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NIIT Ltd

NIITLTD

NSE

₹84.41-1.00%19 Oct 2026

Reports

Computer Education

NIIT Ltd

NIITLTD

NSE

₹84.41

-1.00%

19 Oct 2026

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Computer Education

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

NIIT Ltd. is a skills and talent company that has spent four decades moving in lockstep with the technology industry’s workforce needs - it was founded in 1981 to solve the IT sector’s early hiring crunch, and today it trains individuals and corporate teams for roles being reshaped by artificial intelligence. After a 2023 demerger that separated its corporate learning arm into a standalone listed entity, the company now operates as a focused, asset-light business built around one conviction: that course completions and certifications are not enough - what employers actually need is proof that a professional can exercise judgment, verify AI outputs, and design workflows in an AI-augmented workplace. That idea - moving from skilling to “capability orchestration” - is the thread that runs through every program it sells, whether to a global bank retooling its engineering team or a college graduate chasing a first job in cybersecurity.

Business segments

Three engines at different stages - a core skills business that is the company’s economic centre, a university-to-corporate SaaS platform acquired to extend its reach into colleges, and a BFSI training unit that deepens its hold on one high-compliance sector - each built on the same deep-skilling methodology and the cash flows of the one before.

1. Skills & Careers: the company’s sole operating engine, retooling India’s workforce for AI-era roles

This is the business - it sells deep-skilling programs to corporations and individuals, with nearly two-thirds of revenue coming from enterprise contracts and the rest from consumers paying for career-transforming courses.

Enterprise contracts are the profit anchor - 65% of revenue comes from corporations including Global Capability Centres, Global System Integrators, banks, and technology companies that pay NIIT to reskill and upskill their existing employees, and 90% of every quarter’s revenue comes from repeat customers, which makes the enterprise book fairly profitable and predictable.
Consumers pay for career mobility - the remaining 35% of revenue comes from job seekers and working professionals who buy programs directly, with the learner mix split roughly evenly between early-career entrants and people already in the workforce who need to transition into new roles as AI reshapes their industries.
Two subject lanes, one shifting fast - Technology programs (covering AI, data science, cybersecurity, and full-stack development) brought in 72% of revenue in FY26, while BFSI and other programs contributed 28%, a mix that has tilted steadily toward technology from an 80:20 split just three years earlier.
Deep skilling, not course catalogues - the company’s pedagogy is built on a digital platform that uses generative AI to improve how learners practise and are assessed, and it is now pushing beyond traditional training into “synthetic work platforms” where the outcome is not a certificate but demonstrated competence in AI output verification and agentic workflow design.
A demand wave that is structural, not cyclical - AI-augmented engineering teams are running 40% to 70% smaller than conventional ones, the top five IT firms collectively cut nearly 7,000 jobs and slashed their fresher hiring plan to 25,000, and 43% of workers fear AI displacement within two years, which makes reskilling the number-one priority for corporate leadership and pushes demand toward external providers like NIIT that can scale faster than in-house L&D teams.

2. iamneo: the college-to-corporate bridge, now a subsidiary SaaS platform

An AI-led platform that sits inside 6,000-plus engineering colleges and corporate onboarding workflows, giving NIIT a pipeline into the undergraduate talent pool and a technology stack purpose-built for AI-era hiring.

A SaaS platform embedded in colleges - iamneo provides universities with industry-relevant technology courses, automated coding labs, assessments, and placement-process management, which means it touches students long before they enter the job market and feeds them into NIIT’s broader career ecosystem.
Also sold to employers - for corporates, the same platform delivers immersive talent onboarding, employee upskilling, IT skills assessments, and campus recruitment management, creating a single technology thread from college classroom to corporate workbench.
Bought, not just built - NIIT acquired a 70% stake in April 2025 for up to Rs. 613 million, with the remaining 30% to be bought in tranches over five years tied to financial milestones, so the founding team stays in place and the platform’s growth trajectory is aligned with NIIT’s own.
An AI assistant called Agent Smith - iamneo launched a unified AI assistant that consolidates intelligence across coding practice, placement automation, and hiring workflows, which is the kind of product feature that turns a learning platform into a workforce operating system.
Already contributing meaningfully - in its first full year inside NIIT (FY26), iamneo delivered INR 413 million in revenue and INR 110 million in EBITDA, building on a run of growth that took it from INR 91 million in FY22 to INR 276 million in FY25 before the acquisition.

3. IFBI: the BFSI specialist, now a wholly absorbed unit

A training business focused exclusively on banking, financial services, and insurance - a sector where regulatory pressure and digital transformation make mandatory learning a recurring revenue stream.

Programs that mirror industry compliance needs - its offerings include Branch Manager Certification, Digital Sales Coaching, Branch Operations Management, and an academy for Relationship Managers, all of which align with the mandatory L&D requirements that regulators impose on financial institutions.
Consolidated into the parent - NIIT bought out the remaining 19.28% stake from ICICI Bank and individual shareholders in FY26, making IFBI a wholly owned subsidiary, and it was merged into NIIT Limited effective July 2026 as part of a broader amalgamation that also absorbed RPS Consulting.

Group structure and partners

NIIT Ltd. is the listed parent of a simplified group - the 2023 demerger created a pure-play skills company, and subsequent mergers have folded its key operating subsidiaries back into the parent entity.

The 2023 demerger of the Corporate Learning Group into separately listed NIIT Learning Systems Limited was a mirror transaction: every NIIT shareholder received one NLSL share, leaving NIIT Ltd. focused solely on Skills & Careers.
RPS Consulting and IFBI - both now wholly owned - were merged into NIIT Ltd. effective July 2026, simplifying the group structure and bringing their OEM partnerships and BFSI client relationships directly onto the parent’s balance sheet.
iamneo Edutech Private Limited remains a 70%-owned subsidiary with a five-year path to full ownership, preserving its entrepreneurial leadership while NIIT consolidates its financials.
NIIT’s partnership fabric includes over 30 technology OEMs - Microsoft, AWS, Google Cloud, Red Hat, and others - that give it early access to cutting-edge curricula, plus a strategic relationship with the EIT InnoEnergy Skills Institute to build green-energy workforce programs targeting more than 800,000 workers globally.

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Cash Flow

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Mkt Cap

Market Capitalization

₹1,158Cr

Close Price

₹84.50

Industry

Computer Education

Price To Earnings

126.12

Price To Sales

2.88

Revenue

₹402Cr

Rev Gr TTM

Revenue Growth TTM

11.83%

PAT Gr TTM

PAT Growth TTM

-78.96%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	81	85	74	82	91	98	86	84	105	101	100	96
Growth YoY Revenue Growth YoY%	-13.4	-8.6	23.8	31.9	11.4	15.2	16.1	2.0	15.7	3.3	15.6	13.7
Expenses ExpensesCr	80	78	74	84	92	91	88	94	106	102	101	99
Operating Profit Operating ProfitCr	1	7	0	-1	-1	7	-1	-10	-1	-1	-1	-4
OPM OPM%	1.8	8.4	0.7	-1.3	-1.2	7.0	-1.7	-11.7	-1.1	-0.9	-1.4	-3.9
Other Income Other IncomeCr	15	16	18	17	22	17	24	22	11	15	8	21
Interest Expense Interest ExpenseCr	0	0	1	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	4	5	5	6	6	6	6	7	7	8	7	10
PBT PBTCr	11	18	13	10	15	17	17	5	2	7	-2	7
Tax TaxCr	1	3	1	1	2	3	3	1	2	2	2	-1
PAT PATCr	11	15	11	8	12	14	14	4	1	5	-3	8
Growth YoY PAT Growth YoY%	58.8	-4.0	220.5	237.4	14.4	-7.2	20.3	-48.9	-94.7	-67.3	-125.4	79.5
NPM NPM%	13.0	17.7	15.3	9.9	13.4	14.3	15.9	5.0	0.6	4.5	-3.5	7.9
EPS EPS₹	0.8	1.1	0.8	0.6	0.9	1.0	1.0	0.3	0.1	0.3	-0.3	0.6

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	81	85	74	82	91	98	86	84	105	101	100	96
Growth YoY Revenue Growth YoY%	-13.4	-8.6	23.8	31.9	11.4	15.2	16.1	2.0	15.7	3.3	15.6	13.7
Expenses ExpensesCr	80	78	74	84	92	91	88	94	106	102	101	99
Operating Profit Operating ProfitCr	1	7	0	-1	-1	7	-1	-10	-1	-1	-1	-4
OPM OPM%	1.8	8.4	0.7	-1.3	-1.2	7.0	-1.7	-11.7	-1.1	-0.9	-1.4	-3.9
Other Income Other IncomeCr	15	16	18	17	22	17	24	22	11	15	8	21
Interest Expense Interest ExpenseCr	0	0	1	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	4	5	5	6	6	6	6	7	7	8	7	10
PBT PBTCr	11	18	13	10	15	17	17	5	2	7	-2	7
Tax TaxCr	1	3	1	1	2	3	3	1	2	2	2	-1
PAT PATCr	11	15	11	8	12	14	14	4	1	5	-3	8
Growth YoY PAT Growth YoY%	58.8	-4.0	220.5	237.4	14.4	-7.2	20.3	-48.9	-94.7	-67.3	-125.4	79.5
NPM NPM%	13.0	17.7	15.3	9.9	13.4	14.3	15.9	5.0	0.6	4.5	-3.5	7.9
EPS EPS₹	0.8	1.1	0.8	0.6	0.9	1.0	1.0	0.3	0.1	0.3	-0.3	0.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,007	845	851	865	889	960	251	341	303	358	390	402
Growth Revenue Growth%	5.2	-16.1	0.6	1.7	2.8	7.9	-73.9	36.2	-11.1	17.8	9.1	11.8
Expenses ExpensesCr	938	788	783	787	808	799	248	345	302	354	404	409
Operating Profit Operating ProfitCr	69	58	68	79	81	161	2	-4	1	3	-13	-7
OPM OPM%	6.8	6.8	8.0	9.1	9.1	16.8	0.9	-1.1	0.4	0.9	-3.4	-1.8
Other Income Other IncomeCr	9	74	75	100	1,408	85	38	37	64	80	56	54
Interest Expense Interest ExpenseCr	21	26	19	20	17	6	1	1	1	1	1	1
Depreciation DepreciationCr	49	46	40	33	60	59	15	16	18	23	29	32
PBT PBTCr	7	61	84	127	1,413	180	23	16	46	59	12	14
Tax TaxCr	4	18	20	27	56	34	-8	5	6	9	6	5
PAT PATCr	4	42	64	99	1,358	147	32	11	40	50	6	9
Growth PAT Growth%	102.2	1,023.5	51.3	56.1	1,266.1	-89.2	-78.4	-65.0	259.0	24.1	-87.6	-79.0
NPM NPM%	0.4	5.0	7.5	11.5	152.7	15.3	12.7	3.3	13.2	13.8	1.6	2.3
EPS EPS₹	0.9	0.6	0.8	1.9	18.8	2.3	3.8	0.1	2.9	3.4	0.4	0.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,007	845	851	865	889	960	251	341	303	358	390	402
Growth Revenue Growth%	5.2	-16.1	0.6	1.7	2.8	7.9	-73.9	36.2	-11.1	17.8	9.1	11.8
Expenses ExpensesCr	938	788	783	787	808	799	248	345	302	354	404	409
Operating Profit Operating ProfitCr	69	58	68	79	81	161	2	-4	1	3	-13	-7
OPM OPM%	6.8	6.8	8.0	9.1	9.1	16.8	0.9	-1.1	0.4	0.9	-3.4	-1.8
Other Income Other IncomeCr	9	74	75	100	1,408	85	38	37	64	80	56	54
Interest Expense Interest ExpenseCr	21	26	19	20	17	6	1	1	1	1	1	1
Depreciation DepreciationCr	49	46	40	33	60	59	15	16	18	23	29	32
PBT PBTCr	7	61	84	127	1,413	180	23	16	46	59	12	14
Tax TaxCr	4	18	20	27	56	34	-8	5	6	9	6	5
PAT PATCr	4	42	64	99	1,358	147	32	11	40	50	6	9
Growth PAT Growth%	102.2	1,023.5	51.3	56.1	1,266.1	-89.2	-78.4	-65.0	259.0	24.1	-87.6	-79.0
NPM NPM%	0.4	5.0	7.5	11.5	152.7	15.3	12.7	3.3	13.2	13.8	1.6	2.3
EPS EPS₹	0.9	0.6	0.8	1.9	18.8	2.3	3.8	0.1	2.9	3.4	0.4	0.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	33	33	33	33	28	28	27	27	27	27	27
Reserves ReservesCr	772	643	678	784	1,479	1,597	1,462	946	977	1,052	1,043
Current Liabilities Current LiabilitiesCr	336	469	500	407	430	479	558	130	114	109	141
Non Current Liabilities Non Current LiabilitiesCr	191	233	173	239	86	29	31	10	11	8	43
Total Liabilities Total LiabilitiesCr	1,341	1,396	1,405	1,489	2,039	2,152	2,108	1,140	1,163	1,204	1,254
Current Assets Current AssetsCr	494	527	475	458	1,542	1,770	1,640	809	812	856	806
Non Current Assets Non Current AssetsCr	847	870	930	1,031	497	382	468	331	351	347	448
Total Assets Total AssetsCr	1,341	1,396	1,405	1,489	2,039	2,152	2,108	1,140	1,163	1,204	1,254

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	33	33	33	33	28	28	27	27	27	27	27
Reserves ReservesCr	772	643	678	784	1,479	1,597	1,462	946	977	1,052	1,043
Current Liabilities Current LiabilitiesCr	336	469	500	407	430	479	558	130	114	109	141
Non Current Liabilities Non Current LiabilitiesCr	191	233	173	239	86	29	31	10	11	8	43
Total Liabilities Total LiabilitiesCr	1,341	1,396	1,405	1,489	2,039	2,152	2,108	1,140	1,163	1,204	1,254
Current Assets Current AssetsCr	494	527	475	458	1,542	1,770	1,640	809	812	856	806
Non Current Assets Non Current AssetsCr	847	870	930	1,031	497	382	468	331	351	347	448
Total Assets Total AssetsCr	1,341	1,396	1,405	1,489	2,039	2,152	2,108	1,140	1,163	1,204	1,254

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	70	111	88	46	51	236	288	2	9	29	7
Investing Cash Flow Investing Cash FlowCr	-72	-42	-52	-59	744	-40	227	27	5	-27	4
Financing Cash Flow Financing Cash FlowCr	16	-43	-21	1	-809	-98	-386	-34	-23	-10	-20
Net Cash Flow Net Cash FlowCr	14	25	15	-12	-15	98	129	-5	-8	-8	-9
Free Cash Flow Free Cash FlowCr	-19	49	24	-28	-14	207	262	-19	-23	-9	-25
CFO To PAT CFO To PAT%	1,857.5	263.0	138.3	46.0	3.7	160.7	907.5	18.7	23.1	59.2	114.1
CFO To EBITDA CFO To EBITDA%	101.6	192.4	129.7	58.0	62.2	146.4	12,645.5	-57.7	772.5	906.0	-52.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	70	111	88	46	51	236	288	2	9	29	7
Investing Cash Flow Investing Cash FlowCr	-72	-42	-52	-59	744	-40	227	27	5	-27	4
Financing Cash Flow Financing Cash FlowCr	16	-43	-21	1	-809	-98	-386	-34	-23	-10	-20
Net Cash Flow Net Cash FlowCr	14	25	15	-12	-15	98	129	-5	-8	-8	-9
Free Cash Flow Free Cash FlowCr	-19	49	24	-28	-14	207	262	-19	-23	-9	-25
CFO To PAT CFO To PAT%	1,857.5	263.0	138.3	46.0	3.7	160.7	907.5	18.7	23.1	59.2	114.1
CFO To EBITDA CFO To EBITDA%	101.6	192.4	129.7	58.0	62.2	146.4	12,645.5	-57.7	772.5	906.0	-52.4

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,303	1,394	1,661	1,512	1,161	1,962	8,327	4,391	1,426	1,659	689	1,158
Price To Earnings Price To Earnings	19.4	34.0	26.6	17.5	0.9	13.7	36.8	1,359.6	37.2	36.0	129.5	126.1
Price To Sales Price To Sales	1.3	1.6	1.9	1.8	1.3	2.0	33.2	12.9	4.7	4.6	1.8	2.9
Price To Book Price To Book	1.6	2.1	2.3	1.9	0.8	1.2	5.6	4.5	1.4	1.5	0.6	1.1
EV To EBITDA EV To EBITDA	20.6	24.7	24.3	19.6	12.8	9.4	3,478.5	-1,204.6	1,115.6	497.4	-49.4	-158.2
Profitability Ratios Profitability Ratios
GPM GPM%	93.2	93.9	94.6	96.4	96.5	97.6	95.9	95.2	94.5	87.4	89.2	89.2
OPM OPM%	6.8	6.8	8.0	9.1	9.1	16.8	0.9	-1.1	0.4	0.9	-3.4	-1.8
NPM NPM%	0.4	5.0	7.5	11.5	152.7	15.3	12.7	3.3	13.2	13.8	1.6	2.3
ROCE ROCE%	2.9	10.4	12.5	15.1	87.0	11.1	1.6	1.7	4.7	5.5	1.2	1.2
ROE ROE%	0.5	6.2	8.9	12.2	90.1	9.0	2.1	1.1	4.0	4.6	0.6	0.6
ROA ROA%	0.3	3.0	4.5	6.7	66.6	6.8	1.5	1.0	3.4	4.1	0.5	0.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,303	1,394	1,661	1,512	1,161	1,962	8,327	4,391	1,426	1,659	689	1,158
Price To Earnings Price To Earnings	19.4	34.0	26.6	17.5	0.9	13.7	36.8	1,359.6	37.2	36.0	129.5	126.1
Price To Sales Price To Sales	1.3	1.6	1.9	1.8	1.3	2.0	33.2	12.9	4.7	4.6	1.8	2.9
Price To Book Price To Book	1.6	2.1	2.3	1.9	0.8	1.2	5.6	4.5	1.4	1.5	0.6	1.1
EV To EBITDA EV To EBITDA	20.6	24.7	24.3	19.6	12.8	9.4	3,478.5	-1,204.6	1,115.6	497.4	-49.4	-158.2
Profitability Ratios Profitability Ratios
GPM GPM%	93.2	93.9	94.6	96.4	96.5	97.6	95.9	95.2	94.5	87.4	89.2	89.2
OPM OPM%	6.8	6.8	8.0	9.1	9.1	16.8	0.9	-1.1	0.4	0.9	-3.4	-1.8
NPM NPM%	0.4	5.0	7.5	11.5	152.7	15.3	12.7	3.3	13.2	13.8	1.6	2.3
ROCE ROCE%	2.9	10.4	12.5	15.1	87.0	11.1	1.6	1.7	4.7	5.5	1.2	1.2
ROE ROE%	0.5	6.2	8.9	12.2	90.1	9.0	2.1	1.1	4.0	4.6	0.6	0.6
ROA ROA%	0.3	3.0	4.5	6.7	66.6	6.8	1.5	1.0	3.4	4.1	0.5	0.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SEIL	NIITMTS	NIITLTD	VINSYS	APTECHT	VERANDA	CLEDUCATE
Market CapitalizationMkt CapCr	2,866	2,715	1,158	884	501	364	286
Close PriceClose₹	178.00	196.50	84.50	599.50	86.45	37.70	52.60
IndustryIndustry	Computer Education	Computer Education	Computer Education	Computer Education	Computer Education	Computer Education	Computer Education
Price To EarningsPE	494.44	10.55	126.12	29.09	20.49	18.13
Price To SalesPS	50.53	1.31	2.88	3.29	0.97	0.69	0.54
RevenueRevenueCr	57	2,066	402	268	517	525	530
Revenue Growth TTMRev Gr TTM%	-11.8%	21.7%	11.8%	26.8%	8.6%	32.0%	29.1%
PAT Growth TTMPAT Gr TTM%	-15.6%	18.0%	-79.0%	0.7%	17.8%	171.4%	-24.1%

	SEIL	NIITMTS	NIITLTD	VINSYS	APTECHT	VERANDA	CLEDUCATE
Market CapitalizationMkt CapCr	2,866	2,715	1,158	884	501	364	286
Close PriceClose₹	178.00	196.50	84.50	599.50	86.45	37.70	52.60
IndustryIndustry	Computer Education	Computer Education	Computer Education	Computer Education	Computer Education	Computer Education	Computer Education
Price To EarningsPE	494.44	10.55	126.12	29.09	20.49	18.13
Price To SalesPS	50.53	1.31	2.88	3.29	0.97	0.69	0.54
RevenueRevenueCr	57	2,066	402	268	517	525	530
Revenue Growth TTMRev Gr TTM%	-11.8%	21.7%	11.8%	26.8%	8.6%	32.0%	29.1%
PAT Growth TTMPAT Gr TTM%	-15.6%	18.0%	-79.0%	0.7%	17.8%	171.4%	-24.1%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26