Workmates Core2cloud Solution Ltd
Founded in 2018, Workmates Core2Cloud Solution Limited, is an AWS Premier Consulting Partner known for scalable and innovative cloud solutions across India.[1]
- Market Cap ₹ 583 Cr.
- Current Price ₹ 452
- High / Low ₹ 514 / 264
- Stock P/E 31.0
- Book Value ₹ 75.9
- Dividend Yield 0.44 %
- ROCE 37.2 %
- ROE 29.3 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 109% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 45.6%
Cons
- Working capital days have increased from 16.4 days to 63.8 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Information Technology Information Technology IT - Software Computers - Software & Consulting
Part of BSE SME IPO
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| 4 | 13 | 29 | 53 | 105 | 144 | 164 | |
| Sales growth | +203% | +127% | +84% | +97% | +37% | +25% | |
| 4 | 11 | 26 | 46 | 86 | 121 | 139 | |
| Operating Profit | 1 | 2 | 3 | 7 | 18 | 22 | 24 |
| OPM % | 14% | 14% | 9% | 14% | 18% | 16% | 15% |
| 0 | 0 | 0 | 0 | 1 | 1 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before tax | 1 | 2 | 3 | 8 | 19 | 22 | 25 |
| Tax % | 25% | 26% | 27% | 28% | 25% | 25% | |
| 0 | 1 | 2 | 5 | 14 | 16 | 19 | |
| EPS in Rs | 0.41 | 1.26 | 1.96 | 5.39 | 14.06 | 12.68 | 14.58 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 103% |
| 3 Years: | 71% |
| TTM: | 25% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 109% |
| 3 Years: | 103% |
| TTM: | 15% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 47% |
| 3 Years: | 46% |
| Last Year: | 29% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 13 | 13 |
| Reserves | 0 | 2 | 4 | 9 | 23 | 76 | 85 |
| 0 | 0 | 0 | 0 | 9 | 0 | 0 | |
| 1 | 3 | 7 | 13 | 26 | 19 | 15 | |
| Total Liabilities | 1 | 5 | 10 | 22 | 58 | 108 | 113 |
| 0 | 0 | 0 | 0 | 1 | 10 | 13 | |
| CWIP | 0 | 0 | 0 | 0 | 10 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1 | 5 | 10 | 22 | 46 | 97 | 100 | |
| Total Assets | 1 | 5 | 10 | 22 | 58 | 108 | 113 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 2 | 10 | 4 | 0 | |||
| -0 | -4 | -11 | -1 | |||
| 0 | 0 | 9 | 38 | |||
| Net Cash Flow | 2 | 6 | 1 | 38 | ||
| Free Cash Flow | 2 | 10 | -7 | -1 | ||
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 156% | 167% | 46% | 26% |
Ratios
Standalone / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 51 | 42 | 52 | 37 | 86 | 74 |
| Inventory Days | 0 | |||||
| Days Payable | ||||||
| Cash Conversion Cycle | 51 | 42 | 52 | 37 | 86 | 74 |
| Working Capital Days | 20 | -10 | -8 | -34 | 19 | 64 |
| ROCE % | 151% | 98% | 117% | 92% | 37% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Employee Headcount count |
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| Top 10 Customer Revenue Concentration % |
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| Billable Utilization % |
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| Enterprise Customers count |
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| Monthly Recurring Revenue (MRR) ₹ Cr/month |
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| Project Implementation Billing ₹ Cr |
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| Recurring Revenue ₹ Cr |
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| Total Customers count |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Press Release regarding financial results for the half year ended September 30, 2026
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Announcement under Regulation 30 (LODR)-Investor Presentation
- Investor Presentation for the half year ended September 30, 2026
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
- Monitoring report for half year ended 30 Sep 2026 shows no deviation in Rs69.84 crore issue proceeds.
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Statement Of Deviation For The Period Ended 30Th September, 2026
- IPO proceeds of Rs 69.84 crore fully utilized; no deviation for half-year ended 30 Sep 2026.
- Unaudited Financial Results For The Half Year Ended 30Th September, 2026
Concalls
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Nov 2026PPT
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Sep 2026PPT
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May 2026Transcript PPT
Business Profile[1]
Workmates Core2Cloud Solution Limited is a cloud and digital transformation company specializing in modernizing, securing, and scaling enterprise IT infrastructure. It is a Premier Tier AWS Consulting Partner. The company operates on a B2B model, providing end-to-end cloud solutions from assessment and migration to modernization, cybersecurity, and managed services.