What’s new

• FY27 revenue growth guidance of 20% backed by ₹75 cr order book
• Agentic AI practice (SAP Joule, Blue Prism) contributes 3-4% of revenue with 15 live projects
• NOC/SOC hits 25 recurring customers; target of 100 customers in 3 years

Why it matters

For a ₹73 cr market cap company, a 20% growth target with a visible order book (36% of FY26 revenue) and margin recovery to 15-17% from 13.86% is a credible acceleration. The AI and NOC/SOC units provide new legs, and an active M&A pipeline adds optionality. The key is execution: translating the order book into revenue and scaling NOC/SOC customers from 25 to 100.

What we’re watching

• Order book execution pace; ₹75 cr due by September
• EBITDA margin trajectory in H1 FY27
• M&A progress: tech services and data center targets under evaluation

The full read

Rox Hi-Tech navigated supply disruptions to post ₹210.63 crore FY26 revenue, up 11.33%, a solid outcome for a nano-cap. The real story is what comes next: management guided 20% growth in FY27, backed by an order book of ₹75 crore executable by September. The agentic AI practice built on SAP Joule and Blue Prism now contributes 3-4% of revenue, while the NOC/SOC unit has onboarded 25 customers on recurring contracts with a three-year target of 100 customers (15% of revenue). EBITDA margins, compressed to 13.86% in H2 FY26, are seen recovering to 15-17% in FY27. An active M&A pipeline, including a tech services firm and data center targets, adds optionality. With a trailing ROE of 18.1%, low debt (0.42 D/E), and a $1 million international contract win, the company is building a credible growth story. The open question is whether the nano-cap can convert its order book and customer targets into consistent execution.

Primary source: NSE