Allied Digital Services Ltd.

ADSLNSEInformation TechnologyIT - SoftwareSmall Cap

₹123.83

▲ 2.09%

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Composite

Allied Digital Services (ADSL), incorporated on February 1995, is a leading IT infrastructure management and technical support services outsourcing company. The company provides technical support services to business-to-business, business-to-consumer, e-commerce and corporate internal environments.

www.allieddigital.netSector: Information TechnologyIndustry: IT - Software

Q-DITS fundamental score

42Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹700 Cr

TTM PE

24.3x

Industry PE

18.8x

TTM EPS

₹5.09

Book Value

₹108.48

Face Value

₹5

Div Yield

1.21%

PEG

0.39x

1.8x

ROE

5.5%

ROCE

10.7%

EBITDA mgn

12.4%

D/E

0.12

Int. Cover

7.2x

Curr. Ratio

3.02x

EPS

₹5.7

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	19.9%	13.6%	22%	15.1%
EBITDA	3.8%	-14%	4.7%	3.2%
Net Profit	7.4%	62.8%	9.2%	24.3%

Score snapshot

Piotroski

3/9

Altman Z

Quality

47.3

Growth

48.5

Valuation

Earn. Qual

PEAD

SURGE

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 10 years

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Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
›RevenueCr	237	215	225	240	330	358	485	660	687	807
›EBITDACr	47	43	48	46	53	49	96	94	85	100
›EBITDA margin	19.8%	19.8%	22.6%	17.8%	16.1%	13.6%	15%	14.2%	12.3%	12.4%
›Net profitCr	4	-0	10	12	19	19	61	54	46	32
›PAT margin	1.8%	-0.1%	4.4%	5.2%	5.8%	5.4%	12.6%	8.1%	6.7%	4%
›EPS₹	₹0.68	₹-0.15	₹2.17	₹2.45	₹3.83	₹3.34	₹9.32	₹1.26	₹8.29	₹5.7
›Revenue growth	1.4%	-9.2%	4.5%	6.6%	37.7%	8.5%	35.4%	36.2%	4.1%	17.5%
›PAT growth	1,443.9%	-107.2%	3,433.3%	23.7%	55.4%	0.1%	217.3%	-11.9%	-14.7%	-30%
›ROE	0.8%	-0.1%	2.3%	2.9%	4.3%	4.2%	12.3%	10.2%	8.4%	5.5%
›ROCE	3.7%	3.9%	4.8%	5%	6.1%	5.3%	13.9%	13.3%	11.1%	10.7%
›ROA	0.6%	-0%	1.4%	2%	3.1%	3%	9.1%	7.7%	6.2%	3.8%
›P/E	59.3x	0x	9.2x	5.6x	3.3x	13x	12.3x	60.4x	16.8x	33.1x
›P/B	0.5x	0.3x	0.2x	0.2x	0.1x	0.5x	1.2x	0.8x	1.4x	1.8x
›D/E	0.3	0.2	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1
›Current ratio	1.6x	1.3x	1.7x	2.2x	2.7x	2.7x	3.7x	4.1x	3.6x	3x
›Interest cover	1.3x	1.3x	4.5x	2.4x	4.4x	7.4x	29.1x	19.2x	13.1x	7.2x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	171	177	179	203	221	204	219	234	247	268
›Rev growth YoY	-1.8%	6.3%	6%	19.3%	28.9%	15.6%	22.3%	15.1%	12.2%	31%
›EBITDACr	21	24	19	19	25	-9	19	21	26	-10
›EBITDA margin	12.1%	13.8%	10.7%	9.5%	11.4%	-4.6%	8.6%	9.1%	10.6%	-3.8%
›Net profitCr	12	14	10	12	18	-7	14	15	14	-3
›PAT growth YoY	-39.4%	48.4%	21.3%	1.2%	51.5%	-152.9%	38.7%	32.9%	-21.5%	54.6%
›EPS₹	₹2.12	₹2.55	₹1.88	₹1.82	₹3.15	₹-1.4	₹2.56	₹2.42	₹2.46	₹-0.61

Balance sheet — last 10 years (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Shareholders' equityCr	442	424	437	456	471	531	536	579	602	614
›ReservesCr	410	391	405	431	444	498	498	540	562	585
›Total borrowingsCr	0	0	0	0	0	0	0	0	0	0
›InvestmentsCr	165	143	115	105	120	49	47	51	21	0
›Total assetsCr	460	436	459	475	490	565	594	645	701	1,058
›Current assetsCr	395	266	323	326	346	393	384	448	635	783
›Current liabilitiesCr	309	159	149	122	126	105	93	125	210	311
›Trade payablesCr	61	59	24	60	63	51	37	51	64	154
›Gross blockCr	391	394	401	344	348	356	378	403	424	37

Cash flow statement (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Operating CF (CFO)Cr	26	32	19	31	49	15	49	68	92	-79
›Investing CF (CFI)Cr	2	4	5	-11	-12	-6	-12	-3	-12	5
›Financing CF (CFF)Cr	-31	-24	-32	-20	-3	-8	-13	-10	-18	19
›Net cash changeCr	-3	13	-8	-0	34	1	24	54	61	-54
›Closing cashCr	16	29	22	24	58	59	83	138	188	134

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)47.3

Growth (25%)48.5

Valuation (20%)54

Piotroski (15%)33

Earnings Quality (10%)0

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

3/9

✓ROA positiveROA 3.77%

✗CFO positiveCFO ₹-78.52 Cr

✗ROA improving6.22% → 3.77%

✗CFO > PAT (low accruals)CFO -78.52 vs PAT 32.11

✗Leverage decreasedD/E 0.1 → 0.12

✗Liquidity improvedCR 3.59 → 3.02

✗No share dilutionEPS 8.29 → 5.7

✓Margin improvedEBITDA mgn 12.3% → 12.41%

✓Asset turnover upAsset TO 0.93 → 0.95

Altman Z-Scoregrey

0.446

0.553

0.066

0.58

0.763

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

47.3/100

ROE

5.5%

ROCE

10.7%

Margin

Debt

0.1

Int. cover

7.2x

Growth

48.5/100

Revenue 3Y

13.6%

Profit 3Y

62.8%

EPS

-31.3%

Valuation

54/100

33.1x

1.8x

EV/EBITDA

9.2x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

0/100

CFO₹-79 Cr

PAT₹32 Cr

Accrual ratio0.105

CFO/PAT-2.45x

PEAD · SURGE

0 / 0

Revenue SUE1.96

EPS SUE-2.05

Latest quarter2026-03

Rev growth YoY31%

Shareholding pattern

Promoter51.1%

FII/FPI0.4%

DII0%

Public48.9%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	52.2%	52.1%	51.7%	51.3%	51.2%	51.2%	51.2%	51.1%	51.1%
›FII / FPI	1%	1.8%	2%	1.7%	1.4%	1.3%	1.2%	0.8%	0.4%
›DII	0%	0%	0%	0%	0.1%	0%	-0%	0%	0%
›Public / Retail	47.8%	47.9%	48.3%	48.7%	48.8%	48.8%	48.9%	48.9%	48.9%
›Promoter pledge	0%	0%	0%	0%	0%	0%	0%	0%	0%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Tata Consultancy Services Ltd.	7,69,350	2,67,021	49,454	15.6x	7.2x	49.1	66.2	0
Infosys Ltd.	4,26,762	1,78,650	29,474	14.5x	4.7x	31.7	42.8	0
HCL Technologies Ltd.	3,06,590	1,30,144	16,652	18.4x	4.1x	25.4	33.5	0.03
Wipro Ltd.	1,89,694	92,624	13,240	14.4x	2.2x	15.7	18.4	0.19
Tech Mahindra Ltd.	1,38,267	56,815	4,807	28.7x	4.7x	15.9	20.4	0.02
LTM Ltd.	1,13,622	42,308	4,983	22.6x	4.8x	21.5	30.3	0
Oracle Financial Services Software Ltd.	84,023	7,672	2,639	31.8x	10.7x	29.9	40.8	0