in 2 years (from ₹11 Cr to ₹72 Cr)
- PAT grew from ₹3 Cr in FY23 to ₹18 Cr in FY25
- Formed 5 international JVs in 1 year—including one for flying autonomous drones in Europe and Falcon robots in UAE malls.
If this were a startup pitch deck, your VC cousin would’ve already invested.
3. Business Model (WTF Do They Even Do?)
Kody is not just a code factory. It’s part-Robotics OEM, part-software developer, part-AI tinkerer.
- Divisions:
- Robotics: AMRs, hospitality bots (Dasher, Odigo), industrial automation units
- IT Services: App & web dev, AI integrations, process automation
- Drones & Mobility: JV with VIRA Drones for autonomous flight
- Geography: Projects in 30+ countries
- Revenue Split Guess: Robotics ≈ 60%, IT Services ≈ 30%, New JVs ≈ 10% (and growing)
4. Financials Overview
| Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM (%) | ROE (%) |
|---|---|---|---|---|
| FY21 | ₹2 Cr | ₹0 Cr | -2% | — |
| FY22 | ₹4 Cr | ₹1 Cr | 18% | — |
| FY23 | ₹11 Cr | ₹3 Cr | 40% | 69% |
| FY24 | ₹22 Cr | ₹5 Cr | 30% | 28% |
| FY25 | ₹72 Cr | ₹18 Cr | 35% | 30% |
- This isn’t growth. It’s IPO-level steroidal scaling.
- Margins consistently improving thanks to high-margin bots & software.
5. Valuation
Let’s (over)think the pricing.
a) P/E Method
- EPS FY25: ₹13.82
- P/E Range: 40x to 60x (high growth + niche tech SME)
→ FV = ₹553 to ₹829
b) EV/EBITDA
- Assume EBITDA ≈ ₹25 Cr
- EV/EBITDA: 18x to 25x
→ EV = ₹450 Cr to ₹625 Cr
→ Equity value (debt-light) ≈ same
→ Per share FV = ₹470 to ₹650
Current Price: ₹786
Verdict: Slightly overheated. Or as robots call it, “within thermal limit.”
6. What’s Cooking – News, Triggers, Drama
- VIRA Drones JV: €4M investment for autonomous aerial mobility
- Falcon Robotics JV (UAE): Manufacturing for GCC region (40% stake)
- US Market Expansion: Greenlit a manufacturing base
- Acquisition of World EMS: Robotics assembly ramp-up
- Dasher & Odigo bots deployed: In malls, hotels, and sci-fi fantasies
- Bonus Issuance: 1:1 in Dec 2024 = liquidity booster
- Debtor Days cut from 276 → 177: Collection department finally got AI too?
7. Balance Sheet
| Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital | ₹3 Cr | ₹6 Cr | ₹13 Cr |
| Reserves | ₹1 Cr | ₹31 Cr | ₹66 Cr |
| Borrowings | ₹7 Cr | ₹1 Cr | ₹13 Cr |
| Total Assets | ₹15 Cr | ₹43 Cr | ₹112 Cr |
Key Takeaways:
- Equity base up 4x → bonus + growth + dilution
- Reserves jumped from ₹1 Cr to ₹66 Cr
- Light on debt = agile & scalable balance sheet
8. Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) | Net Cash Flow |
|---|---|---|---|---|
| FY23 | ₹-1 Cr | ₹-7 Cr | ₹8 Cr | ₹0 Cr |
| FY24 | ₹-9 Cr | ₹-4 Cr | ₹21 Cr | ₹8 Cr |
| FY25 | ₹-8 Cr | ₹-35 Cr | ₹38 Cr | ₹-4 Cr |
- Capex + acquisitions = heavy investment mode
- Negative CFO in high growth = expected but needs watching
- Cash burn = not alarming yet. The bots aren’t broke.
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROE (%) | 69% | 28% | 30% |
| ROCE (%) | 69% | 28% | 38% |
| Debtor Days | 218 | 276 | 177 |
| Working Capital | 170 | 289 | 128 |
| OPM (%) | 40% | 30% | 35% |
Verdict:
- ROCE & ROE solid → founder deserves more Red Bulls
- High working capital but improving → scaling responsibly
10. P&L Breakdown – Show Me the Money
| FY | Revenue | EBITDA | EBITDA % | PAT | PAT Margin |
|---|---|---|---|---|---|
| FY23 | ₹11 Cr | ₹5 Cr | 40% | ₹3 Cr | 27% |
| FY24 | ₹22 Cr | ₹7 Cr | 30% | ₹5 Cr | 22% |
| FY25 | ₹72 Cr | ₹25 Cr | 35% | ₹18 Cr | 25% |
Insights:
- High gross and EBITDA margins = software + automation = gold mine
- PAT margin stable despite scale = robot CFO?
11. Peer Comparison
| Company | Market Cap (Cr) | Revenue (Cr) | PAT (Cr) | P/E | ROE (%) |
|---|---|---|---|---|---|
| Persistent | ₹87,248 | ₹11,939 | ₹1,357 | 64 | 24.1 |
| LTIMindtree | ₹1,54,280 | ₹38,008 | ₹4,598 | 33.6 | 21.5 |
| Tech Mahindra | ₹1,56,918 | ₹52,988 | ₹3,950 | 39.7 | 14.6 |
| Kody Technolab | ₹1,002 | ₹72 | ₹18 | 56.9 | 30.3 |
Conclusion:
Among microcaps, Kody’s growth & margin story is unmatched. But don’t compare it to TCS yet—unless your hobby is getting laughed at.
12. Miscellaneous – Shareholding, Promoters
| Holder | Sep ’23 | Mar ’24 | Mar ’25 |
|---|---|---|---|
| Promoters | 73.01% | 73.01% | 73.01% |
| FIIs | 0.00% | 0.03% | 0.06% |
| DIIs | 0.00% | 0.02% | 0.07% |
| Public | 26.99% | 26.94% | 26.86% |
Key Points:
- Promoter holding stable = no dilution drama
- Retail count growing: 713 → 2,778 in 1 year
- FII/DIIs sniffing around = validation
13. EduInvesting Verdict™
Kody Technolab is riding five megatrends at once: AI, Robotics, Drones, Automation, and IT Services. The business is still in a hyper-growth zone—think Zomato + C3PO—but hasn’t shown dividend maturity yet. It’s capital intensive, collection-intensive, and hype-intensive.
Verdict: A robot-led moon mission. Just watch your exit velocity.
Metadata
– Written by EduInvesting Research Team | July 13, 2025
– Tags: Kody Technolab, Robotics Stocks, AI Automation, Drone JV, SME IT Tech, High Growth Smallcaps
