Valiant Communications Ltd (VALIANT)

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Valiant Communications Ltd (VALIANT) · mywealthgrid

About

Valiant Communications Ltd supplies telecom equipment and accessories within India's Communication Services sector. With a market cap of ₹1,386 Cr and quarterly revenues typically in the ₹1.8–₹6.7 Cr range, it operates as a small-cap supplier to telecom infrastructure rather than as a service provider.

Face value: ₹10

Market cap

₹1,973 Cr

P/E

81.6×

P/B

20.0×

Dividend yield

0.2%

ROE

30.6%

ROCE

40%

Debt / equity

0.02

OPM

35.6%

EPS (TTM)

₹21.1

Book value

₹84.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme earnings volatility: EPS swung from –₹0.85 to +₹1.3 over the past 24 months, and three of eight recent quarters were loss-making, raising concerns about underlying stability
Revenue concentration or cyclicality: quarterly sales ranged ₹1.8–₹6.7 Cr with no apparent pattern; the driver (customer concentration, project lumping, seasonality) must be verified
High valuation against volatility: PE of 144.27 is steep for an equity with this earnings swing; verify whether the 106% 1y stock gain reflects operational recovery or sentiment-driven
Promoter stake declining: holding fell from 40.62% to 39.64% quarter-on-quarter; watch for continued dilution or signalling

Generated analysis · source review pending

Growth drivers

Margin-to-profit conversion: 27.1% OPM means incremental revenue flows to profit once execution stabilises
Underutilized scale potential: quarterly revenue averages ₹4.5 Cr; verify the addressable market size for telecom equipment and Valiant's current market share
Capex cycle verification: confirm whether Indian 5G and network modernization spending is accelerating and Valiant's visibility into orders
Debt capacity: D/E of 0.03 provides flexibility for investment; verify whether this reflects strategy or limited access to opportunities

Generated analysis · source review pending

2,145 historical price candles were omitted because the exchange source has not been verified.

₹1,686.4+2.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 20.7% (3-yr avg)
+High return on capital employed of 27.2%
+Healthy operating margin of 35.6%
+Profit CAGR of 72.1% over the last 5 years
+Revenue CAGR of 31.4% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 170.1×

Cons

−Expensive at 81.6× trailing earnings
−Trading at 20× book value
−Promoter holding fell 2.2 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

67/100

Business quality

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Sterlite Technologies LimitedSTLTECHSTLTECH	₹49,095 Cr	₹50,922 Cr	₹5,642 Cr	₹829 Cr	12%	₹280 Cr	1.2%	9.5%	2.6%	58
Iti LimitedITIITI	₹23,210 Cr	₹23,975 Cr	₹2,111 Cr	₹53 Cr	2%	₹324 Cr	13.4%	2%	16.6%	-47
Tejas Networks LimitedTEJASNETTEJASNET	₹8,269 Cr	₹12,304 Cr	₹1,303 Cr	₹-647 Cr	-61.8%	₹-917 Cr	-82.4%	-26.7%	-26.8%	2,010
Optiemus Infracom LimitedOPTIEMUSOPTIEMUS	₹7,129 Cr	₹7,435 Cr	₹2,216 Cr	₹101 Cr	5.5%	₹73 Cr	3.7%	10.3%	9.2%	14
Valiant Communications LtdVALIANTVALIANT	₹1,973 Cr	₹1,975 Cr	₹85 Cr	₹30 Cr	35.6%	₹24 Cr	28.5%	40%	30.6%	172
Birla Cable LimitedBIRLACABLEBIRLACABLE	₹1,149 Cr	₹1,280 Cr	₹861 Cr	₹84 Cr	6.1%	₹46 Cr	2.2%	11.1%	6.3%	124
ADC India Communications LtdADCINDIAADCINDIA	₹1,031 Cr	₹1,031 Cr	₹200 Cr	₹21 Cr	10.3%	₹19 Cr	9.5%	31.2%	24.2%	24
Umiya Buildcon LimitedUMIYA-MROUMIYA-MRO	₹172 Cr	₹297 Cr	₹73 Cr	₹26 Cr	35.9%	₹9 Cr	58.3%	29.7%	44.4%	914
Aksh Optifibre LimitedAKSHOPTFBRAKSHOPTFBR	₹115 Cr	₹199 Cr	₹148 Cr	₹12 Cr	2.1%	₹-2 Cr	-10.3%	-7.1%	—	-77
Punjab Communications LtdPUNJCOMMUPUNJCOMMU	₹67 Cr	₹68 Cr	₹21 Cr	₹-20 Cr	-26.9%	₹-12 Cr	11.1%	9.9%	10.1%	-218
Telogica LtdTELOGICATELOGICA	₹53 Cr	₹58 Cr	₹19 Cr	₹1 Cr	6.4%	₹2 Cr	4.4%	6.2%	6.2%	293
Tamilnadu Telecommunication LimitedTNTELETNTELE	₹53 Cr	₹91 Cr	₹0 Cr	₹-1,644 Cr	—	₹-10,322 Cr	—	—	—	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	20	22	13	32	46	51	85
COGS	9	11	6	15	22	20	29
Gross profit	11	11	7	16	25	31	56
	10	9	10	12	15	17	26
	1	1	-3	4	10	14	30
OPM %	5.3%	6.3%	-24%	13.6%	22.2%	27.1%	35.6%
Depreciation	2	2	2	2	2	3	3
Interest	0	0	0	0	0	0	0
	1	3	2	0	0	2	5
Profit before tax	-0	2	-4	2	8	13	32
Tax	-0	1	-1	1	2	3	8
Tax %	-100%	23.8%	-27.2%	25%	25.3%	24.6%	24.7%
	0	2	-3	2	6	10	24
PAT margin %	0%	7.4%	-19.9%	5.3%	13.4%	18.9%	28.5%
EPS (₹)	0	2.2	-3.7	2.3	8.6	12.6	21.1
EPS adjusted (₹)	—	1.5	-2.4	1.6	5.4	8.4	21.1
	0%	0%	—	0%	0%	11.9%	7.1%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	7	7	7	8	8	11
Reserves	27	24	26	44	54	85
Minority interest	0	0	0	0	0	0
	0	0	2	2	2	2
	3	3	5	5	9	13
Total equity & liabilities	37	34	40	58	72	112
	6	7	9	10	10	14
CWIP	—	—	—	0	0	0
Investments	4	0	1	2	2	6
	27	27	30	47	59	92
Total assets	37	34	40	58	72	112

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	54.2%	49.1%	54.3%	52.3%	53.6%	61.4%	66.3%
EBITDA margin %	5.3%	6.3%	-24%	13.6%	22.2%	27.1%	35.6%
EBIT margin %	-4.2%	-2%	-39.5%	6.9%	17.3%	21.9%	32.2%
PAT margin %	0%	7.4%	-19.9%	5.3%	13.4%	18.9%	28.5%
Working capital
Receivable days	—	129	83	43	86	142	81
Inventory days	—	287	837	414	246	337	161
Payable days	—	52	102	75	21	79	71
NWC days	—	364	818	382	311	400	172
Leverage
Current ratio	—	11.08	7.76	5.42	9.49	6.87	7.39
Debt to EBITDA	—	0	—	0.39	0.17	0.12	0.07
Debt to equity	—	0	0	0.05	0.03	0.03	0.02
Interest coverage	-3	211	-119.3	45.8	56.3	61.8	170.1
Asset turnover	—	0.59	0.38	0.79	0.79	0.71	0.76
Return ratios
Return on assets %	—	4.3%	-7.6%	4.2%	10.6%	13.4%	21.7%
Return on capital employed %	—	6.2%	-10.9%	7%	19.2%	22.3%	40%
Return on equity %	—	4.7%	-8.5%	5.1%	12%	15.6%	25.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	45.52%	45.52%	43.11%	42.71%	41.83%	41.83%	41.83%	41.83%	40.81%	40.62%	40.62%	39.64%
	0%	0%	0.16%	0.16%	0.16%	0.16%	0.16%	0.16%	0.85%	0.85%	0.98%	0.96%
	0.44%	0.98%	1.06%	0.8%	0.8%	0%	0%	0.61%	1.59%	1.58%	1.58%	3.28%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	54.04%	53.5%	55.67%	56.33%	57.21%	58.01%	58.01%	57.4%	56.75%	56.95%	56.82%	56.12%
No. of shareholders	—	—	—	—	—	—	—	—	6,638	7,347	7,950	9,281

Promoter holding down 5.88 percentage points since Sep 2023.

18 deals · 29 Sept 2021 – 21 Jan 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
21 Jan 2026	SHANKAR SHARMA	Bulk	BSE	Buy	59,100	₹773.72	₹4.57 Cr
18 Aug 2025	RADIANT GLOBAL FUND-CLASS B PARTICIPATING SHARES	Bulk	BSE	Buy	50,000	₹1,021.30	₹5.11 Cr
17 Feb 2025	ASHISH JAIN	Bulk	BSE	Sell	42,000	₹391.21	₹1.64 Cr
17 Aug 2023	INDER MOHAN SOOD	Bulk	BSE	Sell	61,865	₹263.35	₹1.63 Cr
22 Feb 2022	SANDEEP KUMAR HISARIA	Bulk	BSE	Buy	41,850	₹64.10	₹0.27 Cr
15 Feb 2022	SANDEEP KUMAR HISARIA	Bulk	BSE	Buy	60,000	₹65.47	₹0.39 Cr
15 Feb 2022	AMIT JAIN	Bulk	BSE	Sell	58,351	₹65.45	₹0.38 Cr
4 Feb 2022	ASHISH JAIN	Bulk	BSE	Buy	68,000	₹73.20	₹0.50 Cr
31 Jan 2022	DUANE PARK PRIVATE LIMITED	Bulk	BSE	Sell	1,56,338	₹55.33	₹0.87 Cr
31 Jan 2022	DHEERAJ KUMAR LOHIA	Bulk	BSE	Buy	45,483	₹55.71	₹0.25 Cr

1–10 of 18

1 / 2

Mr. Inder Mohan SoodExecutive Director-Chairperson related to Promoter-CEO-MD
Mr. Davinder Mohan SoodExecutive Director
Mr. Gaurav Mohan SoodExecutive Director
Mr. Garv Mohan SoodExecutive Director
Mr. Anil TandonNon-Executive - Independent Director
Mr. Subhash Kumar MehtaNon-Executive - Independent Director
Mr. Aditya Pratap SinghNon-Executive - Independent Director
Ms. Sanjna AggarwalNon-Executive - Independent Director
Manish KumarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Valiant Communications Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

11 announcementsExport CSV

30 Sept 2026, 3:56 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	54.2%	49.1%	54.3%	52.3%	53.6%	61.4%	66.3%
EBITDA margin %	5.3%	6.3%	-24%	13.6%	22.2%	27.1%	35.6%
EBIT margin %	-4.2%	-2%	-39.5%	6.9%	17.3%	21.9%	32.2%
PAT margin %	0%	7.4%	-19.9%	5.3%	13.4%	18.9%	28.5%
Working capital
Receivable days	—	129	83	43	86	142	81
Inventory days	—	287	837	414	246	337	161
Payable days	—	52	102	75	21	79	71
NWC days	—	364	818	382	311	400	172
Leverage
Current ratio	—	11.08	7.76	5.42	9.49	6.87	7.39
Debt to EBITDA	—	0	—	0.39	0.17	0.12	0.07
Debt to equity	—	0	0	0.05	0.03	0.03	0.02
Interest coverage	-3	211	-119.3	45.8	56.3	61.8	170.1
Asset turnover	—	0.59	0.38	0.79	0.79	0.71	0.76
Return ratios
Return on assets %	—	4.3%	-7.6%	4.2%	10.6%	13.4%	21.7%
Return on capital employed %	—	6.2%	-10.9%	7%	19.2%	22.3%	40%
Return on equity %	—	4.7%	-8.5%	5.1%	12%	15.6%	25.1%

Date	Category	Subject	Filing
30 Sept 2026, 3:56 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
30 Sept 2026, 3:53 pm	AGM/EGM AGM	33RD Annual General Meeting - Voting Results	PDF
30 Sept 2026, 3:49 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
30 Sept 2026, 3:47 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
29 Sept 2026, 12:41 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
10 Sept 2026, 1:39 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
8 Sept 2026, 10:11 am	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
3 Sept 2026, 12:20 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	2	-4	3	3	1	32
	-5	-0	4	-4	-3	-15	-28
	0	0	0	2	12	-0	11
Net cash flow	-3	1	-0	0	12	-14	15
Free cash flow	—	—	—	—	2	-0	28
CFO / Operating profit %	231.4%	110.2%	—	72%	30.8%	5.7%	107.4%

Valiant Communications Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

7

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Valiant Communications Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Dividends7

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

7

1

1