ADC India Communications Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

ADC India Communications Ltd trades at ₹1,291, in a downtrend and 12 weeks into that stage. That is −6.8% against its own 200-day average. It sits at 33% of a 52-week range of ₹959 to ₹1,976. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a downtrend — week 12 of stage 4, confirmed. At ₹1,291 it trades −6.8% versus its 200-day average and sits at 33% of its 52-week range (₹959–₹1,976).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +410% while the NIFTY 500 moved +260% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 77th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

ADC India Communications Ltd trades at 32.3× P/E, at the pricey end of its own range (77th percentile). Its long-run median P/E is 25.0×, measured across 10.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 32.3× is at the pricey end of its own range (77th percentile), against a long-run median of 25.0× measured over 10.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +18.2% against a +28.5% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +43.1%/yr price move, ~+46.8%/yr came from earnings growth and ~−3.7 pp from the multiple (compressing); over 10y, of the +17.7%/yr price move, ~+14.4%/yr came from earnings growth and ~+3.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

ADC India Communications Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

No sector-relative score — ADC India Communications Ltd is not present in the sector comparison for Telecom Services.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

ADC India Communications Ltd reported ₹48.0 Cr of revenue in the Dec 25 quarter, +14.4% year on year. Over 10 years it has compounded at 12.4% a year. The last full year, FY25, came in at ₹187 Cr. The last four reported quarters add to ₹185 Cr.

ADC India Communications Ltd reported ₹48.0 Cr of revenue in the Dec 25 quarter, +14.4% year on year. Over 10 years it has compounded at 12.4% a year. The last full year, FY25, came in at ₹187 Cr. The last four reported quarters add to ₹185 Cr.

FY25 revenue came in at ₹187 Cr (+4.5% on the year), capping 10 years at 12.4% compound. The latest quarter (Dec 25) printed ₹48.0 Cr, +14.4% year on year.

Pace check: the last four quarters averaged +0.3% growth against the decade's 12.4% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −0.5% over the last 4 quarters against +4.5%/yr over the last 8 — rolling over; TTM profit −35.5% vs +19.3%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 11.9% this quarter (−4.9 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

ADC India Communications Ltd's operating margin is 11.9% in the Dec 25 quarter, −4.9 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 4.0% to 16.0%. The current quarter sits inside that band.

ADC India Communications Ltd's operating margin is 11.9% in the Dec 25 quarter, −4.9 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 4.0% to 16.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.9%, −4.9 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 4.0%–16.0%, and FY25's 16.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −4.9 pp year on year while gross margin went −4.2 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins slipped — did that reach the bottom line? Next: profit +5.1% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

ADC India Communications Ltd earned ₹6.1 Cr of net profit in the Dec 25 quarter, +5.1% year on year. Full-year FY25 profit was ₹24.0 Cr. The 10-year compound rate is 17.0%. That is 12.8% of the quarter's revenue. The same quarter a year earlier earned ₹5.8 Cr. 2 of the last 12 reported quarters were loss-making.

ADC India Communications Ltd earned ₹6.1 Cr of net profit in the Dec 25 quarter, +5.1% year on year. Full-year FY25 profit was ₹24.0 Cr. The 10-year compound rate is 17.0%. That is 12.8% of the quarter's revenue. The same quarter a year earlier earned ₹5.8 Cr. 2 of the last 12 reported quarters were loss-making.

Dec 25 profit was ₹6.1 Cr, +5.1% year on year. On the full year, FY25 printed ₹24.0 Cr (+14.3%), and the 10-year compound rate is 17.0%.

Why profit moved: revenue contributed +14.4% and the margin −4.9 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −32.9% vs revenue +0.3%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 77% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 77% of ADC India Communications Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY25 that was ₹26.0 Cr of operating cash against ₹24.0 Cr of profit. After ₹0.0 Cr of capital spending, ₹26.0 Cr was left as free cash.

FY25: operating cash of ₹26.0 Cr against reported profit of ₹24.0 Cr, leaving free cash of ₹26.0 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 77% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 77%: the cash cycle held roughly steady between FY20 and FY25 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 29-day cycle and ₹0.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

ADC India Communications Ltd's cash conversion cycle runs 29 days in FY25, down from 30 days in FY20. Capital spending ran ₹0.0 Cr over the last 3 years. At FY25 sales of ₹187 Cr each day of that cycle holds about ₹0.5 Cr, so roughly ₹15.0 Cr sits inside the business at any moment.

FY25: debtors at 60 days, inventory at 42 days — roughly 1.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 29 days, tighter than FY20's 30.

The full loop: cash goes out to suppliers and production on day 0; stock waits 42 days to sell; customers pay about 60 days after that; and suppliers themselves are paid at 74 days — netting out to the 29-day cycle.

In money terms: at FY25 sales of ₹187 Cr, each day of the cycle holds about ₹0.5 Cr — so the 29-day loop keeps roughly ₹15.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹0.0 Cr over the last 3 fiscal years. Capital work-in-progress stands at ₹0.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 47%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

ADC India Communications Ltd earns a ROCE of 47% in FY25. That is up from a trough of 8% in FY14. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 12.8% net margin on 1.64× asset turns.

FY25 ROCE is 47%, recovered from a FY14 trough of 8% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 12.8% net margin × 1.64× asset turns × 1.63× balance-sheet leverage ≈ 34.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.00.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

ADC India Communications Ltd carries ₹0.0 Cr of borrowings against ₹70.0 Cr of equity in FY25, a debt-to-equity of 0.00. Over 5 years borrowings went from ₹0.0 Cr to ₹0.0 Cr. Capital spending ran ₹0.0 Cr across the last 3 of those years.

FY25: borrowings of ₹0.0 Cr against equity of ₹70.0 Cr — a debt-to-equity of 0.00. Over 5 years borrowings went from ₹0.0 Cr to ₹0.0 Cr while capital spending ran ₹0.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of ADC India Communications Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.0 points over the same window, to 72.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +0.1 points over 8 quarters to 0.1%; Promoters: +0.0 points over 8 quarters to 72.0%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

ADC India Communications Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions