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Valiant Communications Ltd

VALIANT·BSE
1,439.00+0.79%Tue, 22 Sept '26 15:28

Valiant Communications Ltd

VALIANT
BSE
1,439.00
+0.79%
|Tue, 22 Sept '26 15:28
SOICxStockScans Reports
6M
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Quick Ratios

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Mkt Cap
Market Capitalization
1,682Cr
Close
Close Price
1,439.00
Industry
Industry
Telecom Services
PE
Price To Earnings
60.64
PS
Price To Sales
18.29
Revenue
Revenue
92Cr
Rev Gr TTM
Revenue Growth TTM
65.65%
PAT Gr TTM
PAT Growth TTM
143.00%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
11121314138161820222425
Growth YoY
Revenue Growth YoY%
41.035.942.241.414.6-31.921.134.158.6164.850.438.8
Expenses
ExpensesCr
9109998111213141515
Operating Profit
Operating ProfitCr
2244406678911
OPM
OPM%
20.320.229.531.130.11.434.634.434.434.838.242.7
Other Income
Other IncomeCr
000110111120
Interest Expense
Interest ExpenseCr
000000000000
Depreciation
DepreciationCr
111111111111
PBT
PBTCr
22344-166781111
Tax
TaxCr
011110122233
PAT
PATCr
11233-1455688
Growth YoY
PAT Growth YoY%
286.586.5182.9250.695.8-138.469.551.388.21,239.692.965.0
NPM
NPM%
12.911.318.722.822.0-6.326.225.826.127.333.630.6
EPS
EPS
1.31.32.32.72.5-0.53.74.14.65.37.16.7
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
11121314138161820222425
Growth YoY
Revenue Growth YoY%
41.035.942.241.414.6-31.921.134.158.6164.850.438.8
Expenses
ExpensesCr
9109998111213141515
Operating Profit
Operating ProfitCr
2244406678911
OPM
OPM%
20.320.229.531.130.11.434.634.434.434.838.242.7
Other Income
Other IncomeCr
000110111120
Interest Expense
Interest ExpenseCr
000000000000
Depreciation
DepreciationCr
111111111111
PBT
PBTCr
22344-166781111
Tax
TaxCr
011110122233
PAT
PATCr
11233-1455688
Growth YoY
PAT Growth YoY%
286.586.5182.9250.695.8-138.469.551.388.21,239.692.965.0
NPM
NPM%
12.911.318.722.822.0-6.326.225.826.127.333.630.6
EPS
EPS
1.31.32.32.72.5-0.53.74.14.65.37.16.7

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
141823192022133246518592
Growth
Revenue Growth%
15.328.233.1-18.32.810.1-39.1138.747.19.866.965.7
Expenses
ExpensesCr
131620171920162736375557
Operating Profit
Operating ProfitCr
123211-3410143035
OPM
OPM%
7.410.113.610.45.36.3-24.013.622.227.135.637.8
Other Income
Other IncomeCr
110013200255
Interest Expense
Interest ExpenseCr
000000000000
Depreciation
DepreciationCr
222222222333
PBT
PBTCr
012102-428133236
Tax
TaxCr
001001-112389
PAT
PATCr
011002-326102427
Growth
PAT Growth%
267.9162.0112.0-66.5-99.350,012.5-264.2163.8269.054.9151.5143.0
NPM
NPM%
1.73.55.52.30.07.4-19.95.313.418.928.529.6
EPS
EPS
0.20.61.20.40.01.5-2.41.65.78.421.123.7
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
141823192022133246518592
Growth
Revenue Growth%
15.328.233.1-18.32.810.1-39.1138.747.19.866.965.7
Expenses
ExpensesCr
131620171920162736375557
Operating Profit
Operating ProfitCr
123211-3410143035
OPM
OPM%
7.410.113.610.45.36.3-24.013.622.227.135.637.8
Other Income
Other IncomeCr
110013200255
Interest Expense
Interest ExpenseCr
000000000000
Depreciation
DepreciationCr
222222222333
PBT
PBTCr
012102-428133236
Tax
TaxCr
001001-112389
PAT
PATCr
011002-326102427
Growth
PAT Growth%
267.9162.0112.0-66.5-99.350,012.5-264.2163.8269.054.9151.5143.0
NPM
NPM%
1.73.55.52.30.07.4-19.95.313.418.928.529.6
EPS
EPS
0.20.61.20.40.01.5-2.41.65.78.421.123.7

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
777777778811
Reserves
ReservesCr
2223242424272426445485
Current Liabilities
Current LiabilitiesCr
224333365913
Non Current Liabilities
Non Current LiabilitiesCr
00000002122
Total Liabilities
Total LiabilitiesCr
32323534353734405872112
Current Assets
Current AssetsCr
2424272627292630486096
Non Current Assets
Non Current AssetsCr
888888910101215
Total Assets
Total AssetsCr
32323534353734405872112
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
777777778811
Reserves
ReservesCr
2223242424272426445485
Current Liabilities
Current LiabilitiesCr
224333365913
Non Current Liabilities
Non Current LiabilitiesCr
00000002122
Total Liabilities
Total LiabilitiesCr
32323534353734405872112
Current Assets
Current AssetsCr
2424272627292630486096
Non Current Assets
Non Current AssetsCr
888888910101215
Total Assets
Total AssetsCr
32323534353734405872112

Cash Flow

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
-1-34122-433132
Investing Cash Flow
Investing Cash FlowCr
-11-41-504-4-3-15-28
Financing Cash Flow
Financing Cash FlowCr
0000000213011
Net Cash Flow
Net Cash FlowCr
-2-202-310012-1415
Free Cash Flow
Free Cash FlowCr
-3-42010-7-100
CFO To PAT
CFO To PAT%
-552.0-486.8315.3332.875,784.494.4158.0183.149.68.2134.2
CFO To EBITDA
CFO To EBITDA%
-127.2-168.3128.372.9232.0110.2131.571.929.95.7107.4
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
-1-34122-433132
Investing Cash Flow
Investing Cash FlowCr
-11-41-504-4-3-15-28
Financing Cash Flow
Financing Cash FlowCr
0000000213011
Net Cash Flow
Net Cash FlowCr
-2-202-310012-1415
Free Cash Flow
Free Cash FlowCr
-3-42010-7-100
CFO To PAT
CFO To PAT%
-552.0-486.8315.3332.875,784.494.4158.0183.149.68.2134.2
CFO To EBITDA
CFO To EBITDA%
-127.2-168.3128.372.9232.0110.2131.571.929.95.7107.4

Ratios

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
557239201349521002792981,0391,682
Price To Earnings
Price To Earnings
237.3117.130.246.730.359.744.931.043.060.6
Price To Sales
Price To Sales
4.04.11.71.10.72.23.93.26.05.912.218.3
Price To Book
Price To Book
1.92.41.30.60.41.41.73.05.44.810.814.5
EV To EBITDA
EV To EBITDA
45.537.79.86.05.929.9-14.322.225.320.432.645.3
Profitability Ratios
Profitability Ratios
GPM
GPM%
47.245.645.245.443.639.438.244.145.753.1
OPM
OPM%
7.410.113.610.45.36.3-24.013.622.227.135.637.8
NPM
NPM%
1.73.55.52.30.07.4-19.95.313.418.928.529.6
ROCE
ROCE%
1.13.06.21.8-0.26.2-11.56.615.720.432.832.8
ROE
ROE%
0.82.04.11.40.04.7-8.55.112.015.625.125.1
ROA
ROA%
0.71.93.71.30.04.3-7.64.210.613.421.721.7
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
557239201349521002792981,0391,682
Price To Earnings
Price To Earnings
237.3117.130.246.730.359.744.931.043.060.6
Price To Sales
Price To Sales
4.04.11.71.10.72.23.93.26.05.912.218.3
Price To Book
Price To Book
1.92.41.30.60.41.41.73.05.44.810.814.5
EV To EBITDA
EV To EBITDA
45.537.79.86.05.929.9-14.322.225.320.432.645.3
Profitability Ratios
Profitability Ratios
GPM
GPM%
47.245.645.245.443.639.438.244.145.753.1
OPM
OPM%
7.410.113.610.45.36.3-24.013.622.227.135.637.8
NPM
NPM%
1.73.55.52.30.07.4-19.95.313.418.928.529.6
ROCE
ROCE%
1.13.06.21.8-0.26.2-11.56.615.720.432.832.8
ROE
ROE%
0.82.04.11.40.04.7-8.55.112.015.625.125.1
ROA
ROA%
0.71.93.71.30.04.3-7.64.210.613.421.721.7
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Valiant Communications is an Indian designer and manufacturer that builds the secure communication and timing backbone for power grids, railways, defence forces, and other critical infrastructure - the kind of equipment that must work even when networks are under cyber-attack or satellite signals are being jammed. It started in 1994 with basic telecom multiplexers and has since evolved into a fully indigenous developer of routers, firewalls, synchronization systems, and ransomware-proof data storage, all aimed at replacing imported gear in sensitive national networks. The recurring approach is a “Make In India” competitive edge: home-grown technology, a Class 1 Local Supplier qualification, and a global customer base that trusts it to protect substations, nuclear plants, and military networks. # Business segments A single engine with five deeply interlocked product families - communication, timing, cyber defence, storage, and grid automation - all sold to the same critical-infrastructure buyers and often deployed together inside the same substation or data centre. ## 1. Communication and protection: the networking chassis everything else plugs into **The company’s routers, multiplexers, and teleprotection gear move data and protect power lines across more than 6,000 substations worldwide - this is the installed base that pulls through the rest of the portfolio.** - **The substation is the unit of scale** - Valiant’s equipment is installed in over 6,000 power substations ranging from 33 kV to 765 kV, so every new product can be sold into a site that already trusts the brand. - **Talks to old and new kit alike** - its multiplexers and cross-connects bridge legacy TDM networks and modern IP/MPLS backbones, which matters because utilities replace gear over decades, not years. - **Protection that Cisco validated** - the teleprotection line carries the signals that tell circuit breakers to trip during a fault; Cisco Systems tested it for next-generation utility wide-area networks, giving it a seal of credibility few Indian equipment makers can claim. - **Nuclear-grade reliability** - the gear has been running since 2017 inside a Swiss nuclear power plant, a reference that speaks to the extreme reliability requirements of the entire customer base. ## 2. Time and frequency synchronization: the invisible pulse that keeps grids and networks alive **If a power grid’s clocks drift by a microsecond, cascading blackouts become possible - Valiant’s GPS and NavIC-based time servers prevent that, and they have just proven they can do it even when an adversary is jamming the satellite signal.** - **Dual-satellite redundancy as a sovereign shield** - the servers use both GPS and India’s NavIC constellation, so a failure or denial of one system does not blind the grid; this is a direct selling point for Indian defence and critical-infrastructure buyers. - **Jamming-proof, battlefield-tested** - in February 2026 the Indian Armed Forces evaluated the VCL-2156 time server under deliberate jamming and spoofing across two frequency bands; it kept accurate time throughout and rejected fake satellite signals. - **From Turkey to Thailand to Tokyo** - the synchronization portfolio has been deployed at over 250 Turkish substations, inside the Thai utility network for EGAT, and at end-customers including Space Norway and Space One of Japan, proving the products are not just domestic plays. - **Short-listed by the world’s automation giants** - Emerson and Yokogawa have short-listed Valiant for their own synchronization requirements, which means the company is on the radar of the firms that instrument the world’s largest industrial plants. ## 3. Cyber security: a hardware kill-switch for networks that cannot afford to stay connected **Valiant’s cyber-security line goes “beyond the firewall” - it detects intrusions in real time and can physically isolate a compromised network segment, a capability that has already been bought by India’s grid controller and its largest oil explorer.** - **Physical-layer isolation, not just software** - the Network Isolation (Kill) Switch enforces hardware-level separation of network links, so an operator can sever a connection during a ransomware attack or insider threat with a deterministic, out-of-band trigger. - **Honeypots that trace the attacker** - the Network-MouseTrap product acts as a decoy, capturing forensic data, the attacker’s IP address, and country of origin, then triggering audio-visual alarms or automatic failover to a redundant network. - **Deployed in the national nervous system** - the Grid Controller of India (formerly POSOCO), ONGC, and ONGC Videsh have all placed orders, meaning the equipment is already guarding the country’s electricity and oil-and-gas command centres. - **One-way data diodes for the truly paranoid** - the Data Diode enforces a physical, one-directional data flow between networks, so a vaulted storage server can receive backups but can never be reached from the outside. ## 4. Data storage: a vault for data that must survive ransomware, EMPs, and war **Valiant builds India’s first indigenously designed, ransomware-resistant NAS and SAN servers - they combine encryption, air-gap isolation, and electromagnetic-pulse hardening into a single box that a hydro-power PSU has already ordered.** - **1.2 petabytes of protected capacity** - the current storage ceiling is 1,200 terabytes, and the servers are offered in on-site, off-site, and fully off-line configurations so customers can tailor their disaster-recovery posture. - **Quantum-safe and EMP-hardened** - AES-256 encryption is being upgraded to quantum-safe cryptography through a partnership with Fortytwo42 Labs, while the VCL-9000 variant is engineered to survive intentional electromagnetic-pulse attacks and solar storms. - **Air-gap as the last line** - off-line storage means the data is physically disconnected from any network, so even a successful breach of the main data centre cannot touch the backup copy. - **A government energy company signed up** - THDC, a Mini Ratna enterprise under NTPC, ordered ransomware-resilient data-centre equipment in April 2025, showing that the product has moved from concept to commercial deployment inside India’s public-sector energy ecosystem. ## 5. Grid automation and islanding: the self-defence mechanism for unstable power grids **When renewable energy swings destabilize a grid, Valiant’s islanding solution can isolate the trouble-spot before a blackout cascades - and it makes the only Phasor Measurement Unit manufactured in India to do the measuring.** - **The only Indian PMU maker** - Valiant is the sole domestic manufacturer of Phasor Measurement Units, and one of very few globally; its PMU has been type-tested and approved by CSIR-National Physical Laboratory, the country’s measurement standards body. - **Islands as a safety valve** - the Grid Islanding solution detects frequency shifts, phase-angle anomalies, or cyber-threats and can automatically carve a utility into self-contained micro-grids, preventing a local disturbance from pulling down the national network. - **Already inside BHEL’s deployments** - PMU equipment has been supplied to Bharat Heavy Electricals Limited for commercial use, so the product is not a prototype but a fielded system inside one of India’s largest power-equipment integrators. - **Timely after Iberian blackouts** - the company is actively engaging state electricity boards and global utilities with this solution, citing the recent country-wide grid collapses in Spain and Portugal as a vivid reminder of what the product is designed to prevent. # Group structure and partners **Valiant is a debt-free, promoter-led Indian parent with small overseas subsidiaries in the UK and US, and it competes against foreign multinationals by teaming up with Tata’s Tejas Networks and a quantum-security start-up.** - **Simple, debt-free structure** - the company operates as a single segment from its New Delhi factory, with wholly-owned subsidiaries in the UK (which in turn owns a US entity) and an 89%-owned Indian subsidiary, Valiant Infrastructure; the Company and all its subsidiaries maintained its debt free status as of May 2022. - **The Tejas Networks alliance** - a strategic partnership with the Tata Group company lets the two bid as a team for end-to-end IT and OT utility contracts under “Make In India,” positioning them as a combined alternative to foreign MNCs. - **Quantum-safe cryptography partner** - a collaboration with Fortytwo42 Labs, a Pune-based deep-tech start-up, integrates quantum-safe encryption into Valiant’s storage and cyber-security products, giving the company a path to post-quantum readiness. - **European distribution via CXR France** - an MOU with CXR Anderson Jacobson gives Valiant a sales channel into France, neighbouring European countries, and French-speaking North Africa for its cyber-security range. - **Trusted-source status** - the company is registered as a “Trusted Source” by India’s National Security Council Secretariat and was among the first domestic IP/MPLS router makers to earn that approval, a credential that unlocks sensitive government and defence procurement.

Documents — Valiant Communications Ltd

  • Q1 FY2027 Quarterly Result (Jun 2026, PDF): https://www.stockscans.in/document/h5ys8g670gnjc31ee8vcf98g.pdf
  • Q4 FY2026 Quarterly Result (Mar 2026, PDF): https://www.stockscans.in/document/7e2wupi3ps2gy09a7bz5dteq.pdf
  • Q3 FY2026 Quarterly Result (Dec 2025, PDF): https://www.stockscans.in/document/uaoowlpvls7h7r83akbkfh8g.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/tzatulpgeon4t7p9w33o3ip0.pdf
  • Q1 FY2026 Quarterly Result (Jun 2025, PDF): https://www.stockscans.in/document/bs44mqpify7dx29zff5do3ys.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/m3xsmw66suw2oblaqrwbn9l6.pdf
  • Q3 FY2025 Quarterly Result (Dec 2024, PDF): https://www.stockscans.in/document/by5xm16238ucmxwmqk0dilef.pdf
  • Q2 FY2025 Quarterly Result (Sep 2024, PDF): https://www.stockscans.in/document/jbn9dxxzow0i986xdvp1tpft.pdf
  • Q4 FY2025 Investor Presentation (Mar 2025, PDF): https://www.stockscans.in/document/rmqucppaa17iqk75r76m9qug.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/a14xv25219bp5t7dxikz8d0h.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/i3927w49d7dmveummdhzjyiu.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/7mhfbm8ggf5hn6xg0wvcw19n.pdf
  • FY2023 Annual Report (PDF): https://www.stockscans.in/document/xllmvmw50n068ti537ajj41o.pdf
  • FY2022 Annual Report (PDF): https://www.stockscans.in/document/tyjwpdhy4ga8rj8dknzmc167.pdf
  • FY2021 Annual Report (PDF): https://www.stockscans.in/document/fcgjehr7sdl1yzbnxqeaw6ut.pdf
  • FY2020 Annual Report (PDF): https://www.stockscans.in/document/diqjlw8y119oepsgorqa10zq.pdf