Tracxn Technologies Ltd. (TRACXN) AI Stock Analysis

• Market Cap: ₹3.81B
• Dividend Yield: N/A
• Average Volume (3M): 15.57K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.56
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 720
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.52
• Shares Outstanding: 106,679,320
• 10 Day Avg. Volume: 20,955
• 30 Day Avg. Volume: 15,569
• PEG Ratio: 0.25
• Price to Book (P/B): 8.97
• Price to Sales (P/S): 6.98
• P/FCF Ratio: 41.68
• 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: 52 Neutral
• Price Target: ₹36.00 ▼(-10.87% Downside)

The score is mainly supported by strong cash generation and a low-risk, debt-free balance sheet, but is weighed down by deteriorating profitability and slowing growth. Technicals are also weak (below key moving averages with negative MACD), and valuation is constrained by a negative P/E with no dividend yield provided.

Positive Factors

Debt-free balance sheet

Zero reported debt materially reduces financial risk and interest expense, preserving cash flow and strategic optionality. Over the medium term this supports funding product development, customer success, or M&A without diluting or increasing leverage, improving resilience through cycles.

Strong cash generation

Consistent positive operating and free cash flow, even when net income turned negative, indicates solid cash conversion and working-capital management. This durable cash generation funds operations and reinvestment, lowers financing dependency, and cushions the business during revenue volatility.

Recurring SaaS subscription model

A subscription-based SaaS model yields predictable, recurring revenue and high lifetime value when retention is solid. For institutional customers (VCs, corporates), renewals create a durable revenue floor and enable long-term customer relationships and upsell opportunities versus one-time sales models.

Negative Factors

Swing to net loss and weak profitability

A move from profit to a net loss undermines return on equity and reduces retained earnings available for growth. Sustained losses can force cost cuts or capital raises, constrain product investment and hiring, and weaken confidence among large enterprise customers reliant on vendor stability.

Slowing revenue growth

Decelerating top-line growth threatens operating leverage inherent in SaaS models: it limits margin expansion, reduces ability to scale fixed-cost investments, and signals potential product-market fit or competitive pressure issues that can erode long-term market share.

Low gross and thin operating margins

Below-par gross margins and very thin operating margins indicate constrained pricing power or elevated delivery costs relative to peers. Over time, weak margins reduce free cash flow potential, limit reinvestment in product and sales, and make the business more sensitive to revenue shocks.

Tracxn Technologies Ltd. Business Overview & Revenue Model

Company Description

Tracxn Technologies Limited operates a platform that provides information of startups in venture capital, private equity, and corporate development. It operates a software as a services platform that offers services in the areas of CRM, sector research, data sets, diligence, global and local tracking, report, sourcing, portfolio management, and productivity tools. It serves venture capital funds, private equity funds, accelerators and incubators, investment banks, corporate innovation, corporate development and M and A teams, and journalists and publication sector. The company was incorporated in 2012 and is based in Bengaluru, India.

How the Company Makes Money

Tracxn Technologies Ltd. Financial Statement Overview

Summary

Strong cash flow and a debt-free balance sheet support resilience (Cash Flow Score 78; Balance Sheet Score 72). However, financial performance is held back by slowing revenue growth and a swing back to net losses with very thin operating profitability (Income Statement Score 46).

Income Statement

Revenue growth has slowed materially in the latest annual period (2025 vs. 2024) after modest growth in 2024, and profitability has weakened sharply with a swing to a net loss in 2025. Operating profitability remains thin (very low EBIT/EBITDA margins in 2025) and gross margin is low for a software business, indicating limited pricing power and/or elevated delivery costs. Positively, the company has shown it can be profitable (2023–2024), but earnings volatility is a clear concern.

Balance Sheet

The balance sheet is conservatively financed with zero reported debt in recent years (2021–2025), which reduces financial risk and interest burden. Equity remains positive and sizable in 2025, supporting resilience despite the latest loss. The main weakness is the drop in returns on equity in 2025 (negative), reflecting the earnings downturn; historically there was also a period of balance-sheet stress in 2020 (negative equity and high debt), though that is not present in the more recent data.

Cash Flow

Cash generation is a key strength: operating cash flow and free cash flow are strongly positive in 2024 and improved further in 2025, even as reported net income turned negative—suggesting solid cash conversion and/or meaningful non-cash charges/working-capital benefits. Free cash flow closely tracks (and in loss periods effectively offsets) reported earnings in the provided data. The primary watch-out is that free cash flow declined in 2024 versus 2023 before rebounding in 2025, indicating some variability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	851.31M	844.67M	827.71M	781.06M	634.53M	437.79M
Gross Profit	99.80M	105.93M	96.75M	109.90M	106.77M	-46.32M
EBITDA	3.50M	8.34M	88.53M	25.72M	-16.01M	-48.63M
Net Income	-96.98M	-95.44M	65.01M	330.89M	-48.48M	-53.48M
Balance Sheet
Total Assets	0.00	1.11B	1.13B	972.96M	540.14M	484.59M
Cash, Cash Equivalents and Short-Term Investments	932.17M	951.54M	750.00M	587.71M	413.58M	393.72M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	-657.96M	449.34M	421.96M	377.28M	333.73M	262.36M
Stockholders Equity	657.96M	657.96M	708.88M	596.88M	206.41M	222.23M
Cash Flow
Free Cash Flow	0.00	141.53M	112.07M	148.48M	3.96M	-60.60M
Operating Cash Flow	0.00	142.71M	112.47M	151.60M	5.59M	-60.60M
Investing Cash Flow	0.00	-157.34M	-94.06M	-157.75M	8.43M	54.57M
Financing Cash Flow	0.00	3.02M	3.56M	0.00	950.00	1.87M

Tracxn Technologies Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SAKSOFT	72 Outperform	₹22.66B	16.99	―	0.42%	21.17%	27.66%
BSOFT	63 Neutral	₹122.61B	26.78	―	1.42%	-2.00%	-25.81%
HAPPSTMNDS	62 Neutral	₹60.52B	32.19	―	1.26%	21.31%	-16.27%
INTELLECT	62 Neutral	₹111.31B	31.47	―	0.69%	15.87%	39.55%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TEJASNET	57 Neutral	₹62.16B	-8.11	―	0.55%	-17.23%	-185.73%
TRACXN	52 Neutral	₹3.81B	-35.97	―	―	―	―

Tracxn Technologies Ltd. Corporate Events

Tracxn Technologies to Shut Trading Window Ahead of Q3 FY26 Results

Tracxn Technologies Limited has announced that its trading window for dealing in the company’s securities will be closed for all designated persons and their immediate relatives from 1 January 2026 until 48 hours after the declaration of its unaudited financial results for the quarter ended 31 December 2025, in line with SEBI’s Prohibition of Insider Trading Regulations, 2015. The company will separately announce the date of the board meeting to approve these quarterly results, and the trading window closure underscores its adherence to regulatory norms aimed at preventing insider trading and ensuring fair disclosure for market participants.

Tracxn Technologies Grants 143,140 Employee Stock Options

Tracxn Technologies Limited has announced the grant of 143,140 stock options to eligible employees under its Employee Stock Option Plan 2016. This move, approved by the company’s Nomination and Remuneration Committee, is aimed at enhancing employee engagement and aligning their interests with the company’s growth objectives. The exercise price for these options is set at Re.1 each, and they can be exercised within five years from the date of vesting. This initiative is expected to strengthen Tracxn’s position in the industry by motivating its workforce and potentially improving operational performance.

Tracxn Technologies Announces Q2 2025 Financial Results

Tracxn Technologies Ltd. announced the approval of its unaudited financial results for the quarter and half-year ending September 30, 2025, during a board meeting. This development is significant for stakeholders as it provides transparency into the company’s financial health and performance, potentially impacting its market positioning and investor confidence.