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Capillary Technologies India Ltd (CAPILLARY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544614 NSE: CAPILLARY IT - Software | Small Cap | Capillary Tech. Ind Share Price
₹462.90 3.90 (0.85%)
As on 11-Sep'26 16:01
Capillary Technologies India Ltd (CAPILLARY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544614 NSE: CAPILLARY IT - Software | Small Cap | Capillary Tech. Ind Share Price
₹462.90 3.90 (0.85%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹3,653 Cr.
Current Price
₹462.9
52-Week Low / High
₹438 / 799
TTM EPS
₹6.6
TTM Sales
₹735 Cr.
Book Value per Share
₹121.7
P/E Ratio
69.73
Industry PE
20.8
Price to Book (P/B)
3.77
Price to Sales (P/S)
4.97
EV/EBITDA
31.33
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
6.94%
Outperforms industry median
Return on Capital Employed (ROCE)
6.52%
Underperforms industry median
Return on Assets (ROA)
4.90%
Operating Profit Margin
13.3%
Net Profit Margin
7.13%
Gross Profit Margin
13.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
21.71%
Operating Profit Growth (1 Year)
-
42.93%
Net Profit Growth (1 Year)
-
270.25%
Asset Quality
Promoter Holding
51.45%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹953 Cr.
Equity
₹15.9 Cr.
Face Value
₹2
All Time Low / High
₹437.50 / 799.00
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Capillary Technologies India Ltd a good quality company?
Capillary Technologies India Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Capillary Technologies India Ltd performance compare with that of its Peers?
Revenue growth of Capillary Technologies India Ltd vs industry peers?
Capillary Technologies India Ltd revenue CAGR is 13.02%, compared to the industry median CAGR of 3.19%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Capillary Technologies India Ltd?
Promoters hold 51.45% of the Capillary Technologies India Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Capillary Technologies India Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Capillary Technologies India Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -31.7% | 11.2% | 41.7% | -13.3% | -29.5% | -8.2% | 1.9% | 0.9% | - |
| Value Creation Index ⓘ | -3.3 | -0.2 | 2.0 | -2.0 | -3.1 | -1.6 | -0.9 | -0.9 | - |
Growth Parameters ⓘ |
|||||||||
| Sales ⓘ | 173 | 166 | 115 | 163 | 150 | 143 | 174 | 212 | 212 |
| Sales YoY Gr. | - | -4.1% | -30.8% | 42.2% | -8.1% | -5% | 22.1% | 21.7% | - |
| Adj EPS ⓘ | -2.6 | 0.1 | 3.4 | -2.2 | -17.4 | -7.5 | -0.2 | 0.7 | 0.4 |
| YoY Gr. | - | NA | 4714.3% | -166.5% | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 1.4 | 2.5 | 6.8 | 24.9 | 22 | 54.4 | 60.1 | 98 | 98.7 |
| Adj Net Profit ⓘ | -12.4 | 0.3 | 16.1 | -11.2 | -92 | -54.9 | -1.3 | 5.5 | 3 |
| Cash Flow from Ops. ⓘ | -6 | 0.6 | 15.4 | -19.6 | -43.5 | 46.2 | 51.8 | 37.6 | - |
| Debt/CF from Ops. ⓘ | -3 | 43.8 | 1.3 | -3.1 | -3.1 | 1.6 | 1 | 1.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 13% | 12.2% | 21.7% | ||||
| Adj EPS ⓘ | NA | -27.2% | NA | NA | ||||
| BVPSⓘ | NA | 70.3% | 64.6% | 63% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -187.1 | 3.4 | 72.3 | -12.2 | -51.8 | -16.4 | -0.3 | 0.8 | 0.4 |
| Op. Profit Mgn % ⓘ | -2 | 4.3 | 12.2 | 0.7 | -42.1 | -13.5 | 19.2 | 20.3 | 20.4 |
| Net Profit Mgn % ⓘ | -7.2 | 0.2 | 14 | -6.8 | -61.3 | -38.5 | -0.8 | 2.6 | 1.4 |
| Debt to Equity ⓘ | 2.7 | 2.1 | 0.6 | 0.5 | 1.2 | 0.2 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 139 | 217 | 251 | 475 | 447 | 212 | 192 | 150 |
| Cash Conv. Cycle ⓘ | 0 | 27 | 96 | 134 | 167 | 76 | 11 | 2 | 104 |
Valuation of Capillary Tech. Ind - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Sales | 171 | 223 | 255 | 525 | 598 | 735 |
| Operating Expenses > ⓘ + | 184 | 274 | 325 | 537 | 533 | 642 |
| Operating Profit > ⓘ | -13 | -51 | -69 | -12 | 65 | 93 |
| Operating Profit Margin (%) | -7.4% | -22.9% | -27.1% | -2.3% | 10.9% | 12.6% |
| Other Income > ⓘ + | 10 | 1 | 11 | 10 | 14 | 14 |
| Interest > ⓘ | 2 | 9 | 11 | 18 | 8 | 5 |
| Depreciation > ⓘ | 18 | 29 | 37 | 56 | 60 | 75 |
| Profit Before Tax > ⓘ | -23 | -103 | -95 | -75 | 11 | 51 |
| Tax > ⓘ | 0 | -2 | -6 | -7 | -3 | -1 |
| Profit After Tax | -23 | -101 | -89 | -68 | 14 | 52 |
| PAT Margin (%) | -13.4% | -45.2% | -34.7% | -13.0% | 2.4% | 7.1% |
| Adjusted EPS (₹) | -4.8 | -20.2 | -16.6 | -8.1 | 1.8 | 6.6 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 13 | 90 | 98 | 472 | 531 | 978 | |||||
| Debt + | 20 | 55 | 147 | 77 | 100 | 45 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Trade Payables | 33 | 66 | 59 | 73 | 51 | 74 | |||||
| Others Liabilities ⓘ | 75 | 136 | 162 | 249 | 156 | 201 | |||||
| Total Liabilities ⓘ | 140 | 347 | 466 | 870 | 838 | 1,299 | |||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 27 | 215 | 224 | 301 | 301 | 460 | |||||
| CWIP ⓘ | 0 | 0 | 5 | 3 | 0 | 0 | |||||
| Investments ⓘ | 0 | 0 | 0 | 70 | 0 | 136 | |||||
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Trade Receivables | 55 | 57 | 80 | 146 | 161 | 181 | |||||
| Cash Equivalents | 39 | 29 | 46 | 181 | 214 | 359 | |||||
| Others Assets ⓘ | 19 | 45 | 111 | 170 | 162 | 162 | |||||
| Total Assets ⓘ | 140 | 347 | 466 | 870 | 838 | 1,299 | |||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 1 | 7 | -20 | 97 | -46 | 150 |
| Cash Flow From Investing Activity ⓘ + | -14 | -114 | -94 | -185 | 64 | -614 |
| Cash Flow From Financing Activity ⓘ + | 28 | 96 | 137 | 218 | 4 | 271 |
| Net Cash Flow ⓘ | 15 | -10 | 23 | 130 | 21 | -194 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -181.1 | -196.13 | -94.24 | -24.01 | 2.82 | 6.94 | ||||
| ROCE (%) | -62.32 | -82.94 | -31.62 | -12.11 | 2.88 | 6.52 | ||||
| Asset Turnover Ratio | 1.22 | 0.91 | 0.63 | 0.79 | 0.7 | 0.69 | ||||
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | -3.29 | 2.88 | ||||
| Working Capital Days | ||||||||||
| Receivable Days | 117.10 | 91.40 | 97.90 | 78.50 | 93.60 | 85 | ||||
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | ||||
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Capillary Technologies India Ltd FAQs
The current trading price of Capillary Tech. Ind on 11-Sep-2026 16:01 is ₹462.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Capillary Tech. Ind stood at ₹3,653.1 Cr
The latest P/E ratio of Capillary Tech. Ind as of 10-Sep-2026 is 1,264.1.
The latest P/B ratio of Capillary Tech. Ind as of 10-Sep-2026 is 4.65.
The 52-week high of Capillary Tech. Ind is ₹799.0 and the 52-week low is ₹437.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Capillary Tech. Ind is ₹212 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Capillary Technologies India Ltd is a below average quality company.
The key valuation ratios of Capillary Technologies India Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Capillary Technologies India Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Capillary Technologies India Ltd
Capillary Technologies India Limited was incorporated as Kharagpur Technologies Private Limited, a private limited company on March 15, 2012. The name of the company was subsequently changed to Capillary Technologies India Private Limited pursuant to a resolution passed by the Board on May 4, 2012 and a special resolution passed by the Shareholders at the EGM held on June 15, 2012. Upon the conversion of the company to a public limited company, pursuant to a resolution passed by the Board on October 14, 2021 and a special resolution passed by the Shareholders on November 9, 2021, the name of the company was changed to Capillary Technologies India Limited.
The company is a software product company offering artificial intelligence (AI)-based cloud-native Software-as-a-Service (SaaS) products and solutions primarily to Enterprise Customers globally to develop loyalty of their consumers and channel partners. Under the company’s operating model, enterprise customers are organizations that license and manage its loyalty management platforms (e.g., Loyalty+, Engage+, Insights+, Rewards+ and CDP), whereas, consumers are the end users who engage with these platforms through the offerings of the company’s Enterprise Customers, typically by participating in loyalty programs, receiving rewards, and experiencing personalized engagement facilitated by its solutions.
Its SaaS products enable the customers to build engaged relationship with their consumers, help them reward their consumers and offer them analysis and insights using its CDP. Leveraging its numerous application programming interfaces (APIs), the company’s products integrate with its customers’ existing technology stack including their enterprise resource planning (ERP) systems, point of sale (POS) systems, e-commerce, social media platforms and multiple such consumer and transaction touch points in addition to seamlessly integrating with other third-party data, marketing, and analytics platforms to provide extensibility of features for its customers.
Business area of the company
The company along with its subsidiaries is primarily engaged in the business of providing cloud based intelligent customer engagement software solutions.
Products and services of the company
- Loyalty+: Loyalty Program Management Platform
- Insights+: Retail Analytics Platform
- Engage+: Omni-channel Marketing Automation Platform
- Rewards+: Rewards Management and Engagement Platform
- Customer Data Platform
- Loyalty Consulting and Design Services: Post acquisition of B+P, it also offers loyalty consulting and design services aimed at enhancing customer engagement.
Awards, accreditations and recognition
- 2015: Awarded the ‘Mobile Marketing Agency of the Year’ at the Agency of the Year Awards 2015 by Advertising +Marketing.
- 2017: Awarded the ‘Best Use of Direct Marketing’ and ‘Best Use of Consumer Insights/ Data Analytics’ awards at the Loyalty & Engagement Awards, 2017 by Marketing Interactive.
- 2017: Awarded the ‘Excellence in data-driven marketing’ at Marketing Excellence Awards, 2017 by Advertising + Marketing Magazine.
- 2018: Awarded the ‘Excellence in data-driven marketing’ at Marketing Excellence Awards, 2018 by Marketing Magazine.
- 2019: Awarded the ‘APN Innovation Partner of the Year - APAC & India’ by AWS Partner Network.
- 2019: Awarded the ‘Intelligent Retail Technology Innovation Award, India 2019’ at 2019 India Best Practices Awards Banquet by Frost & Sullivan.
- 2021: Awarded the ‘Best Retail Technology Solution of the Year’ at 6th Future of Work ISV Summit & Awards 2021 by Techplus Media.
- 2022: Awarded the ‘Best CRM Strategy’ award for services rendered to its client, Domino’s Pizza Indonesia at the Loyalty & Engagement Awards, 2022 by Marketing Interactive.
- 2022: Awarded the ‘Best Use of Customer Insights and Data Analytics’ award for services rendered to its client, Domino’s Pizza Indonesia at the International Loyalty Awards, 2022 by Marketing Interactive.
- 2024: Awarded the ‘Best Regional Loyalty Campaign’ award at the Loyalty & Engagement Awards, 2024 by Marketing Interactive.
- 2024: Awarded the ‘Best Loyalty Strategy - Lifestyle’ award at the Loyalty & Engagement Awards, 2024 by Marketing Interactive.
- 2024: Awarded the ‘Best User Experience’ award at the Loyalty & Engagement Awards, 2024 by Marketing Interactive.
- 2024: Awarded the ‘Best Loyalty Strategy - Fashion & Beauty’ award for services rendered to its client, Jaspal Group, at the Loyalty & Engagement Awards, 2024 by Marketing Interactive.
- 2024: Awarded the ‘Best Membership Programme’ award for services rendered to its client, Jaspal Group, at the Loyalty & Engagement Awards, 2024 by Marketing Interactive.
- 2024: Awarded the ‘SaaS Startup of the year’ awarded at SaaSBoomi annual.
- 2025: Awarded the ‘Loyalty Program and Rewards in Retail’ award for services rendered to its client, Himalaya Wellness Company at the Economic Times Great India Retail Awards, 2025.
- 2025: Awarded the ‘Highly Commended Best Loyalty Initiative within Leisure, Experience & Entertainment’ award at the International Loyalty Awards, 2025.
- 2025: Awarded the ‘Best B2B Loyalty Program’ award at the International Loyalty Awards, 2025.
- 2025: Awarded the ‘Best in Class - (Agency Partner) Customer Loyalty Technology’ by Loyalty360 Awards at Loyalty Expo 2025.
- 2025: Awarded the ‘Platinum - 360 Degree Supplier’ at the 12th Annual Loyalty360 Awards.
- 2025: Awarded the ‘Loyalty Programme of the Year - India’ along with Polycab India Limited at Retail Asia Awards 2025.
- 2025: Awarded the ‘Electronics and Appliances Retailer of the Year - Indonesia’ along with PT Erajaya Swasambada at Retail Asia Awards 2025.
History and milestones
- 2013: The operations (then undertaken by the Promoter, CTIPL), expanded to Dubai through Capillary Dubai, which became company’s subsidiary in 2021.
- 2015: The operations (then undertaken by the Promoter, CTIPL) expanded to China through Capillary Shanghai, which became company’s subsidiary in 2021.
- 2015: Swanland Investment Ltd., an affiliate of Warburg Pincus, invested in the Promoter, CTIPL.
- 2015: The Promoter, CTIPL, acquired Reasoning Global Eapplications Private Limited.
- 2017: The Promoter, CTIPL, made an investment in SellerWorx Online Services Private Limited, an ecommerce services and technology company which was integrated with company’s business.
- 2017: The operations (then undertaken by the Promoter, CTIPL), expanded to Malaysia through Capillary Malaysia, which became The Subsidiary in 2021.
- 2018: The operations (then undertaken by the Promoter, CTIPL), expanded to Indonesia through Capillary Indonesia, which became company’s subsidiary in 2021.
- 2021: The company acquired its Material Subsidiary, CPL.
- 2021: The company through its Material Subsidiary, CPL, acquired Persuade Holdings, Inc. and Persuade Loyalty, LLC, and entered the US market.
- 2021: Capillary Malaysia became the subsidiary of company’s Material Subsidiary, CPL.
- 2021: Capillary Dubai became the subsidiary of company’s Material Subsidiary, CPL.
- 2021: Capillary Indonesia became the subsidiary of company’s Material Subsidiary, CPL.
- 2021: Capillary Shanghai became the subsidiary of company’s Material Subsidiary, CPL.
- 2023: The company through its Material Subsidiary, CPL, acquired Brierley Europe Limited.
- 2023: The company through its Material Subsidiary, CTL, acquired Brierley & Partners, Inc.
- 2023: The company through its Material Subsidiary CTL, acquired Capillary USA.
- 2023: The company through its Material Subsidiary, CPL, acquired certain assets from Tenerity LLC.
- 2025: The company through its Material Subsidiary, CTL, acquired Kognitiv Solutions Inc.
- 2025: The company through its Material Subsidiary, CTL, acquired certain assets of Kognitiv US LLC.
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