PelatroShare price, financial results, shareholding and management
- Market cap
- ₹393 cr
- Stock P/E
- 21.7peers 11.2
- Book value
- ₹98.1
- Price to book
- 3.78
- EV / operating profit
- 15.0
- Market cap to sales
- 2.84
- ROCE · FY26
- 22.6%
- ROE · FY26
- 19.7%
- ROE, 3-year average
- 9.9%
- Operating margin · FY26
- 18.8%peers 15.6%
- Sales growth, 3 years
- 41.3%
- Profit growth, 3 years
- 53.5%
- Debt to equity
- 0.12peers 0.02
- Borrowings
- ₹12.5 cr
- Interest cover
- 5.4×
- Cash from business / op. profit
- 66%
- Debtor days
- 71
- Pledged
- 0.00%
- Promoter holding
- 52.62%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 975
- 52-week high / low
- ₹405 / ₹246
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Pelatro share price chart
Close on 6 Nov 2026 · -0.90% on the day · Vol 1,200
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
- -1.1%
- 3 months
- +30.1%
- 6 months
- +32.1%
- 1 year
- +2.4%
- Since IPO
- +85.4%
- Traded a day, 20 days
- ₹0.26 cr
- Taken for delivery
- 80%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +61% | +52% |
| 3 years, a year | +41% | +54% |
| Latest half, H2 FY26 | +64% | +44% |
About Pelatro: business, products and customers
Pelatro makes software that mobile phone companies use to send the right offers to their subscribers and to run prepaid recharges, with telecom clients across Asia, Africa and the Middle East. Its shares trade on NSE Emerge.
Pelatro, based in Bengaluru and incorporated in 2013, sells mViva, a platform that studies each mobile subscriber's usage and helps a telecom operator run targeted campaigns, loyalty schemes and data monetisation. Since July 2025 it also has the Estel division, acquired from Estel Technologies, which sells prepaid recharge, voucher, dealer distribution and mobile money systems; the company says Reliance runs its recharges on this platform. It works with 46 telecom networks in 35 countries, and 31 of them also take managed services, where Pelatro staff run the software.
Revenue comes in three kinds: recurring fees such as monthly licence fees, maintenance and managed services; change requests that keep coming but are not contracted; and one-time licence and implementation fees. People are the main cost, at roughly three fifths of revenue, so margins depend on how far sales grow ahead of headcount. Revenue is often booked as implementation progresses before it can be invoiced, and some operators need government approval before paying, so unbilled revenue and receivables run high.
Read more about the business
The annual report says Pelatro competes with large global technology vendors and specialised regional players; the documents do not name them. Management says almost every client was won by replacing another vendor and that, in ten years, it has been replaced only once. Telecom sales take ten to twelve months and implementation six to eight, which is why the company says it knows most of a year's revenue in advance.
What is new: generative and agentic AI features added to mViva over the past year, the Estel division's margin still well below the core business, and a proposed issue of convertible warrants approved by the board in September 2026.
From the offer document (prospectus, 2024), the annual report 2025-26, the earnings call transcripts of May and August 2026, the investor presentation of August 2026 and the announcement of 17 September 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 41% a year over three years.
- It earns a high return on the money it uses: ROCE 23% in FY26.
- It has little debt for its size: debt to equity 0.12.
- It paid a dividend in the past year.
To watch
- The Estel division's margin, which the company expects to reach the CVM division's level in FY28 (Earnings call, August 2026, p.8; Investor presentation, August 2026, p.10).
- Revenue growth against the company's stated minimum of 15% a year (Earnings call, May 2026, p.10).
- Collection of unbilled revenue, including about ₹6 cr from two customers awaiting government payment approval (Earnings call, August 2026, p.15).
- The shareholder vote on 7 lakh convertible warrants at ₹400 each, approved by the board on 17 September 2026 (Announcement, 17 September 2026).
- The promoters' share has come down: 52.62%, from 53.59%.
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.
Pelatro revenue and profit growth
Half-yearly results · Profit and lossSales have grown 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. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Pelatro half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 47.33 | 60.74 | 77.49 |
| Expenses | 37.63 | 49.09 | 63.16 |
| Operating profit | 9.70 | 11.66 | 14.32 |
| OPM | 20.5% | 19.2% | 18.5% |
| Interest | 0.94 | 2.11 | 2.25 |
| Depreciation | 1.57 | 3 | 3.12 |
| Profit before tax | 8.63 | 8.69 | 10.62 |
| Net profit | 6.86 | 8.21 | 9.90 |
Pelatro profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 33 | 41 | 49 | 55 | 85.77 | 138.23 |
| Expenses | 27 | 34 | 40 | 52 | 69.51 | 112.25 |
| Operating profit | 6 | 7 | 9 | 3 | 16.26 | 25.98 |
| OPM | 18.0% | 18.0% | 18.0% | 6.0% | 19.0% | 18.8% |
| Other income | 0 | 0 | 0 | 0 | 3.56 | 5.50 |
| Interest | 0 | 0 | 0 | 1 | 1.85 | 4.36 |
| Depreciation | 2 | 2 | 2 | 2 | 2.95 | 6.12 |
| Exceptional and other items | · | · | -1 | · | · | -1.68 |
| Profit before tax | 4 | 5 | 6 | 0 | 15.03 | 19.32 |
| Tax rate | 25.0% | 20.0% | 16.7% | 9850.0% | 20.9% | 6.3% |
| Net profit | 3 | 4 | 5 | -2 | 11.89 | 18.10 |
| EPS ₹ | 290 | 358 | 464 | -2.80 | 13.16 | 17.18 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.0% |
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 (FY24) comes from tax charged on a small or negative 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.
Pelatro profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as 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
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 18.0% | 18.0% | 18.0% | 6.0% | 19.0% | 18.8% |
| Tax rate | 25.0% | 20.0% | 16.7% | 9850.0% | 20.9% | 6.3% |
| ROCE | · | 32.1% | 29.9% | 3.4% | 26.9% | 22.6% |
| ROE | · | 56.3% | 45.0% | -15.9% | 26.0% | 19.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.0% |
Pelatro 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 brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Pelatro balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.10 | 0.10 | 0.10 | 7 | 10.41 | 10.60 |
| Reserves | 5 | 9 | 13 | 5 | 69.04 | 93.40 |
| Net worth | 5.10 | 9.10 | 13.10 | 12 | 79.45 | 103.99 |
| Borrowings | 12 | 5 | 13 | 20 | 13.93 | 12.46 |
| Other liabilities | 1.90 | 2.90 | 4.90 | 26 | 43.68 | 67.78 |
| Total liabilities | 19 | 17 | 31 | 58 | 137.06 | 184.23 |
| Fixed assets | 8 | 7 | 5 | 27 | 67.92 | 75.54 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 11 | 10 | 26 | 31 | 69.14 | 108.69 |
| Receivables | · | · | · | · | 15.28 | 26.79 |
| Inventory | · | · | · | · | 0 | 0 |
| Cash | · | · | · | · | 36.03 | 15.19 |
| Trade payables | · | · | · | · | 3.20 | 1.04 |
Pelatro cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 4 | 7 | -3 | 25 | 20.20 | 17.17 |
| Cash from investing | -7 | 0 | -1 | -23 | -44.42 | -38.25 |
| Cash from financing | -2 | -7 | 7 | 0 | 52.70 | 0.24 |
| Net cash flow | -5 | 0 | 3 | 2 | 28.48 | -20.84 |
| Capital spending | · | · | · | · | 44.54 | 22.13 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 75 | 62 | 139 | 102 | 65 | 71 |
| Cash conversion cycle | 75 | 62 | 139 | 102 | 65 | 71 |
| Working capital days | 14 | 59 | 125 | -42 | 53 | 97 |
Pelatro peers and competitors
Listed SME companies in the same industryBy sales, Pelatro is number 6 of the 22 listed SME companies in media.
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 |
|---|---|---|---|---|---|---|
| Cash Ur Drive Marketing | 168 | 5.7 | 187 | 29.6 | 18.0% | 0.01 |
| Yaap Digital | 226 | 12.3 | 185 | 18.5 | 15.1% | 0.29 |
| Bright Outdoor Media | 742 | 30.9 | 153 | 24 | 21.0% | 0.00 |
| Graphisads | 43 | 10.1 | 141 | 4.3 | 5.1% | 0.27 |
| Pelatro | 393 | 21.7 | 138 | 18.1 | 18.8% | 0.12 |
| Simca Advertising | 481 | 29.0 | 127 | 16.6 | 18.0% | 0.00 |
| Novus Loyalty | 290 | 32.2 | 127 | 9 | 10.0% | 0.00 |
| Pramara Promotions | 137 | 13.7 | 112 | 10 | 15.0% | 0.34 |
| Cyber Media Research & Services | 21 | 5.9 | 90.8 | 3.5 | 5.1% | 0.26 |
| Adcounty Media India | 189 | 9.5 | 86 | 20 | 29.0% | 0.03 |
| Chatterbox Technologies | 45 | 5.0 | 84.2 | 9.1 | 16.0% | 0.00 |
| Median of the 10 others | 179 | 11.2 | 127 | 13.3 | 15.6% | 0.02 |
Pelatro shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more 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.
Pelatro 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 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 53.59% | 53.59% | 52.62% | 52.62% |
| Foreign investors (FIIs) | 5.56% | 4.03% | 2.58% | 2.41% |
| Indian institutions (DIIs) | 3.61% | 1.20% | 1.17% | 1.57% |
| HNIs (over ₹2 lakh each) | 16.20% | 21.06% | 21.49% | 21.32% |
| Small holders (up to ₹2 lakh) | 12.28% | 13.56% | 13.22% | 12.82% |
| Companies and others | 8.76% | 6.56% | 8.92% | 9.26% |
| Number of shareholders | 989 | 861 | 919 | 975 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Pelatro study: the business from its own documents
Read from 10 of the company's own documentsPelatro so far
From the company's own record
- 24 Sept 2024Listed on NSE Emerge at ₹200
- 25 Aug 2026An order announced
- 27 Aug 2026An order announced
- 31 March 2026Promoters at 52.62%
- 30 Dec 2024Highest close since listing, ₹459.13
Pelatro key facts from the filings
Each figure with the document it comes from
- Revenue growth
- ₹138.2 cr
- Revenue from operations in FY26, up 61.2% from ₹85.8 cr, with profit after tax up 52% to ₹18.1 cr.Investor presentation, August 2026, p.24; Earnings call, May 2026, p.4 and p.5
- Core business growth
- 36%
- Growth of the CVM division alone in FY26, to ₹116.5 cr; Estel added ₹21.7 cr in nine months.Earnings call, May 2026, p.4
- Repeat revenue
- 82%
- Share of FY26 revenue that was recurring (60%) or repeat change requests (22%); one-time revenue was 18%.Earnings call, May 2026, p.8
- Telecom networks
- 46
- Networks served across 35 countries at December 2025, up from 13 in 2019; 31 of them take managed services.Investor presentation, August 2026, p.6 and p.19
- Top ten customers
- About 60%
- Share of revenue from the ten largest customers in May 2026; the top five gave 39% to 40%.Earnings call, May 2026, p.18
Show 5 more facts
- June 2026 quarter
- ₹40.2 cr
- Revenue in the first quarter of FY27, up 50.7%; the CVM division alone grew 25.1%.Investor presentation, August 2026, p.2; Earnings call, August 2026, p.4
- Estel margin
- 8.72%
- EBITDA margin of the Estel division in the June 2026 quarter, against 22.56% for the CVM division.Investor presentation, August 2026, p.10
- Products per client
- 1.3
- Average number of Pelatro's eight products used by each customer, which the company sees as room to offer more to existing clients.Investor presentation, August 2026, p.20
- Receivables
- ₹54.8 cr
- Trade receivables including unbilled revenue at June 2026, against ₹19.9 cr at March 2025; days sales outstanding were 124.Investor presentation, August 2026, p.25; Earnings call, August 2026, p.8
- Goodwill
- ₹52.9 cr
- Goodwill at March 2026, up from ₹19.0 cr a year earlier after the Estel purchase.Investor presentation, August 2026, p.25
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
Managing Director Subash Menon said in May and August 2026 that the company commits to at least 15% organic revenue growth every year for the next five years, with acquisitions on top, and that about 100% of expected FY27 revenue was already contracted. Subash Menon said EBITDA margin should rise towards about 30% over two to three years, and that the Estel division should reach the CVM division's margin in the next financial year. The company expects repeat revenue to stay above 75%.
| What management said | When | What happened |
|---|---|---|
| Repeat revenue to stay above 75% | May 2026 call | 97% in the June 2026 quarter |
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.
Pelatro earns most of its money from software that telecom operators keep paying for year after year, and it has added a recharge business that sits in their revenue path.
Its weak spots are a small number of large clients, slow paying operators in some countries, and an acquired division that still earns a thin margin.
AverageCan it set its own prices?Its software is hard to replace once installed, but its buyers are large operators under cost pressure, and growth comes more from selling more products than from raising prices.
StrongHow strong is it against rivals?It wins by replacing other vendors and is rarely replaced itself, helped by patents and the difficulty of switching a live telecom system.
AverageWho are its customers?Telecom operators across dozens of countries, including some very large ones, but the ten largest still bring in about three fifths of revenue.
AverageDoes it need a lot of money?Software needs little capital, but money tied up in unbilled and unpaid work has grown, and acquisitions have used cash.
StrongCan it keep finding new work?Its client count has grown every year and it has much room to place more products with the operators it already serves.
AverageDo good and bad years swing a lot?Most revenue repeats, which steadies the years, but one-time licence deals, change requests and currency moves shift individual quarters.
Who runs Pelatro?
Promoters, directors and officers; tap a name for the background
SMSubash MenonPromoter, Chairman and Managing Director
Holds a bachelor's degree in engineering from the University of Burdwan; earlier founder, chairman, managing director and chief executive of Subex Limited, with more than three decades in sales, finance, marketing and general management. Heads sales and marketing and supervises overall operations.
Offer document, p.171 and p.185; Annual report 2025-26, p.22SYSudeesh YezhuvathPromoter · holds 9.28%
Holds a B.Tech in instrumentation and control engineering from the University of Calicut; earlier a director of Syndesis Development India, with more than three decades in project management, business development and sales. A promoter since the company was formed.
Offer document, p.185KMKiran MenonPromoter · holds 20.54%
Holds a B.Tech from Vellore Institute of Technology and a master's in management from London Business School; an analyst in mergers and acquisitions and investment banking at Equiteq Advisors, London, at the time of the offer document.
Offer document, p.186VMVarun MenonPromoter · holds 20.16%
Holds a B.Tech in computer science from Vellore Institute of Technology and was pursuing a master's in management at ESSEC Business School at the time of the offer document; earlier a business analyst intern at Pelatro's UK arm.
Offer document, p.186AAnuradhaNon-Executive Director
Holds an engineering degree from Bangalore University and a master's from the Georgia Institute of Technology; earlier senior vice president of engineering at Subex, and Chief Mentor of Pelatro from 2013 to 2022, including as Whole Time Director from 2017 to 2022.
Offer document, p.171; Annual report 2025-26, p.22DVD V PrasadIndependent Director
A retired IAS officer with more than 35 years in central and state government roles, including food and public distribution, and commerce and industry. On the board since June 2024.
Offer document, p.171 and p.172; Annual report 2025-26, p.22KRKalpathi Ratna GirishIndependent Director
A Chartered Accountant with a law degree from Karnataka State Law University and over 27 years in tax advisory; a director of Quess Corp. On the board since June 2024.
Offer document, p.171 and p.172SGSharat G HegdeChief Financial Officer
A commerce graduate from Sri Sathya Sai University and a Chartered Accountant with more than twelve years in accounts and finance, at VMware, Megalon eConcepts, G M Insights and Vimeo; with Pelatro since May 2022.
Offer document, p.181; Annual report 2025-26, p.23Pelatro 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 ₹77.5 cr (+64%), net profit ₹9.9 cr (+44%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 52.62%.
- 27 Aug 2026: an order announced.
- 25 Aug 2026: an order announced.
Pelatro announcements
105 on record, latest first; each opens the filing on the exchange
- General Updatesmodification in the Annexure B to the Corrigendum to the Postal Ballot NoticePDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Copy of Newspaper PublicationAbout Corrigendum to the Postal Ballot NoticePDF ↗
- AddendumCorrigendumPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Analysts/Institutional Investor Meet/Con. Call Updatescancellation of the Investor meetPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Shareholders meetingNotice of Postal BallotPDF ↗
- Updatesprior intimation of proposed postal ballot being held for issuance of convertible share warrantsPDF ↗
- Outcome of Board MeetingHeld on September 17, 2026PDF ↗
- Updates'Disposal of shares by director pursuant to Regulation 7(2)(b) of SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
Pelatro annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Pelatro share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendDIVIDEND - RE 1 PER SHAREex-date 17 July 2026
- DividendANNUAL GENERAL MEETING/DIVIDEND - RE 1 PER SHAREex-date 4 July 2025
Checks we ran on Pelatro's 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 (1,05,97,399 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 (₹464.00) and FY25 (₹13.16) 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 Pelatro
What does Pelatro do?
Pelatro makes software that mobile phone companies use to send the right offers to their subscribers and to run prepaid recharges, with telecom clients across Asia, Africa and the Middle East. Its shares trade on NSE Emerge.
What is the share price of Pelatro?
₹371 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Pelatro?
₹393 cr at the close on 6 Nov 2026, on 1,05,97,399 shares.
What is the P/E of Pelatro?
21.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Pelatro's revenue and profit?
Revenue ₹138 cr and profit after tax ₹18 cr in FY26.
Who are the promoters of Pelatro?
Subash Menon, Sudeesh Yezhuvath, Kiran Menon, Varun Menon; promoters held 52.62% at 31 March 2026.
What was the IPO price of Pelatro?
₹200 a share; it listed on 24 Sept 2024.
What is Pelatro's website?
www.pelatro.com
More SME companies like Pelatro
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Every listed SME company in Media → · SME companies listed in 2024 →
Built from 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 1 offer document, 1 result filing, 105 exchange announcements, 4 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.