All E Technologies Limited — Q3 FY26
All E Technologies reported Q3 FY26 revenue of ₹35.7 crore, up just 1.5% YoY, with EBITDA margin of 26.2% and adjusted net profit margin of 19.4%.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
23%Questions answered7Evaded / deflected11Questions audited
Evasive
High priority
Why is revenue flat despite Microsoft's strong growth?
Asked by Sesh Mumar
Management acknowledged the question but gave no concrete reasons or timeline for improvement.
no specific timelineno commitmentvague hope
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Question
Microsoft India grew almost at 28% this year... being our revenue base is low and we are only focused towards Microsoft product... should grow revenue at least double digit like in contrast our income is like kind of flat. Could you please comment on this?
Dr. M (CEO)
Microsoft revenue does not always directly reflect in how a partner number grows... we have had a rather modest last couple of quarters... we hope will get addressed now in this coming year and we should see that changing.
Evasive
Medium priority
Does management intend to capitalize on undervalued acquisition targets?
Asked by Sesh Mumar
Management declined to give any concrete plans or timeline for acquisitions.
no commitmentvaguedeferred
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Question
Now many botique firms are currently undervalued due to global sentiment does management intend to capitalize on this good companies at good valuation in the coming fiscal year?
Dr. M (CEO)
It's a little bit early to comment on this. We are in the middle of some conversations... some of those deals might just get stuck because of initial expectations.
Evasive
Low priority
When can we expect a move to the main board?
Asked by Sesh Mumar
Management gave no specific timeline, only 'sometime during the year'.
no commitmentvague timeline
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Question
We have all the prerequisites to move to main board... when we can expect to move to main board?
Dr. M (CEO)
We just will go by recommendations that are made by our management team and the board... it certainly is an area that we are closely watching and I think we will be able to take a call on it sometime during the year.
Evasive
High priority
Can we expect double-digit growth next year?
Asked by Sesh Mumar
Management refused to give any growth guidance despite direct question.
no guidancerefused to commit
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Question
Next year can we expect double digit growth next year for all year?
Dr. M (CEO)
Well, we would want it to be that way, but whether it'll happen or not happen, I think I can't say anything... we have no reason to be pessimistic on this front.
Evasive
High priority
What is the current business pipeline and can you give guidance for the quarter?
Asked by Pratik Shetty
Management gave qualitative optimism but no quantitative guidance or pipeline specifics.
no numbersvaguerefused guidance
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Question
Can you give us a sense of what you're seeing on the ground? How's business like right now this quarter... and what is the pipeline looking like? Like what can we expect from the quarter?
Dr. M (CEO)
We have had a fairly interesting last two months... we have been able to close some sizable accounts... we do sense that we should have a healthy quarter.
Partial answer
High priority
Why is revenue flat despite Microsoft's 20%+ growth?
Asked by Pratik Shetty
Management explained reasons for disconnect but did not quantify when growth would resume.
no specific timeline for catch-up
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Question
Is there a rational to why Microsoft is going 20% plus but we being the number one partner... still we are kind of flattish since one year one and a half years.
Dr. M (CEO) and Rajiv (additional comments)
Microsoft has various different areas... they have more levers... product mix which is gaining ground may not align exactly with our sales... there is a lag of few quarters.
Evasive
High priority
What is the timeline for inorganic growth given large cash on balance sheet?
Asked by Pratik Shetty
Management gave no timeline for acquisitions or capital return, only intent.
no timelineno commitmentvague
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Question
On the inorganic growth front... what is the timeline that the management has decided on as in it's been 3 years already and a large portion of our balance sheet like 70-80% is stuck in cash... at what point do we think that maybe the cash is better utilized at the hand of the investor?
Dr. M (CEO)
I don't think that's going to happen... we will find... we are in some serious conversations... it is the intent of the board to utilize this money in growing the business rather than just keeping it in the bank.
Evasive
High priority
Why has growth taken a hit and when can we revert to 25-30% growth?
Asked by Darw
Management gave no specific timeline or commitment to return to historical growth rates.
no timelinerefused to commit to growth rate
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Question
Why has our growth taken a hit for 9 months FI25 FI26 and how soon can we revert back to the 25 to 30% growth run rate?
Dr. M (CEO)
Growth comes in spurts... we definitely will see those things happening in the coming year, two years, three years... I don't know whether putting a number to it is the right thing to do.
Answered
Medium priority
What is the current attrition rate and excluding first-year employees?
Asked by Darw
Management provided specific attrition numbers and clarified the exclusion.
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Question
Could you share the current attrition rate as on date? Also for better comparability what is the attrition rate excluding the employees who leave during the training period that is year one.
Ritu (HR)
Our attrition rate is much below the standards we maintain somewhere in the range of about 10-12%... excluding the one year our attrition was 6%... right now it should be in the similar range.
Partial answer
Medium priority
What is the margin differential between India and US businesses?
Asked by Darw
Management gave a range for services but not for product margins, though product margins were said to be similar.
no exact numbers for product margins
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Question
Could you quantify the margin differential between the India and US businesses like without getting into exact segment disclosures an approximate range would be very helpful.
Dr. M (CEO)
On the services side margins are better internationally by a factor which could be 50 to 75%.
Evasive
High priority
Do you still maintain the long-term target of reaching ₹1000 crore?
Asked by Shashank
Management did not explicitly reaffirm the target, only spoke about aspiration.
no reaffirmationvague
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Question
Do you still maintain your long-term target of reaching thousand cr?
Dr. M (CEO)
It's a matter of what aspiration you have... it does not in any manner dilute the overall aspiration that we have as an organization.
Partial answer
Medium priority
What percent of new deal wins include AI components and how has deal size increased?
Asked by Mayawad
Management gave a specific example but did not quantify overall percentage or deal size increase.
only one quarter exampleno average deal size increase
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Question
What percent of the new deal wins in the last few quarters included AI components and how much has the average deal size increase due to the AI cross-sell.
Dr. M (CEO) and Rajiv
If we added five customers in the last quarter I can tell you that for three of them there was data and AI as a component part of the proposal and it constituted ballpark around 20%.