1. At a Glance
TechNVision Ventures Ltd (TNVVL) is that rare IT company which has managed to climb from ₹30 odd crores in revenue a decade ago to ₹232 crores now — only to end up reportingnegativeprofits in FY25. With a market cap of ₹3,100 Cr and an EPS that looks like a power cut (–₹3.22), the stock trades at 191 times its book value. NASSCOM once called them one of India’s top 100 innovators, but looking at the financials, even NASSCOM must be wondering — “Innovating in what, exactly? Burning cash?”
2. Introduction
Picture this: You walk into a swanky tech office in 1980s Hyderabad, expecting them to be India’s answer to Infosys. Fast forward 45 years — TechNVision is still trying to explain to investors that “profit” is a state of mind.
The company owns promising subsidiaries — Solix (data management), Emagia (AI-driven cash flow automation), and SITI (recruitment outsourcing). On paper, it’s like holding Messi, Ronaldo, and Neymar in your football squad. But in reality, they’re still drawing games againstGoa Under-16s.
What’s hilarious is the mismatch between valuation and numbers. CMP ₹4,953, market cap ₹3,110 Cr, but net profit FY25 is –₹2 Cr. Basically, investors are paying premium lounge rates for a railway platform bench.
And yet, the stock has rewarded long-term holders: 10-year CAGR of 63% and 5-year CAGR of 92%. Why? Because hope is the strongest drug in Dalal Street.
3. Business Model (WTF Do They Even Do?)
The company isn’t just “one more IT outsourcer.” It has three specialist domains:
- Enterprise Data Management (Solix Technologies): Think Marie Kondo for corporate data — cleaning, storing, and keeping regulators happy.
- Enterprise Cash Flow Management (Emagia Corp): AI tools that automate receivables and collections. Fancy software that tells your CFO, “Bro, client abhi bhi paisa nahi diya.”
- Enterprise Talent Management (SITI Corp, AccelForce): On-demand recruitment outsourcing, because HR managers would rather outsource than make 50 cold calls.
Clients include Flextronics, Oracle, Exide, Textron, Zebra Technologies. Big names, but contribution toactual net profitlooks like a guest appearance.
So yes, theydo things. Useful things. But the issue is monetization discipline. Imagine running a gym full of equipment but charging members ingood vibesinstead of cash.
4. Financials Overview
| Metric | Jun 2025 | Jun 2024 | Mar 2025 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 56.6 | 52.4 | 39.3 | +8.0% | +44.0% |
| EBITDA (₹ Cr) | 1.3 | 3.2 | 0.7 | –59% | +98% |
| PAT (₹ Cr) | 0.03 | 2.16 | –0.83 | –98.6% | +103.6% |
| EPS (₹) | 0.05 | 3.44 | –1.32 | –98.6% | +103.6% |
Annualised EPS = ₹0.20 (at CMP ₹4,953, the “P/E” is ~24,765. In other words,P/E not meaningful).
Commentary: Revenue growth is fine, but profitability is allergic to consistency. PAT fluctuates more than Indian traffic lights during load-shedding.
Question for readers: Do you think IT companies without stable profits deserve sky-high valuations? Or is this “hope premium” justified?
5. Valuation (Fair Value RANGE Only)
- P/E Method: Annualised EPS (₹0.20). At industry average P/E ~31 → FV = ₹6.2. At CMP ₹4,953, the stock is literally priced like Birkin bags in Chor Bazaar.
- EV/EBITDA: EV = ₹3,064 Cr. EBITDA FY25 ~₹2 Cr. EV/EBITDA = ~1,532x. Industry ~20x. FV = ₹40–60 Cr enterprise value.
- DCF: Assume revenue CAGR 20%, OPM stabilises at 15%, discount rate 12%. Fair range comes to ₹1,000–1,500/share.
FV Range: ₹1,000–1,500/shareDisclaimer: This FV range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
- Solix Technologies: LaunchedECS AIandCommon Data Platform 3.0— fancy data governance + AI mix. Enterprises want AI, regulators want compliance. If Solix gets traction, jackpot.
- Emagia Corporation: GiaGPT + GiaPay launched. Basically, ChatGPT for finance teams + AI-powered collections. Recognition by Gartner and IDC as a “Visionary” adds credibility.
- Recognition: CNBC’s Top 200 Fintechs (2023), Top AI executives (2024). Nice feathers in
