1. At a Glance
MOS Utility Ltd is a jack-of-all-digital-trades fintech platform that does everything from AEPS to airline tickets to solar panels to online lottery. It’s also quietly slipped from utility service provider to capital-raising champion, issuing bonuses, splits, and borrowings like Diwali sweets.
2. Introduction with Hook
If Paytm and Infibeam had a budget baby that moonlighted as a kirana bank agent, you’d get MOS Utility. It’s the smallcap fintech that wants to become your neighborhood’s everything-tech.
- Revenue up 5x in 2 years: ₹106 Cr (FY23) to ₹616 Cr (FY25)
- FY25 PAT: ₹14 Cr, up from ₹6 Cr in FY23
- ROCE 21%, yet cash flows scream “not enough juice”
And yes, they now sell solar panels. This ain’t your dad’s utility company.
3. Business Model (WTF Do They Even Do?)
MOS Utility operates an open API and wallet platform enabling digital services across the following:
- Banking Services: AEPS, Micro ATM, NSDL kiosks, CMS, money transfer
- E-Comm Travel: Flight, train, hotel booking
- Utilities & Payments: Recharge, bill pay, insurance premium collection
- Government Services: Mera Adhikar, etc.
- New Segments:
- Lotto (yes, lottery tickets — legal & digital)
- Solar Franchisee via Onix
- Dubai Subsidiary incoming
Basically, a digital paan shop for Bharat 2.0.
4. Financials Overview
| Year | Revenue (₹ Cr) | EBITDA | PAT | EPS (₹) | OPM % |
|---|---|---|---|---|---|
| FY23 | 106 | 7 | 6 | 2.96 | 7% |
| FY24 | 187 | 12 | 12 | 4.51 | 6% |
| FY25 | 616 | 20 | 14 | 5.02 | 3% |
Catch: Explosive topline growth, but margins slipping. Net margin = barely 2.3%. Not ideal for a tech co.
5. Valuation
- P/E Based: EPS ₹5.02, P/E ~50 = ₹250
- Industry Peers: Infibeam (P/E 25), PB Fintech (P/E 266), Mobikwik (Loss-making)
- Fair Value Range (based on blended comps + DCF):
₹180–₹270
MOS may be fairly valued… if solar dreams don’t burn cash.
6. What’s Cooking – News, Triggers, Drama
- Mega expansion plans:
- Share split (5:1), bonus (1:1), capital raise to ₹750 Cr
- Borrowing limit raised to ₹1,000 Cr
- Solar Entry: Partnered with Onix, and selling solar PV kits
- Lottery Empire: Partnered with nationwide lotto distributor
- Dubai Calling: Subsidiary being set up in UAE
- Promoter Selling: 64.7% (Mar ’24) to 49.5% (Mar ’25)… what’s cooking, boss?
7. Balance Sheet
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital | ₹19 | ₹25 | ₹25 |
| Reserves | ₹7 | ₹50 | ₹62 |
| Borrowings | ₹8 | ₹5 | ₹19 |
| Total Liabilities | ₹52 | ₹106 | ₹151 |
| Fixed Assets | ₹9 | ₹19 | ₹31 |
| Other Assets | ₹29 | ₹70 | ₹114 |
Key Insight: Capital base ballooning; borrowing ready for take-off. Assets are scaling, but mostly short-term. Fixed assets still < ₹31 Cr.
8. Cash Flow – Sab Number Game Hai
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| CFO | ₹4 | -₹14 | ₹37 |
| CFI | -₹9 | -₹14 | -₹29 |
| CFF | ₹5 | ₹34 | ₹13 |
| Net Cash Flow | ₹1 | ₹6 | ₹21 |
Observation: Working capital improving, but investment outflows indicate expansion spending — especially for solar infra, lottery systems?
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE (%) | 17% | 21% | 21% |
| ROE (%) | 13% | 14% | 15.5% |
| Debtor Days | 14 | 18 | 3 |
| CCC (days) | 14 | 18 | 3 |
| Working Capital | 58 | 74 | 24 |
| P/E | 49.8 | ||
| Price / Book | 7.2x |
Verdict: Ratios improving. CCC drop = cash recovery faster than UPI alert.
10. P&L Breakdown – Show Me the Money
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 106 | 187 | 616 |
| Expenses | 99 | 175 | 596 |
| EBITDA | 7 | 12 | 20 |
| PAT | 6 | 12 | 14 |
| EPS (₹) | 2.96 | 4.51 | 5.02 |
Trend: Huge revenue spike. But margins compressing. Feels like growth-at-any-cost.
11. Peer Comparison
| Company | CMP | P/E | ROE | OPM % | Sales (Cr) | PAT (Cr) |
|---|---|---|---|---|---|---|
| PB Fintech | ₹1,831 | 266.3 | 5% | 1.9% | 4,977 | ₹315 |
| Infibeam | ₹16 | 25.8 | 6% | 7.6% | 3,993 | ₹222 |
| Mobikwik | ₹259 | Loss | NA | -9.2% | 1,164 | -₹55 |
| MOS Utility | ₹250 | 49.8 | 15% | 3.3% | 616 | ₹14 |
MOS is small but profitable, unlike Paytm and Mobikwik. It’s Infibeam + steroids + UPS franchise.
12. Miscellaneous – Shareholding, Promoters
| Quarter | Promoters | FIIs | DIIs | Public |
|---|---|---|---|---|
| Mar ’23 | 64.7% | 8.1% | 1.3% | 25.9% |
| Mar ’24 | 64.7% | 1.05% | 0.00% | 34.3% |
| Mar ’25 | 49.5% | 16.0% | 0.01% | 34.4% |
- Promoter stake drop = major red flag unless explained
- FIIs doubled holding — curious confidence
- No dividend policy yet. Profits still being reinvested or held for expansion?
13. EduInvesting Verdict™
MOS Utility is fintech-meets-solar-meets-Village-Headman-as-a-Service. On paper, it’s one of the rare SME-listed players with profitability, strong ROCE, and revenue explosion. But it’s also navigating a slippery slope of diversification (read: distraction), promoter stake dilution, and high valuations.
If execution matches ambition, this could be the next big BharatTech story. But if not, we may be staring at another “aur ek IPO gaya.”
Metadata
– Written by EduInvesting Team | 15 July 2025
– Tags: MOS Utility, Fintech, SME IPO, BharatTech, Solar Startups, Financial Inclusion, Digital BC Network
