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Pelatro Limited (PELATRO)

📊 NSE: PELATRO 🏢 Computers - Software - Medium / Small 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Pelatro's revenue was ₹39.1 Cr (-17.4% year on year, +43.6% on the previous quarter), and net profit ₹6.1 Cr (-11.0% year on year); the operating margin was 15.6%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹39.1	-17.4%	+43.6%
Operating profit	₹6.1	-37.1%	+56.0%
Net profit	₹6.1	-11.0%	—
EPS (₹)	5.77	-24.0%	+61.2%
Operating margin	15.6%	—	—

Full quarterly financials → Results calendar →

PELATRO delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 57.14% of the PELATRO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 82.37%. That is lower than usual for this stock. Turnover was only ₹8 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.

57.14%Delivery, 16 Oct

82.37%Own 20-session average

0.2×Volume vs its average

₹387.50NSE close · -0.76%

Delivery in the last 5 sessions: 100.0% · 69.2% · 83.3% · 75.0% · 57.1%

Delivery across the market →

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

Pelatro Revises Postal Ballot Corrigendum for 6.85 Lakh Share Preferential Issue

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 08 Oct 2026, 03:36 PM

Pelatro Limited issued a revised Annexure B to the Corrigendum of its Postal Ballot Notice to reflect post-preferential shareholdings on a fully diluted paid-up capital basis. The proposed issue involves the allotment of 6,85,000 equity shares upon conversion of offered warrants. Promoters Varun Menon and Kiran Menon are set to be allotted 1,20,000 and 80,000 shares respectively, bringing their combined holding to 38.62% on a fully diluted basis. The remaining 4,85,000 shares are designated for public allottees.

Total of 6,85,000 equity shares to be allotted upon full warrant conversion across 9 allottees
Promoters Varun Menon and Kiran Menon to receive 1,20,000 and 80,000 shares, moving their respective holdings to 19.31% each (post-dilution)
Public investors, including Kishan Gopal Mohta (1,65,000 shares) and Prabha Mohta (1,70,000 shares), to receive a combined 4,85,000 shares
Dilution calculations incorporate full conversion of outstanding warrants as well as existing ESOPs

💡 Track the upcoming Postal Ballot voting results to confirm approval of the preferential issue, and watch for disclosures detailing issue price and aggregate funds raised.

Pelatro Submits RTA Demat Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 05 Oct 2026, 07:53 PM

Pelatro Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Bigshare Services Private Limited confirms that securities received for dematerialization were processed, accepted or rejected, and verified within 15 days of receipt. Furthermore, security certificates were mutilated and cancelled, and member registers updated accordingly. This is a regular administrative compliance update with no operational or financial impact.

Compliance certificate submitted for the quarter and half-year ended September 30, 2026
Confirmation provided by Registrar and Share Transfer Agent Bigshare Services Private Limited
Securities dematerialized and registers updated within the statutory 15 days of receipt

💡 Track upcoming financial results and core operational milestones; no action required on routine demat compliance filings.

Pelatro Revises Preferential Warrant Issue to ₹27.40 Cr Following NSE Observations

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 30 Sep 2026, 06:48 PM

Pelatro Limited issued a corrigendum to its postal ballot notice following observations from the NSE regarding its proposed preferential issue of convertible warrants. The company reduced the total warrant count from 7,00,000 to 6,85,000 warrants at ₹400 each, lowering the total fundraise from ₹28.00 Cr to ₹27.40 Cr. The proposed capital raise equals ~21.6% of its TTM revenue (₹127 Cr) and ~30.4% of its net worth (₹90 Cr). Following conversion, total promoter group holding is slated to adjust from 52.62% to 49.45%.

Warrant count reduced from 7,00,000 to 6,85,000 warrants at an issue price of ₹400 per warrant
Total capital to be raised revised down to ₹27.40 Cr from ₹28.00 Cr
Promoters Kiran Menon and Varun Menon to be allotted 80,000 and 1,20,000 warrants respectively
Post-conversion, promoter group holding will decrease to 49.45% from 52.62%
Relevant date fixed as September 21, 2026, ahead of the special resolution vote concluding October 21, 2026

💡 Track the outcome of the postal ballot voting concluding on October 21, 2026, followed by receipt of in-principle NSE approval and initial 25% subscription inflows.

Pelatro Schedules Virtual Analyst Meet at Bharat Connect Conference on September 28, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Sep 2026, 02:00 PM

Pelatro Limited has scheduled a virtual interaction with analysts and institutional investors on Monday, September 28, 2026, at 4:00 PM IST. The meeting will occur at the Bharat Connect Conference: Rising Stars 2026, organized by Arihant Capital. The company confirmed discussions will rely solely on publicly available information without sharing any Unpublished Price Sensitive Information (UPSI).

Scheduled meeting date: September 28, 2026, at 4:00 PM IST
Event: Bharat Connect Conference: Rising Stars 2026 hosted by Arihant Capital
Mode: Virtual interaction with analysts and institutional investors
Company confirmed no Unpublished Price Sensitive Information (UPSI) will be discussed

💡 Track subsequent post-meet disclosures or investor presentations uploaded to the stock exchange for updates on business guidance and the Estel integration roadmap.

Pelatro proposes Rs 28 Cr preferential warrant issue at Rs 400 per warrant

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 21 Sep 2026, 05:11 PM

Pelatro Limited has issued a Postal Ballot notice seeking shareholder approval to raise up to Rs 28.00 crore through the issuance of 7,00,000 convertible share warrants at Rs 400 each on a preferential basis. The proposed fundraise represents approximately 22.0% of its TTM revenue of Rs 127 crore and 31.1% of its net worth of Rs 90 crore. Proceeds are earmarked primarily for working capital requirements (Rs 21.50 crore) and general corporate purposes (Rs 6.50 crore). Promoters Kiran Menon and Varun Menon will subscribe to 2,00,000 warrants (aggregating Rs 8 crore), with overall promoter holding expected to dilute slightly from 52.62% to 51.13% post full conversion.

Preferential issuance of 7,00,000 convertible share warrants at Rs 400 per warrant, aggregating up to Rs 28,00,00,000
Proceeds allocated: Rs 21.50 crore for working capital requirements and Rs 6.50 crore for general corporate purposes
Promoter subscription of 2,00,000 warrants (Rs 8.00 crore), with promoter shareholding shifting from 52.62% to 51.13% post-conversion
Remote e-voting runs from September 22, 2026 to October 21, 2026, with results announced on or before October 23, 2026
Warrants are exercisable within 18 months from the date of allotment

💡 Track the outcome of the postal ballot voting concluding on October 21, 2026, followed by the formal allotment date and receipt of warrant subscription money.

Pelatro Board Approves ₹28 Cr Convertible Warrant Issuance at ₹400/Share

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 17 Sep 2026, 08:29 PM

Pelatro Limited's Board has approved a postal ballot notice to seek shareholder approval for issuing 7,00,000 convertible share warrants at ₹400 per warrant, raising up to ₹28.00 crore. The warrants are convertible into equity shares (face value ₹10) within an 18-month window from the allotment date. The proposed ₹28 crore capital infusion is sizeable, representing approximately 22% of TTM revenue (₹127 crore) and 31% of the company's net worth (₹90 crore). E-voting for the postal ballot is scheduled to commence on September 22, 2026.

Preferential issuance of 7,00,000 share warrants convertible into 1 equity share each
Issue price set at ₹400 per warrant, aggregating to ₹28,00,00,000 (₹28 crore)
Exercise period of up to 18 months from the date of warrant allotment
Postal ballot notice circulation on September 21, 2026, with e-voting starting September 22, 2026

💡 Track the upcoming postal ballot notice on September 21, 2026, for specific details regarding the proposed allottees (promoter vs. non-promoter) and the stated end-use of proceeds.

Pelatro Approves ₹28 Cr Preferential Issue of 7 Lakh Warrants at ₹400/Share

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 17 Sep 2026, 06:41 PM

Pelatro Limited's Board has approved a preferential issue of 7,00,000 convertible share warrants at an issue price of ₹400 per warrant, raising up to ₹28.00 crore. The proposed fundraise equals approximately 22% of Pelatro's TTM revenue of ₹127 crore and 31% of its current net worth of ₹90 crore. Out of the 7 lakh warrants, promoters Varun Menon and Kiran Menon are subscribing to 2,00,000 warrants (₹8 crore), while public and institutional investors (including Invicto Incrementum Fund) are subscribing to the remaining 5,00,000 warrants. The warrants are convertible into equity shares within an 18-month exercise window, subject to shareholder approval.

Approved issuance of 7,00,000 convertible share warrants at ₹400 each, aggregating up to ₹28.00 crore
Promoters to infuse up to ₹8.00 crore for 2,00,000 warrants (Varun Menon: 1,20,000 warrants; Kiran Menon: 80,000 warrants)
Public investors and Invicto Incrementum Fund to subscribe to 5,00,000 warrants worth ₹20.00 crore
Warrants convertible into fully paid-up equity shares of ₹10 face value within 18 months from allotment date

💡 Track the upcoming shareholder vote for warrant approval and monitor details regarding the end-use of proceeds, particularly toward balance sheet deleveraging (debt currently ₹41 crore) or product integration.

Independent Director Sells 5,700 Equity Shares in Pelatro Limited

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 03:22 PM

Pelatro Limited has disclosed an insider transaction under Regulation 7(2)(b) of the SEBI PIT Regulations. Ms. Anuradha, an Independent Director of the company, has disposed of 5,700 equity shares in two tranches. Given the company's annual revenue of ₹127.08 Cr and 52.62% promoter holding, this disposal represents an immaterial fraction of the total equity base and does not impact operational control.

Independent Director Ms. Anuradha disposed of 5,700 equity shares of Pelatro Limited.
The transaction was executed across two tranches as per the regulatory filing.
Filing submitted pursuant to Regulation 7(2)(b) of SEBI (Prohibition of Insider Trading) Regulations, 2015 on September 08, 2026.

💡 Track subsequent shareholding pattern filings to observe any broader changes in non-promoter and insider holdings, alongside ongoing core operational performance.

Pelatro Discloses Promoter Group Inter-Se Share Transfer via Gift

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 01:25 PM

Pelatro Limited reported a shareholding disclosure under Regulation 7(2) of SEBI (PIT) Regulations, 2015 on September 08, 2026. The transaction involves an off-market inter-se transfer of equity shares by way of gift from a promoter group member to an immediate relative. As of March 2026, total promoter holding stood at 52.62%. Because this is an internal gift between immediate relatives, the net promoter group holding remains unchanged.

Disclosure filed under Regulation 7(2) of SEBI (PIT) Regulations on September 08, 2026
Transaction represents an off-market inter-se transfer of shares via gift
Transfer conducted between a promoter group member and an immediate relative
Total promoter holding was 52.62% as of March 2026

💡 Monitor upcoming quarterly shareholding patterns to confirm that aggregate promoter group equity ownership remains unchanged at around 52.6%.

Pelatro Promoter Transfers 0.47% Stake (50,000 Shares) via Off-Market Gift to Son

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 11:32 AM

Pelatro Limited informed the exchange of an off-market inter-se transfer of 50,000 equity shares (0.47% stake) within its promoter group on September 07, 2026. The transfer was executed by way of a gift without consideration from Suresh Yezhuvath to his son, Sarath S. Consequently, total aggregate promoter and promoter group shareholding remains completely unchanged at 52.62%. The transaction has zero financial or operational impact on the company.

50,000 equity shares transferred via off-market inter-se gift without consideration
Transferred equity represents 0.47% of the company's total shareholding
Transaction took place on September 07, 2026, between father and son
Aggregate promoter and promoter group holding remains entirely unchanged

💡 No action is required as this is an internal family gift. Investors should focus on core operational metrics including FY27 quarterly results and the integration of the Estel acquisition.

Pelatro Clarifies No Undisclosed Price Sensitive Information Behind Recent Stock Movement

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 12:58 PM

Pelatro Limited responded to an NSE surveillance query on August 26, 2026, regarding significant movement in its stock price. The company confirmed that it has made all required disclosures under Regulation 30 of SEBI LODR Regulations. It reiterated that no price-sensitive information is pending disclosure and the price movement is not driven by any specific internal corporate event.

Responded on August 26, 2026, to NSE surveillance letter reference NSE/CM/Surveillance/17406.
Confirmed full compliance with SEBI Regulation 30 and Insider Trading norms.
Clarified that no material price-sensitive information remains undisclosed.

💡 Treat recent price volatility as market-driven and monitor official quarterly results and operational milestones rather than speculative movements.

50.7% Revenue Growth in Q1 FY27; PAT up 52.5% to ₹5.43 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Aug 2026, 09:20 PM

Pelatro reported a strong start to FY27 with revenue growing 50.7% YoY to ₹40.22 Cr, driven by 25.1% growth in its core CVM division and the inclusion of the Estel division. PAT increased 52.5% to ₹5.43 Cr, reflecting operating leverage as PAT growth outpaced revenue growth. However, Unbilled Revenue (UBR) remains high at ₹20 Cr, representing nearly 50% of the quarter's revenue, partly due to regulatory payment delays in specific geographies. The company maintains a conservative growth guidance of 15% while focusing on AI integration to improve margins in FY28.

Revenue from operations grew 50.69% YoY to ₹40.22 Cr in Q1 FY27
PAT increased 52.51% YoY to ₹5.43 Cr, with EPS rising to ₹5.12 from ₹3.42
CVM Division revenue grew 25.1% YoY to ₹33.39 Cr with a 22.56% EBITDA margin
Unbilled Revenue (UBR) stands at ₹20 Cr, with ₹6 Cr delayed by 8-10 months due to government approvals in specific regions
ROCE improved to 22% from 20% in the previous fiscal year

💡 Monitor the conversion of Unbilled Revenue (₹20 Cr) into cash and the margin improvement in the Estel division, which currently lags the core business at 8.72% EBITDA margin.

Pelatro Limited releases audio recording of Q1 FY27 earnings call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Aug 2026, 07:03 PM

Pelatro Limited has made the audio recording of its earnings call for the quarter ended June 30, 2026, available to the public. The call, held on August 06, 2026, follows the company's recent financial performance where it reported a TTM revenue of ₹127 Cr and a PAT of ₹14 Cr. Investors can access the recording via the company's website to understand management's progress on the Estel acquisition integration and the targeted 25-30% growth rate. This filing is a procedural requirement under SEBI regulations.

Earnings call conducted on August 06, 2026, regarding Q1 FY27 financial results.
Company reported TTM revenue of ₹127 Cr with an operating profit margin of 17.0%.
Maintains a high repeat revenue rate of 79%, indicating strong customer stickiness.
Management is focusing on a 25-30% growth target through customer base expansion and Estel integration.

💡 Investors should review the recording for specific updates on the launch of new product versions scheduled for March 2026 and any changes in the 10-month sales cycle.

Pelatro Shareholders Approve ₹1 Dividend and FY26 Financials at 14th AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 05 Aug 2026, 10:03 AM

Pelatro Limited's shareholders have unanimously approved all resolutions at the 14th Annual General Meeting held on August 03, 2026. Key approvals include a final dividend of ₹1 per equity share for FY26 and the adoption of audited financial statements reporting a TTM revenue of ₹127 Cr. The re-appointment of Executive Director Subash Menon and the appointment of Ms. Anuradha as an Independent Director were also confirmed with 100% of the 62.91 lakh votes cast in favor. The company maintains a promoter holding of 52.62% as of March 2026.

Final dividend of ₹1 per equity share approved for the financial year ended March 31, 2026
100% of the 62,91,920 valid votes cast were in favor of all five resolutions presented
Total of 23 members participated in the voting process for the meeting held via video conference
Record date for shareholder eligibility was July 17, 2026, with 980 total shareholders on that date
Re-appointment of Mr. Subash Menon as Executive Director was approved unanimously

💡 Investors should monitor the dividend payout timeline and track the company's progress on the Estel acquisition integration, which is key to achieving the targeted 25-30% growth rate.

Pelatro Q1 FY27: Revenue up 51% to ₹40.22 Cr, PAT grows 53% YoY with 100% Revenue Visibility

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 04 Aug 2026, 11:43 AM

Pelatro Limited reported a strong start to FY27 with consolidated revenue growing 50.69% YoY to ₹40.22 Cr, which represents approximately 31.7% of its TTM revenue. Net profit (PAT) increased 52.51% YoY to ₹5.43 Cr, driven by the core CVM division's robust 22.56% EBITDA margin. The company has secured 100% of its FY27 revenue through contracts, providing high earnings predictability. However, the recently acquired Estel division currently operates at a lower EBITDA margin of 8.72%, which management expects to normalize over the next 12-15 months.

Consolidated revenue from operations increased 50.69% YoY to ₹40.22 Cr in Q1 FY27.
Net profit (PAT) grew 52.51% YoY to ₹5.43 Cr, with EPS rising to ₹5.12 from ₹3.42.
Management confirmed that 100% of the projected revenue for FY27 is already contracted.
The core CVM division maintained a strong EBITDA margin of 22.56% on revenue of ₹33.39 Cr.
The platform now serves 46 telecom networks across 35 countries, covering 1.5 billion subscribers.

💡 Investors should monitor the margin trajectory of the Estel division, as management expects it to reach CVM division levels within 12-15 months, and track the impact of AI-driven product launches on software development costs in FY28.

View All PELATRO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew by 58% YoY in H1 FY26. The business model is heavily driven by repeat revenue, which accounts for 79% of the total (comprising 57% recurring and 22% reoccurring revenue), while one-time licensed contracts contribute the remaining 21%.

Geographic Revenue Split

While a full regional percentage split is not provided, the Singapore-based subsidiary, Pelatro Pte. Ltd., reported a turnover of USD 4,697,351 for the period ending December 2024, indicating significant international contribution.

Profitability Margins

The company targets an annual EBITDA margin of approximately 24% and a PAT margin of 14%. H1 FY26 saw margins impacted by the Estel acquisition, but management expects these to improve as the acquired business scales to CVM division levels.

EBITDA Margin

EBITDA margin is projected at 24% for the full year (including other income), driven by increasing non-linearity in the business model where revenue growth outpaces cost additions.

Capital Expenditure

Not disclosed in absolute INR Cr; however, the company is investing in product development with planned launches of new versions for all acquired products by March 2026.

⚙️ Operational Drivers

Raw Materials

As a software company, primary inputs are human capital (technical staff) and software infrastructure rather than physical raw materials.

Capacity Expansion

The company does not use physical units like MT; instead, it measures capacity by delivery teams. Management stated they have adequate delivery capacity to execute the 100% contracted revenue for FY26 without immediate large-scale hiring.

Raw Material Costs

Not applicable; however, employee and implementation costs are the primary drivers, with implementation cycles lasting 5 to 8 months.

Manufacturing Efficiency

Not applicable; efficiency is measured by the 79% repeat revenue rate, indicating high customer retention and lower cost of sales for existing accounts.

📈 Strategic Growth

Expected Growth Rate

25-30%

Growth Strategy

Growth will be achieved primarily through customer base expansion and the integration of the Estel acquisition. The company plans to launch brand-new versions of all acquired products by March 2026 to enable cross-selling and up-selling of ETopUp and loyalty management tools to existing telecom clients.

Products & Services

Contextual Customer Engagement Hub, Campaign Management, Loyalty Management, and ETopUp solutions for telecom operators.

Brand Portfolio

Pelatro, Estel.

New Products/Services

New versions of acquired Estel products (ETopUp, etc.) are scheduled for launch by March 2026 to drive higher average revenue per customer.

Market Expansion

Focusing on increasing the number of telecom customers globally, which is identified as the 'bigger factor' for 25-30% growth compared to revenue per customer increases.

Strategic Alliances

Acquired Estel in July 2025 to expand the product portfolio into ETopUp and other telecom sectors.

🌍 External Factors

Industry Trends

The industry is shifting toward contextual engagement and loyalty management; Pelatro is positioning itself to capture this by evolving its product suite to meet the 25-30% growth in demand for customized telecom software.

Competitive Landscape

Operates in the specialized Telecom CVM (Customer Value Management) space, competing on product capability and implementation expertise.

Competitive Moat

The company possesses a strong moat through high switching costs, evidenced by a 79% repeat revenue rate and long-term contracts that provide 100% revenue visibility for the current fiscal year.

Macro Economic Sensitivity

High sensitivity to telecom industry CAPEX and OPEX cycles, as the sales cycle exceeds 10 months.

Consumer Behavior

Telecom operators are increasingly demanding integrated hubs for campaign and loyalty management to reduce churn.

⚖️ Regulatory & Governance

Industry Regulations

Compliant with the Companies Act 2013, FEMA (Foreign Exchange Management Act) for its overseas investments, and SEBI Listing Obligations.

Taxation Policy Impact

The company operates across jurisdictions including India and Singapore (Pelatro Pte. Ltd.); the projected PAT margin of 14% against a 24% EBITDA margin suggests a significant tax and depreciation bridge.

Legal Contingencies

The Secretarial Audit for FY 2024-25 reported compliance with statutory provisions with no major pending litigation or penalties disclosed.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the speed of margin recovery for the Estel division, which currently drags down consolidated margins until new product versions are launched.