Ceinsys Tech Limited — Q3 FY26
Ceinsys Tech (rebranded as CStech AI) delivered a stellar Q3 FY26 with revenue of ₹170 crore (+52% YoY), EBITDA of ₹40 crore (+88% YoY), and PAT of ₹39 crore (+119% YoY).
bullish
high
✓ 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.
42%Questions answered5Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Order inflow expectations for Q4 and growth outlook
Asked by Vhab Mashra, Finvesttors
Management gave a target order book number but did not address the specific question about Q4 inflow or growth rate.
no specific order inflow number givenvague timeline
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Question
we might close the year around 700 crores or more maybe and s current I think the order book is,000 cr. So we might be ending uh with 800 crores of order book after Q4 uh if we don't get further orders. I mean I think we were expecting some 500 600 stores of orders in Q3 and Q4. Uh but uh Q3 has not been um that much good. So are we expecting heavy inflow in quarter 4 to uh to match the numbers that we have been executing for the last two years 60 50 70 percentile of growth or is there some change you would like to tell?
Abai (likely Dr. Abhay Kimatkar)
we will be closing our order book after Q4 at around 900 scores. That's what we are saying. We are anticipating to close through that.
Evasive
High priority
FY27 outlook on growth and margins
Asked by Vhab Mashra, Finvesttors
Management declined to provide forward-looking statements, only referencing past growth.
refused to give guidancepointed to past performance
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Question
So uh FY27 are any outlook I mean kind of growth or margins for that matter. Uh what do you expect from FY27 in in the medium term?
Koshik (likely Koshik J.)
we don't give projections and for forward-looking statements. But if you can see the growth momentum uh of last eight quarters, quarter on quarter uh year on year, we have been growing more than even this uh quarter, we have seen that we have grown more than 52% on the top line
Evasive
Medium priority
Update on US subsidiary and large contracts
Asked by Vhab Mashra, Finvesttors
Management gave no concrete update on contracts, only repeated previous timeline.
no specific updatedeferred to next quarter
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Question
And sir update on US subsidiary. I think we have been investing quite heavily on that and uh in the last call you said that some large contracts were under negotiation. So uh and we are also expecting uh contribution from P4 onward. So what's up take on that sir?
Koshik (likely Koshik J.)
we have been able to uh get some good traction. I think even in the last call we had mentioned that maybe by Q4 of this year or Q1 of next year we'll get to know uh more uh about the strategy and about uh how we have built up the businesses over there.
Evasive
High priority
Delay in inorganic acquisition timeline
Asked by Ammon Sony, Nest Analytics Adversary LLP
Management acknowledged delay but provided no specifics and deferred again to Q4.
blamed complianceno new timelinedeferred again
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Question
last call you mentioned about timeline of 1 to two months. Uh but it has been 3 to four months now from that. Uh we have not seen any development uh on that particular area. So why the delays are happening sir on a on a consistent basis quarter or quarter we have given given an indicative timelines but the timeline is not getting met on this particular area.
Koshik (likely Koshik J.)
we are actively pursuing the due diligence process is also uh is also almost over. uh there has been slight delay from the uh compliance side because we are evaluating all the aspects. So I think we are not able to give you the answer right now. Hopefully by quarter end quarter 4 end you will have a little more clarity
Evasive
High priority
Reasons for multiple senior management changes
Asked by Ammon Sony, Nest Analytics Adversary LLP
Management called changes planned but did not explain why multiple CFO changes occurred.
dismissed concernsno specific reasons given
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Question
over the last 12 to 15 months the company has seen multiple senior level changes including the repeated CFO changes and appointment and subsequent exit of a CEO designation and several senior management reshuffles. So can you clearly explain what is driving the frequency of resignations and the reesignations at the top management level?
Koshik (likely Koshik J.)
the changes are all I would say expected planned and I think we are we have rebuilt the entire management team to focus on the growth which you can see how the growth is performed
Answered
Medium priority
Breakdown of billed and unbilled receivables
Asked by Gunit Singh, counter clinical PMS
Management provided specific numbers for billed and unbilled receivables.
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Question
I would like to understand what are our build and unrest build receivables as on date.
Amit G (CFO)
as on 31st December is around 150 kores out of which 150 crores 125 crores is approximately within one year only. So only 25 to 27 crores is pertaining to year more than 365 days. And as far as unbuild is concerned it is approximately around 250 crores of unbuild revenue
Evasive
Medium priority
Reason for lower tax rate and expected tax rate
Asked by Gunit Singh, counter clinical PMS
Management did not address the tax rate reason or provide forward guidance.
did not answer tax rate questiontalked about UBR instead
Read the exchange
Question
what is the reason for our fallen tax rate this quarter and what should be the tax rate for the entire years going forward?
Koshik (likely Koshik J.)
we are into a cycle where most of these UPR unbuild revenue would be getting addressed during Q4 because that's a time when government is also trying to get the things sorted out.
Partial answer
Medium priority
Will receivables reduce significantly in Q4?
Asked by Gunit Singh, counter clinical PMS
Management gave qualitative expectation but no quantitative reduction target.
no specific target given
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Question
would we be able to significantly reduce our receivables in Q4 like both build and build that's my question.
Koshik (likely Koshik J.)
normally you would have seen last two years the quarter for billing and the collections the collections are always more than the billing including UBR and we expect that trend to continue
Partial answer
High priority
Order book declining trend and FY27 momentum
Asked by Ankit, Fusion Capital
Management attributed decline to elections but did not quantify expected orders.
no specific order inflow numbersblamed elections
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Question
our closing order book would be around 900 K and we have at the top we were at 1100 K. So are we expecting the momentum to be increasing in FY27 because as of now it seems a bit in a declining trend.
Abai (likely Dr. Abhay Kimatkar)
we have created a good pipeline. So definitely it will pass on to spill over to Q1 or Q2 of FY 2720. So there's no issue with the pipeline and there's no decline as such.
Partial answer
High priority
Scope for further EBITDA margin improvement
Asked by Ankit, Fusion Capital
Management indicated potential improvement but refused to give specific guidance.
no quantitative guidanceonly qualitative hope
Read the exchange
Question
we have reached in this quarter 23% which is a significant jump from on a basis from here does based on the pipeline and the business prospect can you see still a chance for promo of improvement or we have reached a stable point in the range of 23%.
Koshik (likely Koshik J.)
we believe that the margins would be at least stable and we hope that this should sustainably improve quarter on quarter. We won't be able to give you any guidance on that but the past trend is indicative
Answered
Medium priority
Receivable days and steps to reduce working capital
Asked by Narayana Lhava, Step Trade Capital
Management provided specific working capital days and explained collections matching revenue.
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Question
Can I please can you please share the receivable days in this quarter?
Koshik (likely Koshik J.)
we have a networking capital cycle of around 160 to 162 days. And it is same as the quarter two and that is also as explained by our CFO that our total revenue of this quarter was 170 cr and the collections also 170 cr.
Answered
High priority
Reconciliation of order book from Q2 to Q3
Asked by CA Gervid Goyel, Serin Alpha
Management clarified the starting point and provided reconciliation.
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Question
at Q2 end the order book was 1192C cr which was excluding the recurring annual commitments and Q3 we did a revenue of 173 CR and new orders that we received till December based on your order filing is 120 CR. So going by that your closing order book as on December should be 1140 CR but we are seeing that it is around triple 9 CR. So what is the gap sir?
Amit G (CFO)
1192 cr was as on 1st of April and we are since April we have executed orders of around 490 crores and every quarter we give that order book reconciliation. So in this quarter after the execution of 170 cr the closing order book is 999 cr
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue for Q3 FY26 is 170 crores | ₹170 cr | ₹170 cr | Matches filing |
| Revenue growth YoY more than 52% | 52% | 52% | Matches filing |
| 9-month revenue 490 crores | ₹490 cr | ₹170 cr | Overstated vs filing |
| EBITDA margin 23.4% | 23.4% | 23.48% | Matches filing |
| US subsidiary 9-month revenue 19 crores | ₹19 cr | ₹170 cr | Understated vs filing |
| US subsidiary EBITDA margin around 20% | 20% | 23.48% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.