Design / Fabless / IP

Tata Elxsi

TATAELXSINSEMid CapParent: Tata Group

Live₹4,291.3syncing…

Engineering and design R&D services across embedded systems, automotive, broadcast and healthcare with growing semiconductor design exposure.

Market Cap

₹26.7k cr

Price

4291

1Y -8%

Direct exposure

70/100

0–100 directness

Hold / Watchlist

Fundamental

71/ 100

B+

Quality of growth, returns, cash conversion and balance sheet

Technical (TQ-100)

22/ 100

Trend, momentum, volume and relative strength composite

Valuation

38/ 100

Higher = cheaper vs peers and own history

Final composite

55/ 100

Blended decision input

Data transparency

What's real, what's pending, on this page

Real financials loaded

✓ Real / verified

· Live price, day change, market cap — NSE direct
· 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
· Sector P/E — NSE direct
· Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
· Earnings call AI summaries — Trendlyne (where available)
· Technical (TQ-100) score — computed from real OHLCV
· Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)

⚠ Analyst-set (qualitative)

· Segment classification + semicon directness score — analyst seed
· Bull/bear case + monitorables (curated thesis) — analyst seed
· Governance risk score (seed) — being replaced by AI-agent assessment
· Synthesized 5Y forecast removed entirely (was inaccurate)

Real financials extracted for 42 of 45 companies. See /data-sources for full provenance.

Tata Elxsi · TATAELXSI

₹4,291.3+19.44% over 6M

Price50 DMA200 DMA

RSI (14)

Momentum oscillator · 6M view

Volume (60D)

Fundamental score (SageOne 100)

71/ 100B+

Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).

Base 71

Growth quality/ 20

2.6

Rev 1Y 0.8% · 3Y CAGR 7.0%

Margin & profitability/ 15

13.6

EBITDA 29.2% · PAT 15.9%

Return on capital/ 20

17.5

ROCE 34% · ROE 22%

Cash flow quality/ 15

9.9

OCF/EBITDA 70% · FCF yield 1.9%

Leverage discipline/ 10

10.0

Net Debt/EBITDA -1.20x

Reinvestment runway/ 8

6.8

ROCE × retention proxy

Accounting quality/ 7

6.2

OCF conversion proxy

Governance/ 5

4.1

Pledge 0.0% · Risk 18/100

✓ Computed from real Trendlyne annuals (revenue, EBITDA, PAT, OCF, equity).

Technical score (TQ-100)

22/ 100D

Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.

Base 40

Red flags -18

Trend structure/ 20

5.1

Below 200DMA · -36% from 52W high

Momentum velocity/ 15

6.6

RSI(14) 44 · 1M -3.2%

Volume dynamics/ 15

10.5

Bucket: Mid Cap

Relative strength/ 15

4.5

RS vs Nifty -12%

MA cluster/ 10

0.0

200DMA + 1Y trend confirmation

Mean-reversion runway/ 10

6.3

RSI(14) 44; ideal 50-60

Volatility profile/ 8

6.8

Bucket: Mid Cap

Pattern integrity/ 7

0.0

Trend continuation proxy

Red flags (2)

− Below 200 DMALong-term trend broken-10
− Deep drawdown-36% from 52W high-8

AI research agents

Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.

Segment classifier

Maps to value-chain segments + computes 0-100 directness

Seed: Design / Fabless / IP · 70/100

Governance assessor

Forensic-accounting flags + 0-100 risk score

Seed: 18/100 risk

AI thesis

Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.

Curated thesis

Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take

High-quality engineering services franchise with growing semiconductor design depth, but valuations remain rich relative to growth.

Bull case

+Semiconductor design vertical scaling
+EBITDA margin >30% structurally
+Tata group anchor customers

Bear case

−Revenue concentration in top clients
−Margin compression from competitive bidding
−Multiple de-rates to peer mean

Key monitorables

Semicon vertical share of revenueTop-5 client concentrationUSD billing rate trajectory

Semiconductor exposure

How direct, how visible

Primary segment

Design / Fabless / IP

All segments

Design / Fabless / IP

Exposure type

Indirect / pull-through

Policy beneficiary

Possible

Import substitution

High

Governance risk score

18/100 (lower = better)

Financial snapshot

Latest reported metrics · mock data, ready for live financials

Rev growth (1Y)

0.8%

Rev CAGR (3Y)

7.0%

EBITDA margin

29.2%

PAT margin

15.9%

ROCE

34%

ROE

22%

OCF / EBITDA

70%

Net Debt / EBITDA

-1.2x

Promoter holding

41.6%

Promoter pledge

0.0%

Valuation

P/E (TTM)

42.4

Forward P/E

44.0

EV/EBITDA

23.2

EV/Sales

6.8

P/B

9.3

FCF Yield

1.9%

Dividend Yield

1.00%

Hist. percentile

35%

Peer percentile

75%

Technicals

RSI(14)

1M return

-3.2%

1Y return

-8%

From 52W high

-36%

RS vs Nifty

-12%

>200 DMA

Annual financials — real data

Extracted from Trendlyne · audited annuals · TTM + last 6 fiscal years

✓ Real

Line	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	₹3.9k cr	₹3.9k cr	₹3.9k cr	₹3.7k cr	₹3.2k cr	₹2.5k cr	₹1.9k cr
↳ YoY growth	+0.0%	+0.8%	+6.4%	+14.2%	+28.0%	+34.8%	—
EBITDA	₹1.0k cr	₹1.2k cr	₹1.2k cr	₹1.0k cr	₹810 cr	₹562 cr	₹401 cr
↳ EBITDA margin	26.2%	29.2%	29.9%	28.2%	25.2%	22.4%	21.5%
PAT	₹628 cr	₹628 cr	₹785 cr	₹792 cr	₹755 cr	₹550 cr	₹368 cr
↳ PAT margin	15.9%	15.9%	20.1%	21.6%	23.5%	21.9%	19.7%
OCF	₹664 cr	₹812 cr	₹701 cr	₹487 cr	₹483 cr	₹437 cr	₹257 cr
↳ OCF / EBITDA	64.4%	70.5%	60.0%	47.0%	59.6%	77.8%	63.9%
FCF (= OCF − capex)	₹592 cr	₹504 cr	₹431 cr	₹285 cr	₹375 cr	₹-0 cr	₹257 cr
Total Equity	₹3.0k cr	₹2.9k cr	₹2.5k cr	₹2.1k cr	₹1.6k cr	₹1.4k cr	₹1.1k cr
Total Assets	₹4.0k cr	₹3.6k cr	₹3.2k cr	₹2.8k cr	₹2.2k cr	₹1.7k cr	₹1.4k cr
↳ ROE	20.7%	22.0%	31.3%	38.0%	47.2%	40.7%	33.8%
↳ ROA	15.9%	17.5%	24.6%	28.7%	34.8%	32.0%	26.5%

Source: Trendlyne (Standalone where Consolidated unavailable). Last refresh on real-data ingest.

Promoter pledge & shareholding history

From Trendlyne · 9 quarters · synced Invalid Date

Pledge: 0.0%

Promoter

43.9%

Mutual Funds

1.2%

FII

11.1%

Public

33.6%

Promoter holding trend

43.9

Mar

43.9

Jun

43.9

Sep

43.9

Dec

43.9

Mar

43.9

Jun

43.9

Sep

43.9

Dec

43.9

Mar

Δ:+0.0% over 9 quarters

Commentary

·Promoter holding stable at 43.9% across 9 quarters
·No promoter pledge

Management quality

Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.

Capital allocation

Sustained high return on capital indicates disciplined reinvestment.

ROCE 34%, div yield 1.0%

Promoter holding

Moderate promoter holding.

41.6%

Promoter pledge

No pledging — cleanest signal.

0.0%

Debt discipline

Net cash balance sheet.

Net Debt/EBITDA -1.20x

Cash conversion

Reported EBITDA reliably translates into cash.

OCF/EBITDA 70%

Governance composite

Clean governance signals across pledging, RPTs, auditor, KMP pay.

18/100 risk

Variant perception

What the market is pricing in versus our read, and what would invalidate the thesis.

What the market is pricing in

Slowing growth and execution risk. The market is treating Tata Elxsi as broken until quarterly numbers prove otherwise.

What we think it's missing

Consensus appears reasonable. Look for thesis-changing catalysts (margin inflection, new customer wins, segment mix shift) rather than narrative re-rating alone.

Thesis killers

×Project execution slip beyond stated commissioning date

References

Wire to live data sources in production

NSE filings Screener BSE corporate filings Annual report (latest)Concall transcript (latest)Investor presentation