Concall Note / Engineering & Capital Goods / ADISOFT

Adisoft inflated order book on the same call, then corrected itself

Management first guided order book at ₹96.32 cr, then admitted that figure includes unconfirmed pipeline. The real order book: ₹38.54 cr.

ADISOFT ISIN INE20PL01012 30 Jun 2026 Analysis source: Tijori Concall Monitor

Management consistency flag

In the Jun 2026 call, management initially stated the order book was ₹96.32 crores and would be executed in FY27. Later in the same call, when pressed, they said that figure is an 'order pipeline' and the actual firm order book is ₹38.54 crores. The contradiction was not explained.

What's new

FY26 revenue ₹166 cr, PAT ₹22.80 cr up 42% YoY.
FY27 guidance: revenue ₹215 cr (29% growth), PAT growth 35-40% on repeat deployment reuse.
Order book stands at ₹38.54 cr, all executable in FY27; pipeline ₹96 cr including discussions.
New 25,000 sq ft facility targeted November FY27 to support ₹500 cr+ revenue by March 2030.

Themes from the call

Demand

Industrial automation sector growing 25-30% annually; Adisoft's pipeline of ₹96 cr with 95% strike rate supports FY27 revenue target.

Margins

Repeat deployments reuse 60-70% software/design, driving PAT growth (35-40%) faster than revenue (29%); FY27 margin expected above 13.5% but not quantified.

Capital allocation

New facility capex supports long-term capacity of ₹600-650 cr; debtor days at 180 but management calls it structural seasonality, not deterioration.

Guidance watch

FY27 revenue ₹215 cr, PAT growth 35-40% — specific but contingent on order book execution.
H1 EBITDA margins expected to improve — directional, no magnitude given.
New facility operational by November FY27.

Risk flags

Order book credibility damaged: same call gave two different figures (₹96.32 cr vs ₹38.54 cr) without explanation.
Customer concentration: 80-85% revenue from top 5 automakers.
Debtor days inflated to 180 — although attributed to seasonality, it bears watching.

Key quotes

"The current order book, as I mentioned, is around 96.32 crores, and as of today, all of this will be executed in this financial year only."
— Adisoft management, Jun 2026 call
"That is the order pipeline. The order book is 38.54 crores."
— Adisoft management, same call, later in Q&A

The brief

Adisoft Technologies reported a strong FY26: revenue of ₹166 crore, PAT up 42% to ₹22.80 crore. It guided for 29% revenue growth to ₹215 crore in FY27, with PAT growing 35-40% on repeat deployment reuse. The business model is real: turnkey automation solutions with 60-70% software reuse on repeat orders, a 95% strike rate on quoted opportunities, and a growing addressable market as industrial automation expands 25-30% annually. The new facility, a 25,000 sq ft integration space, is set to open in November FY27, targeting ₹500+ crore revenue by March 2030.

But the credibility of those numbers took a hit on the same call. Management first said the order book was ₹96.32 crore and would all execute in FY27. Pressed later, they admitted that ₹96.32 crore includes unconfirmed discussions; the actual firm order book is ₹38.54 crore. The pivot was not explained. An investor cannot tell which numbers to trust.

The rest of the call was consistent: customer concentration at 80-85% from top five auto clients, debtor days at 180 (management calls it structural, not worrisome), and a cautious expansion into non-auto via AIOI JV. The guidance is ambitious but plausible if the real order book translates to revenue as claimed.

Adisoft's growth story is intact. But leadership needs a single version of the numbers. Today they gave two.

The take

Adisoft's growth story works — but the order book confusion on a single call makes every number harder to trust.

Source Tijori Concall Monitor analysis This brief is derived from Tijori's call-monitor analysis, not the exchange transcript source of record. Verify material claims against the company's call materials where available.