Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹136Cr
Computer - Peripherals/Accessories
Rev Gr TTM
Revenue Growth TTM
4.60%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

SMARTLINK
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 80.2 | 34.3 | 10.7 | -0.2 | 52.0 | 4.3 | 6.7 | 42.9 | -13.9 | -7.6 | 27.1 | 16.7 |
| 49 | 39 | 50 | 41 | 68 | 42 | 56 | 53 | 65 | 36 | 69 | 62 |
Operating Profit Operating ProfitCr |
| 1.9 | -2.3 | 4.0 | -9.3 | 11.0 | -3.9 | -1.7 | 1.1 | 0.9 | 1.6 | 2.2 | 1.8 |
Other Income Other IncomeCr | 0 | 0 | 0 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 3 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 0 | -1 | 1 | -2 | 10 | 0 | 1 | 2 | 2 | 3 | 3 | 3 |
| -1 | 0 | 0 | 0 | 2 | 0 | 1 | -1 | -1 | 1 | 1 | 1 |
|
Growth YoY PAT Growth YoY% | -68.3 | -12,500.0 | 1,137.5 | -106.9 | 382.2 | 64.5 | -19.3 | 309.9 | -55.8 | 595.5 | 177.6 | -11.8 |
| 3.6 | -3.2 | 1.6 | -3.2 | 11.4 | -1.1 | 1.2 | 4.7 | 5.9 | 5.9 | 2.6 | 3.6 |
| 1.7 | -1.2 | 0.8 | -1.2 | 8.7 | -0.5 | 0.7 | 2.5 | 3.9 | 2.2 | 1.9 | 2.2 |
| Financial Year | Mar 2013 | Mar 2014 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 26.7 | | -6.1 | 9.2 | -31.2 | -4.1 | 13.1 | 105.1 | 21.5 | 8.3 | 9.7 |
| 153 | 176 | 108 | 96 | 104 | 79 | 60 | 70 | 158 | 195 | 215 | 232 |
Operating Profit Operating ProfitCr |
| -28.9 | -17.0 | -4.4 | 1.3 | 2.5 | -7.7 | 14.9 | 12.0 | 3.2 | 1.5 | -0.4 | 1.6 |
Other Income Other IncomeCr | 36 | 23 | 2 | 1 | 2 | -4 | 3 | 1 | 22 | 12 | 12 | 12 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 1 | 2 | 1 | 1 | 2 | 2 | 2 | 1 |
Depreciation DepreciationCr | 4 | 4 | 2 | 2 | 3 | 3 | 3 | 2 | 3 | 3 | 4 | 4 |
| -2 | -6 | -5 | 0 | 0 | -15 | 9 | 7 | 23 | 9 | 5 | 11 |
| 0 | -4 | 5 | 4 | 3 | -1 | -1 | -3 | 4 | 2 | -1 | 1 |
|
| | -1.2 | | 65.9 | 10.8 | -383.7 | 171.7 | 0.8 | 86.5 | -63.3 | -6.4 | 53.2 |
| -1.7 | -1.3 | -9.4 | -3.4 | -2.8 | -19.5 | 14.6 | 13.0 | 11.8 | 3.6 | 3.1 | 4.3 |
| -0.7 | -0.7 | -4.0 | -1.4 | -1.6 | -8.9 | 7.8 | 9.9 | 19.3 | 7.1 | 6.6 | 10.1 |
| Financial Year | Mar 2013 | Mar 2014 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 6 | 6 | 5 | 5 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 |
| 408 | 399 | 320 | 312 | 252 | 180 | 191 | 163 | 182 | 188 | 194 | 198 |
Current Liabilities Current LiabilitiesCr | 30 | 27 | 20 | 23 | 24 | 20 | 14 | 25 | 47 | 71 | 44 | 58 |
Non Current Liabilities Non Current LiabilitiesCr | 1 | 1 | 2 | 2 | 20 | 26 | 23 | 19 | 35 | 10 | 6 | 6 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 409 | 398 | 321 | 316 | 50 | 32 | 33 | 62 | 103 | 182 | 170 | 189 |
Non Current Assets Non Current AssetsCr | 37 | 36 | 24 | 25 | 250 | 197 | 197 | 147 | 162 | 90 | 76 | 75 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2013 | Mar 2014 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | -17 | -40 | -34 | -9 | -22 | 74 | 3 | 42 | -26 | 0 | -6 |
Investing Cash Flow Investing Cash FlowCr | 21 | 47 | 115 | 14 | 72 | -17 | 0 | -4 | 21 | 5 | 36 |
Financing Cash Flow Financing Cash FlowCr | -7 | -7 | -81 | -2 | -52 | -58 | -3 | -38 | 5 | -4 | -29 |
|
Free Cash Flow Free Cash FlowCr | -19 | -41 | -36 | -9 | -23 | 57 | 3 | 38 | -5 | -3 | -9 |
| 883.2 | 2,002.4 | 347.1 | 272.9 | 757.3 | -521.0 | 29.9 | 406.8 | -134.4 | -2.9 | -92.3 |
CFO To EBITDA CFO To EBITDA% | 50.8 | 156.5 | 745.4 | -689.3 | -832.0 | -1,317.8 | 29.2 | 439.0 | -492.5 | -7.0 | 690.5 |
| Financial Year | Mar 2013 | Mar 2014 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 162 | 130 | 222 | 187 | 156 | 80 | 112 | 114 | 148 | 169 | 126 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 10.8 | 10.9 | 7.7 | 23.9 | 19.1 |
Price To Sales Price To Sales | 1.4 | 0.9 | 2.1 | 1.9 | 1.4 | 1.1 | 1.6 | 1.4 | 0.9 | 0.8 | 0.6 |
Price To Book Price To Book | 0.4 | 0.3 | 0.7 | 0.6 | 0.6 | 0.4 | 0.6 | 0.7 | 0.8 | 0.9 | 0.6 |
| -2.2 | -3.1 | -46.1 | 141.7 | 63.2 | -17.8 | 11.9 | 12.3 | 32.0 | 67.1 | -142.3 |
Profitability Ratios Profitability Ratios |
| 17.9 | 18.8 | 38.0 | 34.9 | 34.6 | 36.1 | 46.9 | 41.4 | 24.6 | 18.7 | 18.8 |
| -28.9 | -17.0 | -4.4 | 1.3 | 2.5 | -7.7 | 14.9 | 12.0 | 3.2 | 1.5 | -0.4 |
| -1.7 | -1.3 | -9.4 | -3.4 | -2.8 | -19.5 | 14.6 | 13.0 | 11.8 | 3.6 | 3.1 |
| -0.5 | -1.4 | -1.4 | 0.1 | 0.6 | -5.9 | 4.8 | 4.3 | 11.3 | 4.9 | 3.4 |
| -0.5 | -0.5 | -3.0 | -1.1 | -1.2 | -7.8 | 5.3 | 6.3 | 10.5 | 3.7 | 3.4 |
| -0.4 | -0.5 | -2.8 | -1.0 | -1.0 | -6.2 | 4.5 | 4.9 | 7.3 | 2.6 | 2.7 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
**Smartlink Holdings Ltd.** is a long-established Indian enterprise with over three decades of experience in the IT and networking industry. Founded in 1993 as a joint venture, the company has evolved from a manufacturer of networking products and motherboards into a diversified business group with a strategic focus on electronics manufacturing, innovation, and indigenous branding.
Following a major restructuring in FY 2016–17, Smartlink Holdings transitioned into a **Non-Banking Financial Company (NBFC)**, managing its investments in independently operating subsidiaries. Today, it serves dual roles:
1. As an investment vehicle generating income through dividends, interest, rental income, and capital gains.
2. As the parent entity of a vertically integrated ecosystem focused on **“Make in India”** in the electronics and IT networking space.
---
### **Corporate Structure & Subsidiaries**
Smartlink Holdings Ltd. operates through three key subsidiaries, each specializing in distinct domains:
| Entity | Role | Key Capabilities |
|------|------|----------------|
| **Digisol Systems Limited** | Branding, Sales, Marketing, and Support | The brand-facing arm; markets and supports the **DIGISOL** brand across India. Handles channel engagement, distribution, partner programs, and after-sales service. |
| **Synegra EMS Limited** | Electronics Manufacturing Services (EMS) | Full-scale contract manufacturing of active and passive networking products, EV chargers, defense electronics, and telecom equipment. Based in a certified facility in **Verna, Goa**, with two SMT lines and testing infrastructure. |
| **Telesmart SCS Limited** | Original Design Manufacturer (ODM) for Passive Components | Specializes in **structured cabling systems** (copper and fiber), including high-bandwidth connectors under patent collaboration with a Taiwan-based partner. |
---
### **Core Business Segments**
1. **Investment Segment**
- Generates revenue from dividends, interest, property rentals, and financial instruments.
- Total investment in subsidiaries amounted to ₹4,838 lakhs as of 2020.
- Acts as the central financial and strategic hub for the group.
2. **Networking Products Segment**
- Primary revenue driver, focusing on development, manufacturing, marketing, distribution, and service of networking solutions.
- Contributed approximately ₹1,746 million (Q3 FY 2020–21) in unaudited revenue.
---
### **DIGISOL – India’s First Homegrown IT Networking Brand**
**Digisol Systems Limited** is positioned as **India’s first indigenous IT networking brand** offering globally competitive products. The brand strongly emphasizes **"Trusted Made in India"** values, aligning with national initiatives like **Make in India**, **PLI Scheme**, and **Vocal for Local**.
#### **Brand Positioning**
- First Indian brand with complete **"Made in India"** IT networking portfolio.
- Offers **global standards**, **data security**, and a **superior user experience**.
- Trusted by **telecom service providers**, **SMBs**, **enterprises**, and government infrastructure projects.
- Certified under **Telecommunication Engineering Center (TEC)** for key products (e.g., DG-GR1321, DG-GR6821AC, DG-GS1528).
#### **Product Portfolio (200+ Active SKUs)**
| Product Category | Key Offerings |
|------------------|---------------|
| **Fiber to the Home (FTTH)** | XPON, GPON, EPON ONUs & OLTs, splitters, fiber distribution boxes |
| **Switching Solutions** | Managed, unmanaged, smart, industrial, chassis, **Multigig L3 PoE/non-PoE switches** (recent launch), transceivers, media converters |
| **Wireless Solutions** | **Wi-Fi 6 indoor/outdoor/enterprise APs**, controllers, extenders, USB adapters |
| **Structured Cabling System (SCS)** | Cat 5e, Cat 6, Cat 6A cables, patch panels, keystones, faceplates, fiber components (pigtails, connectors, patch cords) |
| **Enterprise Solutions** | **ConvergeX series** – high-speed, future-ready cabling with PoE support, gold-plated contacts, solder-less joints, 25-year warranty |
> **Note:** Most passive products are manufactured by Telesmart SCS; active products are manufactured by Synegra EMS.
---
### **"Make in India" Commitment**
Smartlink and Digisol are deeply aligned with India’s self-reliance vision:
- **SYNEGRA EMS** is approved under the **Production Linked Incentive (PLI) Scheme** for telecom and networking products (SME category).
- Manufactures **indigenous XPON ONUs, EPON/GPON OLTs, switches**, and **enterprise Wi-Fi 6 systems** in Goa.
- Invested in expanding **SMT lines and testing equipment** to boost local production.
- Addresses data security concerns by promoting **Made in India alternatives** to imported hardware.
---
### **Market Presence & Distribution**
- **Exclusive Regional Distributors** model ensures **nationwide product availability** and consistent brand delivery.
- Supports:
- 45+ regional distributors
- 1,000+ system integrators
- 800+ channel partners
- Strong presence in **Smart Cities, Healthcare, Education, Telecom, Real Estate, Retail, Data Centers**, and **Industrial Automation**.
---
### **Brand Building & Channel Engagement**
Brand building is a **core strategic initiative**, not just a marketing function.
#### **Key Programs:**
| Initiative | Description |
|----------|-----------|
| **DIGISOL Cash Karo** | App-based loyalty program rewarding electricians, technicians, and partners with points on product purchases. Over 100,000 app downloads as of 2020. |
| **DIGISOL Institute of Technical Training (DITT)** | Training programs for network engineers, ISPs, and channel partners on emerging technologies. Over 900 trained in FY 2019–20. |
| **Premium Partners Program** | Tailored sales schemes and incentives for active/passive product lines to deepen partner relationships. |
| **In-Store Branding & Trade Shows** | Grassroots visibility through reseller outlet branding, expos, and industry events. |
#### **Digital Presence**
- Website: [www.digisol.com](http://www.digisol.com)
- Active on **Facebook, LinkedIn, Instagram, and Twitter** with targeted content marketing.
- Focus on **digital outreach**, technical blogs, product tutorials, and engagement with influencer technicians.
---
### **Service & Support: Digicare**
- **Dedicated service arm** of Digisol Systems Ltd.
- Offers end-to-end **after-sales support**: call centers, RMA, repair, refurbishment, technical assistance, and field service.
- Operates **63+ service centers**, covering **over 27,000 Indian pin codes**.
- Over **25 years** of experience serving global brands in semiconductors, robotics, and consumer electronics.
---
### **Manufacturing & R&D Capabilities**
- **Synegra EMS (Goa Facility):**
- Certified manufacturing facility with SMT, soldering, assembly, and testing lines.
- Produces PCBAs for **EV chargers, defense electronics, telecom, medical devices, and networking gear**.
- Sourced components from trusted local and global vendors.
- **R&D Center (Bengaluru):**
- Focuses on **software development for network switches and FTTH products**.
- Supports innovation in next-gen networking and IoT readiness.
---
### **Competitive Advantages**
1. **Vertical Integration** – From ODM/EMS to branding and nationwide service.
2. **“Make in India” Leadership** – Strong first-mover advantage as a trusted domestic brand.
3. **Channel-Centric Approach** – Deep engagement with electricians, partners, and system integrators.
4. **Robust Service Network** – Unmatched reach through Digicare.
5. **Standards Compliance** – EIA/TIA, ISO/IEC, UL, ROHS, TEC certified with **25-year product warranty** on SCS.