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NINtec Systems Ltd

NINSYS

NSE

₹877.30+2.58%19 Oct 2026 at 3:31 PM

Reports

IT Services

NINtec Systems Ltd

NINSYS

NSE

₹877.30

+2.58%

19 Oct 2026 at 3:31 PM

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IT Services

Indices

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

NINtec Systems is a technology consulting firm that builds software and digital capabilities for companies, not by selling off-the-shelf products but by embedding itself as a strategic partner inside clients’ technology stacks. Founded in 2015 in Ahmedabad by a software engineering veteran, it began as an Indian outsourcing shop and deliberately transformed itself - opening a Dutch subsidiary in 2023 to act as a local European player rather than a distant vendor. The recurring approach is to move closer to the customer, charge for outcomes rather than headcount, and use each new capability to win larger, stickier engagements across more geographies.

Business segments

A single engine - software services and digital transformation - delivered through a consulting-led model that spans continents, industries, and technology stacks, with a cybersecurity practice being built inside it.

1. Software services and digital transformation: the company’s only business

NINtec earns its revenue by acting as a strategic technology partner that designs, builds, and maintains custom software for mid-size and large enterprises - it is a consulting firm that writes code, not a body shop that rents programmers.

Consulting-led, not headcount-led - management positions the firm as a consulting-focused organization that shapes a client’s digital landscape, deliberately avoiding the offshoring model where revenue grows only by adding billable staff. The company creates dedicated teams for clients and provides full applications covering AI, machine learning, cloud security, and legacy migration, with work spanning Microsoft and open-source technologies.
Five service lines under one roof - the portfolio is organized into strategic software development (onshore and offshore product builds), seamless software migration, multimedia design and development, application development and maintenance, and web design. It also digitises engineering drawings and provides search engine optimisation services, so the same client can get a mobile app, a cloud migration, and a website redesign from one partner.
AI embedded in delivery, not just sold as a project - the company’s AI strategy is to weave artificial intelligence, machine learning, and blockchain into its own engineering and decision-making processes, aiming to scale through capability rather than by adding headcount. A concrete example is a €1.10 million engagement with a Finland-based AI company building autonomous chatbots and AI agents, where NINtec supports the full technology stack.
Recurring revenue is the stated goal - the firm is shifting from one-off project builds toward multi-year contracts, with management aiming to have signed recurring deals for the next financial year before the current one ends. Revenue on fixed-price contracts is recognised using the percentage-of-completion method, which ties income to delivery milestones rather than time spent.
A cybersecurity practice under construction - NINtec is building a dedicated cybersecurity unit to cross-sell resilience and consulting solutions to its existing client base, with plans for a Securities Operations Center in both India and the Netherlands that would monitor and respond to incidents in real time. The company already holds ISO 27001:2022 certification, giving it a credential to anchor the new practice.

Group structure and partners

A lean corporate structure with one foreign subsidiary that serves as the European beachhead, plus a small set of related entities and service partners.

Dutch subsidiary is the European gateway - NINtec Systems B.V., incorporated in the Netherlands in November 2023 with €10,000 in capital, was created to gain knowledge of European markets, bid on large deals in the Benelux, Scandinavia, and Germany, expedite work permits for staff, get physically closer to customers, and command higher billing rates. Its financials are unaudited because audit is not compulsory under Dutch law.
Related-party entity in the orbit - in March 2023, NINtec invested in Nintec Business Consulting LLP, a software development and IT-enabled services firm, by becoming a partner. A material related-party transaction was proposed with Nintec B.V. for FY25 covering IT services, hardware and software supply, expense reimbursement, and procurement, with an aggregate value not exceeding ₹25 Crores.
Listed on both main Indian exchanges - the company migrated from the BSE SME platform to the main boards of BSE and NSE in February 2023, giving it access to a broader public-market investor base. It is a Gateway Group Company and has engaged external firms for investor relations and public relations support.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹1,637Cr

Close Price

₹881.00

Industry

IT Services

Price To Earnings

48.75

Price To Sales

9.24

Revenue

₹177Cr

Rev Gr TTM

Revenue Growth TTM

21.58%

PAT Gr TTM

PAT Growth TTM

18.84%

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	23	32	33	34	35	38	39	42	43	46	46
Growth YoY Revenue Growth YoY%					51.9	18.5	18.1	23.1	23.0	22.5	18.1
Expenses ExpensesCr	18	25	25	26	26	30	30	31	32	32	34
Operating Profit Operating ProfitCr	5	7	7	8	9	8	8	10	11	14	12
OPM OPM%	21.9	21.7	22.8	24.2	25.3	22.0	21.7	24.6	25.5	30.1	25.9
Other Income Other IncomeCr	0	1	1	1	1	2	2	1	0	-1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	1	1	1	1	1	1	0
PBT PBTCr	5	7	8	9	9	10	10	10	10	12	12
Tax TaxCr	1	2	2	2	2	2	3	3	3	3	3
PAT PATCr	4	6	6	7	7	7	8	8	8	9	9
Growth YoY PAT Growth YoY%					73.9	29.6	33.5	20.9	15.2	18.9	20.3
NPM NPM%	16.7	17.8	17.4	19.2	19.1	19.4	19.7	18.9	17.9	18.9	20.1
EPS EPS₹	2.1	3.0	3.1	3.5	3.6	4.0	4.1	4.2	4.2	4.7	5.0

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	23	32	33	34	35	38	39	42	43	46	46
Growth YoY Revenue Growth YoY%					51.9	18.5	18.1	23.1	23.0	22.5	18.1
Expenses ExpensesCr	18	25	25	26	26	30	30	31	32	32	34
Operating Profit Operating ProfitCr	5	7	7	8	9	8	8	10	11	14	12
OPM OPM%	21.9	21.7	22.8	24.2	25.3	22.0	21.7	24.6	25.5	30.1	25.9
Other Income Other IncomeCr	0	1	1	1	1	2	2	1	0	-1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	1	1	1	1	1	1	0
PBT PBTCr	5	7	8	9	9	10	10	10	10	12	12
Tax TaxCr	1	2	2	2	2	2	3	3	3	3	3
PAT PATCr	4	6	6	7	7	7	8	8	8	9	9
Growth YoY PAT Growth YoY%					73.9	29.6	33.5	20.9	15.2	18.9	20.3
NPM NPM%	16.7	17.8	17.4	19.2	19.1	19.4	19.7	18.9	17.9	18.9	20.1
EPS EPS₹	2.1	3.0	3.1	3.5	3.6	4.0	4.1	4.2	4.2	4.7	5.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	83	140	170	177
Growth Revenue Growth%		68.3	21.7	21.6
Expenses ExpensesCr	63	107	126	130
Operating Profit Operating ProfitCr	20	33	44	47
OPM OPM%	24.0	23.5	25.7	26.6
Other Income Other IncomeCr	2	4	2	0
Interest Expense Interest ExpenseCr	0	0	0	0
Depreciation DepreciationCr	1	2	3	2
PBT PBTCr	20	35	43	45
Tax TaxCr	5	9	11	11
PAT PATCr	16	26	32	34
Growth PAT Growth%		69.7	21.6	18.8
NPM NPM%	18.7	18.8	18.8	18.9
EPS EPS₹	8.3	14.2	17.2	18.1

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	83	140	170	177
Growth Revenue Growth%		68.3	21.7	21.6
Expenses ExpensesCr	63	107	126	130
Operating Profit Operating ProfitCr	20	33	44	47
OPM OPM%	24.0	23.5	25.7	26.6
Other Income Other IncomeCr	2	4	2	0
Interest Expense Interest ExpenseCr	0	0	0	0
Depreciation DepreciationCr	1	2	3	2
PBT PBTCr	20	35	43	45
Tax TaxCr	5	9	11	11
PAT PATCr	16	26	32	34
Growth PAT Growth%		69.7	21.6	18.8
NPM NPM%	18.7	18.8	18.8	18.9
EPS EPS₹	8.3	14.2	17.2	18.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	19	19	19
Reserves ReservesCr	16	43	73
Current Liabilities Current LiabilitiesCr	22	49	48
Non Current Liabilities Non Current LiabilitiesCr	3	3	5
Total Liabilities Total LiabilitiesCr	60	113	144
Current Assets Current AssetsCr	55	105	137
Non Current Assets Non Current AssetsCr	5	8	8
Total Assets Total AssetsCr	60	113	144

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	19	19	19
Reserves ReservesCr	16	43	73
Current Liabilities Current LiabilitiesCr	22	49	48
Non Current Liabilities Non Current LiabilitiesCr	3	3	5
Total Liabilities Total LiabilitiesCr	60	113	144
Current Assets Current AssetsCr	55	105	137
Non Current Assets Non Current AssetsCr	5	8	8
Total Assets Total AssetsCr	60	113	144

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	10	24	26
Investing Cash Flow Investing Cash FlowCr	-14	-6	-13
Financing Cash Flow Financing Cash FlowCr	2	0	0
Net Cash Flow Net Cash FlowCr	-2	17	13
Free Cash Flow Free Cash FlowCr	7	18	26
CFO To PAT CFO To PAT%	63.9	90.2	82.7
CFO To EBITDA CFO To EBITDA%	49.7	72.1	60.6

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	10	24	26
Investing Cash Flow Investing Cash FlowCr	-14	-6	-13
Financing Cash Flow Financing Cash FlowCr	2	0	0
Net Cash Flow Net Cash FlowCr	-2	17	13
Free Cash Flow Free Cash FlowCr	7	18	26
CFO To PAT CFO To PAT%	63.9	90.2	82.7
CFO To EBITDA CFO To EBITDA%	49.7	72.1	60.6

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	912	833	739	1,637
Price To Earnings Price To Earnings	58.8	31.6	23.1	48.8
Price To Sales Price To Sales	11.0	6.0	4.3	9.2
Price To Book Price To Book	26.1	13.6	8.1	17.9
EV To EBITDA EV To EBITDA	45.4	24.6	16.1	32.9
Profitability Ratios Profitability Ratios
GPM GPM%	78.8	63.5	63.2	63.2
OPM OPM%	24.0	23.5	25.7	26.6
NPM NPM%	18.7	18.8	18.8	18.9
ROCE ROCE%	54.8	55.6	46.1	46.1
ROE ROE%	44.3	42.9	34.9	34.9
ROA ROA%	25.9	23.2	22.2	22.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	912	833	739	1,637
Price To Earnings Price To Earnings	58.8	31.6	23.1	48.8
Price To Sales Price To Sales	11.0	6.0	4.3	9.2
Price To Book Price To Book	26.1	13.6	8.1	17.9
EV To EBITDA EV To EBITDA	45.4	24.6	16.1	32.9
Profitability Ratios Profitability Ratios
GPM GPM%	78.8	63.5	63.2	63.2
OPM OPM%	24.0	23.5	25.7	26.6
NPM NPM%	18.7	18.8	18.8	18.9
ROCE ROCE%	54.8	55.6	46.1	46.1
ROE ROE%	44.3	42.9	34.9	34.9
ROA ROA%	25.9	23.2	22.2	22.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	KODYTECH	SAKSOFT	BLUECLOUDS	NINSYS	SILVERTUC	XTRANET	INFOBEAN
Market CapitalizationMkt CapCr	2,236	1,843	1,809	1,637	1,599	1,570	1,541
Close PriceClose₹	1,551.00	139.02	19.60	881.00	126.10	300.30	158.95
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	133.36	13.68	17.66	48.75	38.33	39.00	18.17
Price To SalesPS	27.85	1.83	1.66	9.24	4.44	4.30	2.78
RevenueRevenueCr	80	1,007	1,088	177	360	365	554
Revenue Growth TTMRev Gr TTM%		8.1%	41.0%	21.6%	20.9%		35.4%
PAT Growth TTMPAT Gr TTM%		12.7%	33.0%	18.8%	82.1%		58.7%

	KODYTECH	SAKSOFT	BLUECLOUDS	NINSYS	SILVERTUC	XTRANET	INFOBEAN
Market CapitalizationMkt CapCr	2,236	1,843	1,809	1,637	1,599	1,570	1,541
Close PriceClose₹	1,551.00	139.02	19.60	881.00	126.10	300.30	158.95
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	133.36	13.68	17.66	48.75	38.33	39.00	18.17
Price To SalesPS	27.85	1.83	1.66	9.24	4.44	4.30	2.78
RevenueRevenueCr	80	1,007	1,088	177	360	365	554
Revenue Growth TTMRev Gr TTM%		8.1%	41.0%	21.6%	20.9%		35.4%
PAT Growth TTMPAT Gr TTM%		12.7%	33.0%	18.8%	82.1%		58.7%

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Jun 26