---
title: "CES Ltd (2941) — Share Price, Financials & Analysis"
symbol: "2941"
company: "CES Ltd"
canonical: "https://tapetide.com/stocks/2941"
sector: "Services"
industry: "Commercial Services & Supplies"
generated_at: "2026-10-29T06:12:11.110Z"
---

# CES Ltd (2941)

Canonical page: https://tapetide.com/stocks/2941

In the Jun 2025 quarter, revenue rose 7.6% year on year to ₹141.51 Cr and net profit fell 24.7% year on year to ₹6.39 Cr (compared with Jun 2024). Promoters held 74.84% of CES in Jun 2025, unchanged from Mar 2025.

## Company

- **Sector:** Services
- **Industry:** Commercial Services & Supplies
- **Macro Sector:** Services
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** https://cesltd.com/

## About

Incorporated in 1985 and formerly known as Serve All Enterprise Solutions Limited; CES Ltd. is an Information Technology (IT) and Information Technology-enabled Services (ITeS) provider serving the midsize market of global enterprises through Business Process Management (BPM)

## Latest Price

## Key Insights

### Strengths

- Stock is trading at 0.01 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 13.4% over last 3 years.
- Debtor days have increased from 92.5 to 135 days.
- Working capital days have increased from 38.3 days to 89.9 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -6% | -6% | 8% |
| revenue growth | 10% | 10% | 13% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 112.12 | 111.13 | 102.86 | 118.24 | 117.17 | 117.96 | 115.5 | 131.56 | 127.28 | 131.48 | 131.8 | 141.51 |
| Expenses | 99.9 | 97.71 | 109.4 | 108.13 | 105.57 | 106.8 | 109.58 | 117.28 | 115.69 | 119.15 | 126.06 | 131.3 |
| Operating Profit | 12.22 | 13.42 | -6.54 | 10.11 | 11.6 | 11.16 | 5.92 | 14.28 | 11.59 | 12.33 | 5.74 | 10.21 |
| OPM % | 10.9 | 12.08 | -6.36 | 8.55 | 9.9 | 9.46 | 5.13 | 10.85 | 9.11 | 9.38 | 4.36 | 7.22 |
| Other Income | 2.11 | 1.37 | 0.59 | 0.45 | 1.2 | 0.66 | 0.99 | 0.52 | 0.64 | 1.89 | 0.12 | 0.5 |
| Interest | 0.09 | 0.06 | 0.27 | 0.07 | 0.08 | 0.08 | 0.35 | 0.03 | 0.02 | 0 | 0.2 | 0.05 |
| Depreciation | 1.12 | 1.11 | 1.1 | 1.03 | 1.12 | 1.13 | 0.84 | 0.87 | 0.87 | 0.87 | 0.87 | 0.89 |
| Profit before tax | 13.12 | 13.62 | -7.32 | 9.46 | 11.6 | 10.61 | 5.72 | 13.9 | 11.34 | 13.35 | 4.79 | 9.77 |
| Tax % | 28.66 | 38.62 | -49.45 | 38.37 | 31.9 | 30.91 | 5.42 | 38.99 | 38.18 | 28.09 | 7.52 | 34.6 |
| Net Profit | 9.36 | 8.36 | -3.69 | 5.83 | 7.91 | 7.34 | 5.41 | 8.48 | 7.01 | 9.6 | 4.44 | 6.39 |
| EPS in Rs | 2.57 | 2.3 | -1.01 | 1.6 | 2.17 | 2.02 | 1.49 | 2.33 | 1.93 | 2.64 | 1.22 | 1.76 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 226 | 204 | 246 | 278 | 313 | 393 | 426 | 469 | 522 | 532 |
| Expenses | 198 | 185 | 223 | 245 | 289 | 348 | 399 | 430 | 478 | 492 |
| Operating Profit | 28 | 18 | 24 | 33 | 25 | 46 | 27 | 39 | 44 | 40 |
| OPM % | 12 | 9 | 10 | 12 | 8 | 12 | 6 | 8 | 8 | 7 |
| Other Income | 1 | 0 | 3 | 1 | 16 | 7 | 6 | 3 | 3 | 3 |
| Interest | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
| Depreciation | 5 | 6 | 7 | 8 | 7 | 5 | 4 | 4 | 3 | 4 |
| Profit before tax | 22 | 12 | 19 | 25 | 34 | 47 | 29 | 37 | 43 | 39 |
| Tax % | 32 | 30 | 33 | 21 | 24 | 24 | 32 | 29 | 32 | — |
| Net Profit | 15 | 8 | 13 | 20 | 26 | 36 | 20 | 26 | 30 | 27 |
| EPS in Rs | 4.09 | 2.27 | 3.47 | 5.5 | 7.05 | 9.77 | 5.36 | 7.27 | 8.11 | 7.55 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 1 | 1 | 1 | 36 | 36 | 36 | 36 | 36 | 36 | 36 |
| Reserves | 49 | 70 | 75 | 45 | 63 | 85 | 114 | 140 | 165 | 189 |
| Borrowings | 10 | 21 | 24 | 2 | 1 | 4 | 3 | 14 | 16 | 37 |
| Other Liabilities | 40 | 42 | 45 | 80 | 75 | 100 | 112 | 124 | 124 | 127 |
| Total Liabilities | 101 | 134 | 144 | 164 | 174 | 225 | 266 | 314 | 341 | 389 |
| Fixed Assets | 30 | 49 | 55 | 66 | 66 | 61 | 57 | 53 | 50 | 47 |
| CWIP | 5 | 7 | 8 | 0 | 0 | 0 | 0 | 2 | 11 | 27 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 66 | 78 | 81 | 97 | 109 | 164 | 209 | 260 | 280 | 315 |
| Total Assets | 101 | 134 | 144 | 164 | 174 | 225 | 266 | 314 | 341 | 389 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 12 | 16 | 26 | 32 | 11 | 50 | 29 | 34 | 13 | -66 |
| Cash from Investing Activity | -13 | -24 | -16 | -20 | -11 | -3 | 8 | -1 | -2 | -8 |
| Cash from Financing Activity | 4 | 5 | -6 | 0 | 1 | 4 | 0 | 0 | -1 | 0 |
| Net Cash Flow | 3 | -3 | 4 | 12 | 1 | 50 | 36 | 32 | 10 | -74 |
| Free Cash Flow | -1 | -11 | 18 | 12 | 4 | 47 | 28 | 32 | 2 | -82 |
| CFO/OP | 71 | 81 | 159 | 160 | 53 | 232 | 87 | 158 | 60 | -151 |

### Ratios

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 57 | 60 | 63 | 52 | 51 | 77 | 67 | 73 | 70 | 135 |
| Cash Conversion Cycle | 57 | 60 | 63 | 52 | 51 | 77 | 67 | 73 | 70 | 135 |
| Working Capital Days | 39 | 39 | 24 | 3 | 20 | -4 | 4 | 5 | 20 | 90 |
| ROCE % | 38 | 30 | 13 | 21 | 27 | 29 | 32 | 16 | 17 | 17 |

## Shareholding Pattern

### Annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Jun 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% |
| Others | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| No. of Shareholders | 27 | 28 | 28 | 27 | 27 | 26 | 25 | 25 | 25 | 25 |

### Quarterly

| Category | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% | 74.84% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% | 25.16% |
| Others | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| No. of Shareholders | 26 | 26 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| 2022 | [Annual Report 2022](https://www.bseindia.com/bseplus/AnnualReport//76300512341.pdf) |
| 2021 | [Annual Report 2021](https://www.bseindia.com/bseplus/AnnualReport//72361512341.pdf) |
| 2020 | [Annual Report 2020](https://www.bseindia.com/bseplus/AnnualReport//68038512341.pdf) |
| 2019 | [Annual Report 2019](https://www.bseindia.com/bseplus/AnnualReport//5123410319.pdf) |
| 2018 | [Annual Report 2018](https://www.bseindia.com/bseplus/AnnualReport//5123410318.pdf) |
| 2017 | [Annual Report 2017](https://www.bseindia.com/bseplus/AnnualReport//5123410317.pdf) |
| 2016 | [Annual Report 2016](https://www.bseindia.com/bseplus/AnnualReport//5123410316.pdf) |
| 2015 | [Annual Report 2015](https://www.bseindia.com/bseplus/AnnualReport//5123410315.pdf) |
| 2014 | [Annual Report 2014](https://www.bseindia.com/bseplus/AnnualReport//5123410614.pdf) |
| 2013 | [Annual Report 2013](https://www.bseindia.com/bseplus/AnnualReport//5123410613.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-29T06:12:11.110Z.