Tata Elxsi – A niche software company

Tata Elxsi Limited (TEL) is a niche software design company. The company’s core services include Embedded Product Design (EPD), Industrial Design and Visual Computing Labs. TEL provides services to sectors such as automotive, broadcasting, communications, consumer products, defence, healthcare, media & entertainment and semiconductor. It has 4452 employees across India, USA, Europe, Japan and Malaysia.

– TEL works with 10 OEM’s and 25 Tier-1 suppliers in the auto segment
– TEL’s top automotive clients include Ford, Jaguar Land Rover, Isuzu, Nissan, Tata Motors, Mahindra, Continental, Bosch, Lear, Visteon, Delphi and Magna
– TEL’s top broadcasting clients include Comcast, Time Warner Cable, Sky and BT
– TEL works with top 2 set-top box companies and top 3 MSO’s in the broadcasting segment
– TEL’s top device clients include ST Micro and Entropic

– Mr. Ganapathy Subramaniam, Chairman of TEL, has over 30 years of experience in the IT industry
– Mr. Ganapathy is also the head of TCS Financial Solutions, a strategic business unit of TCS
– Mr. Madhukar Dev, MD & CEO of TEL, has over 26 years of experience in the IT industry
– Mr. Madhukar holds an MBA from IIM Bangalore
– Attrition rate is one of the moderate in the industry
– The management is good at capital allocation
– Good dividend payout
– Able and honest management

– Promoters hold 44.6% of the company
– Mutual Funds hold close to 1.9% of the company
– Wasatch Small Cap Fund holds 1% of the company
– Macquarie Fund holds 1% of the company
– LIC holds 1.2% of the company


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