Bartronics India Limited (ASMS) AI Stock Analysis

• Market Cap: ₹3.64B
• Dividend Yield: N/A
• Average Volume (3M): 15.16K
• Price to Earnings (P/E): 90.5
• Beta (1Y): 1.28
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 130
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): 0.08
• Shares Outstanding: 304,576,750
• 10 Day Avg. Volume: 18,067
• 30 Day Avg. Volume: 15,165
• PEG Ratio: 12.76
• Price to Book (P/B): 15.77
• Price to Sales (P/S): 11.13
• P/FCF Ratio: -220.89
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: ₹12.00 ▲(0.00% Upside)

The score is held back primarily by persistently negative operating/free cash flow and multi-year revenue decline, despite a currently low-leverage balance sheet. Technicals remain below key longer-term moving averages with negative MACD, and valuation is stretched with a high P/E and no dividend support.

Positive Factors

Conservative balance sheet

Very low leverage provides durable financial flexibility for multi-month operational needs and bidding on public contracts. Minimal debt reduces refinancing risk and interest burden, supporting capacity to fund strategic investments or absorb project timing delays without stressing liquidity.

Government/enterprise recurring revenues

A business mix centered on government and enterprise managed services creates sticky, contract-backed recurring revenue. This stability supports predictable cash inflows over contract terms and strengthens customer relationships, aiding retention and upsell prospects versus one-off project models.

Positive margins & EBITDA

Sustained positive net margin and EBITDA indicate the company can generate operating profitability even amid top-line pressure. Continued EBITDA positivity provides a base for returning to operating profitability if revenue stabilizes, supporting long-term viability of core services.

Negative Factors

Multi-year revenue decline

Three consecutive years of declining revenue signal structural demand or market-share challenges that impair scale economics. Persistent top-line contraction limits margin leverage, undermines long-term growth prospects, and increases dependency on cost cuts or contract wins to restore sustainable profitability.

Negative operating/free cash flow

Ongoing cash burn erodes financial resilience and raises funding risk even with low debt. Negative operating and free cash flows constrain ability to invest in product development, bid for large public contracts, or build sales capacity without external financing, which could dilute returns over time.

Earnings quality & operating weakness

Discrepancy between EBITDA and operating profit and evidence of one-off-driven margins reduce confidence in recurring earnings. Volatile operating results complicate forecasting and indicate core operations may not consistently support reported profitability, risking future earnings reversals.

Bartronics India Limited Business Overview & Revenue Model

Company Description

Bartronics India Limited provides automatic identification, data capture, and financial inclusion services in India and internationally. The company offers a range of banking services, including financial inclusion, business correspondent, and business facilitation banking services. It also provides e-government solutions that include health insurance, public distribution system, smart card based driving license and vehicle registration, and pilgrim management system. In addition, the company provides Internet of Things solutions in healthcare, agriculture, smart cities, and industrial automation industries; technology, mobility, and enterprise solutions; and application development, management, software quality assurance, and IT infrastructure management services. The company was formerly known as Super Bartronics Limited and changed its name to Bartronics India Limited in January 1996. Bartronics India Limited was incorporated in 1990 and is headquartered in Hyderabad, India.

How the Company Makes Money

Bartronics India Limited Financial Statement Overview

Summary

Financials are mixed: the balance sheet is currently conservative with minimal leverage, but fundamentals are pressured by three straight years of revenue decline and persistently negative operating/free cash flow (2023–2025). Profitability is modest and somewhat volatile, with signs that earnings quality may be affected by non-recurring items.

Income Statement

Profitability looks modest and somewhat volatile. Revenue has declined for three straight annual periods (2023–2025), which is a clear top-line headwind. Recent margins are positive (2025 net margin ~4.4%), and net income improved versus 2024, but operating performance is mixed with 2025 showing a small operating loss while EBITDA stayed positive—suggesting profits are not consistently supported by core operations. The 2023 results show unusually high margins relative to revenue, increasing the perception of one-off/non-recurring effects and lowering confidence in earnings quality.

Balance Sheet

The balance sheet is currently conservative with very low leverage: debt-to-equity is near zero in 2024 and remains minimal in 2025 (~0.7%). Equity and assets have grown from 2023 to 2025, and return on equity in 2024–2025 is positive (~5–6%). The key weakness is historical balance-sheet risk: 2022 showed very high leverage (debt-to-equity ~18x) and deeply negative profitability, highlighting that capital structure and performance have swung materially across the period.

Cash Flow

Cash generation is a major weak spot recently. Operating cash flow and free cash flow are negative in 2023–2025, with 2025 free cash flow declining sharply versus 2024 (large negative growth). 2022 was the exception with positive operating and free cash flow, but the more recent trend points to ongoing cash burn and weaker cash conversion, which raises execution and funding-risk concerns even with low current debt.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	400.36M	488.38M	526.27M	655.62M
Gross Profit	38.43M	44.70M	59.09M	556.18M
EBITDA	24.55M	6.81M	1.60B	57.71M
Net Income	17.46M	13.83M	1.10B	-503.01M
Balance Sheet
Total Assets	325.55M	297.39M	278.04M	16.19B
Cash, Cash Equivalents and Short-Term Investments	15.78M	102.81M	39.43M	90.70M
Total Debt	1.83M	0.00	0.00	12.00B
Total Liabilities	43.05M	32.34M	23.96M	15.52B
Stockholders Equity	282.50M	265.05M	254.08M	664.69M
Cash Flow
Free Cash Flow	-20.17M	-5.25M	-92.95M	39.77M
Operating Cash Flow	-17.38M	-4.81M	-92.93M	39.83M
Investing Cash Flow	-12.79M	9.56M	5.87M	1.22M
Financing Cash Flow	1.76M	0.00	-22.54M	89.00K

Bartronics India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CYBERTECH	71 Outperform	₹4.19B	11.83	―	13.69%	4.44%	21.20%
DCI	68 Neutral	₹3.78B	20.66	―	―	20.39%	11.63%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
INSPIRISYS	61 Neutral	₹3.38B	9.41	―	―	-1.07%	187.83%
TERASOFT	60 Neutral	₹5.28B	32.37	―	0.23%	71.84%	138.63%
3IINFOLTD	55 Neutral	₹3.17B	2.90	―	―	-6.88%	―
ASMS	47 Neutral	₹3.64B	90.54	―	―	―	―

Bartronics India Limited Corporate Events

Bartronics India Set to Sign Definitive Deal for 51% Stake in Shree Naga Narasimha Pvt Ltd

Bartronics India Limited has completed due diligence on its proposed acquisition of Shree Naga Narasimha Private Limited and plans to sign definitive agreements to acquire a 51% equity stake, based on a valuation provided by an independent valuer. The deal, which will be executed in compliance with applicable laws and regulatory requirements, signals a strategic move to gain majority control in SNN, potentially expanding Bartronics India’s operational footprint and influencing its future business mix, with further updates to be disclosed as the transaction progresses.

Bartronics India, Origo Commodities Sign MoU for Potential AgriTech Restructuring

Bartronics India Limited has signed a Memorandum of Understanding with Origo Commodities India Private Limited to explore a strategic collaboration in the AgriTech and agri supply-chain ecosystem. The MoU sets out the parties’ intent to evaluate a potential demerger of BIL’s AgriTech division into a separate entity and the subsequent merger of that demerged entity with Origo, subject to due diligence and regulatory approvals, signaling a possible restructuring that could sharpen BIL’s focus in AgriTech and potentially strengthen its market positioning through integration with a specialized agri-commodities player.

Bartronics India Files SEBI Compliance Certificate for December 2025 Quarter

Bartronics India Limited has submitted to the stock exchanges a compliance certificate from its Registrar and Share Transfer Agent, Bigshare Services Private Limited, for the quarter ended December 31, 2025, in accordance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing underscores the company’s adherence to regulatory requirements governing depositories and participants, providing assurance to shareholders and market regulators about the proper handling and certification of its securities-related activities.

Bartronics India to Scale Maharashtra Gramin Bank’s Rural Network Under Long-Term SLA

Bartronics India Limited has announced that it will enter into a long-term Service Level Agreement with Maharashtra Gramin Bank to strengthen and expand the bank’s rural banking correspondent and customer outreach network across its operational regions in Maharashtra. Building on a seven-year partnership in which Bartronics has managed about 350 banking touchpoints, the renewed engagement will see the network scaled to nearly 600 touchpoints through the phased addition of around 250 new Customer Service Points, with expected cumulative revenues of about ₹30 crore over the next five years, subject to transaction volumes and service uptake. The expansion is aimed at deepening last-mile banking penetration in rural Maharashtra and is expected to generate local employment through the onboarding of CSP agents, supervisors, and field staff, while continuing to support core financial inclusion services such as cash transactions, fund transfers, Aadhaar-enabled payments, government scheme enrollments, and financial literacy initiatives.

Bartronics India Kicks Off Pan-India Agritech Rollout with Maharashtra Lead, Uttar Pradesh Next

Bartronics India Limited has moved from planning to live execution of its agritech strategy, completing an initial on-ground rollout in Maharashtra and preparing to extend the model to Uttar Pradesh as part of a broader pan-India expansion. Through 10 field engagement sessions across key agricultural districts in Maharashtra, the company has engaged an extensive stakeholder network spanning farmers, FPOs, cooperatives, traders, commission agents, logistics and warehouse operators, food processors and rural service providers, collectively providing access to over one million farmers. The initiative, built around a platform approach that integrates market access, logistics, storage and services rather than isolated farmer interventions, is supported by Ampivo AI, which has soft-launched a multilingual agritech application serving as the digital backbone for farmer onboarding, ecosystem mapping and marketplace enablement. Drawing on learnings and traction from Maharashtra, Bartronics plans to leverage its strong operational presence in Uttar Pradesh for the next phase of field activation, followed by a phased rollout in other agricultural regions, signalling a significant scale-up of its agritech ambitions and potentially reshaping its position in India’s digital agriculture value chain.