Q3 FY26 Results · Quarterly Results (Oct–Dec 2025)
Rossell Techsys:
₹130 Cr Revenue. 72% YoY Growth.
And Boeing Still Can’t Decide If They Love Us.
A Delhi-listed aerospace micro-cap that supplies wiring to American defence jets just grew faster than a meme stock, posted near-200% profit growth, and is now betting the farm on semiconductors. Plot twist: the company is tiny, inventory is massive, and order books are getting confused with strategic agreements.
Market Cap₹2,715 Cr
CMP₹720
P/E Ratio123.56x
YoY Profit+752%
Div Yield0.03%
01 — At a Glance
The Tiny Company Making Parts for Jets. Welcome to Valuation Fever.
- 52-Week High / Low₹840 / ₹277
- Q3 FY26 Revenue₹130 Cr
- Q3 FY26 PAT₹6.15 Cr
- Q3 EPS₹1.44
- Annualised EPS (Q1–Q3 Avg × 4)₹5.17
- Book Value / Share₹37.6
- Price to Book19.2x
- Operating Margin (Q3)13.23%
- Debt to Equity1.87x
- Order Book (Sep 2025)₹750+ Cr
Flash Summary: Rossell is a post-demerger aerospace micro-cap that went from ₹56.38 crore in sales (Mar 2024) to ₹130 crore in Q3 alone. Its stock is up 152% in one year and trades at 123x P/E. Profit growth has been bonkers (752% TTM). Working capital is an absolute nightmare (607-day cycle in FY25, inventory ₹289 crore). Management is raising ₹300 crore via QIP to expand and reduce the inventory mess. Is this a hypergrowth story or a case study in “too much leverage, too little profitability”? Reader, both.
02 — Introduction
The Electrical Harness Company That Boeing Forgot To Kill
In 2013, Boeing decided it needed a local manufacturing partner in India to meet government offset obligations. They found Rossell Techsys (then part of Rossell India). Today, fourteen years later, Rossell has become what every aerospace engineer secretly dreams of being: a small company making things that go “whoosh” in the sky.
But here’s the thing. Rossell makes electrical wiring and interconnect systems for military jets, satellites, semiconductors, and defence electronics. The customers include Boeing, Lockheed Martin, Honeywell, and a bunch of Indian defence agencies. The revenue? ₹130 crore in Q3 FY26. The profit? ₹6.15 crore. The working capital cycle? 607 days. Translation: they’re growing at lightspeed but burning cash like a startup that just won the lottery.
The company was demerged from Rossell India in FY24, got listed, and immediately the stock exploded. Why? Because aerospace is sexy, Boeing is iconic, and India’s defence spending is finally real. But valuation is a different question entirely. At 123x P/E with negative free cash flow and inventory that could fill a warehouse the size of Mumbai, we have a company that’s either on the cusp of scale or a textbook example of “hockey stick that never actually hits the puck.”
Fitch Rating Note (Nov 2025): India Ratings assigned Rossell an IND BBB/Positive rating to its ₹3,200 crore bank loan facilities. Translation: the bankers think Rossell is fine as long as working capital improves. The Positive Outlook is Fitch’s polite way of saying “please reduce that 607-day inventory cycle before we call a board meeting.”
03 — Business Model: Making Wires, Losing Money. It’s Complicated.
Supply Electrical Harnesses to the People Who Build Weapons. What Could Go Wrong?
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