Small Services
Market Cap
₹9,099 ₹9,099 Cr.
P/E
12.89
PEG
0.97
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

The thesis comes alive if UIDAI ramps on schedule, visa applications recover, and Digital margins improve as Aadifidelis adds VAS.

The bull path combines geopolitical normalization, faster UIDAI deployment, stronger visa volumes, and successful margin-accretive M&A.

The bear path is triggered by delayed UIDAI execution, a marquee visa contract loss, and Aadifidelis margins remaining weak.

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5Y Revenue & EBITDA Estimates
KEY TRIGGERS TO WATCH
  • The thesis comes alive if UIDAI ramps on schedule, visa applications recover, and Digital margins improve as Aadifidelis adds VAS.
  • The bull path combines geopolitical normalization, faster UIDAI deployment, stronger visa volumes, and successful margin-accretive M&A.
  • The bear path is triggered by delayed UIDAI execution, a marquee visa contract loss, and Aadifidelis margins remaining weak.
Bear : 6.9% CAGR • ₹1,143 Cr
Base: 13.8% CAGR • ₹1,564 Cr
Bull: 20.7% CAGR • ₹2,100 Cr
Buy Report $5
Management Credibility Report
TRACK RECORD
  • Management has demonstrated credibility on controllable execution, particularly margin delivery and acquisition closing.
  • Revenue forecasting is the weak point, with reopening and new-geography assumptions proving too optimistic; top-line targets should be treated as upside cases.
  • The split reflects strong operational control but weaker calibration of externally driven demand and long-dated project ramps, while blended-margin durability remains a monitoring issue.
Met : 3
Progress: 3
Missed : 1
Buy Report $5
WORST-CASE SCENARIO
  • The risk profile is broadly resilient at the operating and financing level, supported by strong cash conversion, net cash, and low leverage.
  • The most severe vulnerability is acquisition-heavy goodwill: underperformance at iDATA or Aadifidelis could force a material impairment, erode book value and EPS, and undermine acquisition credibility.
  • Digital growth is a second structural concern, with rapid scaling accompanied by margin compression; a compound shock involving travel, digital profitability, or contract disruption would pressure the thesis.
High Risk : 2
Medium Risk : 1
Low Risk : 13
Buy Report $5
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