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10 Yrs X-Ray 
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Analyst Note 
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About
Workmates Core2Cloud Solution Ltd (544610)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544610 NSE: IT - Software | Small Cap | Workmates Core2Cloud Share Price
₹434.85 17.60 (4.22%)
As on 27-Oct'26 16:59
Workmates Core2Cloud Solution Ltd (544610)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544610 NSE: IT - Software | Small Cap | Workmates Core2Cloud Share Price
₹434.85 17.60 (4.22%)
As on 27-Oct'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹539 Cr.
Current Price
₹434.9
52-Week Low / High
₹264 / 514
TTM EPS
₹12.3
TTM Sales
₹144 Cr.
Book Value per Share
₹68.3
P/E Ratio
33.87
Lower than its 5-year historical median
Industry PE
22
Price to Book (P/B)
6.11
Higher than its 5-year historical median
Price to Sales (P/S)
3.75
Lower than its 5-year historical median
EV/EBITDA
20.81
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
28.59%
Outperforms industry median
Return on Capital Employed (ROCE)
36.64%
Outperforms industry median
Return on Assets (ROA)
19.26%
Operating Profit Margin
17.1%
Net Profit Margin
11.07%
Gross Profit Margin
15.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
96.67%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
20.37%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
13.8%
Asset Quality
Promoter Holding
72.03%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹75 Cr.
Equity
₹12.9 Cr.
Face Value
₹10
All Time Low / High
₹264.00 / 514.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Weak
Is Workmates Core2Cloud Solution Ltd a good quality company?
Workmates Core2Cloud Solution Ltd is a average quality company, based on a somewhat consistent 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 Workmates Core2Cloud Solution Ltd performance compare with that of its Peers?
Revenue growth of Workmates Core2Cloud Solution Ltd vs industry peers?
Workmates Core2Cloud Solution Ltd revenue CAGR is 103.36%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Workmates Core2Cloud Solution Ltd?
Promoters hold 72.03% of the Workmates Core2Cloud Solution Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Workmates Core2Cloud Solution 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.
Workmates Core2Cloud Solution Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|
| ROCE % ⓘ | 96.8% | 98.1% | 117.3% | 91.7% | - |
| Value Creation Index ⓘ | 5.9 | 6.0 | 7.4 | 5.6 | - |
Growth Parameters ⓘ |
|||||
| Sales ⓘ | 12.8 | 29 | 53.2 | 105 | 144 |
| Sales YoY Gr. | - | 126.2% | 83.9% | 96.7% | - |
| Adj EPS ⓘ | 1.3 | 2 | 5.4 | 14.1 | 12.7 |
| YoY Gr. | - | 54.8% | 176.4% | 160.9% | - |
| BVPS (₹) ⓘ | 1.8 | 3.7 | 9.1 | 23.2 | 68.7 |
| Adj Net Profit ⓘ | 1.3 | 2 | 5.4 | 14.1 | 16 |
| Cash Flow from Ops. ⓘ | 0 | 2.4 | 9.8 | 3.7 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 2.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 101.5% | 96.7% | ||||
| Adj EPS ⓘ | NA | NA | 123.5% | 160.9% | ||||
| BVPSⓘ | NA | NA | 136.1% | 154.4% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|
| Return on Equity % ⓘ | 71.6 | 71.4 | 84.1 | 87.2 | 27.6 |
| Op. Profit Mgn % ⓘ | 13.7 | 9.2 | 14 | 17.6 | NAN |
| Net Profit Mgn % ⓘ | 9.9 | 6.8 | 10.1 | 13.5 | 11.4 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0.4 | - |
| Working Cap Days ⓘ | 0 | 55 | 50 | 70 | 0 |
| Cash Conv. Cycle ⓘ | 0 | -257 | -351 | -448 | 0 |
Valuation of Workmates Core2Cloud - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Sales | 13 | 29 | 53 | 108 | 144 |
| Operating Expenses > ⓘ + | 11 | 26 | 46 | 89 | 122 |
| Operating Profit > ⓘ | 2 | 3 | 7 | 18 | 22 |
| Operating Profit Margin (%) | 13.6% | 8.7% | 13.9% | 17.0% | 15.3% |
| Other Income > ⓘ + | 0 | 0 | 0 | 1 | 1 |
| Interest > ⓘ | 0 | 0 | 0 | 0 | 1 |
| Depreciation > ⓘ | 0 | 0 | 0 | 0 | 1 |
| Profit Before Tax > ⓘ | 2 | 3 | 7 | 19 | 21 |
| Tax > ⓘ | 0 | 1 | 2 | 5 | 6 |
| Profit After Tax | 1 | 2 | 5 | 14 | 16 |
| PAT Margin (%) | 9.8% | 6.4% | 10.1% | 13.0% | 11.1% |
| Adjusted EPS (₹) | 1.3 | 1.9 | 5.3 | 14.0 | 12.3 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 16.20% |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 2 | 4 | 9 | 23 | 88 | ||||||
| Debt + | 0 | 0 | 0 | 9 | 0 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | ||||||
| Trade Payables | 2 | 6 | 12 | 24 | 16 | ||||||
| Others Liabilities ⓘ | 1 | 2 | 4 | 2 | 3 | ||||||
| Total Liabilities ⓘ | 5 | 11 | 24 | 58 | 108 | ||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 0 | 0 | 0 | 1 | 10 | ||||||
| CWIP ⓘ | 0 | 0 | 0 | 10 | 1 | ||||||
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | ||||||
| Inventories | 0 | 0 | 0 | 0 | 0 | ||||||
| Trade Receivables | 1 | 4 | 5 | 25 | 29 | ||||||
Cash Equivalents 
ⓘ
| 2 | 4 | 14 | 17 | 54 | ||||||
| Others Assets ⓘ | 1 | 3 | 5 | 5 | 14 | ||||||
| Total Assets ⓘ | 5 | 11 | 24 | 58 | 108 | ||||||
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 2 | 2 | 10 | 6 | -0 |
| Cash Flow From Investing Activity ⓘ + | -0 | -0 | -4 | -11 | -1 |
| Cash Flow From Financing Activity ⓘ + | 0 | 0 | 0 | 9 | 38 |
| Net Cash Flow ⓘ | 2 | 2 | 6 | 3 | 37 |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 71.47 | 69.3 | 85.1 | 87.26 | 28.59 | |||||
| ROCE (%) | 96.28 | 94.57 | 119.07 | 91.84 | 36.64 | |||||
| Asset Turnover Ratio | 2.7 | 3.66 | 2.99 | 2.62 | 1.74 | |||||
| PAT to CFO Conversion(x) | 2 | 1 | 2 | 0.43 | -0 | |||||
| Working Capital Days | ||||||||||
| Receivable Days | 42 | 35.50 | 32.60 | 50.80 | 68.10 | |||||
| Inventory Days | 0 | 0 | 0 | 0 | 0 | |||||
| Payable Days | 0 | 0 | 0 | 0 | 0 | |||||
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Annual reports
No annual reports available.
Concalls
No concalls available.
Workmates Core2Cloud Solution Ltd FAQs
The current trading price of Workmates Core2Cloud on 27-Oct-2026 16:59 is ₹434.9.
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 26-Oct-2026 the market cap of Workmates Core2Cloud stood at ₹539.0 Cr
The latest P/E ratio of Workmates Core2Cloud as of 26-Oct-2026 is 32.91.
The latest P/B ratio of Workmates Core2Cloud as of 26-Oct-2026 is 6.07.
The 52-week high of Workmates Core2Cloud is ₹514.0 and the 52-week low is ₹264.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Workmates Core2Cloud is ₹144 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Workmates Core2Cloud Solution Ltd is a average quality company.
The key valuation ratios of Workmates Core2Cloud Solution Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Workmates Core2Cloud Solution Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Workmates Core2Cloud Solution Ltd
Workmates Core2Cloud Solution was originally formed as a Private Limited company under the provisions of the Companies Act, 2013 vide certificate of incorporation dated November 14, 2018, issued by the Central Registration Centre, West Bengal. The company was converted from a Private Limited company to a Public Limited company pursuant to the board resolution dated December 12, 2024 and special resolution passed by the Shareholders at the EOGM dated December 16, 2024. Consequently, the name of the company was changed from ‘Workmates Core2Cloud Solution Private Limited’ to ‘Workmates Core2Cloud Solution Limited’ and a fresh certificate of incorporation consequent upon conversion to Public Company dated January 16, 2025 was issued by the Registrar of Companies, Central Processing Centre.
It is a cloud and digital transformation company, dedicated to helping enterprises modernize, secure, and scale their digital core. It delivers a full spectrum of cloud and cloud-centric services - spanning workload assessment, seamless migration, application modernization, and end-to-end managed services - in strategic collaboration with Amazon Web Services (AWS). Its solutions are designed not only to move businesses to the cloud but to enable them to unlock the full potential of digital transformation and Generative AI with agility, security and scale.
It's comprehensive range of services enables it to partner with customers throughout their entire cloud and digital transformation journey, now further strengthened by the growing adoption of AI and Generative AI technologies into cloud technology. Its engagement typically begins with a thorough assessment of the customer’s existing IT landscape to understand their business needs and readiness for the cloud. It then designs and executes a seamless migration and implementation plan that ensures minimal disruption and maximum value. Post-migration, it helps customers modernize their applications to fully leverage cloud-native capabilities, improving agility, scalability, and performance. Beyond the initial transformation, its managed services provide continuous monitoring, optimization, security, and compliance support ensuring customers derive ongoing value, efficiency, and innovation from their cloud environment. This end-to-end capability positions it not just as a service provider for one-time migrations, but as a long-term digital partner driving sustainable growth and transformation for its clients.
In addition to its core cloud services, it offers integration of cybersecurity solutions of third-party OEMs into cloud to ensure that its customers’ digital environments remain secure, compliant, and resilient. As businesses increasingly rely on cloud platforms, protecting sensitive data and ensuring secure operations has become critical. It integrates leading cybersecurity tools and best practices into every stage of the cloud journey covering threat detection, data protection, access control, and compliance so that customers can operate confidently in a secure digital environment.
Business area of the company
The company is primarily engaged in the business of Information Technology Development & Consultancy, Resale and Cloud Management and Content Creation. It delivers a full spectrum of cloud and cloud-centric services - spanning workload assessment, seamless migration, application modernization, and end-to-end managed services - in strategic collaboration with Amazon Web Services (AWS). In addition to its core cloud services, it offers integration of cybersecurity solutions of third-party OEMs into cloud to ensure that its customers’ digital environments remain secure, compliant, and resilient.
Services of the company
- Assessment & Migration Services
- Modernization Services
- Managed Services
- Cyber Security Services
- Gen AI & Analytics Services
- Database Services
Awards and recognitions
- 2020: Honourable mention in AWS Partner Network’s Regional 2020 Partners of the year
- 2022: Awarded the ‘SMB partner of the year’ by Amazon Web Services (AWS)
- 2023: Awarded the Migration Services Competency
- 2024: Visionary Award - Leading Digital Transformation Partner.
History and millstones
- 2018: Started the business as a Private Limited Company on November 14, 2018, in the name of ‘Workmates Core2Cloud Solution Private Limited’
- 2018: Registered with Amazon Web Services (AWS) as a Registered AWS Partner.
- 2019: Selected as Amazon Web Services (AWS) Select Consulting Partner
- 2019: Selected as Amazon Web Services (AWS) Advanced Consulting Partner
- 2020: Recognised as Amazon Web Services (AWS) Managed Category Partner
- 2021: Selected as Amazon Web Services (AWS) SAMbhav Partner
- 2021: Selected as Amazon Web Services (AWS) Web Architected Partner
- 2021: Selected as Amazon Web Services (AWS) Cloudfront Service delivery partner
- 2021: Selected as Amazon Web Services (AWS) WAF Service delivery partner
- 2021: Selected as Amazon Web Services (AWS) APN Immersion Days Partner by AWS
- 2021: Achieved AWS DevOps Competency
- 2021: Selected as Amazon Web Services (AWS) Cloud Formation Service Delivery partner
- 2022: Started Managed Security & Managed Database Service Line
- 2022: Achieved the completion of 500 projects
- 2022: Started App Development Practise
- 2022: Opening of new managed services operation office in Kolkata
- 2023: Completion of 4 years of Operations and organisation of first mega campus recruitment
- 2023: Sponsor at AWS Summit 2023
- 2025: Converted the company from a private to public limited company, ‘Workmates Core2Cloud Solution Limited.
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