- CIN
- U72200PN2015PTC155201
- ISIN
- —
- Incorporated
- 21 Jan 2015
- Registered state
- Maharashtra
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Helix Cloud Systems Private Limited sells a subscription platform for warehouse, transport and order management to mid-market retailers, from Pune, with delivery centres in Pune and Kuala Lumpur serving customers in India and South-East Asia, supporting 640 enterprise accounts and annual recurring revenue of roughly ₹1,760 crore. Net revenue retention has stayed above 115% for six consecutive quarters, which means the installed base grows the top line even before new logos are counted. The company is currently unlisted with no publicly announced listing timeline, and shares change hands only through negotiated off-market transfers.
Business model
Annual subscription contracts with usage-based overage, plus one-time implementation fees.
Key highlights
- Gross margin of 71% on the subscription line
- Net revenue retention of 118% in FY2026
- Cash-flow positive since Q2 FY2025
- Secondary transactions have set the last three reference prices; no primary round since 2024
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹1,840.00 Cr
- EBITDA
- ₹268.00 Cr
- PAT
- ₹112.00 Cr
- Net worth
- ₹2,410.00 Cr
- Total debt
- ₹180.00 Cr
- Cash & equivalents
- ₹1,160.00 Cr
- Operating cash flow
- ₹342.00 Cr
- EPS
- ₹8.75
Management & board
- VNSince 2014
Vikram Nair
Managing Director & CEO
Has led Helix Cloud since 2014 and previously held senior operating roles in the same sector.
- MSSince 2009
Mohan Saxena
Chief Financial Officer
- RASince 2010
Ritu Agarwal
Executive Director — Operations
- MDSince 2021
Meera Deshpande
Company Secretary & Compliance Officer
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Audited | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹1,840 Cr | ₹1,420 Cr | ₹1,020 Cr | +29.6% |
| EBITDA | ₹268 Cr | ₹128 Cr | ₹-82 Cr | +109.4% |
| Profit after tax | ₹112 Cr | ₹-24 Cr | ₹-168 Cr | — |
| Earnings per share | ₹8.75 | ₹-1.87 | ₹-13.12 | — |
| Balance sheet | ||||
| Net worth | ₹2,410 Cr | ₹2,180 Cr | ₹1,640 Cr | +10.6% |
| Total debt | ₹180 Cr | ₹210 Cr | ₹240 Cr | — |
| Cash & equivalents | ₹1,160 Cr | ₹980 Cr | ₹720 Cr | — |
| Total assets | ₹3,240 Cr | ₹2,860 Cr | ₹2,210 Cr | — |
| Book value per share | ₹188 | ₹170 | ₹128 | — |
| Cash flow | ||||
| Operating cash flow | ₹342 Cr | ₹186 Cr | ₹42 Cr | — |
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- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 17 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Audited annual report · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹24,576 Cr
- Enterprise value
- ₹23,596 Cr
- Indicative price
- ₹1,920
- Shares outstanding
- 12,80,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 219.4x
- P/B
- 10.2x
- EV / EBITDA
- 88.0x
- EPS
- ₹8.75
- Book value / share
- ₹188
- Debt / equity
- 0.1x
On FY2026 PAT
Returns & margins
- ROE
- 4.7%
- ROCE (EBITDA basis)
- 10.3%
- EBITDA margin
- 14.6%
- PAT margin
- 6.1%
- Revenue growth
- 29.6%
- Cash / market cap
- 4.7%
EBITDA ÷ (net worth + debt)
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹1,920 | -1.63% | Secondary transaction reference |
| 20 Aug 2026 | ₹1,952 | -2.64% | Dealer desk average |
| 20 Jul 2026 | ₹2,005 | -2.66% | Dealer desk average |
| 20 Jun 2026 | ₹2,059 | -4.59% | Dealer desk average |
| 20 May 2026 | ₹2,158 | -0.02% | Dealer desk average |
| 20 Apr 2026 | ₹2,159 | -1.87% | Dealer desk average |
| 20 Mar 2026 | ₹2,200 | +2.03% | Dealer desk average |
| 20 Feb 2026 | ₹2,156 | +3.83% | Dealer desk average |
| 20 Jan 2026 | ₹2,077 | +2.91% | Dealer desk average |
| 20 Dec 2025 | ₹2,018 | +4.20% | Dealer desk average |
| 20 Nov 2025 | ₹1,937 | +3.15% | Dealer desk average |
| 20 Oct 2025 | ₹1,877 | +2.60% | Dealer desk average |
| 20 Sep 2025 | ₹1,830 | — | Dealer desk average |
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Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
- Dividend14 Jun 2026
Final dividend declared
Dividend recommended by the board, subject to shareholder approval at the AGM.
Company filing / RoC
- Filing7 Jul 2025
Annual return filed with the registrar
Statutory filing completed within the prescribed timeline.
Company filing / RoC
- Board20 Aug 2024
Appointment of an independent director
Board strengthened with an additional independent director following a nomination-committee review.
Company filing / RoC
- Bonus18 Aug 2024
Bonus issue in the ratio 1:2
Board approved a bonus issue; record date notified to shareholders on file.
Company filing / RoC
IPO / listing status
- Current stage
- Unlisted
- DRHP filed
- —
- RHP filed
- —
- Expected window
- —
- Registrar
- —
- Book-running managers
- —
No listing application has been made. Any exit before a listing depends on finding a counterparty in the off-market.
Research
Information currently unavailable
No research has been published on Helix Cloud yet. Sector notes that mention it will appear here when they are.
Documents
Public documents open directly. Private documents are released to verified clients on request.
| Document | Type | FY / date | Source | Access |
|---|---|---|---|---|
| Annual Report FY20264.2 MB | Annual report | FY2026 | Company | Download |
| Annual Report FY20253.8 MB | Annual report | FY2025 | Company | Download |
| Audited financial statements — three-year summary620 KB | Financials | FY2024–FY2026 | Statutory filings | Download |
| Investor presentation9.1 MB | Presentation | 2026-07-15 | Company | On request |
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Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Valuation reset
HighThe last primary round was struck in a different rate environment.
Competitive pressure
MediumGlobal suites are pricing aggressively in the mid-market.
Key-person dependence
MediumFounder-led sales motion in the largest accounts.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.