Adisoft's order-book confusion mars otherwise solid growth story
Management gave two conflicting order-book figures on the same call; the real firm orders are 60% lower.
The numbers
- Firm orders stand at ₹38.54 crore, not the ₹96.32 crore pipeline initially cited.
- FY26 revenue jumped 42% to ₹166 crore; net profit hit ₹22.80 crore.
- FY27 guidance: ₹215 crore revenue with 35-40% profit growth.
- New 25,000 sq ft facility targeted for November, aiming at ₹600-650 crore long-term capacity.
Management's story
- Management first claimed a ₹96.32 crore order book that would all execute in FY27.
- Later in the same call, they admitted that figure is a pipeline; firm orders are ₹38.54 crore.
- They cited a 95% strike rate on quoted opportunities and 60-70% software reuse on repeat orders.
- Diversification into pharma and e-commerce logistics is underway via AIOI JV.
- Customer concentration remains high: 80-85% revenue from top five automotive clients.
“That is the order pipeline. The order book is 38.54 crores.”
— Adisoft management, Jun 2026 call
Where they diverge
The numbers tell a simple story: a ₹38.54 crore firm order book, not ₹96.32 crore. Management's narrative of a fully booked runway for FY27 doesn't match the corrected figure. Trust in the company's disclosures took a direct hit on the same call. The growth trajectory is intact, but the credibility gap is now the bigger risk for investors.
The full read
Adisoft delivered a strong FY26: revenue up 42% to ₹166 crore, net profit at ₹22.80 crore. FY27 guidance of ₹215 crore revenue and 35-40% profit growth is ambitious but plausible given the automation sector's 25-30% annual expansion and the company's 60-70% software reuse model. But the same call that laid out this story also contained a damaging contradiction. Management first said the order book was ₹96.32 crore, then admitted that was the pipeline — firm orders are ₹38.54 crore. The discrepancy was not explained. An investor cannot know which numbers to trust. The growth thesis rests on repeat orders and a 95% strike rate, but the order-book confusion overshadows those strengths. The new facility and diversification plans are real, but credibility is the foundation. Right now, that foundation is cracked.
What we're watching
- Execution of the ₹38.54 crore firm orders within FY27; any slippage will compound trust issues.
- H1 EBITDA margins: management flagged directional improvement but gave no magnitude.
- Debtor days at 180 — whether they shorten or elongate in FY27 H1.
- New facility operational by November: on-time delivery and capacity ramp-up.