Reviews

In this edition, we have reviewed Intense Technologies Ltd and Aptus Value Housing Finance India Ltd We suggest our reader-investors to HOLD Intense Technologies Ltd and Aptus Value Housing Finance India Ltd 

We had recommended Intense Technologies Ltd (ITL) in Volume 39, Issue No. 21 dated September 09, 2024—September 22, 2024, under the 'Low Price' segment at ₹140.00, based on its digital transformation focus, global client base, and scalable strategic initiatives. Incorporated in 1990, ITL is a global enterprise software company offering cloud-based solutions across business automation, data management, AI, and digital engagement. It has a presence in the USA, LATAM, EMEA, and APAC. 

For FY25, consolidated total income rose 32 per cent YoY to ₹153.70 crore from ₹116.51 crore in FY24. EBITDA increased 12 per cent to ₹29.53 crore, though the EBITDA margin moderated to 16.61 per cent from 19.49 per cent due to cost pressures. Net profit rose marginally to ₹16.32 crore from ₹15.64 crore, with margins easing to 10.62 per cent from 13.42 per cent. In Q4FY25, consolidated income grew 22.56 per cent YoY to `35.95 crore but declined 20.53 per cent sequentially. EBITDA (excluding other income) dropped 39.48 per cent YoY to ₹4.37 crore, and 49.08 per cent QoQ, reflecting a short-term margin squeeze. Net profit stood at ₹2.72 crore, down 28.30 per cent YoY and 38.43 per cent QoQ. EBITDA and net profit margins were 12.17 per cent and 7.57 per cent, respectively—both impacted by higher expenses and subdued operating leverage. 

At TTM, the stock trades at a PE of 13.5x and PBV of 1.56x, significantly below industry averages of 33.6x and 3.46x. ROE stands at 12.1 per cent, and ROCE at 15.2 per cent. 

The company’s growth is supported by its ‘Project Butterfly’ strategy and focus on managed services, data-led offerings, and AI-led platforms. It is developing a Gen AI-powered low-code app builder and a Centralized Communications Hub to create scalable, recurring revenue streams. In FY25, ITL added 20 new clients and strengthened leadership and sales teams, tripling the sales force. It is also expanding in the U.S., U.K., and Middle East through focused go-tomarket efforts. Despite Q4 margin pressure, FY25 revenue grew 32 per cent, and the company maintains a strong liquidity position of ₹100 crore. With improving global execution and ongoing investments, operating leverage is expected from FY26 onward. Given the company’s strategic execution, steady financials, and current valuation, we maintain a Hold recommendation on the stock. 

We had recommended Aptus Value Housing Finance India Ltd in Volume 39, Issue No. 22 dated September 23, 2024—October 06, 2024, under the 'Choice Scrip' segment at ₹338.25, based on its strong presence in underserved markets, robust asset quality, and consistent loan book growth. Aptus is a retail-focused home loan company catering to self-employed, low- and middle-income families in semi-urban and rural India, with a strong footprint in South India. It primarily serves first-time home buyers, offering loans secured against self-occupied properties. 

As of Q4 FY25, it operated 300 branches across Andhra Pradesh, Tamil Nadu, Telangana, Karnataka, Odisha, and Maharashtra. In Q4 FY25, its AUM crossed ₹10,000 crore, ending at ₹10,865 crore—up 25 per cent YoY and 6 per cent QoQ. Quarterly disbursements rose 10 per cent YoY to ₹1,064 crore; FY25 disbursements stood at ₹3,604 crore, up 15 per cent YoY. The customer base grew 21 per cent YoY to 1.61 lakh, supported by its strong branch network. FY25 net profit rose 23 per cent YoY to ₹751 crore. Q4 PAT was ₹207 crore, up 9 per cent sequentially. Return ratios remained strong: ROA at 7.73 per cent, ROE at 18.76 per cent—among the industry's highest. Asset quality was healthy with Gross NPA at 1.19 per cent, Net NPA at 0.89 per cent, and collection efficiency at 101.16 per cent. 

The company trades at a PB of 3.85x and a PE of 22x—both above industry averages (PB 2.02x, PE 20.8x). It has a three-year average ROE of 17.4 per cent and ROA of 7.60 per cent. 

Aptus continues to exhibit strong operational and financial performance, underpinned by AUM expansion, consistent profitability, and robust return ratios. It maintains a dominant presence in semi-urban and rural South India and is expanding into new markets like Maharashtra and Odisha. Asset quality remains resilient. With a diversified borrowing mix and steady credit costs (0.29 per cent for FY25), Aptus is well-positioned for sustainable growth. Management’s FY26 guidance of 24–25 per cent disbursement growth and 28–30 per cent loan book growth is supported by productivity gains, broader geographic reach, and enhanced digital engagement. Continued investments in technology, branches, and human capital provide further scalability. 

Though the stock trades at a premium— reflected in its higher-than-industry PB and PE multiples—given its execution strength, strong balance sheet, and growth visibility, we maintain a Hold recommendation. 

(Closing price as of July 08, 2025)