Route Mobile Ltd

NSE: ROUTE BSE: 543228

Route Mobile Limited is a cloud communications platform service provider catering to enterprises, OTT players, and mobile network operators (MNOs). RML's portfolio comprises solutions in Business Messaging, Voice, Email, SMS filtering, analytics, and monetization.[1] Route Mobile Became a part of Proximus Group in May'24[2]

₹503

52W: ₹411 — ₹1160

PE 23.5 · Book ₹210 · +140% vs book

Market Cap₹3,168 Cr

Stock P/E23.5Price to Earnings

ROCE13.9%Return on Capital

ROE10.4%Return on Equity

Div. Yield2.13%Face Value ₹10

Strengths

+Company is almost debt free.
+Company has been maintaining a healthy dividend payout of 53.0%
+Company's working capital requirements have reduced from 167 days to 133 days

Weaknesses

−Company has a low return on equity of 11.2% over last 3 years.
−Earnings include an other income of Rs.112 Cr.

Shareholding Pattern

Promoters74.85%

FIIs2.49%

DIIs4.01%

Public18.64%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	83.11%	74.9%▼8.2	74.86%▼0.0	74.86%	74.86%	74.86%	74.85%▼0.0	74.85%
FIIs	5.75%	6.65%▲0.9	4.73%▼1.9	4.45%▼0.3	3.6%▼0.9	2.98%▼0.6	2.73%▼0.3	2.49%▼0.2
DIIs	1.04%	6.14%▲5.1	7.87%▲1.7	8.12%▲0.2	7.86%▼0.3	7.19%▼0.7	5.98%▼1.2	4.01%▼2.0
Public	10.1%	12.29%▲2.2	12.48%▲0.2	12.56%▲0.1	13.68%▲1.1	14.96%▲1.3	16.42%▲1.5	18.64%▲2.2

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	174	185	208	209	206	208	183	180	186	221
Expenses	156	160	182	183	183	165	167	165	163	192
Operating Profit	18	25	26	26	24	43	16	16	23	29
OPM %	10%	13%	12%	13%	11%	21%	9%	9%	12%	13%
Net Profit	45	24	28	48	29	26	30	33	30	41
EPS ₹	7.18	3.75	4.49	7.62	4.61	4.09	4.83	5.23	4.82	6.52

AI Insights

Revenue Trend

Mar 2026 revenue at ₹770Cr, down 7.5% YoY. OPM at 11%.

Debt Position

Borrowings at ₹11Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Institutional Flow

DIIs: 4.01% (-2.80pp change). FIIs: 2.49% (-18.85pp change). Promoters hold 74.85%.

Margin & Efficiency

ROCE declining from 54% (Mar 2015) to 14% (Mar 2026). Working capital days: 133.

Valuation

PE 23.5x with 13.9% ROCE. Price is 140% above book value of ₹210. Dividend yield: 2.13%.