💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment; while specific revenue figures are not provided, Basic Earnings Per Share (EPS) grew 85.90% YoY, rising from INR 0.78 in the half-year ended September 30, 2024, to INR 1.45 in the half-year ended September 30, 2025.

Geographic Revenue Split

The company operates within a single geographical segment in India; specific regional percentage splits are not disclosed in available documents.

Profitability Margins

Return on Equity (ROE) declined by 57.63%, from 0.22% in March 2024 to 0.09% in March 2025, primarily due to a significant increase in equity shareholder funds following the IPO which outpaced net profit growth.

EBITDA Margin

Not explicitly disclosed; however, the Return on Investment (ROI) decreased by 29.81% YoY (from 0.20 to 0.14) as of March 31, 2025, due to a significant increase in the value of investments.

Capital Expenditure

The company utilized INR 1.39 Cr for IPO-related issue expenses and reallocated INR 1.50 Cr (originally for debt repayment) toward working capital to support operational scaling.

Credit Rating & Borrowing

The Debt-Equity ratio improved significantly, decreasing by 90.91% from 0.24 (March 2024) to 0.02 (March 2025) due to the influx of equity capital; however, the Debt Service Coverage Ratio fell 85.45% to 2.09 times due to an increase in total debt.

⚙️ Operational Drivers

Key Suppliers

The company is currently in the process of MSME verification for its outstanding vendors; specific supplier names are not disclosed.

Capacity Expansion

Not disclosed in units; however, the company is expanding its financial capacity through a preferential allotment of 24,80,000 convertible warrants at INR 170.04 each, totaling INR 42.17 Cr.

Manufacturing Efficiency

Inventory Turnover Ratio decreased by 66.41% from 130.84 times (March 2024) to 43.95 times (March 2025), indicating a slowdown in how quickly stock is cleared relative to the previous year.

📈 Strategic Growth

Expected Growth Rate

Not disclosed%

Growth Strategy

Growth is being pursued through aggressive customer acquisition, with INR 2.00 Cr of IPO proceeds specifically utilized for marketing and awareness. Additionally, the company is raising INR 42.17 Cr via convertible warrants to fund future business opportunities and has reallocated debt-repayment funds to working capital to maximize shareholder value.

Products & Services

The company provides technology-based services/products under the Macobs Technologies brand, though specific product names are not detailed in the financial snippets.

Brand Portfolio

Macobs Technologies.

New Products/Services

The company is exploring new project opportunities and potential acquisition opportunities to utilize unallocated funds, though specific revenue contributions are not yet defined.

Market Expansion

The company is actively reevaluating IPO proceeds to potentially reallocate funds toward new projects or acquisitions to enhance potential returns in the current financial year.

🌍 External Factors

Industry Trends

The industry is shifting toward tech-enabled customer acquisition and digital scaling; Macobs is positioning itself by allocating significant IPO capital (INR 2.00 Cr) to marketing and awareness to capture market share in this evolving landscape.

Competitive Landscape

The company operates in a single segment with a focus on 'Customer Acquisition-Marketing and Awareness,' suggesting a competitive digital or service-oriented market.

Competitive Moat

The company's moat is built on its ability to raise significant capital (INR 42.17 Cr warrant issue) and its low debt-equity ratio (0.02), providing a stable financial foundation to outspend competitors on customer acquisition.

Macro Economic Sensitivity

The company's operations are sensitive to economic conditions affecting demand/supply and price conditions in domestic and overseas markets.

Geopolitical Risks

The company notes that changes in government regulations and tax laws in domestic and overseas markets are important factors that could impact operations.

⚖️ Regulatory & Governance

Industry Regulations

The company is currently undergoing a Corporate Identification Number (CIN) modification process with the MCA as it transitions to a listed entity status.

Taxation Policy Impact

The company paid INR 32.20 Lakhs in taxes for the half-year ended September 30, 2025.

Legal Contingencies

The company reported compliance with Structured Digital Database (SDD) provisions under SEBI Prohibition of Insider Trading Regulations; no specific pending court cases or litigation values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the lack of physical verification of stock (INR 5.51 Cr) by auditors, relying solely on management certification, which could lead to potential valuation errors.

Geographic Concentration Risk

100% of operations are reported under a single geographical segment, likely India, based on the Jaipur headquarters.

Third Party Dependencies

The company relies on Standard Chartered Bank for maintaining its monitoring account for unutilized IPO proceeds (INR 5.99 Lakhs).

Technology Obsolescence Risk

Not disclosed; however, the company is maintaining a Structured Digital Database to manage sensitive information, indicating a move toward digital governance.

Credit & Counterparty Risk

Trade receivables increased by INR 6.91 Cr in six months, reaching INR 9.05 Cr, which represents a significant counterparty credit risk if these balances are not collected timely.