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Avio Smart Market Stack Limited

ASMS.BO
45
Information Technology Services · Technology
Price
₹6.85
-0.05 (-0.72%)
Market Cap
₹2.09B
Exchange
Bombay Stock Exchange
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 11, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Strong
Cash Flow
Weak
Stability
Good
Valuation
Weak

Share count rising — dilution

+817.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 34.0M (2022) → 312.4M (2026)

§Winston Score History

The full picture

Bartronics India Limited specializes in delivering advanced automatic identification and data capture (AIDC) technologies, catering to clients both domestically in India and across international markets. The company's comprehensive product suite includes various smart card types—such as memory, cryptographic, GSM, contactless, biometric, and national identity cards—along with radio frequency identification (RFID) systems and enterprise mobility solutions. They also play a significant role in e-governance initiatives, implementing projects like financial inclusion, public distribution, pilgrim administration, health insurance, and smart card-based driving licenses and vehicle registration. Beyond these, Bartronics offers sophisticated track-and-trace systems for items such as MRO tools, weapons, vehicles, surgical equipment, patients, and documents, alongside infant protection/monitoring and animal identification technologies. Their management solutions extend to warehouses, fleets, inventory, assets, libraries, visitors, contract labor, and pilgrims. Furthermore, they provide essential time and attendance as well as access control systems. On the services front, Bartronics delivers a wide array of IT offerings. These encompass application management (covering modernization, operations, support, middleware, and database services), application development, and enterprise solutions that integrate Enterprise Resource Planning (ERP), Enterprise Application Integration (EAI), Business Process Management (BPM), Business Intelligence (BI), Service-Oriented Architecture (SOA), enterprise portals, content management, and enterprise mobility. Their IT infrastructure management capabilities include data center operations, end-user computing, network and security management, remote infrastructure services, and IT service desk support. Strategic sourcing services complete their extensive service portfolio. The company's clientele spans diverse sectors, including banking and finance, education, government, healthcare, law enforcement and public safety, manufacturing, telecommunications, transport and logistics, and aerospace. Founded in 1990 as Super Bartronics Limited, the company adopted its current name, Bartronics India Limited, in January 1996 and is headquartered in Hyderabad, India.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+35.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+106.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Avio Smart Market Stack Limited is growing revenue at 35% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
13.4%
Thin — 13.4% gross margin
Profit after running costs
Operating Margin
5.3%
Thin — 5.3% operating margin
Return on the money invested
ROCE
17.9%
Strong — 17.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+203.4%
Fast-growing sales (+203.4% YoY)
Profit growth
EPS YoY
+386.6%
Earnings growing fast (+386.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
0%
Weak — only 0% of profit becomes cash
Spare cash per sale
FCF Margin
0.0%
Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
17.58x
Comfortably covers interest (17.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
32.5x
Pricey — P/E 32.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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