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ABM Knowledgeware Ltd

ABMKNO

NSE

₹156.99-2.22%19 Oct 2026

Reports

IT Services

ABM Knowledgeware Ltd

ABMKNO

NSE

₹156.99

-2.22%

19 Oct 2026

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IT Services

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

ABM Knowledgeware is one of the few Indian IT services companies built entirely around e-governance, a niche it has occupied since 1998, earning what management calls “undisputed leadership in the Category of e-Municipality”. Over nearly three decades, it has grown from a municipal-software specialist into a three-vertical group-adding a cloud-based cybersecurity subsidiary and a Silicon Valley agri-tech associate-while staying debt-free throughout. The recurring thread is patient, certification-heavy government work: the company wins long-cycle public-sector contracts, executes them with CMMI Level 5 processes, and uses the resulting credibility to open adjacent doors in smart cities, digital project management, and now precision agriculture.

Business segments

Three engines at different stages-a municipal-software anchor that has been the group’s foundation for over two decades, a fast-scaling cybersecurity platform that already earns half its revenue abroad, and an early-stage agri-tech bet that sells data subscriptions to vineyards and seed companies.

1. E-Governance: the municipal-software anchor

Nearly 28% of India’s municipal bodies and smart cities run on ABM-implemented systems, making this the group’s core revenue engine and the source of its public-sector credibility.

The platform is the moat - ABM’s proprietary MAINet™ framework, now in its 2.0 version, is an open-source platform purpose-built for municipal operations such as property tax management, and the company is also an empanelled partner for UPYOG, the Government of India’s urban-governance initiative.
Scale built one state at a time - the company serves more than 1,500 municipalities and over 30 smart cities, and holds the most statewide e-Municipality projects of any player in India, a footprint that creates switching costs because civic bodies are slow to replace deeply embedded systems.
Moving from one-off projects to recurring revenue - the business is deliberately shifting toward annuity-based and managed-service models, while also expanding into adjacent areas such as Digital Panchayat (first ₹6 crore order won), 5D BIM for infrastructure monitoring, and Oracle-based power-utility solutions.
Staff augmentation as a risk hedge - by supplying technical manpower to government agencies such as MPSEDC, MAHAIT, and NICSI, ABM creates a flexible revenue stream that partially de-risks the fixed-cost, long-cycle nature of its core government contracts.
Selective bidding protects profitability - the company has experienced time and cost overruns on large projects and now gives higher priority to the ability to execute “successfully and profitably,” bidding selectively and collaborating with consortium partners who bring complementary skills.

2. Cybersecurity: a cloud-native security platform with global reach

InstaSafe, ABM’s material subsidiary, sells Zero Trust security as a cloud service and already earns half its revenue from exports, having grown over 105% year-on-year and turned profitable.

Security delivered as a subscription - InstaSafe’s cloud-based Security-as-a-Service lets employees access corporate applications securely from any device and any network, which eliminates the need for customers to buy and maintain on-premise security hardware.
Recognised by the analysts that matter - the platform has been named a Leader in Quadrant Knowledge Solutions’ SPARK Matrix for Zero Trust Network Security, a Consistent Leader on G2 Grid in the ZTNA category, and has been acknowledged by Forrester Research and GigaOm, giving it credibility in a crowded market.
Banks are the core customer - the BFSI sector is InstaSafe’s primary client segment, with major wins including LIC, Bajaj, a leading private-sector bank, and NHPC, while ABM’s own pan-India sales team is now augmenting InstaSafe’s direct sales effort.
A US subsidiary opens the door - InstaSafe operates through its wholly owned Delaware subsidiary, InstaSafe Inc., which has helped scale export revenue to 50% of the total and supports a market where over 16% of Indian enterprises are planning significant cybersecurity budget increases.

3. Precision Agriculture: an early-stage bet on airborne pathogen detection

Scanit Technologies, ABM’s Silicon Valley associate, sells data subscriptions from patented sensors that detect invisible fungal spores in the air before crops show any sign of disease.

A sensor that sees what satellites cannot - Scanit’s SporeCam™ captures, analyses, and classifies airborne particles every 7-15 minutes, producing a stream of field-level data that is not available from weather stations, satellites, or drones, and is backed by six granted patents.
Vineyards came first, row crops are next - the company secured its first multi-year commercial contract with a leading Napa/Sonoma vineyard and doubled the acres covered in that region for 2026, while also running pilots with Beck’s Hybrids (the third-largest corn seed brand in the US) and Bayer Crop Science for seed-corn farms.
A distributor-led global footprint - rather than building its own sales force everywhere, Scanit uses a capital-efficient distributor model with partners across the United States, Europe, and India, and has commercial installations or pilots running on four continents.
The same sensor can track human allergens - the technology is being tested for pollen allergy tracking by a Spanish university and for area-wide detection of Valley Fever by the University of Merced, opening a potential dual-use market in public health.
Revenue is still small and lumpy - Scanit has generated approximately $1 million in cumulative data subscription revenue over the past two to three years, and the business involves long gestation cycles as each new crop and region requires pilot validation before scaling.

Group structure and partners

ABM is a debt-free group with a listed parent, one material subsidiary in cybersecurity, and an associate in agri-tech that is on a path to becoming a subsidiary.

The group consists of ABM Knowledgeware Ltd (the listed parent), its material subsidiary InstaSafe Technologies Private Limited, and InstaSafe’s wholly owned US subsidiary InstaSafe Inc..
Scanit Technologies Inc. is an associate company, with ABM having approved an investment of up to approximately ₹50 crore in September 2022 to acquire up to 52% shareholding in phases, subject to milestone achievement.
The company’s equity shares are listed on BSE (Code: 531161) and admitted for trading on NSE under the Permitted to Trade category (Symbol: ABMKNO), with MUFG Intime India Pvt. Ltd. acting as registrar and share transfer agent.

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Balance Sheet

Cash Flow

Ratios

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Quarterly Results

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Balance Sheet

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Peer Comparison

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Mkt Cap

Market Capitalization

₹314Cr

Close Price

₹156.99

Industry

IT Services

Price To Earnings

35.52

Price To Sales

3.00

Revenue

₹105Cr

Rev Gr TTM

Revenue Growth TTM

4.36%

PAT Gr TTM

PAT Growth TTM

-46.97%

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	23	21	27	22	22	28	24	25	22	31	26	26
Growth YoY Revenue Growth YoY%	9.0	-3.6	38.6	5.3	-3.3	35.3	-8.2	16.1	-1.5	8.8	4.7	4.2
Expenses ExpensesCr	19	19	19	18	18	20	21	20	19	26	22	20
Operating Profit Operating ProfitCr	4	2	8	4	5	8	3	6	3	5	4	6
OPM OPM%	18.7	11.2	28.3	16.6	20.2	29.3	14.2	22.1	14.5	16.6	15.2	22.1
Other Income Other IncomeCr	1	1	1	2	2	1	2	2	0	1	-1	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	5	3	8	4	6	8	4	6	3	5	2	6
Tax TaxCr	1	0	2	1	1	2	1	1	1	2	1	2
PAT PATCr	4	2	6	3	4	6	3	5	1	3	1	5
Growth YoY PAT Growth YoY%	-16.6	-46.2	67.5	-0.9	14.3	160.0	-43.6	46.3	-68.3	-48.8	-75.2	-6.9
NPM NPM%	16.6	11.3	21.6	15.5	19.7	21.6	13.3	19.5	6.3	10.2	3.1	17.4
EPS EPS₹	1.8	1.3	2.6	1.7	1.9	1.8	1.9	1.9	1.0	1.0	1.1	1.4

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	23	21	27	22	22	28	24	25	22	31	26	26
Growth YoY Revenue Growth YoY%	9.0	-3.6	38.6	5.3	-3.3	35.3	-8.2	16.1	-1.5	8.8	4.7	4.2
Expenses ExpensesCr	19	19	19	18	18	20	21	20	19	26	22	20
Operating Profit Operating ProfitCr	4	2	8	4	5	8	3	6	3	5	4	6
OPM OPM%	18.7	11.2	28.3	16.6	20.2	29.3	14.2	22.1	14.5	16.6	15.2	22.1
Other Income Other IncomeCr	1	1	1	2	2	1	2	2	0	1	-1	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	5	3	8	4	6	8	4	6	3	5	2	6
Tax TaxCr	1	0	2	1	1	2	1	1	1	2	1	2
PAT PATCr	4	2	6	3	4	6	3	5	1	3	1	5
Growth YoY PAT Growth YoY%	-16.6	-46.2	67.5	-0.9	14.3	160.0	-43.6	46.3	-68.3	-48.8	-75.2	-6.9
NPM NPM%	16.6	11.3	21.6	15.5	19.7	21.6	13.3	19.5	6.3	10.2	3.1	17.4
EPS EPS₹	1.8	1.3	2.6	1.7	1.9	1.8	1.9	1.9	1.0	1.0	1.1	1.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	62	61	73	89	96	80	91	97	103	105
Growth Revenue Growth%		-2.4	19.5	22.9	7.0	-16.6	14.3	6.0	7.0	4.4
Expenses ExpensesCr	44	41	54	63	79	63	73	77	86	87
Operating Profit Operating ProfitCr	18	20	18	26	17	17	18	20	18	18
OPM OPM%	29.2	32.6	25.3	29.3	17.8	21.0	19.4	20.5	17.1	17.2
Other Income Other IncomeCr	3	4	4	5	4	5	6	6	2	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	2	2	2	2	2	3	3	4	4	4
PBT PBTCr	19	22	21	29	18	19	20	22	16	16
Tax TaxCr	5	7	4	7	4	4	4	5	5	6
PAT PATCr	14	15	17	22	14	15	15	17	10	10
Growth PAT Growth%		8.2	10.3	28.4	-35.3	4.1	5.3	11.6	-40.2	-47.0
NPM NPM%	22.6	25.1	23.1	24.2	14.6	18.2	16.8	17.7	9.9	9.5
EPS EPS₹	7.2	7.8	7.9	10.1	7.2	6.6	7.2	7.3	4.9	4.4

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	62	61	73	89	96	80	91	97	103	105
Growth Revenue Growth%		-2.4	19.5	22.9	7.0	-16.6	14.3	6.0	7.0	4.4
Expenses ExpensesCr	44	41	54	63	79	63	73	77	86	87
Operating Profit Operating ProfitCr	18	20	18	26	17	17	18	20	18	18
OPM OPM%	29.2	32.6	25.3	29.3	17.8	21.0	19.4	20.5	17.1	17.2
Other Income Other IncomeCr	3	4	4	5	4	5	6	6	2	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	2	2	2	2	2	3	3	4	4	4
PBT PBTCr	19	22	21	29	18	19	20	22	16	16
Tax TaxCr	5	7	4	7	4	4	4	5	5	6
PAT PATCr	14	15	17	22	14	15	15	17	10	10
Growth PAT Growth%		8.2	10.3	28.4	-35.3	4.1	5.3	11.6	-40.2	-47.0
NPM NPM%	22.6	25.1	23.1	24.2	14.6	18.2	16.8	17.7	9.9	9.5
EPS EPS₹	7.2	7.8	7.9	10.1	7.2	6.6	7.2	7.3	4.9	4.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	10	10	10	10	10	10
Reserves ReservesCr	135	148	157	178	190	200	212	224	232
Current Liabilities Current LiabilitiesCr	5	7	24	27	28	27	24	29	25
Non Current Liabilities Non Current LiabilitiesCr	8	8	7	8	7	7	12	11	12
Total Liabilities Total LiabilitiesCr	158	172	200	225	237	247	262	281	286
Current Assets Current AssetsCr	102	119	145	165	175	171	177	188	186
Non Current Assets Non Current AssetsCr	55	53	55	60	62	76	84	93	99
Total Assets Total AssetsCr	158	172	200	225	237	247	262	281	286

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	10	10	10	10	10	10
Reserves ReservesCr	135	148	157	178	190	200	212	224	232
Current Liabilities Current LiabilitiesCr	5	7	24	27	28	27	24	29	25
Non Current Liabilities Non Current LiabilitiesCr	8	8	7	8	7	7	12	11	12
Total Liabilities Total LiabilitiesCr	158	172	200	225	237	247	262	281	286
Current Assets Current AssetsCr	102	119	145	165	175	171	177	188	186
Non Current Assets Non Current AssetsCr	55	53	55	60	62	76	84	93	99
Total Assets Total AssetsCr	158	172	200	225	237	247	262	281	286

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	41	11	17	4	6	7	25	-11
Investing Cash Flow Investing Cash FlowCr	-26	-10	-32	15	-16	-17	-4	-15	7
Financing Cash Flow Financing Cash FlowCr	-3	-3	-6	0	-3	-3	-3	-3	-3
Net Cash Flow Net Cash FlowCr	-30	27	-27	32	-15	-13	0	6	-7
Free Cash Flow Free Cash FlowCr	-1	39	11	17	1	3	3	20	-15
CFO To PAT CFO To PAT%	-4.7	267.1	66.0	77.7	29.7	44.1	47.8	143.3	-110.9
CFO To EBITDA CFO To EBITDA%	-3.6	205.5	60.4	64.2	24.4	38.4	41.4	123.4	-64.0

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	41	11	17	4	6	7	25	-11
Investing Cash Flow Investing Cash FlowCr	-26	-10	-32	15	-16	-17	-4	-15	7
Financing Cash Flow Financing Cash FlowCr	-3	-3	-6	0	-3	-3	-3	-3	-3
Net Cash Flow Net Cash FlowCr	-30	27	-27	32	-15	-13	0	6	-7
Free Cash Flow Free Cash FlowCr	-1	39	11	17	1	3	3	20	-15
CFO To PAT CFO To PAT%	-4.7	267.1	66.0	77.7	29.7	44.1	47.8	143.3	-110.9
CFO To EBITDA CFO To EBITDA%	-3.6	205.5	60.4	64.2	24.4	38.4	41.4	123.4	-64.0

Consolidated

Standalone

Financial Year	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	156	124	68	224	214	149	200	321	386	314
Price To Earnings Price To Earnings	11.1	8.1	4.4	11.5	14.9	11.5	14.1	22.9	41.9	35.5
Price To Sales Price To Sales	2.1	2.0	0.8	2.5	2.2	1.9	2.2	3.3	3.7	3.0
Price To Book Price To Book	1.1	0.8	0.4	1.2	1.1	0.7	0.9	1.4	1.6	1.3
EV To EBITDA EV To EBITDA	8.3	4.5	3.3	6.5	10.9	7.9	10.3	14.8	20.8	16.9
Profitability Ratios Profitability Ratios
GPM GPM%	93.8	86.6	69.4	71.9	63.3	84.3	82.1	84.6	84.6	84.6
OPM OPM%	29.2	32.6	25.3	29.3	17.8	21.0	19.4	20.5	17.1	17.2
NPM NPM%	22.6	25.1	23.1	24.2	14.6	18.2	16.8	17.7	9.9	9.5
ROCE ROCE%	13.2	14.2	12.5	15.5	9.2	8.9	9.0	9.5	6.6	6.6
ROE ROE%	9.7	9.7	10.0	11.5	7.0	6.9	6.9	7.3	4.2	4.2
ROA ROA%	8.9	8.9	8.4	9.6	5.9	5.9	5.8	6.1	3.6	3.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	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	156	124	68	224	214	149	200	321	386	314
Price To Earnings Price To Earnings	11.1	8.1	4.4	11.5	14.9	11.5	14.1	22.9	41.9	35.5
Price To Sales Price To Sales	2.1	2.0	0.8	2.5	2.2	1.9	2.2	3.3	3.7	3.0
Price To Book Price To Book	1.1	0.8	0.4	1.2	1.1	0.7	0.9	1.4	1.6	1.3
EV To EBITDA EV To EBITDA	8.3	4.5	3.3	6.5	10.9	7.9	10.3	14.8	20.8	16.9
Profitability Ratios Profitability Ratios
GPM GPM%	93.8	86.6	69.4	71.9	63.3	84.3	82.1	84.6	84.6	84.6
OPM OPM%	29.2	32.6	25.3	29.3	17.8	21.0	19.4	20.5	17.1	17.2
NPM NPM%	22.6	25.1	23.1	24.2	14.6	18.2	16.8	17.7	9.9	9.5
ROCE ROCE%	13.2	14.2	12.5	15.5	9.2	8.9	9.0	9.5	6.6	6.6
ROE ROE%	9.7	9.7	10.0	11.5	7.0	6.9	6.9	7.3	4.2	4.2
ROA ROA%	8.9	8.9	8.4	9.6	5.9	5.9	5.8	6.1	3.6	3.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	INFINITY	INSPIRISYS	COVANCE	ABMKNO	SYSTANGO	NOVUS	TREJHARA
Market CapitalizationMkt CapCr	327	325	319	314	311	299	288
Close PriceClose₹	599.85	82.07	143.95	156.99	212.10	192.00	119.62
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	50.53	8.36	7.49	35.52	9.76		22.23
Price To SalesPS	11.89	0.65	2.25	3.00	3.44	2.34	1.63
RevenueRevenueCr	28	498	142	105	90	127	177
Revenue Growth TTMRev Gr TTM%		35.2%	27.1%	4.4%	34.6%		70.3%
PAT Growth TTMPAT Gr TTM%		9.9%	275.1%	-47.0%	34.3%		267.5%

	INFINITY	INSPIRISYS	COVANCE	ABMKNO	SYSTANGO	NOVUS	TREJHARA
Market CapitalizationMkt CapCr	327	325	319	314	311	299	288
Close PriceClose₹	599.85	82.07	143.95	156.99	212.10	192.00	119.62
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	50.53	8.36	7.49	35.52	9.76		22.23
Price To SalesPS	11.89	0.65	2.25	3.00	3.44	2.34	1.63
RevenueRevenueCr	28	498	142	105	90	127	177
Revenue Growth TTMRev Gr TTM%		35.2%	27.1%	4.4%	34.6%		70.3%
PAT Growth TTMPAT Gr TTM%		9.9%	275.1%	-47.0%	34.3%		267.5%

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