TechNVision Ventures Limited

Technology — Software - Application · NSE

₹3,770.00−₹131.30 (−3.37%)

DalalBaazaar Score

37 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by moderate debt load, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently 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 TechNVision Ventures Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

TechNVision Ventures Limited, together with its subsidiaries, provides information technology products and services in India and internationally.

IndustrySoftware - Application

SectorTechnology

Employees139

Annual revenue₹269 Cr

How does it make money?

Turns over ₹269 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation. Each of its 139 employees supports ₹1.94 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.94 Cr

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 10.2% 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 +78% while net margin moved -44% 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+78%

Margin effect-44%

DalalBaazaar Score

37/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ P/E of 787.1x is demanding — it needs sustained high growth to justify
✗ P/B of 157.67x is a steep premium to book

Quality vs. Valuation

Company Quality

40/ 100

Weak

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

Valuation

24/ 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

787.1x

Sector Median

16.5x

median of 4 sector peers

⚠️Against its sector it trades 4656% above the peer median of 16.5x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

16.5x median of 4 peers · +4656%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

319.8x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 1.1% to 2.8% over 3 years.
Return on capital is rising
ROCE has improved from 4.4% to 10.2%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on equity is falling
ROE has dropped from 16.4% to 1.4% — each rupee of shareholder capital earns less than it did.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 900% over 3 years, from ₹2 Cr to ₹20 Cr.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹38 Cr in the latest year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.74 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 1.1% to 2.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
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?

A premium to the sector to defend
It trades 4656% above the peer median. That premium needs a reason that persists, or it closes.
Returns on shareholder capital are falling
ROE has dropped from 16.4% to 1.4%. 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
2 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✓ 21.1% CAGR
Latest reported year was 30.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 1%✓ 2.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹38 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 2.3x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

3 / 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
✗ 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

Price history

Quick Metrics

3 good · 4 neutral · 4 weak

Market Cap

₹2,366 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

787.1x

Expensive

Expensive — verify against sector peers

P/B Ratio

157.67x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹4.79

Profitable

Profitable on a per-share basis

ROE

1.4%

Weak

Weak capital efficiency

ROCE

10.2%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.32x

Moderate

Moderate leverage

Revenue Growth (YoY)

30.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

8880.0%

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

-₹38 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

4.0%

Weak

Thin margins leave little room for error

Net Margin

1.1%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.74

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.07

Defensive

Steadier than the market

52W Range Position

10%

Near low

Near its 52-week low

Technical Snapshot

RSI (14)

41.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹152 Cr	₹193 Cr	₹228 Cr	₹269 Cr	+21.1%
EBITDA	₹2 Cr	₹17 Cr	₹5 Cr	₹7 Cr	+63.9%
EBITDA Margin	1.1%	9.0%	2.3%	2.8%	—
PAT (Net Profit)	₹0 Cr	₹14 Cr	₹0 Cr	₹0 Cr	-0.2%
EPS	₹0.35	₹21.96	₹0.18	₹0.34	-1.0%
ROE	16.4%	88.8%	0.7%	1.4%	—
ROCE	4.4%	36.7%	8.9%	10.2%	—
Total Debt	₹2 Cr	₹15 Cr	₹4 Cr	₹20 Cr	+115.5%
Free Cash Flow	₹0 Cr	₹18 Cr	₹8 Cr	-₹38 Cr	—

🟢 Revenue has grown at 21.1% a year over 3 years.

🟢 EBITDA has grown at 63.9% a year over 3 years.

🟢 EBITDA Margin has risen from 1.1% to 2.8% over 3 years (+1.7 pts).

🟡 PAT (Net Profit) has been broadly flat over 3 years (-0.2% a year).

🟡 EPS has been broadly flat over 3 years (-1.0% a year).

🔴 ROE has fallen from 16.4% to 1.4% over 3 years (-14.9 pts).

🟢 ROCE has risen from 4.4% to 10.2% over 3 years (+5.8 pts).

🔴 Total Debt has grown at 115.5% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹38 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹202 Cr

Total Liabilities

₹187 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹46 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

93.3%

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 positive5 general

TechNVision Ventures Lower Circuit Today: Price, Data and Peers

Univest, 13 Oct

TECHNVISN Stock Price and Chart — NSE:TECHNVISN

TradingView, 22 Apr

TechNVision Ventures Ltd is Rated Sell

MarketsMojo, 06 Oct

Technvision Ventures passes all AGM resolutions with requisite majority

scanx.trade, 01 Oct

Technvision Ventures Q4 Revenue Surges 70% to ₹67.1 Crore as Net Loss Widens to ₹4.2 Crore

Sahi, 28 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

TechNVision Ventures Upper Circuit Today: Price, Data and Peers

Univest, 06 Oct

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.

DalalBaazaar Thesis

MiddlingBusiness Quality · Growth

WeakFinancial Health · 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. 2 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑