Workmates Core2Cloud SolutionShare price, financial results, shareholding and management
- Market cap
- ₹561 cr
- Stock P/E
- 35.2peers 14.3
- Book value
- ₹68.1
- Price to book
- 6.37
- EV / operating profit
- -
- Market cap to sales
- 3.90
- ROCE · FY26
- 36.7%
- ROE · FY26
- 28.7%
- ROE, 3-year average
- 64.3%
- Operating margin · FY26
- 15.3%peers 20.9%
- Sales growth, 3 years
- 70.5%
- Profit growth, 3 years
- 99.7%
- Debt to equity
- 0.00peers 0.15
- Borrowings
- ₹0 cr
- Interest cover
- 39.3×
- Cash from business / op. profit
- 0%
- Debtor days
- 74
- Pledged
- 0.00%
- Promoter holding
- 72.03%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 986
- 52-week high / low
- ₹514 / ₹264
- 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.
Workmates Core2Cloud Solution share price chart
Close on 6 Nov 2026 · +1.17% on the day · Vol 15,600
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
- +9.8%
- 3 months
- +29.9%
- 6 months
- +19.6%
- Traded a day, 20 days
- ₹0.80 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +33% | +14% |
| 3 years, a year | +71% | +100% |
| Latest half, H2 FY26 | +15% | -2% |
About Workmates Core2Cloud Solution: business, products and customers
Workmates is a Kolkata company that moves businesses onto Amazon's cloud and then runs, secures and tunes their cloud systems for a monthly fee. Its shares trade on BSE SME.
Workmates was founded in 2018 and is a Premier Tier partner of Amazon Web Services, the top level of AWS's partner programme. A typical customer starts with a one-time project, such as checking its systems and moving them to the cloud or rebuilding old software, and then pays every month for Workmates to run, watch, secure and optimise that cloud setup. It also offers cybersecurity, data work and newer AI tools built on AWS, and delivers from Kolkata, Bhubaneswar and Hyderabad to customers in IT, financial services, manufacturing, media and other fields.
The business model shapes the numbers. Workmates bills customers for the cloud capacity they use as well as for its own services, so the cost of cloud technology takes about two-thirds of revenue and almost all purchases go to one supplier; revenue is therefore large for a company of its size and margins are lower than for a firm selling only its own people's time. Because most revenue is monthly recurring billing, each year starts with a large base already contracted, while new projects add on top.
Read more about the business
On competition, the company's CEO names TCS, Infosys, Cognizant, Accenture and the large consulting firms Deloitte, EY and PwC for bigger customers, and unlisted cloud specialists such as Minfy and Rapyder as like-for-like rivals among smaller businesses. The company says it is one of only about a dozen Premier Tier AWS partners in India.
What is new: the company listed in November 2025, repaid its bank loan from the issue money, and grew its team ahead of demand. It is setting up a United States entity for customer billing, has deferred fuller United States and United Kingdom expansion and is reviewing its Singapore plan.
From the red herring prospectus (November 2025), the annual report for FY26, the May 2026 earnings call and the September 2026 investor presentation.
Read the deeper study ↓In its favour
- Sales have grown very fast: 71% a year over three years.
- It earns a high return on the money it uses: ROCE 37% in FY26.
- It has little debt for its size: debt to equity 0.00.
- The promoters own a large part of the company: 72.03%.
- It paid a dividend in the past year.
To watch
- FY27 revenue against the ₹190 cr to ₹210 cr outlook in the September 2026 presentation (Investor presentation, September 2026, p.11).
- Profit after tax against the CFO's figure of around ₹24 cr for FY27 (Earnings call, May 2026, p.17).
- Debtor days against the target of below 55 days for FY27 (Earnings call, May 2026, p.6).
- Setting up the United States billing entity and the review of the Singapore plan (Investor presentation, September 2026, p.13).
- Customers take longer to pay than before: 74 days in FY26, against 51 in FY21.
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.
Workmates Core2Cloud Solution 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. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Workmates Core2Cloud Solution half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 48 | 60 | 74.69 | 69.13 |
| Expenses | 39 | 51 | 61.67 | 60.13 |
| Operating profit | 9 | 9 | 13.02 | 9 |
| OPM | 19.0% | 15.0% | 17.4% | 13.0% |
| Interest | 0 | 0 | 0.38 | 0 |
| Depreciation | 0 | 0 | 0.68 | 1 |
| Profit before tax | 9 | 9 | 12.20 | 9.26 |
| Net profit | 7 | 7 | 9.09 | 6.83 |
Workmates Core2Cloud Solution profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 4 | 13 | 29 | 53 | 108 | 143.82 |
| Expenses | 4 | 11 | 26 | 46 | 89 | 121.78 |
| Operating profit | 1 | 2 | 3 | 7 | 18 | 22.04 |
| OPM | 14.0% | 14.0% | 9.0% | 14.0% | 17.0% | 15.3% |
| Other income | 0 | 0 | 0 | 0 | 1 | 1.27 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0.56 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1.30 |
| Profit before tax | 1 | 2 | 3 | 7 | 19 | 21.45 |
| Tax rate | 100.0% | 50.0% | 33.3% | 28.6% | 26.3% | 25.8% |
| Net profit | 0 | 1 | 2 | 5 | 14 | 15.92 |
| EPS ₹ | 410 | 1,250 | 1,860 | 5,350 | 13,990 | 14.37 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY26 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Workmates Core2Cloud Solution 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 | 14.0% | 14.0% | 9.0% | 14.0% | 17.0% | 15.3% |
| Tax rate | 100.0% | 50.0% | 33.3% | 28.6% | 26.3% | 25.8% |
| ROCE | · | 198.0% | 99.7% | 107.5% | 92.6% | 36.7% |
| ROE | · | 99.0% | 66.4% | 76.8% | 87.4% | 28.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Workmates Core2Cloud Solution debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. 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 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.
Workmates Core2Cloud Solution balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 13 |
| Reserves | 0 | 2 | 4 | 9 | 23 | 75 |
| Net worth | 0.01 | 2.01 | 4.01 | 9.01 | 23.01 | 88 |
| Borrowings | 0 | 0 | 0 | 0 | 9 | 0 |
| Other liabilities | 0.99 | 2.99 | 6.99 | 15.99 | 25.99 | 20 |
| Total liabilities | 1 | 5 | 11 | 25 | 58 | 108 |
| Fixed assets | 0 | 0 | 0 | 0 | 1 | 10 |
| Capital work in progress | 0 | 0 | 0 | 0 | 10 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 1 | 5 | 11 | 25 | 47 | 97 |
Workmates Core2Cloud Solution cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | · | 2 | 2 | 10 | 6 | 0 |
| Cash from investing | · | 0 | 0 | -4 | -11 | -1 |
| Cash from financing | · | 0 | 0 | 0 | 9 | 38 |
| Net cash flow | · | 2 | 2 | 6 | 4 | 37 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 51 | 42 | 52 | 37 | 84 | 74 |
| Inventory days | · | · | · | · | · | 0 |
| Cash conversion cycle | 51 | 42 | 52 | 37 | 84 | 74 |
| Working capital days | 20 | -10 | -8 | -34 | 12 | 59 |
Workmates Core2Cloud Solution peers and competitors
Listed SME companies in the same industryBy sales, Workmates Core2Cloud Solution is number 4 of the 33 listed SME companies in it - software.
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 |
|---|---|---|---|---|---|---|
| Canarys Automations | 159 | 10.7 | 198 | 14.8 | 11.6% | 0.09 |
| Virtual Galaxy Infotech | 339 | 7.4 | 182 | 46 | 46.0% | 0.22 |
| Workmates Core2Cloud Solution | 561 | 35.2 | 144 | 15.9 | 15.3% | 0.00 |
| All E Technologies | 236 | 9.2 | 138 | 25.7 | 17.8% | 0.00 |
| Sotefin Bharat | 449 | 26.4 | 117 | 17 | 24.0% | 0.29 |
| S A Tech Software India | 47 | 22.4 | 112 | 2.1 | 4.9% | 0.66 |
| Capitalnumbers Infotech | 179 | 6.9 | 105 | 26 | 24.0% | 0.00 |
| Fidel Softech | 246 | 17.8 | 102 | 13.8 | 16.7% | 0.77 |
| Trident Techlabs | 182 | 30.0 | 97.2 | 6.1 | 13.3% | 0.36 |
| Systango Technologies | 316 | 9.9 | 90.4 | 31.9 | 37.7% | 0.00 |
| Kody Technolab | 2,192 | 130.8 | 80.3 | 16.8 | 29.7% | 0.04 |
| Median of the 10 others | 241 | 14.3 | 109 | 16.9 | 20.9% | 0.15 |
Workmates Core2Cloud Solution shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Workmates Core2Cloud Solution 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.
| Nov 25 | Mar 26 | |
|---|---|---|
| Promoters | 72.03% | 72.03% |
| Foreign investors (FIIs) | 1.73% | - |
| Indian institutions (DIIs) | 10.84% | - |
| Number of shareholders | 1,322 | 986 |
Workmates Core2Cloud Solution study: the business from its own documents
Read from 5 of the company's own documentsWorkmates Core2Cloud Solution key facts from the filings
Each figure with the document it comes from
- Recurring revenue
- 82.5%
- Share of FY26 revenue from monthly managed services contracts; the rest came from one-time projects.Annual Report FY26, p.46
- Contracted base for FY27
- ₹159 cr
- Assured recurring revenue the company had in hand entering FY27, before any new business.Annual Report FY26, p.46 and p.47
- Monthly recurring revenue
- ₹13.3 cr
- Monthly billing run rate entering FY27, against an average of ₹9.8 cr a month in FY26.Annual Report FY26, p.46; Investor presentation, September 2026, p.11
- Gross margin
- 32.79%
- What is left of revenue in FY26 after the cost of the cloud technology resold to customers.Annual Report FY26, p.47; Red herring prospectus, p.117
- Top supplier
- 93.40%
- Share of FY25 purchases from the single largest supplier.Red herring prospectus, p.135
Show 5 more facts
- Top ten customers
- 62.61%
- Share of FY25 revenue; the largest single customer gave 20.70%.Red herring prospectus, p.135 and p.136
- Customer retention
- 95%
- Share of customers kept, with more than 350 enterprise and growing clients served.Annual Report FY26, p.3 and p.4
- Revenue given up
- ₹7.5 cr
- FY26 sales lost by declining a Dubai contract over payment risk and by losing gaming customers after a change in rules.Annual Report FY26, p.46
- Team
- 168
- Employees at March 2026, up from 129 a year earlier, added across cloud, security and AI.Annual Report FY26, p.47
- IPO price
- ₹204
- Price per share in the November 2025 issue of 29,08,800 new shares plus an offer for sale; the bank loan was repaid from the money raised.Annual Report FY26, p.22
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it entered FY27 with ₹159 cr of assured recurring revenue and, in its September 2026 presentation, gives an FY27 revenue outlook of ₹190 cr to ₹210 cr, with no United States or United Kingdom sales counted. On the May 2026 call the CFO said profit after tax should be around ₹24 cr on ₹210 cr of revenue, and that debtor days are targeted below 55. The company says AI and cybersecurity together should be about 5% of revenue this year, and that it is setting up a United States entity for billing.
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.
The company earns most of its money from monthly fees to run customers' cloud systems, on top of one-time projects to set them up.
Its weak spots are that it depends on a single cloud provider, resells that provider's capacity at a thin margin, and works in a market where customers bargain hard on service fees.
AverageCan it set its own prices?Partly. The cloud capacity it resells is priced by the provider, and the CEO says Indian customers bargain hard over service fees.
AverageHow strong is it against rivals?Its top AWS partner tier and audited competencies set it apart from most small firms, but it also meets the largest Indian and global IT and consulting firms.
AverageWho are its customers?Hundreds of businesses across many fields, but the biggest accounts carry a large share of sales.
StrongDoes it need a lot of money?No. It needs people and offices rather than plants, and it had no borrowings at March 2026 after repaying its bank loan.
StrongCan it keep finding new work?Yes. Most revenue repeats every month, few customers leave, and projects tend to turn into running contracts.
AverageDo good and bad years swing a lot?The recurring base keeps sales steady, but single events can still take out revenue, and margins slipped as the team grew.
Who runs Workmates Core2Cloud Solution?
Promoters, directors and officers; tap a name for the background
BKBasanta Kumar RanaPromoter, Co-founder and Managing Director
Bachelor's degree from Gopabandhu Science College, Utkal University, with over 10 years in cloud computing, managed services and enterprise solutions; with the company since 2019, earlier in leadership roles at Sify Technologies, Tata Teleservices and Rediff.com India. Managing Director from May 2025.
Red herring prospectus, p.150 and p.165; Annual Report FY26, p.23KNKamal NathPromoter, Co-founder, Whole Time Director and Chief Executive Officer
Bachelor's degree in electronics and communication from Bihar Institute of Technology, Sindri, with 30 years in IT and communications; formerly CEO of Sify Technologies and more than 17 years at HCL Comnet in leadership roles.
Red herring prospectus, p.150 and p.163DSDebasish SarkarPromoter, Co-founder, Whole Time Director and Chief Financial Officer
Bachelor of Commerce from St. Xavier's College, Kolkata, and a chartered accountant with about 39 years in practice across manufacturing, services, trading, real estate and education; on the board since 2018 and Whole Time Director and CFO since May 2025. Rents an office to the company.
Red herring prospectus, p.150 and p.166; Annual Report FY26, p.19ADAnirban DasguptaPromoter, Co-founder and Chief Strategy and Growth Officer
Bachelor of Engineering from Nagpur University with over two decades in technology and business leadership; earlier at Sify Technologies, HP India, IBM India and HCL Comnet.
Red herring prospectus, p.164ASAnindya SenPromoter, Co-founder and Head of Cybersecurity
Bachelor's in telecommunications engineering from B.M.S. College of Engineering, Bengaluru, with over 25 years in cybersecurity and technology, including Microsoft, HP, HCL Technologies and Sify Technologies.
Red herring prospectus, p.164; Investor presentation, September 2026, p.5PMPrajnashree MohapatraPromoter and Non-Executive Director
Bachelor of Arts from Utkal University with more than 6 years in general administration; on the board since 2018. The prospectus records Prajnashree Mohapatra as the spouse of Basanta Kumar Rana.
Red herring prospectus, p.150 and p.151SMShilpa MohtaPromoter
Bachelor of Commerce from Amravati University.
Red herring prospectus, p.165AAAnjali AwasthiPromoter
Master of Science from Chhatrapati Shahu Ji Maharaj University, Kanpur.
Red herring prospectus, p.165BSBarathy SundaramIndependent Director
Electronics and communication engineer from Madras University with more than 40 years in satellite communication, including 22 years at ISRO's Space Applications Centre and over 10 years as Vice President at HCL Comnet.
Red herring prospectus, p.150 and p.151SVSuchita VishnoiIndependent Director
MBA from the University of Lucknow with more than 15 years in technology marketing, including Trend Micro, Salesforce and Cognizant, where the role held was Director, Marketing.
Red herring prospectus, p.151Workmates Core2Cloud Solution 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 ₹69.1 cr (+15%), net profit ₹6.8 cr (-2%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 72.03%.
Workmates Core2Cloud Solution announcements
6 on record, latest first; each opens the filing on the exchange
- Company UpdateOutcome of Investors Meet under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015PDF ↗
- Company UpdateCertificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended 30th September, 2026PDF ↗
- Company UpdateIntimation of Investor Meet under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015PDF ↗
- AGM/EGMDisclosure of Voting Results and Scrutinizer''s Report with respect to the 8th Annual General Meeting held on 25th September, 2026PDF ↗
- Insider Trading / SASTIntimation of Closure of Trading WindowPDF ↗
- Company UpdateClarification on Price Movement. Kindly take on record the samePDF ↗
Workmates Core2Cloud Solution annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Workmates Core2Cloud Solution share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendInterim Dividend - Rs. - 2.0000ex-date 22 May 2026
Checks we ran on Workmates Core2Cloud Solution's data · 8
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 (1,29,18,800 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓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 FY25 (₹13,990.00) and FY26 (₹14.37) 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 Workmates Core2Cloud Solution
What does Workmates Core2Cloud Solution do?
Workmates is a Kolkata company that moves businesses onto Amazon's cloud and then runs, secures and tunes their cloud systems for a monthly fee. Its shares trade on BSE SME.
What is the share price of Workmates Core2Cloud Solution?
₹434 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Workmates Core2Cloud Solution?
₹561 cr at the close on 6 Nov 2026, on 1,29,18,800 shares.
What is the P/E of Workmates Core2Cloud Solution?
35.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Workmates Core2Cloud Solution's revenue and profit?
Revenue ₹144 cr and profit after tax ₹16 cr in FY26.
Who are the promoters of Workmates Core2Cloud Solution?
Basanta Kumar Rana, Kamal Nath, Debasish Sarkar, Anirban Dasgupta, Anindya Sen, Prajnashree Mohapatra, Shilpa Mohta, Anjali Awasthi; promoters held 72.03% at 31 March 2026.
What is Workmates Core2Cloud Solution's website?
www.cloudworkmates.com
More SME companies like Workmates Core2Cloud Solution
Other listed SME companies in it - software, the closest in size first, each read from its own documents.
- Sotefin BharatSOTEFIN · BSE SME · IT - SoftwareMarket cap ₹420 cr
- TAC InfosecTAC · NSE Emerge · IT - Software · listed 2024Market cap ₹816 cr
- Systango TechnologiesSYSTANGO · NSE Emerge · IT - Software · listed 2023Market cap ₹324 cr
- Virtual Galaxy InfotechVGINFOTECH · NSE Emerge · IT - Software · listed 2025Market cap ₹317 cr
- Ace Alpha TechACEALPHA · BSE SME · IT - SoftwareMarket cap ₹289 cr
- Fidel SoftechFIDEL · NSE Emerge · IT - Software · listed 2022Market cap ₹248 cr
Built from 2 annual reports, 1 offer document, 1 earnings call transcript, 1 investor presentation, 6 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.