Aqylon Nexus Limited

Communication Services — Broadcasting · NSE

₹17.32+₹0.79 (+4.78%)

DalalBaazaar Score

24 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, with both sales and profits growing well. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

The 60-second version of Aqylon Nexus Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Aqylon Nexus Limited provides AI data centers, semiconductors, and AI technology services in India and internationally.

IndustryBroadcasting

SectorCommunication Services

Employees2

Annual revenue₹13 Cr

How does it make money?

Turns over ₹13 Cr a year. Of every ₹100 of sales, about ₹44 reaches shareholders as profit, with ₹7 left at the operating level before interest, tax and depreciation. Each of its 2 employees supports ₹6.60 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹6.60 Cr

Who are its competitors?

The closest listed comparisons in its industry are BHARTI AIRTEL LIMITED, VODAFONE IDEA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

DalalBaazaar Score

24/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

25/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

30/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

15.5x

1.3Y Median

91.3x

16 monthly readings · mean 461.9x · range 29.0x–1807.8x

Sector Median

21.7x

median of 2 sector peers

🟢Current valuation is approximately 83% below its 1.3y median of 91.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 29% below the peer median of 21.7x.

vs. its own history

Cheap

91.3x median over 16 months · -83%

vs. sector peers

Cheap

21.7x median of 2 peers · -29%

vs. generic bands

N/A

Multiples unreliable — equity base is negative

EV/EBITDA

494.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 90% over 3 years.
Cash generation is improving
Free cash flow is up 4941% over 3 years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 7161% over 3 years — each existing share owns a smaller slice of the company.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.42 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 90% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 83% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 29% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
The debt load needs earnings to hold up
Debt is 19.5x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 5%✓ 7.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 19.5x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✓ 3.7x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹7 Cr
Profit that never becomes cash eventually stops being profit.
5Valuation vs its own median of 91.3x✓ 15.5x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 9 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 5 neutral · 2 weak

Market Cap

₹439 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

15.5x

Fair

Fairly valued against the generic band

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹1.12

Profitable

Profitable on a per-share basis

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

24294.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

125.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹7 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

55.4%

Good

Healthy core-business profitability

Net Margin

54.9%

Good

Strong bottom-line conversion

Current Ratio

0.42

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.11

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

16.9 / 20.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

41.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	₹3 Cr	₹6 Cr	₹13 Cr	—
EBITDA	-₹1 Cr	-₹2 Cr	₹1 Cr	₹1 Cr	—
EBITDA Margin	—	-85.7%	10.0%	7.0%	—
PAT (Net Profit)	-₹21 Cr	-₹21 Cr	-₹22 Cr	₹6 Cr	—
EPS	₹-60.9	₹-0.84	₹0.88	₹0.23	—
Total Debt	₹179 Cr	₹54 Cr	₹64 Cr	₹18 Cr	-53.4%
Free Cash Flow	₹0 Cr	-₹11 Cr	-₹3 Cr	₹7 Cr	+269.4%

🟢 EBITDA has turned positive, from -₹1 Cr to ₹1 Cr.

🟢 EBITDA Margin has risen from -85.7% to 7.0% over 3 years (+92.7 pts).

🟢 PAT (Net Profit) has turned positive, from -₹21 Cr to ₹6 Cr.

🟢 EPS has turned positive, from ₹-60.9 to ₹0.23.

🟢 Total Debt has shrunk at 53.4% a year over 3 years.

🟢 Free Cash Flow has grown at 269.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹14 Cr

Total Liabilities

₹19 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹7 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

75.8%

Corporate Actions

Ex-Dividend Date

15 Sept 2017

Peer Comparison

Company	P/E	ROE
BHARTI AIRTEL LIMITED	39.8x	20.2%
VODAFONE IDEA LIMITED	3.6x	—

Recent News

1 mixed5 general

Leading Leasing Finance Increases Stake in Aqylon Nexus to 14.17%

scanx.trade, 18 Oct

InvestingPro Fair Value flagged Aqylon Nexus 54% decline in advance By Investing.com

Investing.com India, 18 Aug

Why Is Aqylon Nexus Share Price Falling: Key Reasons and Investor Analysis 2026

Univest, 14 MayPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Aqylon Nexus (AQYLON.NS) Climbs 4.93% to ₹19.8 as Bulls Approach ₹20.79 Resistance - ETH Profile

siam.in, 22 Sept

Leading Leasing cuts Aqylon Nexus stake to 5.36% via open market sale

scanx.trade, 16 Oct

Aqylon Nexus (NSEI:AQYLON) - Stock Analysis

Simply Wall Street, 11 Feb

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

MiddlingGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Aqylon Nexus Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Debt / EBITDA falls below 3x · see Key things to watch ↑