Added to my position again after reviewing results and price action bumping it to 2.5%. Average buy pice:972
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Dipan Mehta has bought 66523 shares in it on 15th Dec.
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Dipan mehta commodities pvt ltd sold 63823 shares the same day.
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Sorry, that didn’t come to my notice.
What does such buying and selling on same day mean? Is it like pump and dump?
No. High frequency traders use algos to buy & sell huge quantities on same day to pocket small price differentials. Due to high volumes traded, they make profits even on small difference in buy & sell prices.
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Got order from rbi value of 250 crore approximately
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Can anyone help me with total order book as on today for this company?
Rating update.
This report gives a number to order book which is more than double TTM sales. Discusses debt levels, payables/ receivables etc. Anyone serious about investing here should go through and understand positives and negatives. No concalls or investor presentations making it difficult to take more informed decision.
However, another announcement that the company appointed an investor relation agency indicates things may improve in this front and company understand its weakness in lack of clear communications. Will they start investor presentations, concalls and if any such changes will rerate this counter is a matter of speculation or some one can try to reach out to investor relations and update here
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About the Company
Dynacons Systems & Solutions Ltd is an India-based IT infrastructure and systems integration company that helps large enterprises and government organizations design, build, and manage their technology backbone. It delivers end-to-end solutions covering data centers, networking, cloud, end-user computing, and managed IT services, serving banks, PSUs, corporates, and government bodies across the country. With a strong execution track record, marquee clients, and a growing order book, Dynacons operates a project-plus-annuity model—combining one-time implementation work with multi-year maintenance contracts—positioning it as a scalable domestic IT infrastructure player.
Business Model
Management Quality
- Shirish M. Anjaria (Founder; ~30+ years experience in IT infrastructure & systems integration)
- Parag J. Dalal (Executive Director; ~25+ years experience in enterprise IT solutions, project execution & client management)
- Dharmesh S. Anjaria ( Executive Director & CFO; ~20+ years experience in finance, operations, and IT services management, CA – Cost Accountant)
Financial Snapshot
- H1 FY26 Revenue: ₹681 Cr (Jun ₹329 Cr + Sep ₹352 Cr)
- H1 FY26 EBITDA: ₹69 Cr
- EBITDA Margin (H1 FY26): ~10.1%
- EBITDA Margin Trend: Jun 10% → Sep 11%
- H1 FY26 PBT: ₹57 Cr
- H1 FY26 PAT: ₹43 Cr
- PAT Growth QoQ: +15% (₹20 Cr → ₹23 Cr)
- Annualised FY26 Revenue Run-rate: ~₹1,360 Cr
- Annualised FY26 PAT Run-rate: ~₹86 Cr
- Interest Cost (H1 FY26): ₹10 Cr
- ROE (FY25): ~35%+
- ROCE (FY25): ~35%+
Order Book
- ₹233 Cr – Core Banking Solution upgradation & migration on ASP model from NABARD
- ₹280 Cr – Turnkey data centre IT infrastructure augmentation project from Canara Bank
- ₹138.44 Cr – Digital Workplace Solutions contract from LIC
- ₹62.98 Cr – SD-WAN solution order from State Bank of India (SBI)
- ₹19 Cr – Private cloud infrastructure project from Central Bank of India (CBI)
- ₹18.84 Cr – CTS scanners order from Bank of Baroda
- ₹108 Cr – Advanced Core Banking as a Service (CBaaS) order from NABARD (Haryana State Co-operative Bank)
- ₹51.28 Cr – Additional CBaaS orders for State & District Co-operative Banks (NABARD initiative)
- Recent RBI Order – ₹249.51 Cr Enterprise IT / digital platform project for Reserve Bank of India (multi-year execution)
- Unexecuted order book: ~₹2,700 Cr (Revenue visibility: ~2 years at current execution pace)
Positives
- Revenue increased to ₹1,273 Cr in FY25 vs ₹1,024 Cr in FY24 (~24% YoY growth).
- EBITDA margin improved to 8.3–8.8% (vs ~7.6% in FY24).
- PAT ₹72.4–72.5 Cr , up ~35% YoY.
- ROCE 38.9% , RONW 31.4% in FY25.
- Net worth ₹231 Cr ; gearing 0.60x (from 0.23x), still within comfortable range.
- Interest coverage 8.4x ; Debt / EBITDA 1.24x.
- Net cash accruals ₹74 Cr in FY25 vs debt repayment obligation ₹5.8 Cr.
- FY26E cash accruals ₹90Cr , indicating internal funding capability.
- CFO conversion from PAT is around 60-65% (3 year Avg)
- Stock is up 21% in Past 1 Month
- Cash & Bank balance of 85 Cr (H1FY26)
- Management expects double digit margins in next two years
Negatives
No Institutional participation
Working capital remains elevated with GCA ~155 days and debtors ~126 days in FY25; milestone-based billing keeps liquidity tied up.
High utilisation of banking limits (~65% fund-based, ~91% non-fund-based) increases dependence on timely collections.
Operates in a highly competitive and fragmented IT infrastructure market, leading to pricing pressure and margin volatility.
PSU/BFSI-heavy order book exposes the company to procurement delays, payment lags, and execution risk.
Singapore subsidiary reported loss of ~₹129 Cr in FY25 with negative reserves, weighing on consolidated perception.
Conclusion
With increasing AI-led infrastructure and digital transformation spending, Dynacons remains positioned to benefit from higher demand for cloud, data-centre, and network modernisation projects. The company has demonstrated strong and sustained order inflows from BFSI and public sector undertakings, providing multi-year revenue visibility. At a valuation of ~16.5× P/E, which is below its earnings growth trajectory and supported by a ₹2,700 Cr unexecuted order book, the stock offers scope for re-rating, subject to continued execution, margin stability, and working-capital discipline.
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