Capillary Technologies India Ltd (NSE: CAPILLARY, BSE: 544614) is seeing some profit‑booking on Thursday, 27 November 2025, after a high‑octane first week on the bourses. Around mid‑session, the SaaS company’s stock is trading in the ₹666–₹670 zone, down roughly 3–3.5% versus Wednesday’s close, but still comfortably above its IPO issue price of ₹577 per share. [1]
Below is a full breakdown of how the stock is doing today, what has changed since listing, and the key fundamentals and risks investors are watching.
Live Capillary Technologies India share price on 27 November 2025
Multiple live market data providers show Capillary Technologies India under mild pressure today after a strong post‑listing rally:
- Price today:
- Day’s trading range: The stock has moved between ₹664–₹730 so far today, indicating continued intraday volatility as traders lock in gains from the IPO pop. [4]
- 52‑week range: Since it listed only last week, the current range also doubles as its 52‑week range, at roughly ₹560–₹799. [5]
- Volumes and turnover:
Even after today’s dip, at around ₹666–670 the stock is still trading about 15–16% above its IPO issue price of ₹577, underscoring how sharply it has rerated since listing. [8]
No fresh corporate announcements today
From a news‑flow perspective, 27 November 2025 has been relatively quiet for Capillary Technologies India itself:
- Exchange announcement trackers on Business Standard and ICICIdirect show the latest company filing dated 24 November 2025, where Capillary informed the exchanges about its Insider Trading Prohibition Code under SEBI’s PIT Regulations (Regulation 8(2)). [9]
- There are no new board‑meeting outcomes, earnings releases, acquisitions, or other price‑sensitive disclosures filed on 27 November as of the latest available data. [10]
That suggests today’s move is largely market‑driven profit‑taking and position churn, rather than a reaction to fresh company‑specific news.
Recap: IPO details and listing‑week fireworks
Capillary Technologies India’s current price action makes more sense when viewed against its IPO and listing performance over the last two weeks.
IPO size, pricing and demand
- IPO price band:₹549–₹577 per share. [11]
- Issue size: About ₹877–878 crore, comprising:
- Fresh issue: ~₹345 crore
- Offer for sale (OFS): ~₹532–533 crore, with several early investors trimming stakes. [12]
- Subscription: The issue was heavily oversubscribed:
- QIBs: ~57.3x
- NIIs: ~69.9x
- Retail: ~15.8x [13]
- Allotment and listing:
A weak debut followed by a sharp intraday rebound
Listing day was a tale of two halves:
- Muted debut:
- On the BSE, Capillary opened at ₹560, a 2.9% discount to the issue price of ₹577.
- On the NSE, it listed at ₹571.90, about 0.9% below the issue price. [16]
- Intraday surge:
- Later that day, the stock spiked to around ₹633–633.9, translating into a ~13% jump from the BSE opening price and a ~10.8% rise from the NSE opening price. [17]
- This rally came despite the grey market premium (GMP) having implied only about a 9–10% expected listing gain, and despite the stock actually opening at a discount. [18]
Economic Times and LiveMint coverage from listing day noted that strong buying interest quickly absorbed the initial caution, with some market experts advising IPO allottees to hold the stock with a medium‑ to long‑term view, while also suggesting a tight stop‑loss zone around ₹520 to manage downside risk. [19]
(Those views are attributed to the respective analysts and do not constitute investment advice.)
Where the business stands: growth, profitability and margins
Beyond the excitement around the stock, Capillary’s fundamentals and growth profile are central to how the market is valuing it.
Revenues and profitability
Recent disclosures, the red herring prospectus (RHP) and media analyses paint a picture of a company that has pivoted from losses to profitability over the last two years:
- Revenue growth:
- Revenue from operations rose from about ₹255 crore in FY23 to ~₹525 crore in FY24 and ~₹598 crore in FY25, a CAGR of roughly 53% over FY23–FY25. [20]
- Profitability turn:
- Capillary posted a net loss of roughly ₹59–68 crore in FY24, depending on whether you look at operating vs total income.
- In FY25, it turned profitable with PAT of roughly ₹13–14 crore, while total income climbed to around ₹612 crore, up about 14% year‑on‑year. [21]
- H1 FY26 (April–September 2025):
- Net profit of about ₹1 crore in H1 FY26 versus a loss of ₹6.8 crore in the year‑ago period.
- Operating revenue around ₹359–362 crore, up roughly 22–25% year‑on‑year.
- EBITDA of ~₹39.8 crore, with EBITDA margin improving from ~8% to ~11%. [22]
Revenue mix and operating leverage
Inc42’s breakdown, based on H1 FY26 numbers, shows that Capillary’s business is heavily subscription‑driven, a key reason investors see it as a SaaS play: [23]
- Retainership & other services (cloud subscriptions): ~₹321.1 crore, up ~41% YoY, and the largest contributor.
- Installation revenue: ~₹34.5 crore.
- Campaign services: ~₹3.6 crore.
Management has highlighted that only about 30% of costs rise linearly with revenue, which, combined with higher subscription scale, has helped expand EBITDA margins from negative mid‑single digits in FY23 to low‑teens in FY25. [24]
Valuation check: rich multiples after the IPO pop
At today’s levels, Capillary Technologies India is trading at premium valuations even by SaaS standards.
P/E, P/B and price‑to‑sales
- Market cap: Around ₹5,460 crore at a spot price near ₹668. [25]
- Earnings and book value (TTM):
- EPS (TTM): ~₹1.67
- Book value per share: ~₹115.17 [26]
- Trailing valuation multiples:
- P/E (TTM): ~412x
- P/B: ~6x
- Industry P/E (IT services/consulting basket): ~26x [27]
- Using FY25 revenue of about ₹600 crore, today’s market cap implies a price‑to‑sales multiple of roughly 9x, significantly above the ~6x sales implied at the top end of the IPO price band that management had earlier flagged as “reasonable” for a profitable SaaS firm. [28]
In other words, the post‑listing rally has meaningfully re‑rated the stock, and today’s 3% dip looks, at least on the numbers, more like a minor breather within an expensive valuation zone than a deep correction.
What makes Capillary attractive to investors
Brokerages and media coverage have consistently pointed to a few structural positives behind the strong IPO demand and early secondary‑market interest:
- Positioning as a pure‑play loyalty and engagement SaaS platform
- Capillary runs an AI‑driven loyalty and customer engagement stack used by more than 250–400 brands across 30–47 countries, including Tata, Shell, Domino’s, Jockey, PUMA, and large Indian retail and fashion groups. [29]
- Its products cover loyalty program management, customer data platforms, analytics and hyper‑personalised campaign automation. [30]
- Global footprint with strong enterprise relationships
- The company has built delivery and sales hubs across India, North America, the Middle East and Southeast Asia, aided by acquisitions like Brierley & Partners in the US. [31]
- Integration partnerships with Adobe, Salesforce, Accenture, Deloitte and others help it address large global clients with complex loyalty requirements. [32]
- Improving profitability and cash flows
- Management has repeatedly emphasised that free cash flow generation has improved, allowing them to trim the IPO’s primary component from ₹430 crore to ₹345 crore. [33]
- EBITDA margins have moved into the low‑teens and the company has delivered two consecutive profitable periods (FY25 and H1 FY26), a differentiator in a space where many SaaS peers remain loss‑making. [34]
- Healthy institutional and anchor participation
- The IPO drew strong QIB participation and heavy anchor interest, with around ₹394 crore raised from anchor investors ahead of the public issue. [35]
- Post‑listing, the shareholding pattern shows promoters at ~52%, FIIs at ~22%, mutual funds at ~6.75% and other domestic institutions around 7.65%, indicating a broad institutional base. [36]
These factors underpin why many analysts see Capillary as a “rare listed play” on enterprise loyalty and customer intelligence coming out of India. [37]
Key risks the market is tracking
LiveMint’s listing‑day coverage and the RHP highlight several risks that investors are weighing alongside the growth story: [38]
- Client concentration: A meaningful share of revenue is dependent on a relatively small set of large enterprise customers, increasing renewal and pricing risk.
- Geographic dependence: Despite its global footprint, North America contributes a disproportionately large share of revenue, exposing the business to US macro and tech‑spend cycles.
- Talent and cost pressure: As a product and engineering‑heavy SaaS firm, Capillary’s cost base is sensitive to senior talent retention and rising wage costs in global tech hubs.
- Vertical concentration: A substantial portion of revenue comes from consumer‑facing sectors such as retail, QSR, travel and BFSI, which are themselves cyclical and can trim marketing/loyalty budgets in downturns.
- Valuation risk: With the stock trading at 400x+ trailing earnings and ~9x FY25 revenues, any slowdown in growth or margins could lead to a sharp de‑rating. [39]
How today’s move fits into the broader picture
Putting it all together, Capillary Technologies India’s 3% decline today on 27 November 2025 looks like a normal cooling phase after:
- A heavily oversubscribed IPO priced at around 6x sales,
- A volatile but ultimately positive listing day, where the stock swung from a discount to double‑digit intraday gains, and
- A subsequent run‑up that has pushed valuation multiples to the top end of the SaaS peer range. [40]
With no fresh corporate announcements today, price action appears driven by short‑term positioning, profit‑booking and broader market sentiment, rather than any change in the underlying business. [41]
Investors and traders will now be watching for:
- How quickly the company deploys IPO proceeds into cloud infrastructure, R&D and potential acquisitions,
- Upcoming quarterly results for FY26 to confirm that revenue growth and margins remain on the improving trajectory signalled in H1 FY26, and
- Whether the stock can justify its premium multiples through sustained ARR growth, client additions and stable churn metrics. [42]
References
1. www.livemint.com, 2. www.livemint.com, 3. groww.in, 4. www.livemint.com, 5. www.livemint.com, 6. www.livemint.com, 7. groww.in, 8. www.moneycontrol.com, 9. www.business-standard.com, 10. www.business-standard.com, 11. www.moneycontrol.com, 12. m.economictimes.com, 13. m.economictimes.com, 14. hdfcsky.com, 15. www.moneycontrol.com, 16. www.livemint.com, 17. m.economictimes.com, 18. m.economictimes.com, 19. m.economictimes.com, 20. www.indiainfoline.com, 21. m.economictimes.com, 22. inc42.com, 23. inc42.com, 24. m.economictimes.com, 25. groww.in, 26. groww.in, 27. groww.in, 28. m.economictimes.com, 29. m.economictimes.com, 30. www.indiainfoline.com, 31. inc42.com, 32. www.livemint.com, 33. m.economictimes.com, 34. inc42.com, 35. m.economictimes.com, 36. groww.in, 37. www.livemint.com, 38. www.livemint.com, 39. groww.in, 40. m.economictimes.com, 41. www.business-standard.com, 42. www.livemint.com
