TechD Cybersecurity LtdQ3 FY25IT - Services

TechD Cybersecurity Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Revenue guidance

Category 1

→The company targets 40-50% year-on-year revenue growth compared to the previous year.
→Long-term vision aims for $80-100 million in revenue by 2030.
→Future growth driven by expanding international operations in USA, UAE, and other global markets.
→H1FY26 showed 41% revenue growth compared to H1 FY25.
→Expect revenue split between domestic and international markets to be around 50:50 in the near future.
→From FY27 onwards, the company anticipates approximately 100% revenue growth fueled by global expansion.
→Focus on increasing average ticket size per client and shifting from audit-only clients to managed services, targeting 40% conversion.
→Customer base growing from 370+ to 500+ clients as of H1 FY26.
→Investment in human resources (sales, pre-sales, delivery) to support growth across continents.

Category 3

→Net profit grew from ₹3 crore in FY24 to ₹8 crore in FY25; further projections were not explicitly given, but positive growth trends are expected.
→The company aims for 50% year-on-year growth this year, though previous growth was around 100%.
→Vision 2030 goal: Revenue target of $80-100 million (~₹8200 million).
→EBITDA margins of ~49% achieved in H1 FY26 are expected to be maintained or improved, supported by operational efficiencies and reduced OEM cost dependence.
→Order book increased to ₹40 crore in H1, indicating strong revenue pipeline and execution.
→Domestic vs international revenue expected to balance around 50:50 with international revenues likely to grow faster and have higher ticket sizes.
→No dividend announced yet, but profit margins and operational excellence indicate scope for future shareholder returns.
→Overall outlook: strong growth path with IPO proceeds fueling global expansion and product development.

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→As of now, the company does not foresee any fundraising through debt or equity in the next one to two years.
→Post the two-year period, they may consider fundraising depending on operating expenses and future growth needs.
→The company recently got IPO proceeds and is focusing on utilizing those funds for international expansion and scaling operations.
→No immediate plans for raising additional capital were indicated during the discussed period.

Yes

→As of the RHP stage, the certified order book was ₹29 crore.
→Currently, the order book stands at ₹40 crore for the financial year.
→Out of this ₹40 crore, ₹18.1 crore has already been executed.
→The company aims to execute the remaining orders in the second half (H2) of the financial year.
→There is also a substantial sales pipeline expected to convert into orders within the financial year, though exact figures are not disclosed.

Yes

→The company is investing in human resources, including sales, pre-sales, delivery, and operations staff across different continents to support growth.
→There is a focus on building and expanding the Global Capability Center, increasing the facility from 400 to 600 people capacity to utilize university partnerships for talent sourcing.
→They have started their R&D vertical post-IPO to develop proprietary products, aiming to reduce dependency on OEM technologies via technology transfer and potential mergers/acquisitions of niche product companies in areas like DSPM, DevSecOps, and OT security.
→The company plans to incorporate a wholly-owned subsidiary in the GIFT IFSC as a global entity for handling international clients and operations.
→No immediate fundraising is planned for the next two years; future fundraising will depend on operational expenses and growth needs.

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