Odyssey Technologies Limited

Technology — Software - Infrastructure · BSE

₹50.00−₹2.74 (−5.20%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by 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, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

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

What does this company do?

Odyssey Technologies Limited engages in developing software focusing on public key infrastructure, cryptography, and other related services in India.

IndustrySoftware - Infrastructure

SectorTechnology

Employees178

Annual revenue₹27 Cr

How does it make money?

Turns over ₹27 Cr a year. Of every ₹100 of sales, about ₹15 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 178 employees supports ₹15.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹15.3 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 4.1% 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?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +13% while net margin moved -18% 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+13%

Margin effect-18%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 4.1% — barely ahead of inflation
✗ Profit has declined at 2.7% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows
✗ Latest-year revenue growth of -4.6% is below the longer-term trend — momentum is fading
✗ Profit fell 58.8% in the latest year

Quality vs. Valuation

Company Quality

54/ 100

Average

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

Valuation

62/ 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

21.6x

3Y Median

28.3x

40 monthly readings · mean 29.3x · range 12.9x–55.5x

Sector Median

16.5x

median of 4 sector peers

🟢Current valuation is approximately 24% below its 3y median of 28.3x. 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 30% above the peer median of 16.5x.

vs. its own history

Cheap

28.3x median over 40 months · -24%

vs. sector peers

Expensive

16.5x median of 4 peers · +30%

vs. generic bands

Fair

15x–35x

EV/EBITDA

8.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 8.0% to 4.1% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 high

🔴Significant margin compressionFinancial
EBITDA margin has fallen 11.9 points, from 26.9% to 15.0%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 24% 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?

Margins are being competed away
EBITDA margin has fallen from 26.9% to 15.0%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
A premium to the sector to defend
It trades 30% above the peer median. That premium needs a reason that persists, or it closes.
Growth barely outpaces inflation
Revenue compounding at 4.1% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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 13%✓ 15.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✓ 4.1% CAGR
Latest reported year was -4.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹4 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ 4.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 28.3x✓ 21.6x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ 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 · 3 neutral · 4 weak

Market Cap

₹80 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

21.6x

Fair

Fairly valued against the generic band

P/B Ratio

1.34x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹2.32

Profitable

Profitable on a per-share basis

ROE

6.8%

Weak

Weak capital efficiency

ROCE

4.1%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-4.6%

Shrinking

Sales are contracting

Profit Growth (YoY)

-58.8%

Falling

Profits are shrinking

Dividend Yield

2.00%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹4 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

13.2x

Improving

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

Operating Margin

-7.1%

Weak

Thin margins leave little room for error

Net Margin

13.7%

Good

Strong bottom-line conversion

Current Ratio

13.98

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.19

Defensive

Steadier than the market

52W Range Position

27%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

44.7 / 40.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

67.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹24 Cr	₹26 Cr	₹27 Cr	₹27 Cr	+4.1%
EBITDA	₹7 Cr	₹6 Cr	₹5 Cr	₹4 Cr	-14.2%
EBITDA Margin	26.9%	23.4%	17.7%	15.0%	—
PAT (Net Profit)	₹4 Cr	₹4 Cr	₹4 Cr	₹4 Cr	-2.7%
EPS	₹2.74	₹2.78	₹2.72	₹2.52	-2.8%
ROE	9.2%	8.6%	7.7%	6.8%	—
ROCE	8.0%	7.3%	5.3%	4.1%	—
Free Cash Flow	₹4 Cr	₹4 Cr	₹6 Cr	₹4 Cr	-3.7%

🟢 Revenue has grown at 4.1% a year over 3 years.

🔴 EBITDA has shrunk at 14.2% a year over 3 years.

🔴 EBITDA Margin has fallen from 26.9% to 15.0% over 3 years (-11.9 pts).

🔴 PAT (Net Profit) has shrunk at 2.7% a year over 3 years.

🔴 EPS has shrunk at 2.8% a year over 3 years.

🔴 ROE has fallen from 9.2% to 6.8% over 3 years (-2.4 pts).

🔴 ROCE has fallen from 8.0% to 4.1% over 3 years (-3.9 pts).

🔴 Free Cash Flow has shrunk at 3.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹64 Cr

Total Liabilities

₹5 Cr

Total Debt

—

Cash & Equivalents

₹43 Cr

Operating Cash Flow

₹4 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

64.4%

Corporate Actions

Dividend Rate

₹1

Ex-Dividend Date

06 May 2026

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 positive2 negative3 general

Odyssey Technologies Announces 36th AGM on June 3, 2026

scanx.trade, 29 Apr

Odyssey Technologies Q1 Results: Net Profit Falls 69% YoY To ₹21.56 Lakh

scanx.trade, 30 JulResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

MOBILISE Stock Price and Chart — NSE:MOBILISE

TradingView, 02 Mar

Dividend alert! These 9 stocks will go ex-record dates this week for dividends. Do you own any?

The Economic Times, 03 MayCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Odyssey Technologies launches secure communication products

The Times of India, 10 Apr

Fino Payments Bank standalone net profit declines 70.42% in the March 2026 quarter

Business Standard, 30 AprResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Watch Items

Revenue growth is negative (-4.6%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health · Valuation

MiddlingBusiness Quality · Profitability · Risk

WeakGrowth

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. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — ROCE stays above 8% · see Key things to watch ↑