Matrix Geo SolutionsShare price, financial results, shareholding and management
- Market cap
- ₹71 cr
- Stock P/E
- 7.0peers 16.8
- Book value
- ₹44.9
- Price to book
- 1.08
- EV / operating profit
- 5.0
- Market cap to sales
- 1.76
- ROCE · FY26
- 29.9%
- ROE · FY26
- 23.0%
- ROE, 3-year average
- 30.3%
- Operating margin · FY26
- 33.0%peers 16.1%
- Sales growth, 3 years
- 64.6%
- Profit growth, 3 years
- 115.9%
- Debt to equity
- 0.03peers 0.13
- Borrowings
- ₹1.7 cr
- Interest cover
- 85.2×
- Cash from business / op. profit
- -79%
- Debtor days
- 343
- Pledged
- 0.00%
- Promoter holding
- 67.26%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 538
- 52-week high / low
- ₹111 / ₹44
- 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.
Matrix Geo Solutions share price chart
Close on 6 Nov 2026 · -2.41% on the day · Vol 3,600
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
- -17.2%
- 3 months
- -36.0%
- 6 months
- -41.2%
- 1 year
- -50.5%
- Since IPO
- -53.4%
- Traded a day, 20 days
- ₹0.10 cr
- Taken for delivery
- 80%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +82% | +68% |
| 3 years, a year | +65% | +116% |
| Latest half, H2 FY26 | +100% | +102% |
About Matrix Geo Solutions: business, products and customers
Matrix Geo Solutions flies drones and reads satellite and aerial data to make maps, terrain models and inspection reports for railways, water projects, roads and mines, and runs a drone pilot school. Its shares trade on NSE Emerge.
Matrix Geo Solutions sells survey and mapping work. Its teams fly drones fitted with cameras, LiDAR, thermal and other sensors, add satellite, aircraft and boat data, and turn it into maps, terrain models, inspection findings and reports that engineers use to plan, build and maintain projects. It also sells access to web platforms where clients view their project data.
Most of the work comes from railways, water and irrigation, roads and mining. On the July 2026 earnings call the Managing Director put government clients at about 60% of the business, and the offer document shows railways alone at 55.06% of FY25 revenue. The company is based in Delhi, was formed in 2008, and had 100 employees and 20 drones at the time of its offer document.
Read more about the business
It began work in Mozambique in FY25, its first export revenue, and in November 2024 received DGCA approval to train drone pilots under the brand Drone Academy of India. The shares listed on NSE Emerge on 30 September 2025 at ₹104 each, and the company raised about ₹40.2 cr of new money.
From the offer document, the March 2026 results filing, the July 2026 earnings call transcript and the 2026 order and press release filings.
Read the deeper study ↓In its favour
- Sales have grown very fast: 65% a year over three years.
- It earns a high return on the money it uses: ROCE 30% in FY26.
- It has little debt for its size: debt to equity 0.03.
- The promoters own a large part of the company: 67.26%.
To watch
- Collection of the ₹37.6 cr owed by customers at March 2026, which the company expects to fall to about 100 to 120 days (Earnings call, July 2026, p.24; Results, March 2026, p.6).
- Conversion of the ₹32 cr bid pipeline into orders, against confirmed orders of about ₹18 cr (Earnings call, July 2026, p.4).
- Appointment of a new Chief Financial Officer after the June 2026 resignation (CFO resignation filing, July 2026, p.1).
- Spending of the rest of the IPO money on drones and survey equipment (Earnings call, July 2026, p.12).
- It paid no dividend in the past year.
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.
Matrix Geo Solutions revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Matrix Geo Solutions half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 9 | 13 | 14.06 | 26.04 |
| Expenses | 5 | 9 | 8.28 | 18.57 |
| Operating profit | 4 | 4 | 5.78 | 7.47 |
| OPM | 47.0% | 30.0% | 41.1% | 28.7% |
| Interest | 0 | 0 | 0.08 | 0.08 |
| Depreciation | 0 | 0 | 0.43 | 0.56 |
| Profit before tax | 4 | 4 | 5.35 | 8.12 |
| Net profit | 3 | 3 | 4.01 | 6.05 |
Matrix Geo Solutions profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 10 | 9 | 14 | 22 | 40.10 |
| Expenses | 8 | 7 | 9 | 14 | 26.85 |
| Operating profit | 2 | 2 | 5 | 8 | 13.25 |
| OPM | 18.0% | 21.0% | 37.0% | 38.0% | 33.0% |
| Other income | 0 | 0 | 0 | 0 | 1.37 |
| Interest | 0 | 0 | 0 | 0 | 0.16 |
| Depreciation | 0 | 0 | 0 | 0 | 0.99 |
| Exceptional and other items | · | -1 | -1 | · | · |
| Profit before tax | 2 | 1 | 4 | 8 | 13.47 |
| Tax rate | 50.0% | 0.0% | 25.0% | 25.0% | 25.3% |
| Net profit | 1 | 1 | 3 | 6 | 10.06 |
| EPS ₹ | 1,210 | 1,090 | 3,350 | 5.42 | 7.59 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 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.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Matrix Geo Solutions profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 18.0% | 21.0% | 37.0% | 38.0% | 33.0% |
| Tax rate | 50.0% | 0.0% | 25.0% | 25.0% | 25.3% |
| ROCE | · | 11.8% | 34.8% | 43.2% | 29.9% |
| ROE | · | 13.3% | 31.5% | 36.4% | 23.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Matrix Geo Solutions debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. 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.
Bars below the line are cash going out.
Matrix Geo Solutions balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.01 | 11 | 14.58 |
| Reserves | 7 | 8 | 11 | 11 | 50.91 |
| Net worth | 7.01 | 8.01 | 11.01 | 22 | 65.50 |
| Borrowings | 0 | 2 | 2 | 2 | 1.66 |
| Other liabilities | 6.99 | 4.99 | 3.99 | 6 | 10.06 |
| Total liabilities | 14 | 15 | 17 | 30 | 77.22 |
| Fixed assets | 1 | 3 | 3 | 4 | 5.19 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 20 |
| Other assets | 13 | 12 | 14 | 26 | 52.03 |
| Receivables | · | · | · | · | 37.65 |
| Inventory | · | · | · | · | 0 |
| Cash | · | · | · | · | 6.67 |
| Trade payables | · | · | · | · | 7.76 |
Matrix Geo Solutions cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 1 | 0 | 2 | 2 | -10.52 |
| Cash from investing | 0 | -2 | -1 | -2 | -22.46 |
| Cash from financing | -1 | 1 | 0 | 5 | 33.56 |
| Net cash flow | 0 | -1 | 1 | 5 | 0.58 |
| Capital spending | · | · | · | · | 2.19 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 359 | 287 | 216 | 198 | 343 |
| Inventory days | 0 | 0 | 3 | 0 | 0 |
| Days payable | · | · | 147 | · | · |
| Cash conversion cycle | 359 | 287 | 72 | 198 | 343 |
| Working capital days | 136 | 166 | 179 | 185 | 303 |
Matrix Geo Solutions peers and competitors
Listed SME companies in the same industryBy sales, Matrix Geo Solutions is number 23 of the 33 listed SME companies in it - services.
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.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| 3C IT Solutions and Telecoms (India) | 11 | 19.3 | 58.5 | 0.6 | 2.1% | 0.03 |
| Enfuse Solutions | 140 | - | 58.1 | -15.4 | -11.1% | 1.47 |
| Synoptics Technologies | 42 | 10.4 | 57.1 | 4.1 | 17.6% | 0.45 |
| Prodocs Solutions | 106 | 10.6 | 55 | 10 | 28.0% | 0.28 |
| Mindpool Technologies | 30 | 85.9 | 52.2 | 0.4 | 1.3% | 0.12 |
| TechD Cybersecurity | 384 | 27.4 | 52 | 14 | 36.0% | 0.00 |
| Matrix Geo Solutions | 71 | 7.0 | 40.1 | 10.1 | 33.0% | 0.03 |
| Icodex Publishing Solutions | 61 | 8.6 | 25.9 | 7.1 | 41.4% | 0.13 |
| Infinity Infoway | 317 | 45.3 | 23.7 | 7 | 41.9% | 0.01 |
| Infonative Solutions | 40 | 14.2 | 23 | 2.9 | 14.5% | 0.13 |
| Vertexplus Technologies | 40 | - | 22.7 | -4.6 | -14.8% | 0.64 |
| Median of the 10 others | 52 | 16.8 | 52.1 | 3.5 | 16.1% | 0.13 |
Matrix Geo Solutions shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Matrix Geo Solutions 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.
| Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|
| Promoters | 67.26% | 67.26% | 67.26% | 67.26% |
| Foreign investors (FIIs) | 3.60% | 1.75% | 0.44% | 0.44% |
| Indian institutions (DIIs) | 9.45% | 8.50% | 8.36% | 7.50% |
| HNIs (over ₹2 lakh each) | 3.00% | 8.29% | 9.33% | 7.98% |
| Small holders (up to ₹2 lakh) | 11.02% | 7.22% | 7.51% | 8.81% |
| Companies and others | 5.67% | 6.98% | 7.10% | 8.01% |
| Number of shareholders | 737 | 445 | 444 | 538 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Matrix Geo Solutions study: the business from its own documents
Read from 5 of the company's own documentsMatrix Geo Solutions so far
From the company's own record
- 30 Sept 2025Listed on NSE Emerge at ₹104
- 21 Aug 2026An order announced
- 1 Sept 2026An order announced
- 30 June 2026Promoters at 67.26%
- 8 Oct 2025Highest close since listing, ₹90.69
Matrix Geo Solutions key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹40.1 cr
- Up from ₹22.1 cr in FY25, with profit of ₹10.1 cr against ₹5.8 cr.Results, March 2026, p.7
- Money owed by customers
- ₹37.6 cr
- Trade receivables at 31 March 2026, close to a full year of sales, against ₹12.0 cr a year earlier.Results, March 2026, p.6
- Cash from operations
- Minus ₹10.5 cr
- Operating cash flow in FY26, as the rise in receivables took up more than the year's profit.Results, March 2026, p.8
- Confirmed orders
- About ₹18 cr
- Orders in hand stated on the July 2026 call, with an active bid pipeline of about ₹32 cr.Earnings call, July 2026, p.4
- New orders in Q1 FY27
- About ₹6.4 cr
- Orders won from April to June 2026 across water, railways, mining, power and infrastructure.Press release, August 2026, p.2
Show 5 more facts
- Top ten customers
- 83.79%
- Share of FY25 revenue; the largest single customer was 19.31%.Offer document, p.36 and p.218
- Railways
- 55.06%
- Share of FY25 revenue from railway work, up from 40.65% in FY24.Offer document, p.217
- Exports
- About ₹10 cr
- FY26 business from Mozambique as stated by the Managing Director, against ₹1.0 cr in FY25.Earnings call, July 2026, p.16; Offer document, p.217
- IPO money
- About half spent
- Of about ₹40 cr raised, the company said half was used by July 2026, mostly for working capital and bank guarantees, with drone purchases held back.Earnings call, July 2026, p.12 and p.15
- Chief Financial Officer
- Resigned
- Shivam Kumar stepped down as CFO with effect from 30 June 2026, citing personal reasons.CFO resignation filing, July 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the July 2026 earnings call the Managing Director said the company is looking at about ₹65 cr of revenue in FY27, against confirmed orders of about ₹18 cr and an active bid pipeline of about ₹32 cr. The company also said it expects receivables to come down to about 100 to 120 days from about 180 to 200 days, and exports to reach about a quarter of the business. Since then it has announced railway orders from Central Railway and Northeast Frontier Railway.
| What management said | When | What happened |
|---|---|---|
| Spend IPO money on new drones, survey equipment, capital expenditure and working capital | Offer document, September 2025 | About half spent by July 2026, mostly working capital and guarantees; drone purchases held back for newer models |
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.
Matrix Geo Solutions earns its money from survey and inspection projects for railways, water schemes, roads and mines, and keeps a good share of each fee as profit.
Its weak spot is getting paid: most clients are government bodies that pay slowly, so much of last year's profit is still owed to it.
AverageCan it set its own prices?Most work is won through tenders, where price matters. The company says it bids only for projects that leave a good margin.
AverageHow strong is it against rivals?It has worked in this field since 2008 and is on approved lists of several government agencies. It is still small next to the listed peer named in its offer document.
WatchWho are its customers?Railway bodies, water agencies, road builders and mining companies. A few large customers make up most of the sales.
WatchDoes it need a lot of money?Drones and equipment cost little, but projects tie up cash in deposits and unpaid bills. Last year operations used cash instead of bringing it in.
AverageCan it keep finding new work?Most clients come back, and new railway orders keep arriving. Orders in hand are small next to the sales the company is aiming for.
AverageDo good and bad years swing a lot?Sales have grown every year since FY23. Demand depends on infrastructure spending and on the health of its customers' industries.
Who runs Matrix Geo Solutions?
Promoters, directors and officers; tap a name for the background
RJRahul JainPromoter and Managing Director · holds 33.60%
Director since 3 May 2010 and Managing Director from 15 June 2024. Diploma in Electrical Engineering and Post Graduate Diploma in Business Administration, with 25 years in the geospatial industry including drone based aerial surveys and aircraft based mapping. Oversees finances and training. Director of Sadhan Engineers Private Limited.
Offer document, p.241, p.242 and p.245ASAmit SharmaPromoter and Whole Time Director · holds 33.60%
Director since 10 January 2009 and Whole Time Director from 15 June 2024. Diploma in Electrical Engineering, with over 27 years in the geospatial industry including drone based aerial surveys and aircraft based mapping. Leads strategy, business development and marketing. Director of Sadhan Engineers Private Limited.
Offer document, p.242 and p.245MJMeenal JainPromoter and Whole Time Director
Whole Time Director from 15 June 2024, earlier HR and Admin VP in the company. Master of Science, with over 16 years in administration and human resources. Leads administration and HR and is Accountable Manager for the Drone Academy of India. The offer document states that Meenal Jain is the spouse of Rahul Jain.
Offer document, p.242, p.243, p.245 and p.246HKHarshada KulkarniPromoter and Whole Time Director
Whole Time Director from 15 June 2024, earlier marketing manager in the company. Post Graduate Diploma in International Trade from IMDR, Pune (2007), with over 16 years in marketing and business development. Oversees marketing, partnerships and sales. The offer document states that Harshada Kulkarni is the spouse of Amit Sharma.
Offer document, p.243, p.245 and p.246AJAtishay JainIndependent Director
Independent Director since December 2024. Chartered Accountant with over 12 years in corporate taxation, audits, accountancy and tax planning. Director of Eureka Conveyor Beltings Limited.
Offer document, p.243 to p.246SGShashank GargIndependent Director
Independent Director since December 2024. Chartered Accountant since 2009, with over 12 years of experience. Director of Cryogenic OGS Limited.
Offer document, p.244 to p.246Matrix Geo Solutions latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹26 cr (+100%), net profit ₹6.1 cr (+102%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 67.26%.
- 1 Sept 2026: an order announced.
- 21 Aug 2026: an order announced.
Matrix Geo Solutions announcements
76 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the Quarter ended 30th September, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingVoting results along with the scrutinizer reportPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 10, 2026PDF ↗
- Shareholders meetingShareholders meetingPDF ↗
- Updates'Three-Year Annual Rate Contract (ARC) awarded by Adani Infra for Geospatial, LiDAR & Surveying Solutions'PDF ↗
- Updates'Clarification for significant movement in the price of security.'PDF ↗
- Updates'Completion of Topographic Survey, Utilities Mapping and Digitization Project for RITES Limited (NHAI Economic Corridor Development Project-LOT-2/Haryana/PackagPDF ↗
- Price movementSignificant movement in price has been observed in Matrix Geo Solutions Limited. The Exchange, in order to ensure that investors have latest relevant informatioPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Outcome of Board MeetingBook Closure for the purpose of Annual General Meeting scheduled to be held on Thursday, September 10th 2026PDF ↗
Matrix Geo Solutions annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 July 2026 ↗read
- 1 July 2026 ↗read
Matrix Geo Solutions 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 Matrix Geo Solutions' 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 (1,45,81,832 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 FY24 (₹3,350.00) and FY25 (₹5.42) 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, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Matrix Geo Solutions
What does Matrix Geo Solutions do?
Matrix Geo Solutions flies drones and reads satellite and aerial data to make maps, terrain models and inspection reports for railways, water projects, roads and mines, and runs a drone pilot school. Its shares trade on NSE Emerge.
What is the share price of Matrix Geo Solutions?
₹48.5 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Matrix Geo Solutions?
₹71 cr at the close on 6 Nov 2026, on 1,45,81,832 shares.
What is the P/E of Matrix Geo Solutions?
7.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Matrix Geo Solutions' revenue and profit?
Revenue ₹40 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Matrix Geo Solutions?
Rahul Jain, Amit Sharma, Meenal Jain, Harshada Kulkarni; promoters held 67.26% at 30 June 2026.
What was the IPO price of Matrix Geo Solutions?
₹104 a share; it listed on 30 Sept 2025.
What is Matrix Geo Solutions' website?
www.matrix-geo.com
More SME companies like Matrix Geo Solutions
Other listed SME companies in it - services, the closest in size first, each read from its own documents.
- Icodex Publishing SolutionsICODEX · BSE SME · IT - ServicesMarket cap ₹61 cr
- Synoptics TechnologiesSYNOPTICS · NSE Emerge · IT - Services · listed 2023Market cap ₹57 cr
- Prodocs SolutionsPRODOCS · BSE SME · IT - ServicesMarket cap ₹102 cr
- Meta InfotechMETAINFO · BSE SME · IT - ServicesMarket cap ₹103 cr
- Enser CommunicationsENSER · NSE Emerge · IT - Services · listed 2024Market cap ₹105 cr
- Enfuse SolutionsENFUSE · NSE Emerge · IT - Services · listed 2024Market cap ₹128 cr
Every listed SME company in IT - Services → · SME companies listed in 2025 →
Built from 2 earnings call transcripts, 1 offer document, 1 result filing, 1 press release, 76 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.