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Odyssey Technologies is a completely debt free cash rich company having more than two decades of  experience in Public Key Infrastructure, Cryptography and Authentication solutions. Company recently had launched a very unique product which as per the management is the only product that works on android mobile phones.

Odyssey Technologies Ltd 

Current market price on the date of publishing this report -: 62 Rs


Incorporated in the year 1994, Odyssey Technologies Limited has been engaged in development of Computer Software and other Software Services.

During the initial years Odyssey Technologies developed CAD/CAM applications for the apparel industry and was one of the largest data publishers. It also pioneered CD-ROM based publications in the country. Post 2000, it became a product company for public key cryptography and infrastructure, and provided applications for the BFSI, stock broking and government sectors.

The company’s products are classified into two categories: framework products and point solutions/out of the box products. Cetrix is a strong, adjustable Certification Authority server, Cetrix-R is a versatile Registration Authority server, and Cryptomagic is a full security developer’s toolset.

Point Products’ “AssureSuite” of products includes Wigil, a website protection software, Assurepage, a web page authenticator, Altasigna, a digital signature programme, and others. Crypta is used for desktop and email security, whereas T-shell is used for trusted server access.

Business and Products

Odyssey Snorkel-TX -: Odyssey Snorkel – TX is a robust and powerful transaction security server, deployed to protect web applications. The server instantly enables two-factor authentication, access control, non-repudiation and integrity for web applications, regardless of application vendor, architecture, or technology. It provides comprehensive security coverage to web applications by enabling reliable two-factor authentication, access control, non-repudiation, and integrity.

Snorkel – BX -: Businesses have a lot to gain by automating their transactions with suppliers, customers, and partners. This automation results in increased efficiency, faster supply, reduced errors, and ability to provide personalized services and products.

Odyssey Certrix -: Certrix is a Certifying Authority server software meeting all the relevant standards and regulatory requirements. Odyssey Certrix is an all standards compliant, fully scalable, policy driven CA server with support for commercial strength RSA, DSA and DH keys. Certificates generated by Certrix comply with X.509 V3 standards.

Odyssey ERA -: Odyssey’s ERA server offers a secure and cost-effective Certificate Registration solution to resolve problems associated with a dispersed user-base. Instead of having multiple Registration Authority servers with similar configuration running in multiple locations, Odyssey’s Registration Authority sports a web-enabled interface through which registration agents from across the globe can request certificates on behalf of end-users. The functional architecture follows a cascading model with registration agents being able to delegate registration to lower levels, based on administration policies. 

CerTrust Includes -: Odyssey’s CerTrust provides the much required validation solutions for any enterprise.It is a comprehensive validation solution for managing digital certificates.

Odyssey Clocktix -: Odyssey ClockTix is a time stamp server software for the use of Certifying Authorities and other trusted time providers. 

Odyssey Crypta Key Crawler -: Odyssey Crypta Key Crawler discovers and manages digital certificates and keys for various different softwares purchased across the enterprise. With more and more companies offering Saas platforms instead Saas products based subscription we are a bit skeptical about the future viability of this product in relation to softwares such as windows licence, adobe licence etc. However the usage of this products in relation to the crypto solutions is not know and we are not able to comment on the same.

Odyssey eSign -: It is an electronic signature service for instant signing of documents securely in a legally acceptable form.

Secure Document Delivery -: AltaSigna is a PKI-based, fully standards compliant, secure document distribution server that facilitates electronic document creation, digital signing, encryption, and distribution.

AltaSigna Maple -: Odyssey AltaSigna Maple is a powerful, standards compliant digital signature solution that helps banks and other financial institutions comply with regulations of National Payments Corporation of India’s National Automated Clearing House(NACH) Project.

Altasigna Pine -: AltaSigna Pine is a fully standards compliant digital signature solution that enables agency banks and state government portals to comply with e-security regulations when interacting with RBI’s eKuber core banking solution.

Xorkeesign G2C

xorkeesign -: It is a browser extension that stays invisible until a user accesses the IT, GST or Ministry of Corporate Affairs portals. Xorkeesign G2C,’ helps users to digitally sign GST and income tax returns for all classes of assessees. Company has launched this product back in March 2022. Company has very ambitions plans for the expansion of this product.

In the speech given on the launch of this product, Robert Raja founder of the company said that there were nearly ten million digital signature certificates issued in India. Some of these are used by web servers and other software but most are meant to be used by individual users. Company has plans to extend the usage of Xorkeesign G2C to cover all government interfaces like EPF, trademarks registry, DGFT and Customs. Company will also simplify tender signing on the government portals and provide enhancements of processes to the State and local government interfaces.

So far over a billion digital signatures have been carried out using the company’s software. As of March 2022 company had over 500 clients, including HDFC Bank, Indian Army and Airtel Payments Bank as their clients

As per the management’s comments xorkee is a patent pending infrastructure from Odyssey Tech and When fully rolled out, it will be the biggest public key system in the world.

Company offers various solutions for digital signatures as well. 

xorkee assisted DSC issuance makes it simple for users to procure their Digital Signature Certificate (DSC) in a USB crypto-token.


For Q1FY23

  • Net Sales stood at Rs 5.55 crore in June 2022 up 22.61% from Rs. 4.53 crore in June 2021.
  • Quarterly Net Profit stood at Rs. 0.58 crore in June 2022 down 29.63% from Rs. 0.83 crore in June 2021.
  • EBITDA stood at Rs. 1.46 crore in June 2022 down 23.56% from Rs. 1.91 crore in June 2021.
  • Odyssey Tech EPS decreased to Rs. 0.37 in June 2022 from Rs. 0.53 in June 2021.
  • Operating margins were thrashed to 20% in the current quarter from 38% in the same quarter last year. 
  • One close inspection of the q1 results it was found that employee expenses represented 66% of the total income (including other income) compared to 52% in the same quarter last year. This increase had huge impact on the financials for the current quarter.

(Users are advised to closely watch the numbers for the upcoming quarters before taking any decisions.)

For the year ended March 2022

  • Net Sales stood at Rs 22.67 crore for the year ended march 2022 up 36.64% from Rs. 16.59 crore in March 2021.
  • Yearly Net Profit stood at Rs. 4.60 crore for the year ended march 2022 up 138% from Rs. 1.93 crore in March 2021
  • EBITDA s stood at Rs. 8.65 crore for the year ended march 2022 up 56.41% from Rs. 5.53 crore in March 2021.
  • Odyssey Tech EPS has increased to Rs. 2.92 in March 2022 from Rs. 1.23 in March 2021 thereby up over 137%.
  • At the end of March 2022 cash and equivalents stood at Rs 18 crores. 
  • Company has no debt as of march 2022.

Sectorial Outlook

The total number of Digital Signature Certificates (DSCs) issued by all licensed CAs during the last 5 years is more than 2.15 Crore. The total number of eSign (online electronic signatures) issued is more than 9.30 Crore by all licensed ESPs/CAs during the last 5 years. Thus with increasing digitalisation more number of certificates are expected to be issued in the coming period thereby presenting a huge scope of opportunity about the company.


Odyssey Technologies is a completely debt free cash rich company having more than two decades of  experience in Public Key Infrastructure, Cryptography and Authentication solutions. In March 2022 company launched  Xorkeesign G2C which helps users digitally sign GST and income tax returns for all classes of assessees. Management has very ambitious plans for this product which it claims is a patent pending infrastructure from Odyssey Tech and When fully rolled out, it will be the biggest public key system in the world. Along with other products, in general Public key private key infrastructure holds a good potential for the coming period with the blockchain technology revolutionising the digital infrastructure completely. However how far the Odyssey Technologies can go will be depended on how the company evolves in the coming period. Based on the financials as of march 2022 company is definitely worth exploring but given the dull result presented in Q1FY23 risk averse investors can keep this company on watchlist for q2 and q3 results before taking any action.

And once again penny stocks are extremely risky and can lead to completely loss of capital. We put only those money in penny stocks which we are happy to loose. Just because past penny stocks delivered good results there is no guarantee that this one will also follow the same. Due care has been taken to arrive at presenting the penny stock however there is inherent risk associated with investing in penny stocks which users need to understand.

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