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Canarys Automations Ltd

CANARYS

NSE

₹28.10+3.88%19 Oct 2026

Reports

IT Services

Canarys Automations Ltd

CANARYS

NSE

₹28.10

+3.88%

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.Guidance Report: Management guidance vs outcomes.

Canarys Automations is a digital-transformation house that has spent over three decades evolving from a small project-based IT-services shop into a solutions-led partner for more than 1,000 customers across 10 countries. Founded by Chairman Raman Subbarao M R and now listed on NSE Emerge, the company rewires how businesses operate by combining proprietary software tools, deep alliances with technology giants like Microsoft and GitHub, and a 400-strong team skilled in AI, cloud, and automation. The recurring approach that explains everything else is a shift from selling one-off projects to delivering repeatable, outcome-focused solutions - what the company calls “Solution is our Mantra” - built on its own IP, frameworks, and accelerators.

Business segments

Two engines at different stages - a broad technology-solutions platform serving enterprises globally, and a specialised government water-infrastructure business being deliberately run lean - with the first generating nearly all the momentum.

1. Technology Solutions: the digital-modernisation engine

A full-stack services and IP factory that upgrades legacy systems, moves companies to the cloud, and layers on AI - all while building a catalogue of proprietary software products that are just beginning to reach paying customers.

Modernises code others are afraid to touch - the company converts, rewrites, and ports legacy systems written in 36 programming languages into modern architectures, using proprietary frameworks that can analyse old codebases and recreate all the business rules without rewriting entire applications.
Cloud broker, not just a builder - it helps clients migrate to and manage Azure, GCP, and AWS with zero downtime, then keeps optimising costs through FinOps (cloud financial operations) and continuous management, so the relationship outlasts the move.
Automation that runs on 500-plus bots - the practice draws on what it calls the world’s largest bot store to deploy robotic process automation and GenAI-powered workflows, cutting staffing costs and human error for clients in banking, insurance, and manufacturing.
An AI product suite in pilot - the company has built more than 25 proprietary, domain-agnostic tools listed on marketplaces from Microsoft to GitHub, but they are not yet broadly commercialised; the first AI-powered product, AURYIS, launched in August 2025 to evaluate digital content against global regulations, internal policies, and custom business rules, and a proprietary large language model is under development.
Deeply embedded with the platforms that matter - Canarys is a Microsoft Gold Partner for DevOps and cloud, a GitHub Verified Partner, and won GitHub’s top global partner award in 2025, which gives it early access to technology and a pipeline of customers referred by the platforms themselves.

2. Water Resource Management: the government infrastructure specialist

A niche, project-based business that wires up dams, canals, and cities with sensors and software to manage water in real time - deliberately run for cash-flow discipline after years of slow government payments.

Turns physical water systems into software-controlled networks - the company delivers turnkey automation for canals, SCADA-based reservoir gate control, and flood early warning systems that use IoT sensors, AI, and satellite data to forecast floods and optimise water release across 15 Indian states.
Proved the model in Gorakhpur - its Urban Flood Management Centre, running since May 2025, cut waterlogging duration to under 90 minutes in most areas, reduced pump breakdowns by 60%, and improved flood-forecast accuracy by 80%.
Contracts come in two phases, and the first phase now pays faster - a typical deal splits into design-and-installation (SITC) followed by up to five years of operations and maintenance; the company successfully renegotiated terms so that roughly 60-70% of the contract value now arrives in year one, up from 40% earlier, which speeds up cost recovery.
Deliberately throttled for working-capital reasons - because government receivables still stretch to 180-300 days, management has chosen to reduce focus on this segment and will pursue new bids only selectively, even though the order book still stands at INR 57 crores and the long-term market for modernising half of India’s irrigated land is estimated at roughly INR 492 billion.

Group structure and partners

A Bengaluru-headquartered parent with two wholly owned subsidiaries in the US and Singapore, a recently acquired American AI firm, and a web of platform alliances that double as a sales channel.

The parent, Canarys Automations Limited, is listed on NSE Emerge and operates from Bengaluru, with a second unit on the same road.
Two wholly owned subsidiaries - Canarys Corp. in New Jersey (incorporated 2002) and Canarys APAC Pte Ltd in Singapore (incorporated 2019) - serve as regional delivery and sales hubs, with the US arm recently receiving a INR 10 crore inter-corporate loan from the parent to fund its business activities.
In April 2025, Canarys acquired a 51% stake in Fortira Inc., a New Jersey-based AI and data specialist with over 100 professionals, four proprietary solutions, and long-term relationships with more than 25 large enterprise clients in banking, healthcare, and pharma - a deal funded entirely from IPO proceeds, promoter warrants, and internal cash, without adding debt.
The partnership ecosystem - Microsoft, GitHub, GitLab, SAP, Atlassian, Snyk, and others - functions as more than a badge collection; being a GitHub Verified Partner and Microsoft Gold Partner means Canarys is authorised to sell professional services directly to those platforms’ customers in India, APAC, and the US, turning vendor relationships into a go-to-market engine.

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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Edit Ratios

Mkt Cap

Market Capitalization

₹166Cr

Close Price

₹28.20

Industry

IT Services

Price To Earnings

13.36

Price To Sales

0.84

Revenue

₹198Cr

Rev Gr TTM

Revenue Growth TTM

122.44%

PAT Gr TTM

PAT Growth TTM

78.93%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	29	46	31	44	38	52	101	97
Growth YoY Revenue Growth YoY%			7.8	-3.8	21.2	17.1	169.3	88.2
Expenses ExpensesCr	26	36	27	37	32	46	89	90
Operating Profit Operating ProfitCr	3	10	4	7	6	6	12	7
OPM OPM%	11.1	20.9	13.8	15.3	14.8	11.4	12.2	7.5
Other Income Other IncomeCr	1	0	0	1	1	1	1	1
Interest Expense Interest ExpenseCr	1	1	1	1	0	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0
PBT PBTCr	3	9	4	7	6	6	12	8
Tax TaxCr	1	2	1	2	2	2	3	3
PAT PATCr	2	6	3	5	4	4	9	6
Growth YoY PAT Growth YoY%			19.9	-16.9	58.9	-23.6	115.9	40.7
NPM NPM%	7.7	14.1	8.6	12.1	11.2	7.9	9.0	5.9
EPS EPS₹	0.0	0.0	0.0	1.1	0.8	0.7	1.2	0.9

Quarter	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	29	46	31	44	38	52	101	97
Growth YoY Revenue Growth YoY%			7.8	-3.8	21.2	17.1	169.3	88.2
Expenses ExpensesCr	26	36	27	37	32	46	89	90
Operating Profit Operating ProfitCr	3	10	4	7	6	6	12	7
OPM OPM%	11.1	20.9	13.8	15.3	14.8	11.4	12.2	7.5
Other Income Other IncomeCr	1	0	0	1	1	1	1	1
Interest Expense Interest ExpenseCr	1	1	1	1	0	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0
PBT PBTCr	3	9	4	7	6	6	12	8
Tax TaxCr	1	2	1	2	2	2	3	3
PAT PATCr	2	6	3	5	4	4	9	6
Growth YoY PAT Growth YoY%			19.9	-16.9	58.9	-23.6	115.9	40.7
NPM NPM%	7.7	14.1	8.6	12.1	11.2	7.9	9.0	5.9
EPS EPS₹	0.0	0.0	0.0	1.1	0.8	0.7	1.2	0.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	18	26	52	75	75	89	198
Growth Revenue Growth%		40.4	101.1	44.7	0.7	18.8	122.4
Expenses ExpensesCr	16	22	45	62	64	78	176
Operating Profit Operating ProfitCr	2	3	7	13	11	11	22
OPM OPM%	9.8	12.8	13.2	17.1	14.7	12.8	11.2
Other Income Other IncomeCr	0	0	0	1	1	2	-1
Interest Expense Interest ExpenseCr	0	0	1	2	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0
PBT PBTCr	2	3	6	12	11	11	20
Tax TaxCr	0	1	2	3	3	3	5
PAT PATCr	1	2	5	9	8	8	15
Growth PAT Growth%		70.8	116.6	89.4	-7.4	3.7	78.9
NPM NPM%	6.8	8.2	8.8	11.6	10.7	9.3	7.5
EPS EPS₹	7.1	1.2	2.1	4.0	1.7	1.4	2.1

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	18	26	52	75	75	89	198
Growth Revenue Growth%		40.4	101.1	44.7	0.7	18.8	122.4
Expenses ExpensesCr	16	22	45	62	64	78	176
Operating Profit Operating ProfitCr	2	3	7	13	11	11	22
OPM OPM%	9.8	12.8	13.2	17.1	14.7	12.8	11.2
Other Income Other IncomeCr	0	0	0	1	1	2	-1
Interest Expense Interest ExpenseCr	0	0	1	2	1	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0
PBT PBTCr	2	3	6	12	11	11	20
Tax TaxCr	0	1	2	3	3	3	5
PAT PATCr	1	2	5	9	8	8	15
Growth PAT Growth%		70.8	116.6	89.4	-7.4	3.7	78.9
NPM NPM%	6.8	8.2	8.8	11.6	10.7	9.3	7.5
EPS EPS₹	7.1	1.2	2.1	4.0	1.7	1.4	2.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	4	4	11	11	12
Reserves ReservesCr	3	5	8	16	60	73	92
Current Liabilities Current LiabilitiesCr	6	7	30	35	30	33	35
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0
Total Liabilities Total LiabilitiesCr	11	20	48	61	105	121	141
Current Assets Current AssetsCr	8	15	42	57	98	111	101
Non Current Assets Non Current AssetsCr	3	5	6	4	7	9	39
Total Assets Total AssetsCr	11	20	48	61	105	121	141

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	4	4	11	11	12
Reserves ReservesCr	3	5	8	16	60	73	92
Current Liabilities Current LiabilitiesCr	6	7	30	35	30	33	35
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	0	0
Total Liabilities Total LiabilitiesCr	11	20	48	61	105	121	141
Current Assets Current AssetsCr	8	15	42	57	98	111	101
Non Current Assets Non Current AssetsCr	3	5	6	4	7	9	39
Total Assets Total AssetsCr	11	20	48	61	105	121	141

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-2	-3	-7	-13	4	7
Investing Cash Flow Investing Cash FlowCr	0	-1	0	-1	-2	-4	-30
Financing Cash Flow Financing Cash FlowCr	0	6	8	5	33	2	3
Net Cash Flow Net Cash FlowCr	0	3	6	-3	18	2	-20
Free Cash Flow Free Cash FlowCr	0	-2	-3	-7	-16	1	-23
CFO To PAT CFO To PAT%	17.0	-76.2	-58.1	-79.6	-163.8	46.4	44.1
CFO To EBITDA CFO To EBITDA%	11.8	-49.0	-39.0	-53.9	-118.5	33.6	29.5

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-2	-3	-7	-13	4	7
Investing Cash Flow Investing Cash FlowCr	0	-1	0	-1	-2	-4	-30
Financing Cash Flow Financing Cash FlowCr	0	6	8	5	33	2	3
Net Cash Flow Net Cash FlowCr	0	3	6	-3	18	2	-20
Free Cash Flow Free Cash FlowCr	0	-2	-3	-7	-16	1	-23
CFO To PAT CFO To PAT%	17.0	-76.2	-58.1	-79.6	-163.8	46.4	44.1
CFO To EBITDA CFO To EBITDA%	11.8	-49.0	-39.0	-53.9	-118.5	33.6	29.5

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					163	147	88	166
Price To Earnings Price To Earnings					21.6	18.4	7.2	13.4
Price To Sales Price To Sales					2.2	1.6	0.5	0.8
Price To Book Price To Book					2.3	1.8	0.8	1.6
EV To EBITDA EV To EBITDA					13.3	11.1	4.1	7.2
Profitability Ratios Profitability Ratios
GPM GPM%	89.4	73.1	68.1	72.6	74.0	69.6	59.4	59.4
OPM OPM%	9.8	12.8	13.2	17.1	14.7	12.8	11.2	11.2
NPM NPM%	6.8	8.2	8.8	11.6	10.7	9.3	7.5	7.5
ROCE ROCE%	34.5	41.8	33.8	39.1	15.2	13.9	18.6	18.6
ROE ROE%	25.5	28.5	39.2	42.8	11.3	9.8	14.3	14.3
ROA ROA%	11.7	10.5	9.6	14.2	7.6	6.9	10.6	10.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					163	147	88	166
Price To Earnings Price To Earnings					21.6	18.4	7.2	13.4
Price To Sales Price To Sales					2.2	1.6	0.5	0.8
Price To Book Price To Book					2.3	1.8	0.8	1.6
EV To EBITDA EV To EBITDA					13.3	11.1	4.1	7.2
Profitability Ratios Profitability Ratios
GPM GPM%	89.4	73.1	68.1	72.6	74.0	69.6	59.4	59.4
OPM OPM%	9.8	12.8	13.2	17.1	14.7	12.8	11.2	11.2
NPM NPM%	6.8	8.2	8.8	11.6	10.7	9.3	7.5	7.5
ROCE ROCE%	34.5	41.8	33.8	39.1	15.2	13.9	18.6	18.6
ROE ROE%	25.5	28.5	39.2	42.8	11.3	9.8	14.3	14.3
ROA ROA%	11.7	10.5	9.6	14.2	7.6	6.9	10.6	10.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	CNINFOTECH	KRATIKAL	DRCSYSTEMS	CANARYS	SECMARK	TRIGYN	GENXAI
Market CapitalizationMkt CapCr	180	169	167	166	158	157	154
Close PriceClose₹	73.55	152.10	11.60	28.20	151.00	51.00	86.00
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	7.05	28.32	7.79	13.36	48.09	15.64	25.50
Price To SalesPS	1.71	4.60	1.66	0.84	3.83	0.16	1.75
RevenueRevenueCr	105	37	101	198	41	1,005	88
Revenue Growth TTMRev Gr TTM%	5.3%		47.3%	122.4%	14.7%	14.3%	209.6%
PAT Growth TTMPAT Gr TTM%	-1.1%		31.8%	78.9%	1.6%	2,291.3%	163.6%

	CNINFOTECH	KRATIKAL	DRCSYSTEMS	CANARYS	SECMARK	TRIGYN	GENXAI
Market CapitalizationMkt CapCr	180	169	167	166	158	157	154
Close PriceClose₹	73.55	152.10	11.60	28.20	151.00	51.00	86.00
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	7.05	28.32	7.79	13.36	48.09	15.64	25.50
Price To SalesPS	1.71	4.60	1.66	0.84	3.83	0.16	1.75
RevenueRevenueCr	105	37	101	198	41	1,005	88
Revenue Growth TTMRev Gr TTM%	5.3%		47.3%	122.4%	14.7%	14.3%	209.6%
PAT Growth TTMPAT Gr TTM%	-1.1%		31.8%	78.9%	1.6%	2,291.3%	163.6%