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Odyssey Technologies Ltd

ODYSSEY

BSE

₹47.85-4.11%19 Oct 2026

Reports

IT Services

Odyssey Technologies Ltd

ODYSSEY

BSE

₹47.85

-4.11%

19 Oct 2026

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IT Services

Indices

Business Overview: What the company does, in plain English.Forensic Report: Accounting quality and red flags.

Odyssey Technologies - Odyssey Technologies is a software company that has spent three decades building the digital equivalent of a notary and a sealed envelope - tools that prove who someone is online and that their message hasn’t been tampered with. It started in 1990 as a public company in Chennai and, after a pivotal merger that brought in a new cryptographic key-routing framework called ‘Alice’, shifted its entire focus toward a cloud-based platform named xorkee that aims to make digital signing and authentication simpler and cheaper than anything that came before. The recurring approach is to own every line of its intellectual property, stay out of commoditised service markets to avoid competing with its own customers, and give core services away free to build trust rather than spending on advertising.

Business segments

A single engine in two gears - a legacy on-premise software suite that still powers the bulk of revenue, and a subscription-based cloud platform built on patented key-routing technology that is being positioned as the future of the company.

1. Cryptographic software products: the legacy cash engine

A suite of on-premise software sold to banks and government bodies that has already enabled over a billion digital signatures, generating upfront licence fees from a stable but deliberately capped product line.

Sold to the gatekeepers of trust - the products are bought by banks, financial institutions, government bodies, and Certifying Authorities (the organisations that issue digital ID certificates) to run their own digital signature and authentication operations.
Stays a supplier, never a rival - the company deliberately refuses to offer CA or eSign services itself because those markets have become crowded with low entry barriers, and becoming a service provider would mean competing with the very customers who buy its software.
No new products in this line - the company continues to improve and support these legacy products but does not propose to develop or introduce new ones, focusing all its energy on xorkee related offerings instead.

2. xorkee platform: the subscription-based growth bet

A cloud-native alternative to traditional digital security that turns identity and signing into a pay-as-you-go service, built on patented hardware-key-routing technology and aimed at a base of 200 million email users and over a billion mobile users.

A cheaper, provably secure rethink of PKI - the xorkee framework is built on the ‘Alice’ cryptographic key router that became an asset of the Company since 1st Dec 2018, supported by a granted Indian patent for a portable cryptographic device with physical controls and a second patent application still in process.
Free signing for citizens, paid for by the model - the flagship xorkeesign India G2C service works as a browser extension that lets users digitally sign on more than 80 government portals - including Income Tax, GST, and MCA - without installing Java or token drivers, and a large chunk of this is offered free as the company’s primary form of marketing.
Signing moves to email and SMS - two services launched in March 2025 extend digital signatures to everyday communication: xorkeesign mail lets users sign emails across more than 90% of global email services, while xorkeesign Spot brings cryptographic signing to SMS, WhatsApp, Signal, and Telegram, and can even prove a person’s identity during a voice or video call in a way that AI cannot fake.
Authentication as an OTP killer - xorkeeauth is a hosted service positioned as a simpler and superior alternative to one-time passwords, a pitch strengthened by the Reserve Bank of India’s own advisory against OTP; one large bank has already placed an order for internet banking authentication and several others have run pilot programmes.
Still a sliver of revenue, by design - xorkee-related revenue was around 8% of the total in the latest year, reflecting a deliberate phase-out of legacy engagements and a slow, trust-first rollout that treats free usage as the most effective customer acquisition.

Technology and intellectual property

Every product is built from scratch in-house, creating a patent-protected moat around cryptographic key routing that the company believes AI cannot replicate and only quantum computing - a distant threat - could challenge.

In-house R&D as the only way - all product development happens internally so that the resulting intellectual property is entirely owned by the company, a process that takes three to five years just to build the product and another one to five years to gain market acceptance for mission-critical security software.
The Alice acquisition as the foundation - the cryptographic key routing framework and hardware designs acquired through the Cyberneme amalgamation and becoming assets of the company since 1st Dec 2018 gave the company what it calls a “valuable advantage over other players” in how cryptographic keys are enabled and used across multiple devices.
Post-quantum cryptography is already in the lab - the company has working proof-of-concept implementations of Post-Quantum Cryptography and detailed transition plans, treating quantum computing as the only credible long-term technological threat to its business.
AI is a marketing label, not a threat - the company observes that AI tools make cyberattacks more specific and formidable but do not help in defending against them, and it dismisses “AI enabled firewalls” and “AI enabled virus scanners” as industry marketing ploys rather than genuine advances.

Group structure and partners

A debt-free, standalone public company with no subsidiaries, tightly held by its founding family and run from Chennai with a network of 500-plus customers including HDFC Bank, HSBC, and the Indian Army.

No corporate layers - the company has no subsidiaries, no joint ventures, no associates, and no investments on its balance sheet, operating as a single legal entity listed on the BSE since 1995.
Founder-led with concentrated ownership - the Chairman and Managing Director holds just under 46% of the shares, his brother serves as Whole-time Director and CFO, and the promoter group collectively owns nearly 55%, with four independent directors rounding out a six-member board.
Built through a merger, not a raise - the defining structural event was the 2020 amalgamation of Cyberneme Private Limited, which brought in the Alice technology and resulted in 7.2 million new shares being issued to Cyberneme’s shareholders, reshaping the shareholding structure without taking on debt.
No borrowings, no inventory - the company is debt-free and carries no inventories, consistent with a pure software product business that sells licences and subscriptions rather than physical goods.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹79Cr

Close Price

₹49.49

Industry

IT Services

Price To Earnings

21.24

Price To Sales

2.92

Revenue

₹27Cr

Rev Gr TTM

Revenue Growth TTM

2.43%

PAT Gr TTM

PAT Growth TTM

-2.63%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	6	6	9	7	6	7	7	6	7	7	8	6
Growth YoY Revenue Growth YoY%	11.4	10.0	17.3	32.8	1.8	15.3	-19.8	-12.7	19.0	-5.2	2.8	-4.5
Expenses ExpensesCr	5	5	5	6	6	6	5	6	6	6	6	6
Operating Profit Operating ProfitCr	0	1	4	1	0	2	2	0	1	1	2	0
OPM OPM%	8.2	18.3	46.2	19.3	2.5	20.8	27.6	6.8	13.8	15.3	23.8	-0.7
Other Income Other IncomeCr	0	1	1	1	1	1	1	1	1	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	0	1	1	1	0	0	0	0	0
PBT PBTCr	0	1	4	1	0	2	2	1	1	1	2	0
Tax TaxCr	0	0	1	0	0	0	1	0	0	0	1	0
PAT PATCr	0	1	3	1	0	1	2	1	1	1	2	0
Growth YoY PAT Growth YoY%	19.1	3.6	16.0	568.8	0.0	51.2	-46.4	-49.5	244.0	-30.0	0.0	-59.3
NPM NPM%	4.5	13.7	34.3	15.6	4.4	17.9	22.9	9.0	12.7	13.3	22.3	3.8
EPS EPS₹	0.2	0.5	2.0	0.7	0.2	0.9	1.1	0.3	0.5	0.6	1.1	0.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	6	6	9	7	6	7	7	6	7	7	8	6
Growth YoY Revenue Growth YoY%	11.4	10.0	17.3	32.8	1.8	15.3	-19.8	-12.7	19.0	-5.2	2.8	-4.5
Expenses ExpensesCr	5	5	5	6	6	6	5	6	6	6	6	6
Operating Profit Operating ProfitCr	0	1	4	1	0	2	2	0	1	1	2	0
OPM OPM%	8.2	18.3	46.2	19.3	2.5	20.8	27.6	6.8	13.8	15.3	23.8	-0.7
Other Income Other IncomeCr	0	1	1	1	1	1	1	1	1	1	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	0	1	1	1	0	0	0	0	0
PBT PBTCr	0	1	4	1	0	2	2	1	1	1	2	0
Tax TaxCr	0	0	1	0	0	0	1	0	0	0	1	0
PAT PATCr	0	1	3	1	0	1	2	1	1	1	2	0
Growth YoY PAT Growth YoY%	19.1	3.6	16.0	568.8	0.0	51.2	-46.4	-49.5	244.0	-30.0	0.0	-59.3
NPM NPM%	4.5	13.7	34.3	15.6	4.4	17.9	22.9	9.0	12.7	13.3	22.3	3.8
EPS EPS₹	0.2	0.5	2.0	0.7	0.2	0.9	1.1	0.3	0.5	0.6	1.1	0.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	10	12	14	14	18	17	23	24	26	27	27	27
Growth Revenue Growth%	2.7	14.3	14.6	-0.3	29.6	-6.0	36.7	6.7	8.8	3.5	0.2	2.4
Expenses ExpensesCr	7	8	9	11	13	11	14	18	20	22	23	23
Operating Profit Operating ProfitCr	4	4	5	3	5	6	9	7	6	5	4	4
OPM OPM%	35.3	34.0	33.3	22.9	26.4	33.4	38.1	27.4	23.6	18.5	15.5	13.9
Other Income Other IncomeCr	1	1	0	1	1	1	1	2	2	3	3	3
Interest Expense Interest ExpenseCr	0	0	1	1	1	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	1	1	2	4	4	3	3	2	2	2	2
PBT PBTCr	4	4	3	1	1	2	6	6	6	6	5	5
Tax TaxCr	1	1	1	0	0	0	2	1	2	2	1	1
PAT PATCr	3	3	2	1	0	2	5	4	4	4	4	4
Growth PAT Growth%	-11.9	0.6	-6.5	-73.3	-29.4	325.9	138.0	-5.0	1.9	-2.6	-7.1	-2.6
NPM NPM%	24.6	21.6	17.6	4.7	2.6	11.6	20.3	18.1	16.9	15.9	14.7	13.7
EPS EPS₹	2.9	2.9	2.7	0.6	0.3	1.2	2.9	2.8	2.8	2.7	2.5	2.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	10	12	14	14	18	17	23	24	26	27	27	27
Growth Revenue Growth%	2.7	14.3	14.6	-0.3	29.6	-6.0	36.7	6.7	8.8	3.5	0.2	2.4
Expenses ExpensesCr	7	8	9	11	13	11	14	18	20	22	23	23
Operating Profit Operating ProfitCr	4	4	5	3	5	6	9	7	6	5	4	4
OPM OPM%	35.3	34.0	33.3	22.9	26.4	33.4	38.1	27.4	23.6	18.5	15.5	13.9
Other Income Other IncomeCr	1	1	0	1	1	1	1	2	2	3	3	3
Interest Expense Interest ExpenseCr	0	0	1	1	1	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	1	1	2	4	4	3	3	2	2	2	2
PBT PBTCr	4	4	3	1	1	2	6	6	6	6	5	5
Tax TaxCr	1	1	1	0	0	0	2	1	2	2	1	1
PAT PATCr	3	3	2	1	0	2	5	4	4	4	4	4
Growth PAT Growth%	-11.9	0.6	-6.5	-73.3	-29.4	325.9	138.0	-5.0	1.9	-2.6	-7.1	-2.6
NPM NPM%	24.6	21.6	17.6	4.7	2.6	11.6	20.3	18.1	16.9	15.9	14.7	13.7
EPS EPS₹	2.9	2.9	2.7	0.6	0.3	1.2	2.9	2.8	2.8	2.7	2.5	2.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	9	9	9	16	16	16	16	16	16
Reserves ReservesCr	3	6	8	28	28	23	27	32	36	41	44
Current Liabilities Current LiabilitiesCr	2	3	3	3	3	2	2	1	2	2	4
Non Current Liabilities Non Current LiabilitiesCr	0	7	6	5	4	1	1	1	1	1	1
Total Liabilities Total LiabilitiesCr	14	25	26	44	44	42	46	50	56	59	64
Current Assets Current AssetsCr	13	12	14	16	18	19	26	32	40	45	51
Non Current Assets Non Current AssetsCr	1	12	12	29	26	23	20	18	16	14	13
Total Assets Total AssetsCr	14	25	26	44	44	42	46	50	56	59	64

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	9	9	9	16	16	16	16	16	16
Reserves ReservesCr	3	6	8	28	28	23	27	32	36	41	44
Current Liabilities Current LiabilitiesCr	2	3	3	3	3	2	2	1	2	2	4
Non Current Liabilities Non Current LiabilitiesCr	0	7	6	5	4	1	1	1	1	1	1
Total Liabilities Total LiabilitiesCr	14	25	26	44	44	42	46	50	56	59	64
Current Assets Current AssetsCr	13	12	14	16	18	19	26	32	40	45	51
Non Current Assets Non Current AssetsCr	1	12	12	29	26	23	20	18	16	14	13
Total Assets Total AssetsCr	14	25	26	44	44	42	46	50	56	59	64

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	2	2	5	3	5	7	5	4	6	4
Investing Cash Flow Investing Cash FlowCr	0	-11	0	0	0	0	0	1	2	2	3
Financing Cash Flow Financing Cash FlowCr	0	7	-2	-2	-2	-5	0	0	0	0	-2
Net Cash Flow Net Cash FlowCr	3	-2	1	4	1	0	8	6	6	9	5
Free Cash Flow Free Cash FlowCr	2	-10	2	5	2	4	7	4	4	6	4
CFO To PAT CFO To PAT%	100.9	82.6	84.6	782.0	618.4	233.4	159.0	113.6	93.6	144.3	100.0
CFO To EBITDA CFO To EBITDA%	70.3	52.5	44.8	161.3	60.2	81.5	84.5	74.9	67.0	123.8	95.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	2	2	5	3	5	7	5	4	6	4
Investing Cash Flow Investing Cash FlowCr	0	-11	0	0	0	0	0	1	2	2	3
Financing Cash Flow Financing Cash FlowCr	0	7	-2	-2	-2	-5	0	0	0	0	-2
Net Cash Flow Net Cash FlowCr	3	-2	1	4	1	0	8	6	6	9	5
Free Cash Flow Free Cash FlowCr	2	-10	2	5	2	4	7	4	4	6	4
CFO To PAT CFO To PAT%	100.9	82.6	84.6	782.0	618.4	233.4	159.0	113.6	93.6	144.3	100.0
CFO To EBITDA CFO To EBITDA%	70.3	52.5	44.8	161.3	60.2	81.5	84.5	74.9	67.0	123.8	95.1

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	25	47	26	23	12	96	100	80	101	135	56	79
Price To Earnings Price To Earnings	9.9	18.3	11.0	34.0	26.5	49.7	21.7	18.2	22.7	31.1	13.9	21.2
Price To Sales Price To Sales	2.4	3.9	1.9	1.7	0.7	5.8	4.4	3.3	3.8	4.9	2.0	2.9
Price To Book Price To Book	2.1	3.2	1.6	0.6	0.3	2.5	2.3	1.7	1.9	2.4	0.9	1.3
EV To EBITDA EV To EBITDA	5.0	12.2	6.0	6.0	1.4	15.6	9.5	8.4	11.4	19.1	3.0	9.6
Profitability Ratios Profitability Ratios
GPM GPM%	93.7	90.9	90.2	89.4	89.2	97.8	98.2	99.4	99.3	99.2	99.2	99.2
OPM OPM%	35.3	34.0	33.3	22.9	26.4	33.4	38.1	27.4	23.6	18.5	15.5	13.9
NPM NPM%	24.6	21.6	17.6	4.7	2.6	11.6	20.3	18.1	16.9	15.9	14.7	13.7
ROCE ROCE%	31.9	18.7	17.1	3.9	3.2	6.9	14.8	11.9	11.5	10.3	9.1	9.1
ROE ROE%	21.5	17.7	14.5	1.8	1.2	5.0	10.7	9.2	8.6	7.7	6.8	6.8
ROA ROA%	18.4	10.5	9.4	1.4	1.0	4.6	9.9	8.7	8.0	7.3	6.3	6.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	25	47	26	23	12	96	100	80	101	135	56	79
Price To Earnings Price To Earnings	9.9	18.3	11.0	34.0	26.5	49.7	21.7	18.2	22.7	31.1	13.9	21.2
Price To Sales Price To Sales	2.4	3.9	1.9	1.7	0.7	5.8	4.4	3.3	3.8	4.9	2.0	2.9
Price To Book Price To Book	2.1	3.2	1.6	0.6	0.3	2.5	2.3	1.7	1.9	2.4	0.9	1.3
EV To EBITDA EV To EBITDA	5.0	12.2	6.0	6.0	1.4	15.6	9.5	8.4	11.4	19.1	3.0	9.6
Profitability Ratios Profitability Ratios
GPM GPM%	93.7	90.9	90.2	89.4	89.2	97.8	98.2	99.4	99.3	99.2	99.2	99.2
OPM OPM%	35.3	34.0	33.3	22.9	26.4	33.4	38.1	27.4	23.6	18.5	15.5	13.9
NPM NPM%	24.6	21.6	17.6	4.7	2.6	11.6	20.3	18.1	16.9	15.9	14.7	13.7
ROCE ROCE%	31.9	18.7	17.1	3.9	3.2	6.9	14.8	11.9	11.5	10.3	9.1	9.1
ROE ROE%	21.5	17.7	14.5	1.8	1.2	5.0	10.7	9.2	8.6	7.7	6.8	6.8
ROA ROA%	18.4	10.5	9.4	1.4	1.0	4.6	9.9	8.7	8.0	7.3	6.3	6.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GATECH	TITANIN	ACESEPP	ODYSSEY	RSSOFTWARE	CURAA	SOFTRAKV
Market CapitalizationMkt CapCr	94	88	83	79	75	73	72
Close PriceClose₹	0.59	0.93	151.75	49.49	28.99	73.50	1.60
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	11.80	11.63		21.24			32.00
Price To SalesPS	4.79	2.41		2.92	3.22	98.33	68.04
RevenueRevenueCr	20	36		27	23	1	1
Revenue Growth TTMRev Gr TTM%	5.1%	33.8%		2.4%	-49.8%	428.6%	-58.9%
PAT Growth TTMPAT Gr TTM%	-2.0%	36.8%		-2.6%	-3,508.4%	-230.2%	-44.7%

	GATECH	TITANIN	ACESEPP	ODYSSEY	RSSOFTWARE	CURAA	SOFTRAKV
Market CapitalizationMkt CapCr	94	88	83	79	75	73	72
Close PriceClose₹	0.59	0.93	151.75	49.49	28.99	73.50	1.60
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	11.80	11.63		21.24			32.00
Price To SalesPS	4.79	2.41		2.92	3.22	98.33	68.04
RevenueRevenueCr	20	36		27	23	1	1
Revenue Growth TTMRev Gr TTM%	5.1%	33.8%		2.4%	-49.8%	428.6%	-58.9%
PAT Growth TTMPAT Gr TTM%	-2.0%	36.8%		-2.6%	-3,508.4%	-230.2%	-44.7%

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Jun 26