Data Pattern (543428) May 2026 Filing Analysis

Focus on developing full systems from in-house building blocks to address a larger Total Addressable Market (TAM).

The company plans to invest an additional Rs 150 crore in capex over the next two years. — target: Rs 150crs (+4 more commitments)

The company is strengthening its moat by transitioning from a subsystem supplier to a full systems and solution provider, leveraging in-house IP to maintain high EBITDA margins (44%). (1 expanding)

The company is transitioning from a subsystem supplier to a full systems integrator, specifically in EW and Radar, which is driving significant revenue growth despite short-term margin dilution from a large strategic project. (4 expanding)

Radar systems have seen a massive expansion in revenue share, becoming the dominant revenue driver for the quarter. (5 expanding across 3 engines)

The company maintains its debt-free status despite high working capital days (343 days), which management expects to improve as they move from development to production orders. (2 stable)

Export revenue share has remained relatively stable but shows a slight upward trend as the company builds a marketing organization for international markets. (4 stable, 1 contracting)

The shift toward high-volume production is accelerating. Production revenue share reached 76% in Q1 FY26, significantly higher than the 53% average in FY25. (2 accelerating, 1 new trend across 3 signals)

The company is accelerating its capital expenditure, planning to spend Rs 150 cr in the next two years, nearly matching the total spent over the previous five years (Rs 160 cr). (5 accelerating across 5 signals, 1 leading indicator)

The order book has reached a record high of INR 1,079 crores, supported by INR 320 crores in new orders since the start of the fiscal year. This represents a significant acceleration in order intake compared to previous periods. (3 accelerating, 1 decelerating, 1 steady across 5 signals)

Management is signaling a massive acceleration in order inflows, projecting a pipeline of Rs 20-30bn over the next 18-24 months, which would dwarf current annual revenues. (4 accelerating, 1 new trend across 5 signals)

The revenue mix is shifting toward 'Production' (53% in FY25) and 'Development' (43% in FY25), indicating the company is successfully moving products from the lab to the field. (3 steady, 1 reversing across 4 signals, 1 leading indicator)

Debtor days have increased slightly to 307 days in FY25 from 280 days in FY24, indicating worsening collection efficiency from government agencies. (2 intensifying, 3 easing, 1 high-severity)

Debtor days have worsened, increasing from 280 days in FY24 to 307 days in FY25. This indicates that the time taken to collect payments from government agencies is lengthening, further tying up capital. (1 intensifying, 2 easing, 2 stable, 1 high-severity)

The risk is easing as the order book pipeline is robust, estimated at Rs 20-30bn over the next 18-24 months, providing strong future visibility. (3 easing)

Concentration in the Radar segment has intensified significantly, now accounting for 66.4% of Q1FY26 revenue compared to 51.9% in FY25. (2 intensifying, 1 stable)