All E Technologies Ltd(ALLETEC)

NSE: ALLETEC

₹ 117.5+2.71%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 237 crUpdated: 24 Oct 2026

About

All E Technologies (Alletec) is a full-lifecycle digital transformation partner on the Microsoft stack, covering Dynamics 365, Fabric, Purview, Azure, Power Platform, Copilot, AI agents, cybersecurity and system integration. Digital transformation with ERP and CRM at its core makes up more than 85% of its business, and resource augmentation is less than 2%. Revenue was 137.87 in FY26 (as reported, INR cr), and the company had about 350 staff in Q1 FY27. Microsoft has named it to its Inner Circle for Business Applications eight times in the past twenty years.^[1][2][3]

Revenue mix

Product (licence) revenue was 46% and services 54% of revenue in Q1 FY27. The product share is above its historical 42-44% range.^[4]
Licence revenue grew 14.7% YoY in Q1 FY27, and services revenue grew 4.8% YoY.^[4]
The data and AI practice was about 10% of revenue in Q3 FY26 and was growing about 25% YoY.^[2]
Proprietary IP was about 5-7% of the licence business in Q4 FY26. The company is restructuring IP pricing and bundles with a target of 10%.^[5]

Services and products

Its largest and most established practice is implementing Microsoft business applications. The proprietary Cyborg and ProActivate frameworks speed up Business Central implementations (FY26 annual report).^[1]
As of FY26, it has 25+ years of domain experience across 10+ industries, packaged into five pre-built industry solutions.^[1]
As of FY26, its newest investment is industry-specific AI intelligence layers running on Microsoft Fabric. Retail and Professional Services are the furthest along, and margin and utilisation agents for Professional Services are under development.^[1]
Retail OS is an AI intelligence layer for retailers, sold as a SaaS subscription. As of Q1 FY27, 20 lighthouse customers had been identified and 3 were at the purchase-order stage.^[4]
The company has proprietary vertical IP products, including EPC 365, Travel 365 and EdTech. An AI-first rebuild with embedded agents was in progress as of Q3 FY26.^[2]
In Q1 FY27, the cybersecurity practice closed large email-security deals and started vulnerability assessment and penetration testing services.^[4]
According to management in Q1 FY27, new ERP deals now include an AI component that adds about 15% to the baseline deal size.^[4]

Key operating numbers

Constant-currency revenue growth was about 3% YoY in Q1 FY27.^[4]
Repeat and recurring revenue was 90.3% in Q1 FY27, compared with 90.6% in FY26.^[4]
Headcount was about 350 in Q1 FY27, compared with about 360 in Q2 FY26.^[4]
Attrition was 10-12% in Q3 FY26.^[2]
The company added 8 new customers in Q1 FY27. It added 35 in FY26, fewer than the year before.^[4]

Customers and geographies

International revenue was over 58% of total revenue in Q1 FY27. The company operates in India, the USA, Canada, the UAE and Africa, and has delivered projects in more than 30 countries.^[1]
The top 5 customers' share of revenue was 38.2% in Q1 FY27, up from 28.7% in Q1 FY26 and 21.8% for FY26.^[4]
The top 10 customers' share of revenue was 29.8% for FY26, compared with 38.6% in Q2 FY25.^[5]
The US and Canada provided nearly 60% of services revenue in Q1 FY27, compared with 57.9% in Q3 FY26. India's share of services revenue was 27% in Q3 FY26.^[4]
Africa fell from 8-10% of revenue to under 4% over the two years to FY26. Several retail chains, particularly in Africa, are working with the company on its retail intelligence layer (FY26 annual report).^[5][1]
As of Q4 FY26, a Canadian customer had committed about $3 million over three years across ERP, CRM, data engineering and AI.^[5]
The company has more than 300 existing customers. As of Q4 FY26, 3 of them had moved to production-level AI engagements. Many of India's leading travel companies use its Travel 365 accelerator.^[5][1]

Microsoft partnerships

As of Q4 FY26, the company holds all six Microsoft Solution Partner designations.^[5]
In Q2 FY26, Microsoft again named it an Inner Circle Partner after a two-year gap, placing it in the top 1% of Microsoft's global business-applications partners. This is its eighth Inner Circle recognition in twenty years.^[6][1]
To qualify for Microsoft's Frontier Partner status, the company must sell 1,000 M365 Copilot seats. It had sold a few hundred as of Q4 FY26.^[5]

Plans and targets

Management plans to roll out Retail OS to at least 10 customers in Q2 FY27.^[4]
Management aims for INR 500 cr in revenue over 4-5 years. It expects acquisitions to provide 30-40% of this and is looking at targets with $5-10M in revenue.^[5]
Management plans to deploy at least part of the roughly INR 140 cr cash by the end of FY27 or mid-FY28. An acquisition is its first preference.^[4]
The company plans no new geographies and will focus on the Middle East, Africa and its existing markets.^[2]

Recent developments

In FY26, the company set up Alletec ME FZCO, a wholly owned subsidiary in a Dubai free zone, with an investment of AED 50,000.^[1]
In Q1 FY27, the board approved the move to the main board listing. Management expected it to be completed within a couple of months.^[4]
Revenue for FY26 was about 1% below FY25. Management attributed this to geopolitical conflicts, trade-policy uncertainty and longer decision cycles among mid-market customers.^[5]
Q1 FY27 revenue of INR 37.18 cr was 9.1% higher YoY. Management called it the first clean YoY acceleration since the slowdown began.^[4]
The company has been certified as a Great Place to Work for four consecutive years (FY26 annual report).^[1]

Market Cap

₹237 Cr

High / Low

₹277 / 113

Stock P/E

9.6

Price / Book

1.5

Book Value

₹84

EPS

₹12.7

No. of Shares

2.02 Cr

ROCE

22.2%

ROE

16.4%

OPM

23.4%

Debt / Equity

0.00

Sales

₹138 Cr

Net Profit

₹26 Cr

Promoter holding

50.1%

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