Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹646Cr
Rev Gr TTM
Revenue Growth TTM
-2.60%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

MINDTECK
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 20.5 | 14.9 | 17.1 | 15.8 | 10.3 | 15.8 | 9.9 | 8.6 | 6.3 | -6.3 | -6.1 | -3.4 |
| 82 | 86 | 90 | 87 | 90 | 99 | 100 | 95 | 95 | 92 | 94 | 90 |
Operating Profit Operating ProfitCr |
| 7.7 | 8.1 | 8.9 | 8.9 | 7.7 | 8.3 | 7.9 | 8.8 | 8.2 | 9.5 | 7.1 | 10.4 |
Other Income Other IncomeCr | 1 | 2 | 2 | 2 | 2 | 0 | 2 | 2 | 2 | 3 | 4 | -3 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 7 | 8 | 9 | 9 | 8 | 8 | 9 | 9 | 9 | 11 | 10 | 6 |
| 1 | 2 | 2 | 2 | 1 | 2 | 1 | 1 | 2 | 2 | 2 | 1 |
|
Growth YoY PAT Growth YoY% | 80.9 | 21.7 | 56.7 | 30.5 | 19.8 | 2.4 | 2.2 | 10.3 | 4.9 | 37.1 | -0.1 | -36.3 |
| 6.1 | 6.7 | 7.5 | 7.5 | 6.6 | 5.9 | 7.0 | 7.6 | 6.5 | 8.6 | 7.4 | 5.0 |
| 1.7 | 2.0 | 1.9 | 2.3 | 2.1 | 1.6 | 2.4 | 2.5 | 2.1 | 2.7 | 2.4 | 1.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | -2.4 | 9.6 | -13.1 | 0.9 | -7.8 | 3.8 | 4.2 | 12.7 | 14.5 | 10.1 | -4.0 |
| 290 | 291 | 331 | 296 | 295 | 272 | 267 | 278 | 310 | 353 | 389 | 372 |
Operating Profit Operating ProfitCr |
| 9.1 | 6.6 | 3.2 | 0.4 | 1.5 | 1.6 | 6.8 | 7.0 | 8.1 | 8.4 | 8.3 | 8.8 |
Other Income Other IncomeCr | 1 | 2 | 3 | 0 | 3 | -59 | 5 | 23 | 4 | 6 | 6 | 6 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
Depreciation DepreciationCr | 2 | 2 | 2 | 1 | 2 | 7 | 6 | 5 | 5 | 4 | 5 | 5 |
| 28 | 21 | 11 | 0 | 4 | -64 | 16 | 38 | 26 | 34 | 35 | 36 |
| 9 | -5 | 2 | 6 | 2 | 1 | 5 | 5 | 5 | 6 | 7 | 7 |
|
| | 35.1 | -64.2 | -160.8 | 148.5 | -2,465.0 | 116.8 | 206.7 | -37.6 | 31.5 | 5.0 | -1.8 |
| 6.0 | 8.3 | 2.7 | -1.9 | 0.9 | -23.5 | 3.8 | 11.2 | 6.2 | 7.1 | 6.8 | 6.9 |
| 6.3 | 8.4 | 3.0 | -1.8 | 0.9 | -20.6 | 3.5 | 10.6 | 6.6 | 7.0 | 9.0 | 8.8 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 32 | 32 |
| 138 | 164 | 170 | 164 | 167 | 103 | 113 | 149 | 164 | 192 | 226 | 248 |
Current Liabilities Current LiabilitiesCr | 51 | 36 | 41 | 37 | 34 | 37 | 59 | 46 | 46 | 50 | 53 | 52 |
Non Current Liabilities Non Current LiabilitiesCr | 5 | 6 | 2 | 7 | 10 | 17 | 8 | 8 | 6 | 5 | 9 | 7 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 112 | 126 | 135 | 123 | 122 | 114 | 155 | 160 | 196 | 232 | 248 | 280 |
Non Current Assets Non Current AssetsCr | 107 | 105 | 105 | 113 | 117 | 71 | 52 | 70 | 47 | 44 | 73 | 59 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 23 | 17 | -12 | 4 | -13 | 15 | 34 | 22 | 13 | 22 | 24 |
Investing Cash Flow Investing Cash FlowCr | -1 | 1 | 1 | -12 | -2 | 12 | -25 | -20 | -10 | -13 | -7 |
Financing Cash Flow Financing Cash FlowCr | -3 | -2 | -1 | -3 | -3 | -9 | 13 | -3 | -15 | -2 | 1 |
|
Free Cash Flow Free Cash FlowCr | 21 | 17 | -13 | 1 | -14 | 13 | 33 | 21 | 11 | 21 | 23 |
| 119.6 | 65.8 | -124.8 | -68.5 | -470.1 | -23.4 | 310.4 | 65.0 | 61.2 | 82.3 | 84.1 |
CFO To EBITDA CFO To EBITDA% | 78.7 | 82.4 | -105.6 | 304.7 | -292.7 | 337.6 | 171.8 | 104.2 | 47.0 | 69.3 | 68.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 160 | 207 | 198 | 133 | 94 | 36 | 106 | 337 | 262 | 515 | 531 |
Price To Earnings Price To Earnings | 8.4 | 8.0 | 21.0 | 0.0 | 33.8 | 0.0 | 9.6 | 9.9 | 12.4 | 18.7 | 18.5 |
Price To Sales Price To Sales | 0.5 | 0.7 | 0.6 | 0.5 | 0.3 | 0.1 | 0.4 | 1.1 | 0.8 | 1.3 | 1.3 |
Price To Book Price To Book | 1.0 | 1.1 | 1.0 | 0.7 | 0.5 | 0.3 | 0.8 | 1.9 | 1.4 | 2.4 | 2.1 |
| 4.3 | 7.6 | 14.6 | 80.4 | 19.0 | 4.2 | 2.8 | 12.9 | 6.2 | 12.1 | 11.5 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 9.1 | 6.6 | 3.2 | 0.4 | 1.5 | 1.6 | 6.8 | 7.0 | 8.1 | 8.4 | 8.3 |
| 6.0 | 8.3 | 2.7 | -1.9 | 0.9 | -23.5 | 3.8 | 11.2 | 6.2 | 7.1 | 6.8 |
| 17.3 | 11.2 | 6.0 | 0.2 | 2.8 | -44.0 | 10.8 | 21.4 | 13.8 | 15.7 | 13.7 |
| 11.8 | 13.7 | 4.8 | -3.0 | 1.4 | -50.7 | 7.9 | 19.1 | 11.0 | 12.6 | 11.1 |
| 8.8 | 11.2 | 3.9 | -2.4 | 1.1 | -35.1 | 5.3 | 14.5 | 8.6 | 9.9 | 8.9 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Mindteck (India) Limited is a globally recognized engineering and technology solutions provider with over three decades of experience in delivering high-value, end-to-end product engineering and digital transformation services. Established in 1991 and publicly listed on the BSE (517344) and NSE (MINDTECK), the company operates across eight countries with strategic delivery centers in Bengaluru and Kolkata, India. Appraised at **CMMI Level 5**, Mindteck demonstrates world-class process maturity and operational excellence in software and systems engineering.
The company serves a prestigious global clientele, including **Fortune 1000 companies, startups, universities, and government institutions**, with a strong presence in high-impact, regulated industries such as **medical devices, semiconductors, data storage, analytical instrumentation, and enterprise IT systems**.
---
### **Core Service Offerings**
Mindteck offers a comprehensive portfolio of services, structured around:
1. **Embedded Systems Engineering**
– Full-lifecycle development covering architecture, hardware design, firmware, mechanical engineering, integration, testing, and validation.
– Domain-specific expertise in **medical devices and semiconductor systems**, with focus on accelerating time-to-market and enhancing product reliability and performance.
2. **Digital & Engineering R&D Services**
– End-to-end solutions in **AI/ML, cloud-native architectures, IoT, cybersecurity, and data engineering**.
– **AI/ML Innovation Lab (launched in 2024)** delivering high-impact solutions in diagnostics, industrial IoT, and semiconductor storage using CNNs, EfficientNet, and LLMs.
3. **Enterprise Applications & IT Infrastructure**
– Development and modernization of enterprise systems, cloud migration (private, public, hybrid), DevOps/DevSecOps, and managed IT services.
– **Dedicated IT Infrastructure Services Team** providing remote support in data centers, networks, security, and ITIL compliance.
4. **Testing & Quality Assurance**
– Comprehensive **end-to-end QA services** including manual, automation, performance, security/penetration, and user acceptance testing.
– Specialized in **data storage testing**, embedded systems, medical devices, and interoperability.
– Development of proprietary test frameworks and the **Hardware Acceptance Test Framework (HATS)** for storage reliability.
5. **IoT & Smart Systems**
– End-to-end **IoT solutions** across manufacturing, energy, healthcare, and security.
– Applications in **predictive maintenance, asset tracking, remote diagnostics, smart buildings, connected vehicles, and wearables**.
– Developed a scalable **IoT Framework** featuring edge computing, LPWAN, cloud (AWS/Azure), AI/ML analytics, and computer vision.
6. **Semiconductor & High-Precision Instrumentation**
– Tailored engineering for **semiconductor equipment manufacturers, fabs, and subsystem vendors**.
– Expertise in **SEMI FA Standards (200mm/300mm), SECS/GEM, MES integration, recipe servers, AMHS**, and **R2R control systems**.
– Solutions in **machine vision, predictive analytics, and factory automation** to optimize yield and quality.
---
### **Key Focus Areas (2024–2025)**
- **AI & Automation Integration**
– Applied AI/ML to domains such as **remote patient monitoring, predictive lab informatics, and enterprise risk assessment**.
– Internally developed AI tools improving **engineering productivity, testing efficiency, and project lifecycle management**.
– Implemented **LLM-based risk assessment engines** analyzing structured/unstructured data including logs, policies, and reports.
- **Digital Transformation in Healthcare & MedTech**
– Enabled digital care platforms with **telemedicine, connected care, and medical software cybersecurity**.
– Developed **deep learning models for wafer defect classification** and **real-time patient monitoring apps**.
– Built a **cloud-based emergency care informatics platform** integrating multiple remote monitoring systems.
- **Enterprise & Data Engineering**
– Designed a **scalable Common Cluster Tool Controller (CTC) Framework** for next-gen semiconductor tools.
– Built an **Enterprise Data Management Platform** with ETL pipelines, analytics, dashboards, and compliance controls.
– Implemented **cloud-based document solutions** integrated with SharePoint, SAP, and RDBMS for secure workflows.
- **Cloud & Storage Technologies**
– Key partner in **data storage innovation**, supporting top-tier clients in **HCI, composable infrastructure, and software-defined storage**.
– Developed **NIC drivers, IPv6 RAID integration, BMC software (IPMI/Redfish), BIOS firmware**, and **storage security tools**.
– Contributed to **VMware ESXi and KVM (RHEL)** virtualization environments.
- **Regulatory & Compliance-Centric Solutions**
– Designed **secure Scientific Data Validation Platform** with e-signatures, audit trails, and encryption for global compliance (FDA, GxP).
– Delivered **IV&V (Independent Verification & Validation)** services and cybersecurity assessments for **Software as a Medical Device (SaMD)**.
---
### **Strategic Partnerships & Innovation Leadership**
- **Technology Alliances**:
Intel Partner Alliance, Microsoft (Gold Application Development), SNIA, CMMI Institute, IoT Global Network, and GE Digital Alliance.
- **Academic & Research Collaboration**:
Founding contributor to **The Atlas of Economic Complexity**, developed by Harvard University’s Center for International Development.
- **Internal Innovation**:
– **Data Science & AI Lab (2024)** producing cutting-edge diagnostics and industrial IoT solutions.
– Proprietary tools: **HATS, EDA Freeze II Framework, USB CAN-based DeviceNet Masters, and automated testing accelerators**.
---
### **Global Operations & Delivery Model**
- **Global Presence**: Offices in the **U.S. (Naples, FL & Newark, CA), UK, Germany, Canada, Singapore, Malaysia, Bahrain, and India**.
- **Subsidiaries**:
– Operating: Mindteck Singapore, UK, Middle East, Malaysia, Germany, Canada.
– Investment Arm: Chendle Holdings Limited (U.S.).
– Closure: Mindteck Solutions Philippines Inc. (in progress).
- **Workforce**:
– Total global headcount increased from **534 to 645 (as of Jul 2024)**.
– Over **330 employees** in the U.S., 257 in the UK, with 30 in Malaysia and key teams in India.
- **Delivery Model**:
**Best-shore Delivery Model** combining **onsite, offshore, nearshore, and hybrid engagements** to optimize agility, cost, and performance.
---
### **Client Base & Market Positioning**
- **Strategic Clients Include**:
– Top 5 **data storage** firms
– Top 3 **medical device** companies
– Top 6 **semiconductor** corporations
– Top 7 **analytical instrument** providers
- **Long-Term Relationships**:
Some client partnerships exceed **19 years**, reflecting strong trust and domain integration.
- **Notable Projects (2023–2025)**:
– Cloud-based emergency care platform
– Deep learning model for semiconductor defect detection
– Enterprise Data Management Platform
– Scientific Data Validation System with regulatory compliance
– CTC Framework for semiconductor equipment
– Mobile app and cloud solutions for front-line workers