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.
₹140 Cr
Revenue FY25 (Consolidated)
₹26.32 Cr
Net Profit FY25
85.9%
Profit CAGR (5yr)
66.2%
ROCE
51.6%
ROE
47.42%
Promoter Holding
▲63% YoY growth
▲69.7% YoY growth
Top decile, Indian IT SME
Capital efficiency leader
3x IT industry average
Founder-led, 47% skin in game
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
20x EPS growth in 4 years
Profit & Loss Summary
Annual figures (in Cr) · Source: Screener.in
| FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24* | FY25* | |
|---|---|---|---|---|---|---|---|---|
| Sales | 4 | 8 | 8 | 9 | 20 | 32 | 83 | 140 |
| Expenses | 3 | 7 | 7 | 7 | 16 | 26 | 63 | 107 |
| Operating Profit | 0 | 1 | 1 | 1 | 3 | 6 | 20 | 33 |
| OPM % | 6% | 9% | 14% | 17% | 17% | 18% | 24% | 24% |
* FY24 and FY25 are consolidated figures. Prior years are standalone as the company began consolidating from FY24.
Quarterly Performance
| Quarter | Period | Revenue | OPM | Net Profit | EPS | YoY |
|---|---|---|---|---|---|---|
| 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% |
| Q4 FY25 | Mar 2025 | ₹37.85 Cr | 20% | ₹7.35 Cr | ₹3.96 | 29.50% |
| FY25 Full Year | Apr-24 to Mar-25 | ₹139.80 Cr | 22% | ₹26.32 Cr | ₹14.17 | 69.66% |
Why NINtec
EPS 20x in 4 Years
EPS grew from ₹0.70 (FY21) to ₹14.17 (FY25) — a 20x increase in earnings per share. Real shareholder value creation driven by operating leverage, not financial engineering.
47.42% Promoter Holding
Niraj Gemawat direct 18.3% + promoter group total 47.42%. Founder-led majority. Zero external investor pressure. Strategic decisions are long-term by structure, not just intention.
Expanding Margins
OPM from 6% (FY18) to 24% (FY25 consolidated). Pure operating leverage - as AI-first engineering scales, cost per delivery unit falls while quality rises. Structurally different from headcount-linear IT services.
Cash Quality (CFO/PAT > 95%)
Operating cash flow / net profit ratio above 95%. Every reported rupee of profit is backed by real cash flow. Not receivables stretching, not aggressive revenue recognition.
139% Stock CAGR (5yr)
5-year stock price CAGR of 139% for NINSYS shareholders. Market recognition of compounding fundamentals — revenue growth, margin expansion, and capital efficiency working in concert.
Growth + Profitability Simultaneously
85.9% profit CAGR with 51.6% ROE simultaneously. Most companies choose one. NINtec has both. This combination is the rarest signal in public markets.
Shareholding Pattern (as on 31 December 2025)
NSE Symbol
NINSYS
BSE Code
539843
ISIN
INE395U01014
Market Cap (as on 31 March 2026)
~₹739 Cr
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 (31 Mar 2026)
Initial
\₹10,000
Current
₹10,73,115
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 31 March 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 FY25
₹14.17
5yr Stock CAGR
139%
Founded
2015
Source: NSE India filings, Screener.in