Avio Smart Market Stack Limited (ASMS)
₹5.27 -4.87% last close, 23 Oct
📈 Share price & events
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Avio Smart's revenue was ₹12.0 Cr (+35.5% year on year, -65.2% on the previous quarter), and net profit ₹0.9 Cr (+105.4% year on year); the operating margin was 5.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹12.0 | +35.5% | -65.2% |
| Operating profit | ₹0.7 | from loss | -69.4% |
| Net profit | ₹0.9 | +105.4% | -55.6% |
| EPS (₹) | 0.03 | +200.0% | -57.1% |
| Operating margin | 5.9% | — | — |
ASMS delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 77.76% of the ASMS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.02%. That is close to its usual level. Turnover was only ₹15 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 60.7% · 62.7% · 71.5% · 71.9% · 77.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Avio Smart Market Stack Limited's Board has approved raising up to ₹49 crore via a Rights Issue, representing roughly 30% of its current market capitalization of ₹164 crore. Out of the net proceeds, ₹14 crore will be invested in Ampivo Smart Technologies Private Limited to increase ASMS's stake from 4.67% to 12.70%. The funds allocated to Ampivo will support customer acquisition (₹12 crore) and tech hiring (₹2 crore) for its Agri Kisan Setu platform, with ASMS entitled to 70% of revenues from customers it onboards. Concurrently, ASMS withdrew its prior preferential allotment application for 11.13 crore shares due to non-compliance with SEBI ICDR Regulation 159(1).
- Board approved Rights Issue to raise an aggregate amount not exceeding ₹49,00,00,000
- Allocating ₹14,00,00,638 to subscribe to 14,016 shares of Ampivo Smart Technologies at ₹9,988.63 per share
- Ampivo stake to rise from 4.67% (7,122 shares) to 12.70% post-issue
- ASMS to receive 70% of revenues generated from customers onboarded or facilitated by it on Ampivo's platform
- Withdrew application for preferential issue of 11,13,02,372 shares due to non-compliance with Regulation 159(1) of SEBI ICDR
Avio Smart Market Stack Limited (formerly Bartronics India Limited) announced that shareholders have approved all resolutions at its 34th AGM held on September 30, 2026. Key approved items include capital raising via Qualified Institutions Placement (QIP) for up to ₹150 crore, which represents approximately 83% of its current market cap of ₹181 crore. Shareholders also approved a preferential issue of equity shares for consideration other than cash to acquired entity Ampivo Smart Technologies Private Limited. Additionally, the re-appointment of Managing Director Mr. N. Vidhya Sagar Reddy was passed with over 99.99% voting approval.
- Shareholders approved QIP fundraise of up to ₹150,00,00,000 (₹150 crore) with 99.99% votes in favor
- Preferential issue of equity shares for consideration other than cash approved for Ampivo Smart Technologies Private Limited shareholders
- Approval secured for re-appointment of Managing Director Mr. N. Vidhya Sagar Reddy
- Statutory auditor appointment of Ms. SVRL AND Co. approved with 99.99% voting majority
- 34th AGM conducted via Video Conferencing with remote e-voting concluding on September 29, 2026
Avio Smart Market Stack Limited (formerly Bartronics India Limited) concluded its 34th Annual General Meeting on September 30, 2026. Key special resolutions tabled included raising up to Rs 150 crore via a Qualified Institutions Placement (QIP) and issuing 11,13,02,372 equity shares on a preferential basis via a share swap with Ampivo Smart Technologies. For a company with a current market cap of Rs 184 crore and TTM revenue of Rs 104 crore, the proposed Rs 150 crore QIP represents a massive ~81.5% of its market capitalization. Additionally, re-appointment of Managing Director N. Vidhya Sagar Reddy for a 3-year term from August 2026 to August 2029 was put to vote, with final scrutinizer results to follow within two working days.
- Proposed capital raise through Qualified Institutions Placement (QIP) of up to Rs. 150,00,00,000
- Preferential issue of 11,13,02,372 equity shares for consideration other than cash via share swap with Ampivo Smart Technologies
- Re-appointment of Managing Director N. Vidhya Sagar Reddy for 3 years from 12th August 2026 to 11th August 2029
- Appointment of M/s. SVRL & Co., Chartered Accountants, as Statutory Auditors for a 5-year term from FY 2026-27 to FY 2030-31
- A total of 59 members attended the AGM conducted via video conferencing
Avio Smart Market Stack Limited (ASMS) has announced an expanded partnership with Huwel Lifesciences to establish a nationwide commercialisation platform for 'Cubo', an ultra-compact RT-PCR system. The collaboration targets private hospitals, diagnostic chains, independent laboratories, and research institutions in Tier-II and Tier-III cities. Financial terms, capex commitment, and revenue targets were not disclosed in the filing. This initiative expands ASMS beyond its rural fintech base (TTM revenue of Rs 104 Cr) into diagnostics and healthcare distribution.
- Partnership signed on September 30, 2026, to distribute Huwel's Cubo RT-PCR system nationwide
- Commercialisation targets private healthcare providers including Tier-II and Tier-III diagnostic facilities
- Revenue sharing terms, capital commitments, and expected sales volumes were not disclosed
- Focuses on recurring revenue from instrument deployment alongside compatible molecular assays and consumables
Avio Smart Market Stack Limited (ASMS) issued a corrigendum to its AGM notice following observations from NSE and BSE regarding its proposed preferential issue. The issue price has been revised slightly from ₹7.80 to ₹7.73 per share based on NSE volume data, increasing total equity shares to be allotted to 11,13,02,372 from 11,02,42,980. The preferential allotment of ₹85.99 crore is for acquiring a 43.44% stake in Ampivo Smart Technologies. Post-allotment, equity dilution will be significant, lowering promoter holding from 65.82% to 48.21%.
- Preferential allotment issue price revised from ₹7.80 to ₹7.73 per share following NSE trading data application
- Total shares to be issued increased to 11,13,02,372 shares, representing an aggregate value of ₹85,98,99,866
- Transaction is for non-cash consideration to acquire a 43.44% equity stake (66,212 shares) in Ampivo Smart Technologies
- Promoter shareholding will dilute from 65.82% pre-issue to 48.21% post-issue
- The 34th AGM is scheduled for September 30, 2026, to seek shareholder approval
Avio Smart Market Stack Limited (ASMS) announced a collaboration with Ampivo Smart Technologies to roll out Ampivo's digital agriculture app, 'Agri Kisan Setu', across ASMS' rural network. The app is live on the Google Play Store in 7 languages and covers market prices, input linkages, drone services, and planned carbon credits. No commercial terms, order value, or revenue-sharing specifics were disclosed in the filing. This follows ASMS' previously disclosed plan to acquire a stake in Ampivo for Rs 5.00 Cr (~2.6% of ASMS market cap).
- Rollout of Ampivo's Agri Kisan Setu app across identified villages within ASMS network
- Application is currently available on the Google Play Store in 7 languages
- Collaboration follows an earlier MoU, with plans to explore digital advisory and carbon credit programs
- No commercial values or revenue-sharing metrics disclosed in the announcement
Avio Smart Market Stack Limited (formerly Bartronics India Limited) clarified a discrepancy flagged by NSE regarding its Q1 FY27 (quarter ended June 30, 2026) XBRL filing. The company explained that Finance Costs of ₹27.42 Lakhs were inadvertently reported as Nil due to a taxonomy mapping error. This error had overstated Profit Before Tax (PBT) in XBRL at ₹150.17 Lakhs versus the actual approved figure of ₹122.75 Lakhs. ASMS confirmed that the original board-approved financial results (Annexure A dated August 12, 2026) remain unchanged, and a corrected XBRL filing is being submitted.
- Clarified omission of ₹27.42 Lakhs in Finance Costs in the XBRL utility filing for Q1 FY27.
- XBRL PBT was overstated at ₹150.17 Lakhs compared to the correct figure of ₹122.75 Lakhs.
- Actual board-approved results submitted on August 12, 2026, remain intact and unchanged.
- Company is re-submitting the rectified XBRL filing to the stock exchange.
Avio Smart Market Stack Limited has scheduled its 34th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 12:00 noon via Video Conference. The company has fixed Wednesday, September 23, 2026, as the cut-off date to determine shareholder eligibility for e-voting. Additionally, the Register of Members and Share Transfer Books will be closed from September 24, 2026, to September 30, 2026.
- 34th AGM scheduled for September 30, 2026, at 12:00 noon IST through VC/OAVM
- Cut-off date for e-voting eligibility set for September 23, 2026
- Book closure period scheduled from September 24, 2026, to September 30, 2026 (both days inclusive)
Avio Smart Market Stack Limited has issued the notice for its 34th Annual General Meeting scheduled for September 30, 2026. A major special resolution includes seeking shareholder approval for capital raising via Qualified Institutions Placement (QIP) up to ₹150 crore. This proposed fundraise is significant, representing ~69.4% of the company's current market capitalization of ₹216 crore and ~144% of TTM revenue of ₹104 crore. Other agenda items include the appointment of M/s. SVRL & Co. as statutory auditors for a 5-year tenure and adoption of FY26 financial statements.
- AGM scheduled for Wednesday, September 30, 2026, at 12:00 noon via Video Conferencing.
- Special resolution proposed to raise capital up to INR 150,00,00,000 (₹150 crore) via QIP.
- Proposed fundraise size equates to ~69.4% of current market capitalization (₹216 crore).
- Proposed appointment of M/s SVRL & Co., Chartered Accountants, as Statutory Auditors for a 5-year term.
Avio Smart Market Stack's board has approved a fundraise of up to ₹150 Crore via Qualified Institutions Placement (QIP), representing ~69.4% of its current ₹216 Crore market cap. Additionally, the board approved acquiring an additional 43.44% stake in Ampivo Smart Technologies for ₹85.99 Crore through a non-cash share swap, issuing 11.02 Crore equity shares at ₹7.80 per share. Post-acquisition, the company's stake in Ampivo will increase from 4.67% to 48.11%. Ampivo reported a turnover of ₹34.23 Crore in FY26 compared to ASMS's TTM revenue of ₹104 Crore.
- Board approved ₹150.00 Cr fundraise via Qualified Institutions Placement (QIP)
- Acquisition of 43.44% stake in Ampivo Smart Technologies for ₹85.99 Cr via share swap
- Issuance of up to 11,02,42,980 equity shares at ₹7.80 per share (including ₹6.80 premium) for Ampivo swap
- Post-transaction stake in Ampivo to reach 48.11% (up from 4.67%)
- Ampivo FY26 turnover stood at ₹34.23 Cr (FY25: ₹33.19 Cr)
Avio Smart Market Stack Limited (ASMS), through its wholly-owned subsidiary BIL Healthtech, has incorporated 'AVIO Healthcare Corporation' in the Philippines. ASMS holds a 69.99% stake in the new entity with a subscription commitment of PHP 2,274,700 (approximately ₹34 lakhs). This move aligns with the company's strategic pivot toward Healthtech and international market expansion. While the initial investment is small relative to the TTM revenue of ₹104 Cr, it marks a concrete step in the company's diversification strategy.
- Incorporation of AVIO Healthcare Corporation in the Philippines with 69.99% ownership by BIL Healthtech.
- Subscription commitment of PHP 2,274,700 for 22,747 equity shares at PHP 100 each.
- Authorized capital of the new subsidiary stands at PHP 13,000,000 (130,000 shares).
- Business scope includes wholesale distribution of medical equipment, devices, and pharmaceutical products in the Philippines.
- The new entity is a 99.993% foreign-owned stock corporation under Philippine law.
ASMS (formerly Bartronics) reported Q1 FY27 standalone revenue of ₹11.97 cr, a 35.5% increase YoY from ₹8.83 cr, but a sharp 65% decline from the ₹34.39 cr reported in Q4 FY26. Net profit for the quarter stood at ₹1.51 cr, significantly aided by one-time items including a ₹50.01 lakh tax write-back and ₹78.26 lakh interest on income tax refunds. The board also approved the re-appointment of Managing Director N. Vidhya Sagar Reddy for a three-year term. Operationally, the company increased its stake in associate Shree Naganarasimha Private Limited to 40.96%.
- Revenue from operations stood at ₹11.97 cr, representing approximately 11.5% of TTM revenue.
- Net profit of ₹1.51 cr was supported by ₹1.28 cr in non-recurring tax-related gains (write-backs and interest).
- Increased equity stake in associate company Shree Naganarasimha Private Limited to 40.96% from 25.76%.
- Re-appointment of MD N. Vidhya Sagar Reddy for a 3-year term effective August 12, 2026.
- Auditors highlighted pending RBI approvals for writing off certain foreign currency assets and liabilities as part of the Resolution Plan.
Avio Smart Market Stack Limited (formerly Bartronics India Limited) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Private Limited, confirms that no dematerialization requests for equity shares were received during the period from April 1, 2026, to June 30, 2026. This is a standard procedural filing required for all listed companies in India to ensure share records are synchronized with depositories. The filing has no impact on the company's financial health or business operations.
- Confirmed zero (0) dematerialization requests received during the quarter.
- Reporting period covers the three months from April 1, 2026, to June 30, 2026.
- Compliance certificate issued by Registrar and Share Transfer Agent, Bigshare Services Private Limited, on July 30, 2026.
Avio Smart Market Stack Limited (ASMS) has signed a strategic MoU with ProClime Services to develop biochar-based soil solutions and carbon credit projects. The partnership will leverage ASMS's existing rural network of 5,000 villages to distribute biochar-integrated fertilizers. Research and lab analysis are proposed to be conducted at IIT Roorkee, focusing on sustainable feedstocks like bamboo and agricultural residues. This move aligns with the company's 'Project AVIO' strategy to pivot from rural fintech into a broader agri-tech ecosystem.
- Strategic MoU signed on July 29, 2026, to develop biochar-based soil enhancement solutions.
- Utilizes ASMS's established distribution network covering more than 5,000 villages.
- Proposed research and laboratory validation to be conducted at IIT Roorkee.
- Aims to generate verified carbon credits through sustainable farming practices.
- Targets a 40% expected growth rate by diversifying into the Agri-Tech 'Market Stack' model.
Avio Smart Market Stack Limited (ASMS) has revised its investment amount in Huwel Lifesciences Private Limited to ₹7.50 Cr, up from the ₹4.00 Cr previously disclosed on April 08, 2026. This investment secures a 2.06% equity stake in the molecular diagnostics firm, which reported a turnover of ₹15.74 Cr in FY25. The total cash consideration represents approximately 22% of ASMS's current net worth (₹34 Cr), marking a significant capital allocation for a minority position. The acquisition is intended to drive operational and financial synergies within the healthtech sector.
- Investment amount revised to ₹7.50 Cr from the earlier reported ₹4.00 Cr
- Acquisition of 9,665 equity shares at a price of ₹7,760 per share (including ₹7,750 premium)
- Secures a 2.06% stake in Huwel Lifesciences, a molecular diagnostics and medical device manufacturer
- Target entity turnover grew from ₹4.94 Cr in FY24 to ₹15.74 Cr in FY25
- Investment represents ~22% of ASMS's reported net worth of ₹34 Cr
Company profilewritten 13 Dec 2025
Financial Performance
Revenue Growth by Segment
The Rural Fintech and Financial Inclusion segment drove Q2 FY26 revenue to INR 12.40 Cr, representing a 40% growth YoY. H1 FY26 revenue remained stable at INR 21.23 Cr compared to the previous year, indicating a significant acceleration in the second quarter.
Geographic Revenue Split
Not disclosed in available documents, though operations are heavily concentrated in rural India through 5,000 touchpoints and a planned nationwide expansion of Smart Agri Stores.
Profitability Margins
Net Profit Ratio improved to 4.29% from 2.75% (a 56% increase), largely aided by the profit on the sale of Property, Plant, and Equipment (PPE). Return on Equity (ROE) increased from 5.33% to 6.37%.
EBITDA Margin
Return on Capital Employed (ROCE) saw a massive turnaround to 6.46% from -0.21% in the previous period, a 3248% improvement driven by asset disposal and movement in bank balances.
Capital Expenditure
The company executed a Rights Issue of INR 49.90 Cr in 2024. Additionally, it invested INR 5.00 Cr in Ampivo Smart Technologies Private Limited and incorporated BIL Healthtech Private Limited with an authorized capital of INR 0.10 Cr.
Credit Rating & Borrowing
The Board has proposed a borrowing limit of INR 250 Cr under Section 180 of the Companies Act, 2013, to fund its strategic transformation into the Agri-Tech and Rural Commerce sectors.
Operational Drivers
Raw Materials
Following the closure of its device manufacturing unit, the company's primary costs have shifted to technology infrastructure and service delivery; hardware-related raw materials like biometric sensors and RFID components now represent 0% of ongoing manufacturing costs as assets were disposed of.
Import Sources
Not disclosed in available documents following the pivot from manufacturing to a digital platform model.
Key Suppliers
Key operational partners include 7 major banks that provide the framework for the company's 5,000 Business Correspondent (BC) touchpoints.
Capacity Expansion
The company is expanding its outreach through Gram Panchayats and plans a nationwide rollout of 'Smart Agri Stores' under Project AVIO to build a physical-digital ecosystem for the rural economy.
Raw Material Costs
Not disclosed in available documents as the company has transitioned to a service-based fintech and agri-tech model.
Manufacturing Efficiency
The company has exited manufacturing, disposing of its old factory land and building at Raj Bollaram Village, Telangana, to focus on asset-light digital services.
Logistics & Distribution
Distribution is managed through a network of 5,000 touchpoints, with each Business Correspondent Agent (BCA) serving a Sub Service Area (SSA) of 2-3 villages.
Strategic Growth
Expected Growth Rate
40%
Growth Strategy
Growth will be achieved through the 'Project AVIO' Unified Rural Platform, renaming the company to ASMS to reflect a focus on 'Market Stacks,' and expanding into Agri-Tech. The strategy includes hiring a national brand ambassador and scaling the Smart Agri Store network nationwide.
Products & Services
Financial inclusion services (PMJDY, APY, PMSBY, PMJJBY accounts), Rural Fintech transactions, Biometric and RFID-based enterprise solutions, and Agri-Tech platform services.
Brand Portfolio
Avio, Project AVIO, ASMS (Avio Smart Market Stack), BIL Healthtech.
New Products/Services
Launch of Project AVIO (Agri-Tech platform) and BIL Healthtech services, with a proposed investment in cryptocurrency to diversify the treasury.
Market Expansion
Expansion of the banking partner network (currently 7 banks) and the opening of a branch office in Singapore to facilitate international growth.
Strategic Alliances
Partnerships with 7 major banks for financial inclusion and a strategic investment in Ampivo Smart Technologies Private Limited (acquired 7,122 shares at a premium of INR 7,010 per share).
External Factors
Industry Trends
The industry is shifting toward integrated rural ecosystems combining fintech, agritech, and healthtech. ASMS is positioning itself as an 'omni-format digital and physical ecosystem' to capture this convergence.
Competitive Landscape
The company faces competition from other fintech service providers and agritech startups entering the rural commerce space.
Competitive Moat
The moat is built on a deep rural distribution network of 5,000 touchpoints and established trust with 7 banking partners, which is difficult for new entrants to replicate quickly due to the multi-tier management required.
Macro Economic Sensitivity
Highly sensitive to the rural economy and government financial inclusion mandates; H1 FY26 saw stable revenue despite a 27% increase in net profit.
Consumer Behavior
Increasing adoption of digital and AI technologies in rural agriculture and healthcare is driving the demand for the company's new Project AVIO platform.
Geopolitical Risks
Risks associated with operating in frontier markets and potential regulatory changes in the Singapore and Indian jurisdictions.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, RBI guidelines for Business Correspondents, and Ministry of Corporate Affairs regulations for new subsidiary incorporations.
Legal Contingencies
The company is regularizing compliances related to non-functional foreign subsidiaries that were written off in Q1 FY24 following a change in management control post-NCLT resolution in March 2023.
Risk Analysis
Key Uncertainties
The Board's approval to invest in cryptocurrency introduces high volatility risk to the company's balance sheet; regulatory changes in rural fintech could impact 100% of the core revenue stream.
Geographic Concentration Risk
Heavy concentration in rural India, specifically within the service areas of its 5,000 BC agents.
Third Party Dependencies
High dependency on 7 banking partners for the continuity of the financial inclusion business model.
Technology Obsolescence Risk
The company is mitigating technology risk by pivoting from hardware manufacturing to an AI-driven digital platform (Project AVIO).
Credit & Counterparty Risk
Trade Receivables Turnover Ratio decreased by 23% to 27.64 times, suggesting a slight slowdown in collections from counterparties.
