GTT Data Solutions Limited

Technology — Information Technology Services · BSE

₹35.51−₹0.04 (−0.11%)

DalalBaazaar Score

35 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, 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, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

GTT Data Solutions Limited provides services to manufacturing, industrial products, and medical devices technology to develop and build products, processes, and infrastructure in India and internationally. The company operates the through Training and IT services segments.

IndustryInformation Technology Services

SectorTechnology

Employees202

Annual revenue₹133 Cr

How does it make money?

Turns over ₹133 Cr a year. Of every ₹100 of sales, about ₹-12 reaches shareholders as profit, with ₹-2 left at the operating level before interest, tax and depreciation. Each of its 202 employees supports ₹66.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹66.0 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 -15.8% 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%

DalalBaazaar Score

35/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative
✗ ROE has fallen by 12.9 points over the period

Quality vs. Valuation

Company Quality

36/ 100

Weak

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

Valuation

29/ 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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well0

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

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from -9.1% to -22.0% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from -8.8% to -15.8% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 3 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -19.9x — little room if earnings dip.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹16 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -6.3x to -19.9x.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 366% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from -9.1% to -22.0%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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

1EBITDA margin holds above -4%✓ -1.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹26 Cr
Profit that never becomes cash eventually stops being profit.
3Interest cover stays above 3x✗ -19.9x
How much operating profit can fall before interest stops being comfortably covered.
4ROCE stays above 8%✗ -15.8%
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

2 good · 3 neutral · 6 weak

Market Cap

₹148 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

1.91x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-3.79

Loss-making

Negative earnings per share — the business is losing money

ROE

-22.0%

Weak

Weak capital efficiency

ROCE

-15.8%

Weak

Low return on total capital employed

Debt/Equity

0.46x

Low

Conservative leverage

Revenue Growth (YoY)

29.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-133.3%

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

-₹26 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-9.4%

Weak

Thin margins leave little room for error

Net Margin

-8.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.27

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.13

Market-like

Moves roughly in line with the market

52W Range Position

11%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

35.8 / 40.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	₹14 Cr	₹16 Cr	₹133 Cr	—
EBITDA	-₹0 Cr	-₹1 Cr	-₹3 Cr	-₹2 Cr	—
EBITDA Margin	—	-10.5%	-16.9%	-1.8%	—
PAT (Net Profit)	-₹0 Cr	-₹2 Cr	-₹7 Cr	-₹16 Cr	—
EPS	₹-0.2	₹-0.13	₹-3.91	₹-3.94	—
ROE	-9.1%	-12.2%	-25.4%	-22.0%	—
ROCE	-8.8%	-6.6%	-16.2%	-15.8%	—
Total Debt	—	₹1 Cr	₹19 Cr	₹38 Cr	—
Free Cash Flow	-₹0 Cr	—	-₹23 Cr	-₹26 Cr	—

🟢 EBITDA Margin has risen from -10.5% to -1.8% over 3 years (+8.7 pts).

🔴 ROE has fallen from -9.1% to -22.0% over 3 years (-12.9 pts).

🔴 ROCE has fallen from -8.8% to -15.8% over 3 years (-7.0 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹145 Cr

Total Liabilities

₹68 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹17 Cr

Capex

-₹9 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

71.8%

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

2 mixed4 general

GTT Data Solutions (GTTDATA) Share Price Rises 9.01% Today

Univest, 15 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

GTT Data Solutions appoints N A M M & Associates as statutory auditor

scanx.trade, 13 Aug

GTT Data Solutions Ltd. 52 Week Low Streak and Valuation

Univest, 09 Oct

GTT Data Solutions re-submits corrected FY26 results

scanx.trade, 28 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

GTT Data Solutions (BSE:530457) - Stock Analysis

Simply Wall Street, 07 Apr

GTTDATA Stock Price and Chart — BSE:GTTDATA

TradingView, 11 Jan

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingFinancial Health · Growth

WeakBusiness Quality · Profitability · Valuation · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 3 high-severity red flags sit above this conclusion and should be read first.

3 of 4 tripwires tripped — Free cash flow remains positive; Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑