Published: 5 December 2025
Capillary Technologies share price today (5 December 2025)
Capillary Technologies India Ltd, the freshly listed AI‑driven SaaS company, continues to see brisk trading and sharp intraday swings.
As of around 10:00–10:15 am IST on 5 December 2025, the stock was trading roughly in the ₹705–707 range on NSE and BSE, about 1.5–1.8% higher than the previous close near ₹695. This implies a market capitalisation in the ₹5,500–5,600 crore band. [1]
Key live metrics from major market data platforms:
- Last traded price:
- 52‑week range (effectively since listing):
Around ₹560–₹799, according to Moneycontrol, Financial Express and other live pages. [5] - Market cap:
Live snapshots place the company near ₹5,500–5,600 crore in market capitalisation. [6] - Valuation snapshots:
Even by software‑sector standards, those are rich multiples. In plain terms, the market is currently paying roughly 400 times trailing earnings and about 9x trailing revenue for Capillary.
IPO recap: from blockbuster demand to volatile trading
IPO structure and subscription
Capillary Technologies India’s IPO was one of the more keenly watched tech issues of late 2025.
Core terms:
- IPO dates: 14–18 November 2025
- Price band: ₹549–₹577 per share
- Issue size: about ₹877.5 crore (fresh issue plus offer for sale)
- Lot size: 25 shares (minimum investment roughly ₹13,700–14,400 at the band). [10]
Demand was strong across investor categories. Groww and HDFC Sky data show overall subscription above 51x, with QIB and high‑net‑worth buckets particularly aggressive:
- QIBs subscribed ~56–57x,
- Non‑institutional investors ~69x,
- Retail around 12–16x,
- Employees about 6x. [11]
Ahead of the IPO, anchor investors committed roughly ₹394 crore, with 68.28 lakh shares placed at ₹577 each. Marquee names included Valuequest India Inflexion Fund, Amundi funds and HSBC, alongside large domestic mutual funds such as SBI, ICICI Prudential, Kotak, Axis, Aditya Birla Sun Life and Mirae. [12]
Listing day: discount open, swift rebound
Capillary listed on 21 November 2025 on both NSE and BSE.
Across multiple reports and live blogs:
- Listing prices:
- BSE: opened near ₹560 (about 3% below the issue price).
- NSE: debut around ₹571.9, a small discount of ~0.8% to the issue price of ₹577. [13]
- Intraday action:
- The stock quickly rallied to intraday highs in the ₹630–633 zone, translating to an 11–13% jump from the IPO price, as highlighted by Livemint, ET and INDmoney’s listing‑day analysis. [14]
- INDmoney’s breakdown notes listing around ₹560 on BSE with an early high of ₹633 and midday trading near ₹600. [15]
- Close on Day 1:
HDFC Sky reports a first‑day close around ₹601.10, more than 4% above the issue price after starting in the red. [16]
The picture that emerges: a muted or negative listing, followed by fast buying interest that pulled the stock comfortably above the IPO price by the end of the first session.
Post‑listing volatility
Volatility has persisted since listing:
- On 27 November 2025, HDFC Sky chronicles a session where the stock opened near ₹694, spiked to an intraday high of about ₹722.35, then slid to around ₹670 by mid‑afternoon—still well above the ₹577 issue price. [17]
- Livemint and Moneycontrol show subsequent sessions with wide intraday ranges between roughly ₹680 and ₹720+, with heavy volumes in excess of 6–10 million shares on some days. [18]
Moneycontrol’s community sentiment widget currently shows 100% of polled users marking the stock as a “BUY”, underscoring strong retail enthusiasm, though that’s a sentiment poll rather than institutional research. [19]
Business profile: AI‑driven loyalty SaaS with global reach
Capillary is not a traditional IT services firm; it’s positioned squarely in AI‑enabled enterprise SaaS.
Across the RHP‑based IPO notes and exchange filings, the company is described as: [20]
- A cloud‑native, AI‑driven Software‑as‑a‑Service platform focused on customer loyalty, engagement and marketing automation.
- Serving over 400 brands in 47 countries, with a strong footprint across Asia‑Pacific, the Middle East, North America and Europe.
- Offering an integrated suite: data unification, loyalty engine, campaign orchestration, analytics, and omnichannel commerce integrations.
Brokerage and IPO notes highlight several strategic advantages: [21]
- High share of subscription/recurring revenue, often based on multi‑year contracts.
- Strong presence in retail, FMCG, BFSI, healthcare and telecom.
- Deep client relationships, with many customers retained for over five years.
- A tech stack built on major cloud providers like AWS, Google Cloud and Microsoft Azure.
At the same time, multiple reports flag concentrated exposure to a handful of sectors and large customers, meaning slowdowns or budget cuts in those verticals can materially impact growth. [22]
Financial performance: rapid scale‑up, thin profits
Capillary’s numbers sit at the centre of the current valuation debate.
Revenue growth
RHP‑based analyses from India Infoline and others show very rapid topline growth over the last three years: [23]
- Revenue (RHP / broker notes):
- FY23: around ₹2,070–2,342 million (₹207–234 crore, depending on the definition used).
- FY24: approximately ₹4,834–4,835 million (~₹483–484 crore).
- FY25: about ₹5,982–5,983 million (~₹598 crore).
- Screener’s profit & loss table similarly shows sales rising from ₹171 crore (FY21) to ₹598 crore (FY25), implying compounded growth above 35–40% over three years. [24]
- For the first half of FY26 (six months ended September 2025), revenue from operations is reported around ₹359–362 crore, up strongly from the comparable period a year earlier. [25]
Overall, Capillary has delivered high double‑digit to near‑70% revenue CAGR over FY23–FY25, with strong momentum continuing into FY26.
Profitability and margins
Profits, however, are still modest relative to revenue and the current market valuation:
- Screener shows Capillary moving from losses in FY21–FY24 to a net profit of about ₹13 crore in FY25, with operating margin improving to around 11%. [26]
- Nirman Broking’s IPO review cites FY25 PAT of ~₹14.15 crore, and a further small profit (~₹1 crore) in the first half of FY26. [27]
- INDmoney highlights that the company “turned profitable for the first time” in FY25, with net revenue retention at 121%, and revenue rising from roughly ₹266 crore to ₹612 crore over FY23–FY25. [28]
Margins have improved sharply at the EBITDA level, with some IPO notes pointing to a swing from negative EBITDA in FY23 to low‑teens EBITDA margins in FY25, thanks to operating leverage and tighter cost control. [29]
Even so, return ratios are still low:
- Screener lists ROE ~2.6% and ROCE ~2.9% for the latest year. [30]
- GuruFocus calculates a Piotroski F‑Score of 6/9, which they characterise as typical of a reasonably stable but not outstanding financial profile. [31]
Balance sheet and shareholding
From the FY25 balance sheet on Screener: [32]
- Equity capital has increased as the company scaled and prepared for listing, while reserves have risen alongside the turnaround in profitability.
- Borrowings remain present but manageable relative to total assets.
- Cash flows show historically lumpy operating cash but improvement in the last couple of years as the subscription model stabilises.
Shareholding data (November 2025) show: [33]
- Promoters: about 52%
- FIIs: roughly 22%
- DIIs (mutual funds, others): around 14%
- Public shareholders: about 11%
That mix reflects substantial institutional interest, including anchors and mutual funds, alongside a growing base of retail investors.
Valuation check: pricing in a lot of future growth
The central question for investors and analysts now is whether Capillary’s valuation adequately reflects its risks.
P/E, P/S and P/B
Using current and IPO‑band numbers:
- At the IPO upper band (₹577), IPO reviews estimated a P/E of ~299x based on FY25 EPS of ~₹1.93. [34]
- INDmoney’s listing‑day analysis went further, noting a P/E around 327x, versus an estimated peer average near 34x for comparable software names. [35]
- At today’s price around ₹705–707, Screener and Groww show P/E in the ~395–416x range, depending on the earnings definition used. [36]
Price‑to‑book and price‑to‑sales are also elevated:
- P/B is around 6x on Groww and closer to 8.5x on GuruFocus, indicating investors are paying several times the book value of equity. [37]
- Using FY25 revenue (~₹598 crore) and a market cap around ₹5,600 crore implies a price‑to‑sales multiple of roughly 9–10x, high even by fast‑growing SaaS standards. [38]
To put it simply: the market is baking in many years of strong growth and margin expansion. If that growth falters, the downside from a de‑rating could be significant.
Quantitative quality signals
Beyond simple multiples, quantitative quality screens are mixed:
- GuruFocus’ GF Score (a composite quality/valuation score) is low for Capillary relative to global peers, reflecting early‑stage profitability and demanding valuation. [39]
- The Piotroski F‑Score of 6/9 suggests improving fundamentals but not yet the robust financial strength of mature compounders. [40]
These metrics don’t say the business is weak; they say the price already assumes a lot of success.
What analysts and research platforms are saying
Pre‑IPO and IPO‑time opinions
Several brokerage and research houses published detailed notes in the run‑up to the IPO:
- Value Research Online focused on the tension between growth and profitability, flagging subdued historical profits and concentration in a few sectors (retail, healthcare, BFSI, telecom). The note highlighted client and sector dependence as key risks and was cautious on the IPO despite acknowledging Capillary’s strong positioning in Indian SaaS. [41]
- Nirman Broking described Capillary as “high‑growth, high‑risk”, pointing to:
- Rapid revenue growth and a clear technology edge,
- But also aggressive valuations (P/E near 300x at the top of the band),
- Thin margins, high trade receivables and client concentration,
- And working‑capital and execution risks as the company deploys IPO funds into cloud infrastructure, AI R&D and acquisitions. [42]
- India Infoline’s IPO note highlighted:
- Strong revenue momentum (FY23–FY25 net revenue CAGR close to 70%),
- A swing from deeply negative to positive EBITDA margins,
- And a diversified global presence,
while still flagging execution complexity and uneven profitability across geographies. [43]
- INDmoney’s post‑listing review emphasised the anchor lock‑in overhang and the valuation premium. It noted:
- Net revenue retention of 121%,
- High subscription margins (~66%),
- Loyal customers across 47 countries,
but also: - Top‑10 customers contributing 56% of revenue,
- A P/E around 327x versus ~34x for peers,
- And significant exposure to North America and rising customer acquisition costs. [44]
Listing‑day and early‑trade commentary
Mainstream business media have taken a similar line:
- Livemint and Economic Times both ran pieces on listing day describing a “weak” or “tepid” debut followed by a 13% intraday spike, and framing the central question as whether to buy, sell or hold given the combination of strong demand and lofty valuations. [45]
- Outlook Business summed up the first day by noting that shares ended more than 5% above the issue price despite the initial discount listing. [46]
- HDFC Sky’s later note on 27 November highlighted sustained investor interest but also pointed to intraday reversals and heavy turnover, underlining the stock’s volatility. [47]
Post‑listing forecasts and target prices
On the forecast front, the picture is more opaque:
- Trendlyne reports that six research reports from six analysts cover Capillary Technologies, with published share‑price targets accessible on its platform, but the average target is behind a paywall. [48]
- Investing.com and GuruFocus both host consensus‑estimate and 12‑month target‑price pages for Capillary, confirming that institutional coverage has started, but again detailed numerical targets require subscription access. [49]
- Ortex lists Capillary under its analyst‑coverage section but currently shows “Target Price: N/A”, suggesting formal targets are still being built out. [50]
The upshot: coverage is emerging, but there is no widely available, public consensus target price yet. What is common across most published commentary is:
- Recognition of strong growth and a differentiated niche in loyalty SaaS, and
- Repeated warnings about very rich valuations, client concentration and execution risk. [51]
Near‑term triggers and key risks (December 2025 – 2026)
1. Anchor investor lock‑in expiry
INDmoney’s analysis highlights a key technical event: anchor investors’ first lock‑in tranche is expected to expire around 21 December 2025. [52]
History across IPOs suggests:
- Some anchors choose to book partial profits once lock‑ins end, adding temporary supply and sometimes triggering price dips.
- Others hold, which can be taken as a vote of confidence.
For Capillary, any large anchor selling or block deals around the lock‑in dates will be closely watched in the bulk/block‑deal data and BSE/NSE disclosures.
2. Upcoming quarterly results
With the company now listed, the next few quarterly results (starting with Q3 FY26) will be crucial:
- The market will look for continued 20–30%+ revenue growth,
- Evidence that EBITDA margins can be sustained or improved, and
- Progress on converting accounting profits into steady operating cash flows.
If numbers validate the growth‑and‑margin story embedded in today’s multiples, some of the valuation premium may look more defensible; if not, a de‑rating is a real risk.
3. Client and sector concentration
Multiple IPO notes and research pieces stress that Capillary still derives a large part of its revenue from a concentrated set of customers and a few key sectors. [53]
That implies:
- Loss or down‑sizing of one or two large clients can meaningfully hit revenue.
- Sector‑specific slowdowns in retail or BFSI could disproportionately affect results.
Tracking disclosures on large deal wins or losses—and any commentary the company provides on client churn—will be important.
4. Working‑capital and receivables risk
Nirman and other IPO reviews point to high trade receivables and working‑capital intensity, typical of enterprise SaaS in emerging markets but still a risk factor:
- Extended collection cycles can pressure cash flows even when reported profits look healthy. [54]
Investors following the stock will likely pay close attention to cash‑flow statements and debtor‑days metrics in future filings.
5. Regulatory and governance housekeeping
On the governance side, early BSE filings include:
- Listing of equity shares,
- Disclosures under SEBI (SAST) Regulation 29(1),
- Updated insider‑trading and fair‑disclosure codes filed in late November and early December 2025. [55]
These are largely routine but signal that the company is aligning itself with continuous‑disclosure standards as a newly listed entity.
How 5 December 2025 looks in context
Putting today’s snapshot in perspective:
- The stock is trading roughly 22–26% above its IPO price after just two weeks on the exchanges, and well above the muted listing level. [56]
- Volumes remain high, and short‑term price action is driven as much by sentiment and technical factors as by fundamentals.
- Fundamentally, the company has:
- Fast‑growing, globally diversified SaaS revenue,
- A clear niche in customer loyalty and engagement,
- And an improving profit profile. [57]
- But the valuation currently implies a long runway of flawless execution, with P/E near 400x, P/S near 9–10x, and returns on equity still in the low single digits. [58]
For market participants tracking Capillary Technologies India Ltd as of 5 December 2025, the stock sits at the intersection of:
- A strong structural story (AI, SaaS, loyalty, global clients), and
- A valuation and volatility profile that leaves little room for operational missteps.
What to watch going forward
For readers following the stock rather than just today’s price, some practical markers:
- Anchor lock‑in around 21 December 2025 – watch block deals and intraday volatility around that window. [59]
- Next 2–3 quarterly results – especially revenue growth, EBITDA margins, net profit, operating cash flow and debtor days. [60]
- Client wins and losses – any major logos added or lost, and commentary on net revenue retention beyond the 121% figure cited in IPO material. [61]
- Regulatory filings and insider/large‑shareholder moves – particularly post‑lock‑in share‑sale disclosures under SEBI SAST and insider regulations. [62]
References
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