Genesys International Corporation Limited

Technology — Software - Application · NSE

₹237.20+₹3.70 (+1.58%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

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

What does this company do?

Genesys International Corporation Limited provides geographical information services in India and internationally.

IndustrySoftware - Application

SectorTechnology

Employees802

Annual revenue₹328 Cr

How does it make money?

Turns over ₹328 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹44 left at the operating level before interest, tax and depreciation. Each of its 802 employees supports ₹40.9 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹40.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 8.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE32.0%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +81% while net margin moved -6% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+81%

Margin effect-6%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.09 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

61/ 100

Average

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

Valuation

53/ 100

Fair

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

46.8x

3Y Median

114.3x

40 monthly readings · mean 114.2x · range 19.3x–234.4x

Sector Median

16.5x

median of 4 sector peers

🟢Current valuation is approximately 59% below its 3y median of 114.3x. 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 183% above the peer median of 16.5x.

vs. its own history

Cheap

114.3x median over 40 months · -59%

vs. sector peers

Expensive

16.5x median of 4 peers · +183%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

12.3x

PEG

2.40

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 34.7% to 43.5% over 3 years.
Very low debt
Debt/Equity of 0.25x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 340% over 3 years, from ₹39 Cr to ₹173 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 144% against revenue up 81% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 12.2x to 5.0x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 34.7% to 43.5%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 59% 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.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 144% against revenue up 81%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
A premium to the sector to defend
It trades 183% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
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.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Revenue growth stays above 16% a year✓ 21.9% CAGR
Latest reported year was 14.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 42%✓ 43.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹44 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 8.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ 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 · 2 neutral · 5 weak

Market Cap

₹1,586 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

46.8x

Expensive

Expensive — verify against sector peers

P/B Ratio

1.37x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹5.07

Profitable

Profitable on a per-share basis

ROE

4.6%

Weak

Weak capital efficiency

ROCE

8.0%

Weak

Low return on total capital employed

Debt/Equity

0.25x

Low

Conservative leverage

Revenue Growth (YoY)

14.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-27.6%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

-₹44 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

17.4x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

11.9%

Average

Average margins

Net Margin

9.1%

Average

Average bottom-line conversion

Current Ratio

2.61

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.09

Defensive

Steadier than the market

52W Range Position

16%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

274.6 / 247.4

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

28.8

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹181 Cr	₹198 Cr	₹311 Cr	₹328 Cr	+21.9%
EBITDA	₹63 Cr	₹85 Cr	₹151 Cr	₹143 Cr	+31.5%
EBITDA Margin	34.7%	42.7%	48.6%	43.5%	—
PAT (Net Profit)	₹19 Cr	₹22 Cr	₹56 Cr	₹33 Cr	+19.5%
EPS	₹3.61	₹3.92	₹9.59	₹5.35	+14.0%
ROE	4.7%	4.5%	10.1%	4.6%	—
ROCE	6.3%	7.8%	15.3%	8.0%	—
Total Debt	₹39 Cr	₹60 Cr	₹122 Cr	₹173 Cr	+63.8%
Free Cash Flow	-₹133 Cr	-₹65 Cr	-₹107 Cr	-₹44 Cr	—

🟢 Revenue has grown at 21.9% a year over 3 years.

🟢 EBITDA has grown at 31.5% a year over 3 years.

🟢 EBITDA Margin has risen from 34.7% to 43.5% over 3 years (+8.9 pts).

🟢 PAT (Net Profit) has grown at 19.5% a year over 3 years.

🟢 EPS has grown at 14.0% a year over 3 years.

🟡 ROE has held roughly flat at 4.6% over 3 years.

🟢 ROCE has risen from 6.3% to 8.0% over 3 years (+1.6 pts).

🔴 Total Debt has grown at 63.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹972 Cr

Total Liabilities

₹267 Cr

Cash & Equivalents

₹8 Cr

Operating Cash Flow

₹16 Cr

Capex

-₹60 Cr

Shareholding (proxy)

Institutional Holding

0.2%

Insider Holding

27.5%

Corporate Actions

Ex-Dividend Date

18 Sept 2019

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

1 positive1 mixed4 general

Genesys International (GENESYS) Share/Stock Price Live, NSE

TechGraph, 10 Oct

Genesys International Corporation Ltd. Share Price Falls

Univest, 14 AugPrice 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.

Genesys International Corp fixes rights issue price at ₹50 for 2.5Cr shares

scanx.trade, 27 Jul

Price Band Hitters, August 25, 2026 at 3:00 PM IST

HDFC Sky, 25 Aug

Over 60% Jump In A Month: Genesys International Share Price Rises Over 4% After Order Win

NDTV Profit, 24 SeptOrder win

🟢Potentially positiveOrder wins add to future revenue, though the effect depends on the contract's size against annual sales and on when it is executed.

Genesys International Corporation Ltd. - RE Share Price Live Today

CNBC TV18, 18 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality · Valuation

WeakProfitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑