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 ₹ 626 Cr.
- Current Price ₹ 369
- High / Low ₹ 888 / 280
- Stock P/E 14.6
- 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: | 10% |
| 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% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Employee Count Number |
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| Export Share of Revenue % |
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| Days Sales Outstanding Days |
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| Trade Payable Turnover Ratio Times |
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| Order Book / Pipeline (Estimates) INR Crore |
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Documents
Announcements
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Analysts/Institutional Investor Meet/Con. Call Updates
11 March 2026 - Virtual analyst/institutional investor meeting with Motilal Oswal on 12 March 2026 at 10:00 IST.
-
Agreements
11 March 2026 - C2C signed two-year exclusive partnership with ACUA (UK) on March 11, 2026 to market USVs in India.
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Monthly Business Updates
11 March 2026 - Signed LoI and initial purchase orders from Mohan Meakin to implement Industry 4.0 platform across ~160 lines, 2026–27.
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Bagging/Receiving of orders/contracts
11 March 2026 - Purchase order to integrate TERMA radar with C2C CMS on RMN frigate KD Jebat; programme through FY2027–28.
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Bagging/Receiving of orders/contracts
11 March 2026 - PO dated 09-Mar-2026 for radar display software (defence); execution within four months; consideration undisclosed.
Annual reports
Concalls
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Nov 2025Transcript PPT
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Nov 2025TranscriptAI SummaryPPT
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.