India, Sept. 29 -- TAC Infosec has delivered rapid growth in a market where cybersecurity spending is becoming increasingly important, but its valuation still depends on the company sustaining that momentum. With the stock having corrected sharply, the focus now shifts to whether stronger customer monetisation, international expansion and operating leverage can translate growth into earnings that support the valuation.

The company has gone through a sharp valuation reset, falling from its 52-week high of Rs.899.65 to around Rs.435, leaving the stock roughly 43% below its peak. Even after that correction, the company has a market capitalisation of around Rs.914.69 crore.

Financials TAC has already delivered the kind of growth that can j...