C2C Advanced Systems Ltd(C2C)

NSE: C2C

₹ 144.8-5.76%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 246 crUpdated: 24 Oct 2026

About

C2C Advanced Systems builds defence electronics and software, including combat management systems, integrated platform management systems, integrated bridge systems, drone command and control and anti-drone systems. It reported revenue of Rs 145.64 crore for FY26. In FY26, 51.9% of that revenue came from its USA segment and 48.1% from India.^[1][2][3]

Business segments

USA segment: Rs 75.63 crore revenue in FY26, 51.9% of the total, with a 20.3% EBIT margin.^[3]
India segment: Rs 70.01 crore revenue in FY26, 48.1% of the total, with a 29.7% EBIT margin.^[3]
Management said India-booked revenue fell from ₹112 crores in FY25 to ~₹70 crores in FY26 because some billing moved to the new US branch office.^[4]
License revenue was ~₹5 - 6 crores in FY26.^[4]

Products and platforms

The company works in combat management systems, integrated platform management systems, integrated bridge systems, drone command and control systems and anti-drone systems (FY26 annual report).^[1]
Ship stability software was fitted on 85 Indian Navy platforms as of Q2 FY26, replacing software previously imported from Germany.^[5]
As of Q2 FY26, the company described itself as sole vendor for vessel traffic management systems and qualified as sole capable vendor for WECDIS after 2.5 years of ship trials.^[5]
The Indian Navy has nominated C2C as a vendor for warship ECDIS, and ~100 Indian Navy ships carry C2C systems (Q1 FY27).^[4]
In Q2 FY26 the company passed a proof of concept for an integrated border command post (drones, electro-optical and satellite sensors in a 40-ft container), which was moving to procurement.^[5]

Order book and pipeline

Disclosed order book was ~₹100 crores in Q1 FY27, and the bid pipeline exceeded ₹1,000 crores.^[4]
In H1 FY26, proposals and bids totalled ₹1,144 cr, with ~₹2,700 cr of large defence projects where the company had contributed to the specifications.^[5]
Engineering vertical order book was ₹25 cr in H1 FY26, up from ₹1 cr per year at the start of 2025.^[5]
Management cited a recent ₹80 crore counter-drone order with payment terms under 90 days; it is due to close by Sep - Oct 2026.^[4]

Customers and markets

The client base grew to about 30 globally by Q2 FY26, from 6-7 in 2018-23, with active revenue from Malaysia, Indonesia, the Philippines and the Middle East.^[5]
Management is pursuing overseas clients in Southeast Asia, the Middle East and the US ahead of domestic GeM bids, saying India net margins are capped at ~25% (Q1 FY27).^[4]
Direct Indian government defence contracts are to be kept below 20% of revenue over the next two years.^[4]

Receivables and contract policy

Trade receivables rose to ₹166 cr in Sep-2025 from ₹100 cr in Mar-2025, and working capital days exceeded 365 in H1 FY26.^[5]
The company aims to collect at least 80% of receivables older than 180 days by end-September 2026; ~₹25 crores had been collected since April 1 (Q1 FY27 call).^[4]
The new CEO's policy is to refuse contracts carrying receivables risk of more than 180 days.^[4]
Management said H2 FY26 revenue was ~₹90 crores against ~₹150 crores implied by guidance, and that material costs rose partly because of US-origin components bought for a US contract.^[4]

Development and expansion

The company is building MAGI-OIOS, an AI/ML layer for sensor-integrated autonomous systems on its C5ISR platform, aimed at OT security and industrial IoT.^[4]
A UAE branch office is planned by FY27, in addition to the existing US branch.^[4]
FY25 plans included new centres for control and automation, industrial control systems, cybersecurity and data sciences, beyond the Bengaluru Command and Control Centre.^[6]

Recent developments

Statutory auditor Labs & Associates resigned with effect from 14 August 2026; Narasimhan & Srinivasan is proposed to fill the vacancy.^[1]
Narendra Subrahmanya Srinivasa Lanka was appointed Whole-Time Director from 24 December 2025.^[1]
The board announced a preferential offer to convert ~₹55 crores of promoter loans into equity.^[4]
Members are being asked to approve an aggregate related-party transaction limit of Rs. 120 crores with four related parties for FY2026-27.^[1]

Market Cap

₹246 Cr

High / Low

₹714 / 139

Stock P/E

14.4

Price / Book

1.2

Book Value

₹142

EPS

₹10.8

No. of Shares

1.66 Cr

ROCE

14.0%

ROE

8.5%

OPM

22.4%

Debt / Equity

0.19

Sales

₹146 Cr

Net Profit

₹18 Cr

Promoter holding

36.5%

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