C2C Advanced Systems Ltd
C2C Advanced System is a vertically integrated defense electronics solutions provider catering to the indigenously developed defense products industry in India.[1]
- Market Cap ₹ 1,004 Cr.
- Current Price ₹ 591
- High / Low ₹ 954 / 250
- Stock P/E 23.4
- Book Value ₹ 133
- Dividend Yield 0.00 %
- ROCE 26.2 %
- ROE 21.0 %
- Face Value ₹ 10.0
Pros
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
- Company has high debtors of 349 days.
- Working capital days have increased from 311 days to 524 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
Industrials Capital Goods Aerospace & Defense Aerospace & Defense
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 1 | 0 | 8 | 41 | 115 | 138 | |
| 1 | 2 | 4 | 23 | 74 | 81 | |
| Operating Profit | 0 | -2 | 4 | 18 | 41 | 57 |
| OPM % | 13% | -597% | 48% | 45% | 36% | 41% |
| 0 | 0 | 0 | 0 | 2 | 4 | |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 1 | 1 | 2 | 3 |
| Profit before tax | -0 | -2 | 3 | 17 | 41 | 57 |
| Tax % | -25% | -1% | 1% | 26% | 30% | |
| -0 | -2 | 3 | 12 | 29 | 43 | |
| EPS in Rs | -2.40 | -47.59 | 19.20 | 10.02 | 17.33 | 25.70 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 590% |
| TTM: | 180% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 142% |
| TTM: | 135% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 25% |
| Last Year: | 21% |
Balance Sheet
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.50 | 0.50 | 2 | 12 | 17 | 17 |
| Reserves | 0 | -2 | 1 | 64 | 181 | 205 |
| 2 | 6 | 10 | 1 | 46 | 48 | |
| 5 | 4 | 6 | 8 | 19 | 23 | |
| Total Liabilities | 8 | 9 | 18 | 86 | 262 | 293 |
| 1 | 1 | 4 | 4 | 14 | 14 | |
| CWIP | 3 | 3 | 0 | 0 | 26 | 26 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 4 | 5 | 15 | 82 | 223 | 253 | |
| Total Assets | 8 | 9 | 18 | 86 | 262 | 293 |
Cash Flows
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 2 | -4 | -5 | -35 | -115 | |
| -3 | -0 | -0 | -1 | -28 | |
| 1 | 4 | 5 | 52 | 129 | |
| Net Cash Flow | 0 | -0 | -0 | 15 | -14 |
Ratios
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 602 | 1,898 | 408 | 380 | 349 |
| Inventory Days | 487 | 112 | 949 | 248 | 422 |
| Days Payable | 26,645 | 8,198 | 2,752 | 83 | 20 |
| Cash Conversion Cycle | -25,557 | -6,188 | -1,395 | 545 | 751 |
| Working Capital Days | -1,088 | -6,393 | -87 | 495 | 524 |
| ROCE % | -65% | 35% | 39% | 26% |
Documents
Announcements
-
Awarding of order(s)/contract(s)
1 December 2025 - Received defence sub-system order from leading PSU on 24/11/2025; execution within six months; value confidential.
-
Analysts/Institutional Investor Meet/Con. Call Updates
25 November 2025 - Transcript of H1 FY2025-26 earnings call (20 Nov 2025); cited pipelines ~1,144 crore.
-
Investor Presentation
20 November 2025 - Investor presentation submitted to NSE and uploaded on website on 20-Nov-2025.
-
Investor Presentation
20 November 2025 - Investor presentation uploaded to website; highlights FY25 ₹1,151mn revenue and Adani Defence MOU.
-
Analysts/Institutional Investor Meet/Con. Call Updates
17 November 2025 - One-on-one meeting with Farley Capital on 19 Nov 2025, 1:00 PM, Bengaluru.
Annual reports
Concalls
-
Nov 2025Transcript PPT
-
Nov 2025TranscriptNotesPPT
Business Profile[1][2]
C2C Advanced Systems Limited specializes in vertically integrated defense electronics solutions for air, sea, and land defense platforms. The company develops proprietary software-driven systems and sub-systems, leveraging AI/ML, big data analytics, IIOT, and embedded systems. The offerings include mission-critical defense applications, digital transformation products, and dual-use solutions for Industry 4.0.