Pelatro Ltd(PELATRO)

NSE: PELATRO

₹ 312.5-10.54%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 331 crUpdated: 24 Oct 2026

About

Pelatro is a global technology business serving the telecom industry through its mViva Customer Engagement Platform, and since July 2025 it also runs the Estel Division, which sells prepaid recharge, voucher, sales and distribution, and mobile money software. In FY26 it reported revenue of 138.23 crore. As of FY26 it served 46 of about 450 telcos worldwide, a 10% penetration.^[1][2]

Business segments

CVM Division (customer value management software for telcos): Rs 116.57 crore of revenue in FY26, an 84.3% share, with an EBIT margin of 24.1%.^[3]
Estel Division (eTopUp, sales and distribution, voucher management and mobile money platforms): Rs 21.66 crore of revenue in FY26, a 15.7% share, covering only the 9 months after the acquisition.^[3]
In Q1 FY27, the CVM Division brought in INR33.39 crores (+25.1% YoY) at a 22.56% EBITDA margin. The Estel Division brought in INR6.83 crores at an 8.72% EBITDA margin.^[4]

Products and platform

As of FY25, the company offered five products plus related services. Campaign Management is the flagship and Customer Data Platform is the newest addition.^[1]
The FY25 portfolio was Campaign Management, Loyalty Management, Customer Data Platform, Unified Communication Manager and Data Monetization, plus managed services in business consulting, business operations and IT operations.^[1]
In March 2026 the company launched the mViva Revenue Acceleration Platform with Agentic AI, including AI Agents, Co-Pilot and Zero Touch Campaigning, which runs campaigns end to end using LLMs.^[5]
As of FY25, the company held five patents and another six were being issued.^[1]

Key operating numbers

Revenue mix in Q1 FY27: recurring 62%, reoccurring (change requests) 35%, one-time 3%. In FY26 the mix was recurring 60%, reoccurring 22%, one-time 18%.^[4]
In Q1 FY27 management said 100% of expected FY27 revenue was already contracted, compared with 82% at the start of the year.^[4]
Days sales outstanding were 124 days at 30 June 2026, compared with 127 days at 31 March 2026.^[4]
Annualised average revenue per customer was Rs. 2.77 Cr in H1 FY26, compared with Rs. 2.74 Cr at the end of Q1 FY26.^[6]
Staff strength was about 500 in Q1 FY27, compared with 322 employees in FY25; management says it uses AI in development and testing to keep headcount from rising.^[4]

Customers and reach

In FY25, revenue from outside India was Rs 72.54 crore, against Rs 13.23 crore from India.^[1]
As of Q3 FY26 the company served 46 telecom networks, up from 13 six years earlier, and its platform handled about 1.5 billion subscribers.^[7]
As of Q3 FY26, 31 of the 46 customers used managed services, compared with 1 of 13 in 2019.^[7]
The top five customers made up about 39-40% of revenue in FY26, down from about 45% in FY25; the top ten made up about 60%.^[5]
In Q1 FY27, customers took an average of 1.3 products each; some take two products and none takes three.^[4]
Estel's largest customer has about 500 million subscribers (as of Q3 FY26).^[7]

Stated plans

Management describes a three-pillar strategy: geographic expansion, growing recurring revenue per customer, and acquisitions (FY25 annual report).^[1]
Management targets organic revenue growth of at least 15% a year, and an EBITDA margin that improves and settles around 30% over time (Q1 FY27 call).^[4]
Management expects Estel's EBITDA margin to reach the CVM Division's level of about 22-24% by FY28 (Q1 FY27 call).^[4]
Over the next four to five years, management aims to raise telco penetration from 10% to 20-25% and products per telco from 1.3 to 2.0-2.5 (Q4 FY26 call).^[5]

Recent developments

The acquisition of the Estel Technologies software business closed with effect from 01 July 2025, becoming the company's second division, the Estel Division.^[6]
The Estel acquisition terms moved from cash plus shares to all cash, with a preferential issue of up to Rs 7 crore to Atlanta Capital planned to fund it (FY25 annual report).^[1]
About INR6 crores of unbilled revenue at 30 June 2026 relates to two customers in one country, where every invoice needs government approval before payment.^[4]

Market Cap

₹331 Cr

High / Low

₹405 / 246

Stock P/E

21.0

Price / Book

3.6

Book Value

₹98

EPS

₹17.1

No. of Shares

1.06 Cr

ROCE

19.2%

ROE

19.7%

OPM

17.6%

Debt / Equity

0.12

Sales

₹138 Cr

Net Profit

₹18 Cr

Promoter holding

52.6%

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Pelatro Ltd(PELATRO)

About

Business segments

Products and platform

Key operating numbers

Customers and reach

Stated plans

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

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