C2C Advanced SystemsShare price, financial results, shareholding and management

NSE Emerge · C2CDefence softwareListed 3 Dec 2024IPO ₹226Catch them young
c2c-as.com ↗Live price on NSE ↗ISIN INE0U7V01015 · Lot 150 shares · ₹22,643
₹150.95
-4.20% on the day
Close · 6 Nov 2026
Valuation
Market cap
₹256 cr
Stock P/E
14.0peers 56.5
Book value
₹139
Price to book
1.08
EV / operating profit
12.9
Market cap to sales
1.76
Returns and growth
ROCE · FY26
14.0%
ROE · FY26
8.4%
ROE, 3-year average
20.0%
Operating margin · FY26
15.9%peers 21.0%
Sales growth, 3 years
163.1%
Profit growth, 3 years
82.8%
Safety
Debt to equity
0.19peers 0.17
Borrowings
₹45.3 cr
Interest cover
4.2×
Cash from business / op. profit
-77%
Debtor days
602
Pledged
0.00%
Ownership and share
Promoter holding
36.98%
Change in promoter holding
-4.31 pts
Shareholders
5,204
52-week high / low
₹714 / ₹135
Dividend yield
0.00%
Face value
₹10

Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.

C2C Advanced Systems share price chart

₹150.95-77.42% 1 year

Close on 6 Nov 2026 · -4.22% on the day · Vol 33,000

Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.

Share price returns

To the close of 6 Nov 2026

1 month
-15.5%
3 months
-42.2%
6 months
-67.0%
1 year
-77.4%
Since IPO
-33.2%
Traded a day, 20 days
₹1.19 cr
Taken for delivery
64%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25+27%-36%
3 years, a year+163%+83%
Latest half, H2 FY26+11%-128%

About C2C Advanced Systems: business, products and customers

This Bengaluru company makes software and electronic systems that help navies, armies and secure sites see what is happening around them and decide what to do, for clients in India and abroad. Its shares trade on NSE Emerge.

C2C Advanced Systems, based in Bengaluru and incorporated in 2018, builds command and control software on its own platform, MAGI: combat management systems for warships, electronic chart systems, mission computers for counter-drone systems, perimeter security and cyber security for military and industrial sites. The annual report names the Indian Navy, DRDO, BEL, the Royal Malaysian Navy and DCNS France among its clients and says it has delivered over 250 projects in seven countries.

It earns money contract by contract: it delivers software, often with hardware, and is paid only after testing and acceptance, which for Indian defence buyers can take many months. That is why reported revenue and cash part ways. Revenue is booked as work is delivered, but the money owed by customers piled up to about 602 days of sales at March 2026, and the company borrowed, largely from its promoters, to keep going. Where hardware is part of a contract, the margin is lower than on software and licences.

Read more about the business

On the industrial side, the company named Electro Pneumatics and Honeywell as competitors on its July 2026 call; in defence it describes foreign suppliers such as Lockheed Martin and Thales as the rivals buyers turn to. It says it is the sole vendor for some products and a nominated Indian Navy vendor for warship electronic chart systems, and that it chooses not to patent its methods.

What is new: counter-drone orders from a leading Indian defence and aerospace company in March and June 2026, a US branch office with another being set up in the UAE, a new Chief Executive Officer from July 2026, a change of statutory auditor in August 2026, and promoter funding that the company plans to turn into shares through warrants.

From the offer document (red herring prospectus, 2024), the earnings call transcripts of November 2025 and July 2026, the annual report 2025-26, the FY26 results with the auditor's report (July 2026) and the order announcements of March to June 2026.

Read the deeper study ↓

In its favour

  • Sales have grown very fast: 163% a year over three years.
  • It has little debt for its size: debt to equity 0.19.

To watch

  • Collection of receivables older than 180 days, which the company aimed to collect substantially by September 2026 and fully by March 2027 (Annual report 2025-26, p.13).
  • Results for the half year to September 2026, the first audited by the new auditor, Narasimhan & Srinivasan, after LABS & Associates resigned on 14 August 2026 (Annual report 2025-26, p.42).
  • Conversion of promoter loans into shares through warrants (Annual report 2025-26, p.5; Earnings call, July 2026, p.16).
  • Delivery of the counter-drone sub-units within calendar 2026 and payment within three months of delivery (Announcement, 15 June 2026).
  • The promoters' share has come down: 36.98%, from 40.73%.

From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.

C2C Advanced Systems revenue and profit growth

Half-yearly results · Profit and loss

Sales have grown very fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.

Sales and net profit, every year, ₹ crore
SalesNet profit
050100150Sales, FY21: 1 ₹ cr1Net profit, FY21: 0 ₹ cr0FY21Sales, FY23: 8 ₹ cr8Net profit, FY23: 3 ₹ cr3FY23Sales, FY24: 41 ₹ cr41Net profit, FY24: 12 ₹ cr12FY24Sales, FY25: 115 ₹ cr115Net profit, FY25: 28.8 ₹ cr28.8FY25Sales, FY26: 146 ₹ cr146Net profit, FY26: 18.3 ₹ cr18.3FY26
The latest halves, ₹ crore
SalesNet profit
-250255075100Sales, H1FY25: 43 ₹ cr43Net profit, H1FY25: 10 ₹ cr10H1FY25Sales, H2FY25: 71.9 ₹ cr71.9Net profit, H2FY25: 19.1 ₹ cr19.1H2FY25Sales, H1FY26: 66.1 ₹ cr66.1Net profit, H1FY26: 23.7 ₹ cr23.7H1FY26Sales, H2FY26: 79.6 ₹ cr79.6Net profit, H2FY26: -5.3 ₹ cr-5.3H2FY26

SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.

C2C Advanced Systems half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H1FY25H2FY25H1FY26H2FY26
Sales4371.8966.1079.55
Expenses3044.1736.6385.80
Operating profit1427.7229.46-6.25
OPM32.0%38.6%44.6%-7.9%
Interest00.860.518.19
Depreciation11.151.521.58
Profit before tax1328.0329.22-1.79
Net profit1019.1123.66-5.33

C2C Advanced Systems profit and loss

Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY21FY23FY24FY25FY26
Sales1841115.11145.64
Expenses142373.69122.43
Operating profit041841.4223.21
OPM13.0%48.0%45.0%36.0%15.9%
Other income0002.3516.03
Interest0010.928.70
Depreciation0111.733.10
Exceptional and other items··1··
Profit before tax031741.1227.44
Tax rate-25.0%0.0%29.4%29.9%33.2%
Net profit031228.8418.33
EPS ₹-2.4019.2010.0221.0710.92
Dividend payout0.0%0.0%0.0%0.0%0.0%

The years to FY24 come rounded to the nearest crore in the source.

Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.

A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.

C2C Advanced Systems profitability

Margins and returns on capital

Last year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.

Operating margin, every year

Per cent of sales kept before interest, depreciation and tax

0%20%40%60%FY21: 13.0%13.0%FY21FY23: 48.0%48.0%FY23FY24: 45.0%45.0%FY24FY25: 36.0%36.0%FY25FY26: 15.9%15.9%FY26
Per cent
FY21FY23FY24FY25FY26
Operating margin13.0%48.0%45.0%36.0%15.9%
Tax rate-25.0%0.0%29.4%29.9%33.2%
ROCE·38.7%40.0%26.9%14.0%
ROE·171.4%30.4%21.1%8.4%
Dividend payout0.0%0.0%0.0%0.0%0.0%

C2C Advanced Systems debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
0100200300Net worth, FY21: 0.5 ₹ cr0.5Borrowings, FY21: 2 ₹ cr2FY21Net worth, FY23: 3 ₹ cr3Borrowings, FY23: 10 ₹ cr10FY23Net worth, FY24: 76 ₹ cr76Borrowings, FY24: 1 ₹ cr1FY24Net worth, FY25: 198 ₹ cr198Borrowings, FY25: 37.6 ₹ cr37.6FY25Net worth, FY26: 236 ₹ cr236Borrowings, FY26: 45.3 ₹ cr45.3FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-150-100-50050Cash from the business, FY21: 2 ₹ cr2Net profit, FY21: 0 ₹ cr0FY21Cash from the business, FY23: -5 ₹ cr-5Net profit, FY23: 3 ₹ cr3FY23Cash from the business, FY24: -35 ₹ cr-35Net profit, FY24: 12 ₹ cr12FY24Cash from the business, FY25: -115 ₹ cr-115Net profit, FY25: 28.8 ₹ cr28.8FY25Cash from the business, FY26: -18 ₹ cr-18Net profit, FY26: 18.3 ₹ cr18.3FY26

Bars below the line are cash going out.

C2C Advanced Systems balance sheet

At each 31 March · ₹ crore

₹ crore
FY21FY23FY24FY25FY26
Equity capital0.5021216.6416.97
Reserves0164180.95219.51
Net worth0.50376197.59236.48
Borrowings210137.6145.32
Other liabilities5.505927.2592.02
Total liabilities81886262.45373.82
Fixed assets14413.904.39
Capital work in progress30025.5726.67
Investments00000
Other assets41482222.98342.76
Receivables···109.96240.30
Inventory···58.8362.06
Cash···1.720.93
Trade payables···2.7361.82

C2C Advanced Systems cash flow

₹ crore

₹ crore
FY21FY23FY24FY25FY26
Cash from operations2-5-35-115.23-17.95
Cash from investing-30-1-27.90-2.48
Cash from financing1552129.4519.64
Net cash flow0016-13.68-0.79
Capital spending···3.040.57

Working capital

Days

Days
FY21FY23FY24FY25FY26
Debtor days602408380349602
Inventory days487949248422304
Days payable26,6452,7528320303
Cash conversion cycle-25,557-1,395545751603
Working capital days-1,088-87495524509

C2C Advanced Systems peers and competitors

Listed SME companies in the same industry

By sales, C2C Advanced Systems is number 3 of the 6 listed SME companies in aerospace & defense.

Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
Shree Refrigerations1,23356.01542221.0%0.17
Millworks Technologies1,90351.41493735.0%0.20
C2C Advanced Systems25614.014618.315.9%0.19
Digilogic Systems56556.5771020.0%0.04
TechEra Engineering (India)24487.948.52.817.1%0.61
Apsis Aerocom759101.130.77.537.5%0.09
Median of the 5 others75956.5771021.0%0.17

C2C Advanced Systems shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own less than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.

Promoters
36.98%
-3.75 pts since Dec 24
Foreign investors (FIIs)
3.18%
-1.20 pts since Dec 24
Indian institutions (DIIs)
0.10%
-9.39 pts since Dec 24
HNIs (over ₹2 lakh each)
20.41%
+3.44 pts since Dec 24
Small holders (up to ₹2 lakh)
25.51%
+5.23 pts since Dec 24
Companies and others
13.82%
+5.67 pts since Dec 24
Number of shareholders
5,204
3,790 in Dec 24

C2C Advanced Systems shareholding pattern

Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.

Dec 24Mar 25Sep 25Mar 26
Promoters40.73%41.35%41.29%36.98%
Foreign investors (FIIs)4.38%2.00%1.94%3.18%
Indian institutions (DIIs)9.49%3.73%1.87%0.10%
HNIs (over ₹2 lakh each)16.97%21.75%23.03%20.41%
Small holders (up to ₹2 lakh)20.28%19.27%20.07%25.51%
Companies and others8.15%11.90%11.80%13.82%
Number of shareholders3,7902,6462,5665,204

The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.

C2C Advanced Systems study: the business from its own documents

Read from 10 of the company's own documents

C2C Advanced Systems so far

From the company's own record

  1. 3 Dec 2024Listed on NSE Emerge at ₹226
  2. 31 March 2026Promoters at 36.98%
  3. 10 Jan 2025Highest close since listing, ₹781.00

C2C Advanced Systems key facts from the filings

Each figure with the document it comes from

Revenue growth
₹145.6 cr
Revenue from operations in FY26, up 27% from ₹115.1 cr in FY25; profit after tax fell to ₹18.3 cr from ₹28.8 cr.Annual report 2025-26, p.9 and p.10
Money owed by customers
₹240 cr
Trade receivables at March 2026, about 602 days of sales; the company aimed to collect most dues older than 180 days by September 2026.Annual report 2025-26, p.11 and p.13
Auditor's opinion
Qualified
The auditor qualified the FY26 results and reported a material uncertainty about the company continuing as a going concern, citing a liquidity crisis and unpaid statutory dues.Results with auditor's report, July 2026, p.3 and p.4
Credit loss provision
₹14.5 cr
Provision for expected credit loss on old receivables booked in FY26; management said no client has disputed the amounts.Earnings call, July 2026, p.4
Second half
−₹5 cr
Loss after tax in the second half of FY26, after a profit of ₹24 cr in the first half.Annual report 2025-26, p.10
Show 5 more facts
Interest cost
₹9 cr
Finance cost in FY26, up from ₹1 cr in FY25, as borrowings funded the gap left by slow collections.Annual report 2025-26, p.10
Promoter loans
₹55 cr
Loans from promoters in late July 2026, against about ₹44 to 45 cr at March 2026, as stated on the earnings call.Earnings call, July 2026, p.26
Concentration at IPO
99.05%
Share of revenue from the top five customers in the half year to September 2024; the annual report still lists revenue concentration as a risk.Offer document, p.30; Annual report 2025-26, p.12
Counter-drone order
₹80 cr+
Order for 30 counter-drone sub-units in June 2026, with 30% paid in advance and the rest within three months of delivery, to be executed in calendar 2026.Announcement, 15 June 2026
Indian Navy base
About 100 ships
Indian Navy ships fitted with the company's systems, as stated by the Chief Operating Officer; a new WECDIS order from Hindustan Shipyard came in March 2026.Earnings call, July 2026, p.18; Announcement, 25 March 2026

What the company said, and what happened

The company's own statements, attributed, set against what it later reported; not newboard's estimates

The annual report says management expects revenue of about ₹275 cr in FY27, better margins and positive cash from operations, with old receivables substantially collected by September 2026 and fully by March 2027. On the July 2026 call the company said it had disclosed contracts of close to ₹100 cr to the exchange, had bids worth over ₹1,000 cr, would take no new contract with payment beyond 180 days where it can avoid it, and would publish audited quarterly results after March 2027. It also plans acquisitions abroad.

₹275 crRevenue aimManagement expectation for FY27
₹100 crDisclosed contractsClose to this, July 2026 call
March 2027ReceivablesTarget to fully collect old dues
What management saidWhenWhat happened
Receivables over 180 days substantially collected by September 2026Annual report 2025-26Not yet reported; the company said it would update the exchange on collections every 15 days

Is it a good business? Six questions

Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.

C2C Advanced Systems earns its money from defence software projects that few Indian firms can build, and has repeat work on navy ships here and abroad.

Its weak spot is cash: buyers pay very late, dues have piled up, the auditor has doubted the company's ability to keep going, and it depends on promoter loans.

AverageCan it set its own prices?Where it is the only qualified supplier it has pricing room, and it says overseas work pays far better, but Indian tenders often go to the lowest bid.
The evidence. Management named sole vendor positions on several products and said it walked away from a government e-marketplace bid priced below material cost. It said Indian margins will not exceed 25% net while overseas margins are much higher.Earnings call, November 2025, p.15; Earnings call, July 2026, p.7 and p.8
StrongHow strong is it against rivals?Its systems are qualified on navy ships and in trials that took years, which few Indian rivals have done.
The evidence. The company says it is a nominated Indian Navy vendor for warship electronic chart systems, with about 100 navy ships fitted with its systems, and that it upgraded the combat system of a Royal Malaysian Navy frigate.Earnings call, July 2026, p.7 and p.18; Announcement, 11 March 2026
WatchWho are its customers?A small number of defence buyers and system makers bring in almost all the revenue, and several of them pay slowly.
The evidence. The top five customers gave 99.05% of revenue in the half year to September 2024. On the July 2026 call the company said seven clients owed it money of significant value.Offer document, p.30; Earnings call, July 2026, p.15
WatchDoes it need a lot of money?Yes. It needs few machines, but it must fund long gaps between delivery and payment, plus performance guarantees and retention money.
The evidence. Receivables were about ₹240 cr at March 2026 and cash from operations was negative. Management said Indian buyers can take nine to fifteen months to pay, after a 5% performance bond and 10% retained for a year.Annual report 2025-26, p.11; Earnings call, November 2025, p.16
AverageCan it keep finding new work?New orders keep coming in counter-drone, naval and radar software, but the company says it is turning down some work to protect cash.
The evidence. The company announced orders in March, April and June 2026, including a counter-drone order above ₹80 cr. On the July 2026 call it said it had bids worth over ₹1,000 cr and was declining contracts likely to pay after 180 days.Announcement, 15 June 2026; Earnings call, July 2026, p.5 and p.7
WatchDo good and bad years swing a lot?Results depend on when large contracts pass testing, so one half can show a strong profit and the next a loss.
The evidence. The first half of FY26 showed a profit of ₹24 cr and the second half a loss of about ₹5 cr after a ₹14.5 cr credit loss provision. Management called defence a business where orders come in bursts.Annual report 2025-26, p.10; Earnings call, July 2026, p.4 and p.18

Who runs C2C Advanced Systems?

Promoters, directors and officers; tap a name for the background

LCLakshmi ChandraPromoter and Managing Director

Holds a Bachelor's degree in Social Sciences from Madras University and an MBA from Rutgers University, New Jersey; 18 years as a technology licensing specialist and about 10 years as a digital design specialist.

Offer document, p.1 and p.177; Annual report 2025-26, p.3
KCKrishnamurthy ChandraChief Executive Officer

Described in the annual report as the company's founder and central to client relationships, technology direction and business development; appointed Chief Executive Officer from July 2026. The annual report states that Lakshmi Chandra and Krishnamurthy Chandra are the mother and father of director Maya Chandra.

Annual report 2025-26, p.3, p.13 and p.40
KRKuriyedath RameshPromoter, Whole Time Director and Chief Technology Officer · holds 2.95%

Joined the Indian Navy in 1986, took a B.Tech from INS Shivaji in 1990 and retired in 2011 after about 25 years as an electrical officer responsible for power and weapon systems; completed an executive course at IIM Bangalore.

Offer document, p.1 and p.177
NSNarendra Subrahmanya Srinivasa LankaPromoter, Whole Time Director and Chief Operating Officer · holds 2.95%

Retired from the Indian Navy in 2012 after 21 years, with work on weapons, electronics and combat management systems; holds B.E., M.E. (Naval Weapons) and M.Sc. (Defence and Strategic Studies) degrees. Joined the board in December 2025.

Annual report 2025-26, p.41 and p.42
MAMurtaza Ali SoomarPromoter and Whole Time Director

A commerce graduate with about two decades of entrepreneurial experience, scaling a family business into a specialised medium enterprise; was Chief Financial Officer at the time of the offer document.

Offer document, p.1 and p.177; Annual report 2025-26, p.3
MCMaya ChandraPromoter and Non-Executive Director

Holds a Bachelor's degree from New York University and an MBA from London Business School; associated with the company for a long period. Joined the board in December 2025.

Annual report 2025-26, p.40
PPPJS PannuIndependent Director

Lieutenant General (retired) and former Deputy Chief of Integrated Defence Staff, Indian Army, with a military career of almost four decades; holds a PhD in management on indigenisation of the defence industry.

Offer document, p.177
KSKishore SoniIndependent Director

A Chartered Accountant and founder of Kishore Soni & Co., with over 40 years in financial advisory, restructuring, audits and insolvency matters before the NCLT and NCLAT.

Offer document, p.177

C2C Advanced Systems latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • H2 FY26: sales ₹79.6 cr (+11%), net profit -₹5.3 cr (-128%) on H2 FY25.
  • Shareholding, 31 March 2026: promoters 41.29% to 36.98%.

C2C Advanced Systems annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Offer document
Investor presentations

C2C Advanced Systems share split, bonus and dividends

From the corporate actions the company announces on the exchange

No share split, bonus issue or dividend is on record since listing.

Checks we ran on C2C Advanced Systems' data · 9

Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.

  • ✓Balance sheet totals add up for FY25 and FY26.
  • ✓Market cap uses the share count in the latest shareholding pattern (1,69,68,433 shares).
  • ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
  • ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
  • ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
  • ✓The two half-years of FY26 add up to the full-year sales.
  • !Earnings per share changes basis between FY23 (₹19.20) and FY24 (₹10.02) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
  • ✓Revenue and profit are reported for every year shown, FY21 to FY26.
  • iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.

Questions people ask about C2C Advanced Systems

What does C2C Advanced Systems do?

This Bengaluru company makes software and electronic systems that help navies, armies and secure sites see what is happening around them and decide what to do, for clients in India and abroad. Its shares trade on NSE Emerge.

What is the share price of C2C Advanced Systems?

₹151 at the close on 6 Nov 2026, from the exchange's daily figures.

What is the market cap of C2C Advanced Systems?

₹256 cr at the close on 6 Nov 2026, on 1,69,68,433 shares.

What is the P/E of C2C Advanced Systems?

14.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).

What are C2C Advanced Systems' revenue and profit?

Revenue ₹146 cr and profit after tax ₹18 cr in FY26.

Who are the promoters of C2C Advanced Systems?

Lakshmi Chandra, Kuriyedath Ramesh, Narendra Subrahmanya Srinivasa Lanka, Murtaza Ali Soomar, Maya Chandra; promoters held 36.98% at 31 March 2026.

What was the IPO price of C2C Advanced Systems?

₹226 a share; it listed on 3 Dec 2024.

What is C2C Advanced Systems' website?

www.c2c-as.com

More SME companies like C2C Advanced Systems

Other listed SME companies in aerospace & defense, the closest in size first, each read from its own documents.

Every listed SME company in Aerospace & Defense → · SME companies listed in 2024 →

Built from 3 earnings call transcripts, 2 investor presentations, 2 annual reports, 1 offer document, 1 result filing, 1 press release, 107 exchange announcements, 4 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.