Orchasp Ltd (ORCHASP)
🎯 Key Takeaways
- Orchasp Ltd appears to be in a distressed or turnaround phase, marked by minimal revenue, persistent operating losses, and a qualified audit opinion highlighting significant operational and compliance risks. The company’s financials show declining revenue trends and negligible profitability, with ROE and ROCE at 0.
- Revenue grew 29.2% QoQ to ₹2 in Q1FY27.
- ⚠️ The Portuguese subsidiary remains non-operational with unresolved statutory dues and prolonged trade receivables/payables, posing legal and financial
- Market Cap
- ₹47
- P/E Ratio
- 67.5
- P/B Ratio
- 0.38
- ROE
- 0.7%
- ROCE
- 0.5%
- Debt/Equity
- 0.00
- Promoter
- 18.5%
📖 The Story
Orchasp Ltd appears to be in a distressed or turnaround phase, marked by minimal revenue, persistent operating losses, and a qualified audit opinion highlighting significant operational and compliance risks. The company’s financials show declining revenue trends and negligible profitability, with ROE and ROCE at 0.7% and 0.6% respectively, indicating limited capital efficiency. Despite a stable promoter holding, there is no institutional investor presence, and the business operates with negligible scale and profitability.
📰 What's Happening
In the most recent board meeting on 11 August 2026, Orchasp approved unaudited Q1 FY2026 results showing revenue of ₹271.79 lakhs and PAT of ₹28 lakhs, alongside a qualified audit report citing risks from its non-operational Portuguese subsidiary, delayed statutory payments, and unresolved trade receivables/payables exceeding six months. Earlier, on 31 August 2026, the board approved the appointment of three independent directors and a preferential share issuance of up to 1.5 crore shares at ₹4.74 each to raise ₹7.11 crore, pending shareholder approval at the AGM scheduled for 30 September 2026.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 8 | 4 | 2 | 2 |
| Operating Profit | 0 | 0 | -4 | -0 |
| OPM % | 3.7% | 5.1% | -254.0% | -16.8% |
| Net Profit | 0 | 0 | 0 | 0 |
| EPS | ₹0.01 | ₹0.01 | ₹0.00 | ₹0.01 |
Revenue has declined from ₹8 lakhs in September 2025 to ₹2 lakhs by June 2026, with operating margins turning sharply negative in Q1 FY2026 at -254%. Despite this, the company reported a small PAT of ₹28 lakhs in Q1 FY2026, up from a loss in the prior quarter, though still far below historical levels. The absence of meaningful profits and persistent cash burn underscore structural challenges, even as the board attempts to raise capital through equity issuance to address liquidity concerns.
🔮 Management Outlook & What's Next
Management has not provided forward guidance on revenue recovery or margin improvement in the latest filings. However, the board has signaled efforts to strengthen governance by appointing independent directors and pursuing capital raising via preferential shares. The AGM in September 2026 will be a key event to assess shareholder response to the capital raise and strategic direction, though no explicit roadmap for operational revival has been disclosed.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 64 | 66 | 69 | 64 |
| Reserves | 48 | 47 | 53 | 49 |
| Borrowings | 0 | 0 | 0 | 0 |
| Total Liabilities | 201 | 182 | 232 | 216 |
| Fixed Assets | 0 | 0 | 0 | 0 |
| Investments | 68 | 68 | 68 | 68 |
| Total Assets | 201 | 182 | 232 | 216 |
The balance sheet shows a steady increase in equity and reserves over the past two years, with zero borrowings, suggesting the company is not leveraged but also not generating sufficient retained earnings. Total assets have grown modestly from ₹201 lakhs to ₹232 lakhs, but this growth is not translating into revenue or profit expansion. The lack of debt is a positive, but the capital base is not being deployed effectively to generate returns.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | -16 | -4 |
| Investing | +0 | +4 |
| Financing | +15 | +0 |
| Net Cash Flow | -0 | -0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 11.6% | 11.6% | 18.5% | 18.5% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 44.8% | 45.6% | 43.6% | 45.2% |
| # Shareholders | 45,491 | 44,891 | 44,799 | 44,949 |
Promoter holding has remained stable at 18.48% in Q1FY27, but public shareholding has slightly declined, and there is no institutional interest — FII and DII holdings are consistently at 0%. The shareholder base is fragmented, with over 44,000 individual shareholders, indicating retail dominance. No insider selling has been reported, but the lack of institutional accumulation raises concerns about confidence in near-term recovery.
⚖️ Peer Comparison — IT - Software
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| TCS | 7.50 L Cr | 15.1 | 63.2% | — | 0.00 |
| INFY | 4.07 L Cr | 13.5 | 44.9% | — | 0.00 |
| HCLTECH | 3.40 L Cr | 19.5 | 31.6% | — | 0.00 |
| WIPRO | 1.60 L Cr | 12.8 | 18.1% | — | 0.19 |
| TECHM | 1.51 L Cr | 26.6 | 24.8% | — | 0.00 |
| LTM | 1.21 L Cr | 23.2 | 30.5% | — | 0.00 |
| OFSS | 94,385 | 27.6 | 60.3% | — | 0.00 |
| PERSISTENT | 83,939 | 43.2 | 32.7% | — | 0.00 |
| COFORGE | 78,489 | 36.0 | 25.6% | — | 0.04 |
| MPHASIS | 42,582 | 22.3 | 22.3% | — | 0.17 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. The Portuguese subsidiary remains non-operational with unresolved statutory dues and prolonged trade receivables/payables, posing legal and financial exposure. 2. Persistent negative operating margins and declining revenue trends suggest structural weakness in core operations. 3. The qualified audit opinion raises concerns about going concern and compliance. 4. Absence of institutional investors and limited liquidity may hinder recovery efforts and market confidence.
📋 Recent Filings
- 🟡 Board Meeting2026-09-26Orchasp Limited issued a corrigendum to its AGM notice dated August 31, 2026, amending seven items in the meeting notice including date corrections, d…
- Announcement2026-09-26Orchasp Ltd announced that its trading window will close on October 1, 2026, and remain shut for 48 hours after the company releases unaudited standal…
- 🟡 Board Meeting2026-09-26Orchasp Limited issued a corrigendum to its notice for the 32nd Annual General Meeting, updating dates, clarifying procedural details, and correcting …
- 🟡 Board Meeting2026-09-09Orchasp Limited announced the 32nd Annual General Meeting scheduled for September 30, 2026 via video conferencing, with e-voting open from September 2…
- 🔴 annual report2026-09-07Orchasp Ltd reported a net profit of **₹105.78 Lakhs** for FY2025-26, reversing a **₹1,051.35 Lakhs** loss the prior year, with turnover at **₹2,125.6…
- 🟡 Board Meeting2026-09-07Orchasp Ltd announced that its share transfer records will be closed from September 24 to September 30, 2026, to facilitate the 32nd Annual General Me…
- 🟡 Board Meeting2026-09-07Orchasp Ltd announced its 32nd Annual General Meeting will be held on September 30, 2026 via video conference, with the e-voting cut-off date set for …
- 🟡 Board Meeting2026-08-31Orchasp Limited announced the outcome of its August 31, 2026 board meeting, correcting a typographical error in the preferential issue percentage from…
- 🟡 Board Meeting2026-08-31Orchasp Ltd announced board appointments of three independent directors and a share conversion plan for promoter Wahtulmsylh Limgawlat, issuing up to …
- 🟡 Board Meeting2026-08-31Orchasp Ltd announced board appointments of three independent directors and a shareholder-approved preferential issue of up to 1.5 crore equity shares…
🧠 Analyst's Read
Orchasp Ltd remains a high-risk entity with no clear path to operational or financial recovery. While governance improvements and capital raising are positive steps, they do not address the underlying lack of revenue growth or profitability. Investors should monitor the AGM outcome and any updates on the Portuguese subsidiary’s status, but significant turnaround risks persist.
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 2026-09-29.
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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