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CTE - Cambridge Tech.

📊 NSE: CTE 🏢 Computers - Software - Medium / Small 📅 Last Updated: 12/13/2025 20:39

📢 Recent Corporate Announcements

CTE Appoints Raj Kumar Sehgal as CFO & Whole-Time Director; Dharani Raghurama Resigns

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 05 Feb 2026, 08:40 PM

Cambridge Technology Enterprises (CTE) has announced a leadership transition effective February 5, 2026. Mr. Dharani Swaroop Raghurama has resigned from his roles as Chief Financial Officer and Whole-Time Director, though he will remain on the board as a Non-Executive Director. The company has appointed Mr. Raj Kumar Sehgal as the new CFO and Whole-Time Director for a five-year term. Mr. Sehgal is a seasoned professional with over 25 years of experience in financial management and has previously led fundraising efforts exceeding ₹100 crore.

Mr. Dharani Swaroop Raghurama resigned as CFO and Whole-Time Director effective February 5, 2026.
Mr. Raj Kumar Sehgal appointed as the new CFO and Whole-Time Director for a 5-year term.
Incoming CFO Raj Kumar Sehgal has over 25 years of experience and previously led ₹100 crore in fundraising at Clensta.
Outgoing CFO will continue to serve the company as a Non-Executive and Non-Independent Director.
The transition is expected to be smooth as Mr. Sehgal has been on the company board since June 2025.

💡 Investors should monitor if the new CFO's extensive experience in M&A and fundraising leads to more aggressive expansion or capital restructuring in the coming quarters.

Cambridge Technology Appoints Raj Kumar Sehgal as CFO and Whole-Time Director

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 05 Feb 2026, 08:38 PM

Cambridge Technology Enterprises (CTE) has announced a leadership transition effective February 5, 2026. Mr. Dharani Swaroop Raghurama has resigned as Whole-Time Director and CFO, though he will remain on the board as a Non-Executive Director. The company has appointed Mr. Raj Kumar Sehgal, who has over 25 years of experience in finance and legal advisory, as the new CFO and Whole-Time Director for a five-year term. This transition appears orderly as Mr. Sehgal has been a board member since June 2025, ensuring continuity in operations.

Mr. Raj Kumar Sehgal appointed as CFO and Whole-Time Director for a 5-year term effective February 5, 2026.
Outgoing CFO Mr. Dharani Swaroop Raghurama transitions to a Non-Executive and Non-Independent Director role.
New appointee Mr. Sehgal brings 25+ years of experience in financial management, fund raising, and M&A.
Mr. Sehgal previously led fund raising of over ₹100 crore and helped scale a private firm to a ₹300 crore valuation.
The filing serves as a rectification to include the formal resignation letter of the outgoing official.

💡 Investors should monitor if the new CFO's extensive experience in fundraising and M&A leads to more aggressive growth or restructuring initiatives. No immediate action is required as this is a planned management transition.

Cambridge Technology Reconstitutes Board Committees and Dissolves Finance Committee

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 05 Feb 2026, 08:36 PM

Cambridge Technology Enterprises Limited (CTE) has announced a restructuring of its key board committees effective February 05, 2026. The Audit Committee is now chaired by Lalpet Sridhar, and the Stakeholders’ Relationship Committee is led by Jayalakshmi Kumari Kanukollu. A significant change includes the complete dissolution of the Finance Committee. These updates are part of the company's compliance with SEBI Listing Obligations and Disclosure Requirements.

Audit Committee reconstituted with Lalpet Sridhar as Chairperson and two other members.
Nomination and Remuneration Committee now comprises three Non-Executive Independent Directors.
Stakeholders’ Relationship Committee reconstituted under the chairmanship of Jayalakshmi Kumari Kanukollu.
The Board of Directors officially dissolved the Finance Committee effective February 05, 2026.

💡 This is a routine administrative update regarding corporate governance and committee structures. No immediate action is required as it does not impact the company's operational or financial performance.

Cambridge Technology Appoints Raj Kumar Sehgal as CFO and WTD for 5-Year Term

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 05 Feb 2026, 08:09 PM

Cambridge Technology Enterprises (CTE) has announced a leadership transition with Mr. Raj Kumar Sehgal taking over as the Chief Financial Officer and Whole-Time Director for a five-year term. He succeeds Mr. Dharani Swaroop Raghurama, who resigned from these roles but will remain on the board as a Non-Executive Director. Mr. Sehgal brings over 25 years of experience in financial management and corporate legal advisory, having previously helped scale a private firm to a ₹300 crore valuation. This transition appears planned as Mr. Sehgal has been on the company's board since June 2025, ensuring continuity.

Mr. Raj Kumar Sehgal appointed as CFO and Whole-Time Director for a 5-year term starting February 5, 2026.
Outgoing CFO Mr. Dharani Swaroop Raghurama transitions to a Non-Executive and Non-Independent Director role.
New appointee Mr. Sehgal has 25+ years of experience and previously led fund raising of over ₹100 crore at Clensta International.
Mr. Sehgal has been a Director on the CTE board since June 2025, facilitating a smooth management transition.

💡 Investors should monitor the company's financial reporting and strategic execution under the new CFO. The transition appears stable as the outgoing CFO remains on the board, suggesting a collaborative handover.

Cambridge Technology Q3 Results: Consolidated PAT at ₹1.12 Cr; CFO Resigns

🔵 WATCH ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 07:12 PM

Cambridge Technology Enterprises reported a consolidated net profit of ₹1.12 crore for Q3 FY26, showing a recovery from a loss of ₹0.11 crore in the previous quarter. However, consolidated revenue from operations saw a significant decline of 28% year-on-year, falling to ₹31.66 crore from ₹44.02 crore. The company also announced a major leadership change, with Mr. Raj Kumar Sehgal replacing Mr. Dharani Swaroop Raghurama as the Chief Financial Officer and Whole-Time Director. While the bottom line has improved, the sharp drop in top-line growth remains a concern for long-term valuation.

Consolidated Revenue from operations decreased to ₹31.66 crore in Q3 FY26 from ₹44.02 crore in Q3 FY25.
Consolidated Net Profit stood at ₹1.12 crore, up from ₹1.01 crore YoY and a loss of ₹0.11 crore QoQ.
Standalone operations turned profitable with a PAT of ₹1.08 crore compared to a loss of ₹0.85 crore in the same quarter last year.
Mr. Raj Kumar Sehgal appointed as Whole-Time Director and CFO for a 5-year term effective February 05, 2026.
The Board dissolved the Finance Committee and reconstituted the Audit and Stakeholders Relationship committees.

💡 Investors should exercise caution as the improvement in profitability is offset by a substantial decline in revenue. Monitor the impact of the new CFO's leadership on the company's growth trajectory and operational efficiency.

CTE Q3 Results: Consolidated PAT Turns Positive at ₹17.07 Lakhs; New CFO Appointed

🔵 WATCH ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 07:08 PM

Cambridge Technology Enterprises (CTE) reported a return to profitability in Q3 FY26, with a consolidated net profit of ₹17.07 lakhs compared to a loss of ₹27.31 lakhs in the same quarter last year. However, consolidated revenue from operations saw a decline of 14.8% YoY, falling to ₹4,068.78 lakhs. The company also announced a significant management change, with Mr. Raj Kumar Sehgal replacing Mr. Dharani Swaroop Raghurama as the Whole-Time Director and CFO. Additionally, the board has reconstituted several committees and dissolved the Finance Committee.

Consolidated Net Profit turned positive at ₹17.07 lakhs for Q3 FY26 vs a loss of ₹27.31 lakhs in Q3 FY25.
Consolidated Revenue from operations declined to ₹4,068.78 lakhs from ₹4,776.94 lakhs YoY.
Standalone PAT improved significantly to ₹108.53 lakhs compared to a loss of ₹85.44 lakhs in the previous year's quarter.
Mr. Raj Kumar Sehgal appointed as Whole-Time Director and CFO for a 5-year term effective February 05, 2026.
The Board dissolved the Finance Committee and reconstituted the Audit, NRC, and Stakeholders Relationship committees.

💡 Investors should monitor the company's ability to sustain profitability amidst declining revenue trends. The change in leadership at the CFO level and the board committee restructuring suggest a shift in internal governance that bears watching.

CTE Reports Nil Physical Share Transfer Requests for Aug-Dec 2025 Period

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 02 Feb 2026, 12:58 PM

Cambridge Technology Enterprises Limited (CTE) has submitted a report to the exchanges regarding physical share transfer requests re-lodged under a special SEBI window. The report covers a five-month period from August 1, 2025, to December 31, 2025. During this entire duration, the company received zero requests for transfer-cum-dematerialization. This filing is a routine regulatory disclosure following SEBI's circular regarding special windows for physical shares.

Report covers the five-month period from August 2025 to December 2025
Zero (NIL) requests were received for physical share transfers during the period
Zero (NIL) requests were processed, approved, or rejected by the Registrar and Transfer Agent
Compliance filing as per SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97

💡 This is a routine regulatory filing with no impact on the company's fundamentals. No action is required from investors.

CTE Submits SEBI Reg 74(5) Compliance Certificate for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 05:32 PM

Cambridge Technology Enterprises Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Aarthi Consultants Private Limited, confirms that all share certificates received for dematerialization between October 1 and December 31, 2025, were processed within the mandated 15-day period. This process includes the mutilation and cancellation of physical certificates and updating depository records. Such filings are standard administrative requirements for listed companies in India.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation that dematerialization requests were processed within 15 days of receipt.
Registrar and Share Transfer Agent (RTA) Aarthi Consultants Private Limited verified the compliance.
Physical certificates were mutilated, cancelled, and depository names were substituted in records.

💡 This is a routine regulatory filing confirming administrative compliance; no action is required from investors.

CTE Announces Trading Window Closure from Jan 1, 2026, for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Dec 2025, 07:55 PM

Cambridge Technology Enterprises Limited (CTE) has announced the closure of its trading window starting January 01, 2026. This mandatory regulatory step is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and their relatives until 48 hours after the results are made public. This is a standard procedure for listed companies to prevent insider trading during the finalization of price-sensitive financial data.

Trading window closure commences from the start of business hours on January 01, 2026.
The closure pertains to the Un-audited Financial Results for the quarter and nine months ended December 31, 2025.
Restriction applies to all designated persons, their immediate relatives, and connected persons as per the Company's Code of Conduct.
The window will reopen 48 hours after the board meeting where financial results are approved and declared.
The specific date for the Board Meeting to approve results will be announced separately in due course.

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals; investors should wait for the upcoming financial results to assess performance.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew from INR 32 Cr in FY15 to INR 100 Cr in FY17, representing a total growth of 212.5%. In USD terms, revenue increased from USD 5 Mn to USD 15 Mn (200% growth) driven by four growth engines launched in 2015.

Geographic Revenue Split

The company maintains a strong focus on the U.S. market, specifically working with innovative U.S. startups, while also managing overall operations in the Asia Pacific region through 9 global offices.

Profitability Margins

Net Profit (PAT) margin improved significantly from 9.3% in FY15 (INR 3 Cr) to 17% in FY17 (INR 17 Cr). Gross profitability is driven by a shift from traditional back-end IT services to high-value front-end innovation.

EBITDA Margin

EBITDA margin stood at 22% in FY17 (INR 22 Cr), up from 18.75% in FY15 (INR 6 Cr). EBITDA grew 3x in USD terms from USD 1 Mn to USD 3.2 Mn between 2015 and 2017.

Capital Expenditure

The company has made 12 strategic investments since 2015 to fuel its growth engines. Specific INR values for physical CAPEX are not disclosed, but the company expanded from 5 to 9 offices during the 2015-2017 period.

Credit Rating & Borrowing

Total borrowings were reported at 6056.61 (units not specified, likely INR Lakhs) as of September 30, 2025. Specific credit ratings and interest rate percentages are not disclosed in the available documents.

⚙️ Operational Drivers

Raw Materials

Human Capital/Talent (350 employees) represents the primary 'raw material' for this IT services business, accounting for the bulk of operational costs.

Import Sources

Not applicable as a service-based IT company; however, the company sources 'innovation insights' and talent through its proximity to the U.S. startup ecosystem.

Key Suppliers

Not applicable for IT services; the company's primary inputs are technology platforms and human expertise rather than physical raw materials.

Capacity Expansion

Employee capacity increased 133% from 150 in 2015 to 350 in 2017. Office infrastructure expanded from 5 locations to 9 locations globally to support the 3x revenue growth.

Raw Material Costs

Employee-related costs are the primary driver; the company utilizes ESOP schemes (re-granting 3,00,000 shares at INR 40.50) as a strategy to manage talent costs and retention.

Manufacturing Efficiency

Not applicable; service efficiency is measured by the 5x growth in PAT (INR 3 Cr to INR 17 Cr) outstripping the 3x growth in revenue, indicating high operational leverage.

Logistics & Distribution

Not applicable; services are delivered digitally and through global office hubs in India (Hyderabad, Bengaluru, Mumbai) and international locations.

📈 Strategic Growth

Expected Growth Rate

50%

Growth Strategy

The company aims to reach USD 50 Mn revenue by 2020 (Vision 2020) through three streams: Organic growth in four service offerings (USD 10 Mn avg), Inorganic growth in Big Data and Data Science, and liquidity from 12 equity investments in the CI ecosystem expected within 3-5 years.

Products & Services

IT services including 'Build & Manage' technology for enterprises, Data Science insights for CxOs, Cloud services, and innovation consulting for U.S. startups.

Brand Portfolio

Cambridge Technology Enterprises (CTE), CT, and the 'CI' investment ecosystem.

New Products/Services

Expansion into Big Data and Data Science through inorganic acquisitions is expected to contribute significantly to the USD 50 Mn Vision 2020 target.

Market Expansion

Expansion of Asia Pacific operations and increasing the number of global offices from 5 to 9 to support international enterprise clients.

Market Share & Ranking

Not disclosed; the company positions itself as a niche 'front-end innovation' player compared to traditional 'back-end' Indian IT firms.

Strategic Alliances

Partnerships with 'Innovative U.S. Startups' to identify cutting-edge technologies and the CI investment ecosystem involving 12 portfolio companies.

🌍 External Factors

Industry Trends

The industry is shifting from traditional back-end cost-saving IT to front-end innovation-driven value. CTE is positioned to capture this by focusing on Data Science and Cloud rather than just maintenance.

Competitive Landscape

Competes with traditional Indian IT giants (focused on cost) and niche digital transformation consultancies (focused on innovation).

Competitive Moat

The moat is built on a unique ecosystem of 12 startup investments that provide early access to disruptive technologies, which is sustainable as long as the company maintains its 3-5 year liquidity cycle for reinvestment.

Macro Economic Sensitivity

Highly sensitive to U.S. and Indian economic performance; growth is tied to enterprise IT spending and startup funding environments.

Consumer Behavior

Enterprise CxOs are increasingly demanding data-driven decision-making tools, directly benefiting CTE's 'Insights from Data' service line.

Geopolitical Risks

Trade barriers or visa restriction changes between India and the U.S. could impact the delivery model for enterprise clients.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI Listing Obligations (LODR) 2015 and NSE/BSE circulars regarding director appointments and financial reporting.

Environmental Compliance

Not disclosed; as an IT company, ESG impact is typically focused on human capital and energy-efficient data centers.

Taxation Policy Impact

The company is subject to standard Indian corporate tax rates; current tax liabilities (net) were reported at 42.34 as of September 2025.

Legal Contingencies

The company has resolved to strike off its subsidiary, N2T1 AI Solutions Private Limited, which had nil turnover and net worth as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 3-5 year timeline required to generate liquidity from equity investments, which could impact cash flow if exits are delayed.