Moschip Technologies Ltd (MOSCHIP)

Information Technology · IT - Hardware · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹215.3 ↑ 13.52% (1Y)

🎯 Key Takeaways

Moschip Technologies is navigating a transitional phase marked by short-term execution volatility in its turnkey ASIC and PES order execution, despite underlying strategic expansion and stable engineering capabilities. The company maintains delivery commitments but faces cyclical industry headwinds affecting near-term revenue visibility.
Revenue declined 24.2% QoQ to ₹116 in Q1FY27.
⚠️ 1) Execution risk in turnkey ASIC projects and PES order conversion remains elevated, as acknowledged by management, which could delay revenue recogni

Market Cap

₹4,187

P/E Ratio

153.8

P/B Ratio

12.80

ROE

8.2%

ROCE

10.4%

Debt/Equity

0.00

Promoter

39.3%

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📖 The Story

Moschip Technologies is navigating a transitional phase marked by short-term execution volatility in its turnkey ASIC and PES order execution, despite underlying strategic expansion and stable engineering capabilities. The company maintains delivery commitments but faces cyclical industry headwinds affecting near-term revenue visibility.

📰 What's Happening

In Q1FY27, MosChip reported consolidated revenue of ₹116.21 Cr, down 14% YoY and 24% QoQ, with profit before tax declining 68% YoY to ₹3.66 Cr. Management attributes the softness to project milestone timing in turnkey engagements and slower PES order conversion, though EBITDA margin improved to 10.15% YoY. The company reaffirmed its delivery outlook despite industry cyclicality. Earlier in FY26, it expanded geographically into Japan and Korea, hired five PES VPs, leased 35K sq. ft. of office space, and advanced development of its smart energy meter IC with tape-out planned for Q1FY27. Board approved unaudited Q1 June 2026 results showing ₹11,845.08 Cr total income and ₹244.67 Cr net profit, alongside ESOP grants to employees.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	147	149	153	116
Operating Profit	12	11	6	3
OPM %	8.4%	7.3%	3.9%	3.0%
Net Profit	12	4	8	2
EPS	₹0.63	₹0.23	₹0.41	₹0.13

Revenue has shown sequential softness over the past four quarters, declining from ₹149 Cr in Dec 2025 to ₹116 Cr in Jun 2026, with profitability also trending downward. However, YoY growth remains positive for FY26 at ₹585.15 Cr revenue and ₹41.58 Cr profit before tax, driven by strong Q4 performance and strategic investments. Margins have stabilized after earlier expansion, with EBITDA margin at 10.15% in Q1FY27, indicating operational discipline despite revenue volatility.

🔮 Management Outlook & What's Next

Management has not provided forward-looking financial guidance in the latest filings, instead emphasizing continuity in delivery capabilities and customer engagement efforts amid cyclical industry pressures. Strategic focus appears to be on long-term positioning, evidenced by geographic expansion into Japan and Korea, hiring of PES VPs, and validation of key semiconductor subsystems. No specific revenue or margin targets were disclosed in the recent commentary.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	38	38	38	39
Reserves	255	289	329	370
Borrowings	92	0	48	88
Total Liabilities	458	444	538	743
Fixed Assets	28	251	31	58
Investments	0	0	0	0
Total Assets	458	444	538	743

The balance sheet shows a stable capital structure with zero long-term borrowings as of March 2026 and a modest increase in equity and reserves over the past two years. Total assets grew from ₹444 Cr in March 2025 to ₹743 Cr in March 2026, reflecting investments in infrastructure and possibly intangible assets. The company is not deleveraging but also not aggressively expanding leverage, maintaining financial flexibility amid sector volatility.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+100
Investing	-13
Financing	-56
Net Cash Flow	+31

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	41.6%	41.0%	39.8%	39.3%
FII	0.8%	0.5%	0.4%	0.8%
DII	0.0%	0.0%	0.0%	0.0%
Public	48.1%	49.2%	50.5%	50.7%
# Shareholders	3,32,719	3,51,407	3,57,850	3,61,757

Promoter holding has gradually declined from 41.65% in Q2FY26 to 39.31% in Q1FY27, while FII ownership remains very low at 0.77% and DII at 0%. Public shareholding has increased to 50.68% with 3,61,757 shareholders, suggesting growing retail participation. No significant selling by promoters or institutions is evident, but the declining promoter stake may reflect passive dilution from ESOP issuances rather than active divestment.

⚖️ Peer Comparison — IT - Hardware

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
NETWEB	29,217	111.8	37.4%	36.0%	0.38
RPTECH	5,329	16.7	20.3%	18.7%	0.52
MOSCHIP	4,187	153.8	10.4%	8.2%	0.00
DLINKINDIA	1,548	14.4	28.9%	21.2%	0.00
IVALUE	1,295	12.4	24.2%	18.3%	0.08
CONTROLPR	952	24.4	15.1%	8.6%	0.00
TVSELECT	791	—	4.6%	-2.1%	0.00
DCI	608	27.5	19.6%	20.2%	0.81
HCL-INSYS	347	—	-93.1%	15.2%	-1.12
SMARTLINK	219	13.2	11.0%	7.9%	0.00

🔗 Peer Stock Analyses

NETWEB RPTECH DLINKINDIA IVALUE CONTROLPR

⚠️ Risk Factors

1) Execution risk in turnkey ASIC projects and PES order conversion remains elevated, as acknowledged by management, which could delay revenue recognition. 2) High sensitivity to semiconductor cycle dynamics, with demand fluctuations in key end markets potentially impacting order flow. 3) Limited institutional investor interest, given near-zero FII/DII holdings, may affect liquidity and valuation depth. 4) Dilution from consistent ESOP issuances could pressure per-share metrics over time despite stable ownership.

📋 Recent Filings

🧠 Analyst's Read

Moschip is in a phase of strategic investment amid near-term execution challenges, with long-term potential tied to its semiconductor design capabilities and geographic expansion. Investors should monitor order conversion rates, margin trends, and progress on tape-out milestones for signs of operational stabilization.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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