NSE: NINSYS · BSE: 539843 · CIN: L72900GJ2015PLC084063
The Investment Thesis
A rare combination: hypergrowth revenue, expanding margins, and a founder with 47% skin in the game.
₹170.17 Cr
Revenue FY26 (Consolidated)
₹32.01 Cr
Net Profit FY26
89%
Profit CAGR (5yr) — FY21→FY26
55%
ROCE
42%
ROE
▲21.72% YoY growth
▲21.62% YoY growth
Top decile, Indian IT SME
Capital efficiency leader
3x IT industry average
Audited consolidated results for the year ended 31 March 2026. Source: BSE/NSE filing dated 27 May 2026 (unmodified auditor's opinion).
Revenue Hockey Stick
FY22 inflection point · FY24+ consolidated
Operating Margin Expansion
AI-first model advantage - margin expanding as revenue scales
Return Ratios
Consistently 3x IT industry averages
EPS Growth
25x EPS growth in 5 years · FY21 → FY26
Profit & Loss Summary
Annual figures (in Cr) · Source: Screener.in
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24* | FY25* | FY26* | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 4 | 8 | 8 | 9 | 20 | 32 | 83 | 140 | 170 |
| Expenses | 3 | 7 | 7 | 7 | 16 | 26 | 63 | 107 | 126 |
| Operating Profit | 0 | 1 | 1 | 1 | 3 | 6 | 20 | 33 | 44 |
| OPM % | 6% | 9% | 14% | 17% | 17% | 18% | 24% | 24% | 26% |
* FY24, FY25, and FY26 are consolidated figures. Prior years are standalone as the company began consolidating from FY24. FY26 figures are audited per BM Outcome dated 27 May 2026.
Quarterly Performance
| Quarter | Period | Revenue | OPM | Net Profit | EPS | YoY |
|---|---|---|---|---|---|---|
| Q4 FY26 | Mar 2026 | ₹46.37 Cr | 26% | ₹8.74 Cr | ₹4.71 | 22.49% |
| Q3 FY26 | Dec 2025 | ₹43.28 Cr | 24% | ₹7.75 Cr | ₹4.17 | 15.14% |
| Q2 FY26 | Sep 2025 | ₹41.69 Cr | 23% | ₹7.87 Cr | ₹4.24 | 20.85% |
| Q1 FY26 | Jun 2025 | ₹38.83 Cr | 20% | ₹7.65 Cr | ₹4.12 | 33.43% |
| FY26 Full Year | Apr-25 to Mar-26 | ₹170.17 Cr | 26% | ₹32.01 Cr | ₹17.23 | 21.72% |
Why NINtec
EPS 25x in 5 Years
EPS grew from ₹0.70 (FY21) to ₹17.23 (FY26) — a 25x increase in earnings per share. Real shareholder value creation driven by operating leverage, not financial engineering.
AI-First Software Engineering
Anthropic Claude embedded as the primary engineering co-pilot across every delivery team, alongside other leading AI tooling in the stack. AI-generated requirements in 48–72 hours, 90%+ test coverage from sprint one. Delivery unit economics are structurally different from headcount-linear IT services.
Expanding Margins
OPM from 6% (FY18) to 26% (FY26 consolidated). Pure operating leverage - as AI-first engineering scales, cost per delivery unit falls while quality rises. This is structurally different from headcount-linear IT services.
Cash Quality (OCF/PAT > 90% multi-year)
Operating cash flow / net profit ratio above 90% on a multi-year average. Reported profit is backed by real cash flow — not receivables stretching, not aggressive revenue recognition.
152% Stock CAGR (5yr)
5-year stock price CAGR of 152% for NINSYS shareholders (per screener.in as of 27 May 2026). Market recognition of compounding fundamentals — revenue growth, margin expansion, and capital efficiency working in concert.
Growth + Profitability Simultaneously
89% profit CAGR (5-year, FY21→FY26) with 42% ROE simultaneously. Most companies choose one. NINtec has both. This combination is one of the rarest in Indian public markets.
NSE Symbol
NINSYS
BSE Code
539843
ISIN
INE395U01014
Market Cap (as on 27 May 2026)
@₹1,268 Cr
Capital Structure
A Foundation of Capital Synergy
We operate with a unique capital synergy, where 72.92% of our equity is held by our founders and primary institutional investor who have taken a long-term view and have been with us since IPO. This “invested-in” approach blends entrepreneurial drive with global governance standards — keeping us agile yet disciplined in execution.
Combined long-term holders · 72.92% · held continuously since IPO (2016) · as on 31 March 2026
Wealth Creation Since IPO
Illustrative · Based on IPO price and continuous holding through bonus issuances
IPO Baseline
Corporate Actions
Bonus Issue 1 (2022) - 1:2
1,000 → 1,500 shares
Bonus Issue 2 (2023) - 4:5
1,500 → 2,700 shares
Current Valuation (27 May 2026)
Initial
\₹10,000
Current
₹18,42,345
The above illustration is based on the IPO price of ₹10 per share and assumes continuous holding of shares through bonus issuances (1:2 in 2022 and 4:5 in 2023), without considering taxes, transaction costs, or fractional adjustments. The current market price considered is as on 27 May 2026. Returns are indicative and for illustrative purposes only. Actual investor returns may vary depending on timing of investment, holding period, and market conditions. Stock market investments are subject to market risks and past performance is not indicative of future results.
EPS FY26
₹17.23
5yr Stock CAGR
152%
Founded
2015
Source: NSE India filings, Screener.in