1. At a Glance – Blink and You’ll Miss the Volatility
Pelatro Ltd is one of those companies that looks boring on the outside and secretly runs half the telecom marketing universe inside. Market cap of ₹328 Cr, current price ₹309, and a stock that has politely corrected ~22% in six months, just to humble anyone who confused SME SaaS with US Nasdaq SaaS.
The latest Q3 FY26 numbers scream growth — ₹38.4 Cr revenue (+69% YoY), PAT ₹3.79 Cr, and OPM north of 21%. ROE is sitting pretty at 26%, ROCE at 22%, and the company claims to process 1.3 billion subscribers’ data daily. That’s not a typo. That’s an entire continent clicking “missed call”.
But before you get emotionally attached, remember: this is an SME stock with recent acquisitions, rising depreciation, promoter dilution, and mood swings in PAT.
So the real question is —
Is Pelatro building a compounding SaaS engine… or just enjoying a post-IPO sugar high?
2. Introduction – From Missed Calls to Monetisation
Pelatro was incorporated in 2013, back when telecom companies were still figuring out how to convert missed calls into money without annoying regulators. Fast-forward to 2026, and Pelatro sits quietly behind telecom giants, helping them squeeze more ARPU from the same bored customers scrolling reels at 2 AM.
The company doesn’t sell SIM cards. It sells intelligence — who clicked what, who recharged when, who is about to port, and who deserves a cashback bribe before churn.
What makes Pelatro interesting is not just growth, but how it grows:
- Sticky telecom clients
- Long-term managed services contracts
- Recurring revenues forming 66% of FY24 revenue
- Low customer concentration for a telecom vendor (top customer <19%)
But make no mistake — this is not a plug-and-play SaaS. It is deeply embedded software, customized, deployed, and maintained inside telecom operators’ nervous systems. Which means switching costs are high… and so are execution risks.
Ask yourself:
Would you replace the brain of your telecom network every year? Exactly.
3. Business Model – WTF Do They Even Do?
Imagine Netflix knowing you want to cancel before you do. Now imagine telecoms paying Pelatro to make sure you don’t.
Pelatro’s mViva platform is an end-to-end customer engagement and data monetisation engine. It does everything from:
- Collecting raw subscriber data
- Building Customer 360 profiles
- Running AI-driven campaigns
- Delivering real-time offers
- Measuring which offer actually worked
Revenue Engines (No Guesswork, Only Dump):
A. Software Licensing
- Subscription or perpetual licenses
- Installed directly into telecom systems
B. Managed Services (22 networks)
- Pelatro runs the platform for clients
- Recurring, annuity-like revenue
C. Consulting & Customisation
- Every telecom thinks it’s “unique”
- Pelatro bills accordingly
D. Data Monetisation
- Enterprises piggyback on telecom data
- Gain-share models = upside optionality
The result?
A business that does not scale like Zoom, but does not die like IT services either.
Lazy investor
