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Quick Heal Technologies Ltd

QUICKHEAL

NSE

₹151.55+1.93%19 Oct 2026

Reports

IT Services

Quick Heal Technologies Ltd

QUICKHEAL

NSE

₹151.55

+1.93%

19 Oct 2026

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IT Services

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.

Quick Heal Technologies is India’s first homegrown cybersecurity company to go public, tracing its roots back to a computer repair shop in Pune in 1995 before pivoting to fight the earliest wave of computer viruses. Over three decades, it has evolved from a single antivirus product into an end-to-end security platform that protects roughly 8-9 million devices across more than 70 countries, built entirely on proprietary research from its own threat lab. The recurring approach is simple: run a cash-generating consumer antivirus business that funds a deep R&D engine, and use that shared technology to build an enterprise security platform for businesses and governments - everything made in India, with no debt on the books.

Business segments

Two engines sharing one technology core - a three-decade-old consumer cash cow that still commands over 30% of India’s antivirus market, and a fast-growing enterprise platform that has shifted the revenue mix from 80:20 to nearly 55:45 in five years.

1. Consumer security: the original cash cow that funds the rest

A dominant, renewal-driven antivirus franchise with over 30% market share in India, now layering fraud prevention on top of its core virus protection to stay relevant as threats move from files to financial scams.

Built on a 30-year distribution moat - the consumer business sells through more than 35,000 channel partners, including 336 distributors and 539 branded retail stores, reaching deep into Tier II and Tier III cities where global competitors have little presence.
Renewals make it predictable - customers renew their licences annually, and a profit-sharing programme ensures that channel partners get credit even when a customer switches to a different buying route, which keeps the entire network motivated to push Quick Heal products.
Fraud prevention is the new front - in October 2024 the company launched AntiFraud.AI, a tool that spots real-time scams like UPI fraud and QR-code phishing by watching transaction behaviour rather than just scanning for malware, and it is available in a free tier to pull users into the ecosystem.
Penetration still has room to run - only 20-25% of Indian users pay for antivirus software, compared with roughly half in developed markets like the US, so the addressable base can expand simply as more people recognise the need.

2. Enterprise security: the growth engine built on the same lab

Seqrite sells a full stack of cybersecurity tools to over 30,000 organisations, from small businesses to government departments, and has grown for 11 straight quarters by being the only Indian alternative to global giants.

A complete platform, not a single tool - the Seqrite stack covers endpoint protection, network security, data privacy and centralised management, all stitched together by a cloud-native architecture so a customer can buy one piece today and add more tomorrow.
Dominant where global players are too expensive - the business leads the sub‑500 endpoint market, serving micro-enterprises and SMBs that find global solutions overpriced or overcomplicated, and it is now pushing into mid-size enterprises and government, which presents a similar opportunity.
Data privacy is a regulatory tailwind - Seqrite launched a proprietary solution built for India’s Digital Personal Data Protection Act, with support for 22 Indian languages through a government partnership, and it has already signed its first customer.
Government orders are getting larger - the company holds an order book above ₹80 crore, including a single ₹64 crore integrated cybersecurity order spread over five years, which gives visibility well beyond the typical quarterly sales cycle.

Seqrite Labs: the shared technology backbone

One of the world’s largest malware analysis facilities sits in Pune, processing over a million samples a day and feeding threat intelligence into every product the company sells - consumer and enterprise alike.

Telemetry from 8-9 million endpoints - the lab collects data from every device running Quick Heal or Seqrite software, growing its security data lake by 500 GB each day, which means its AI models learn from real attacks happening across India right now.
Proprietary AI does the heavy lifting - the in-house deep-learning platform GoDeep.AI powers detection that works without needing a signature for every new virus, and the company holds nine patents covering behaviour-based detection and anti-ransomware techniques.
Research credibility opens doors - Seqrite Labs was the first facility globally to crack the latest Expiro infector, has uncovered cyber-espionage campaigns presented at international conferences, and is the only Indian member of the US Artificial Intelligence Safety Institute Consortium, which gives it a seat at the table where global security standards are shaped.

Group structure and partners

A single listed entity with no active subsidiaries and a clean balance sheet, supported by a network of global distribution partners and research collaborations that extend its reach without adding operational complexity.

Simplified corporate structure - the company previously had subsidiaries in Kenya, Japan, the US and the UAE, but the Kenya and Japan subsidiaries have been dissolved, while the US and UAE entities remain operational.
Global reach through distributors - enterprise products are sold in Europe through EET Group and in the Middle East through Syscom, while in India value-added distributors like M. Tech Solutions carry Seqrite into enterprise and government accounts.

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Mkt Cap

Market Capitalization

₹820Cr

Close Price

₹151.00

Industry

IT Services

Price To Earnings

—

Price To Sales

3.29

Revenue

₹249Cr

Rev Gr TTM

Revenue Growth TTM

-6.64%

PAT Gr TTM

PAT Growth TTM

-137.78%

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	78	82	80	70	73	71	65	57	84	72	49	45
Growth YoY Revenue Growth YoY%	-22.4	22.6	62.4	36.6	-6.2	-13.8	-18.6	-18.6	13.7	1.3	-25.2	-21.4
Expenses ExpensesCr	67	70	70	68	70	74	74	67	74	71	78	63
Operating Profit Operating ProfitCr	11	12	10	3	3	-4	-8	-10	9	0	-29	-18
OPM OPM%	14.0	14.2	12.6	3.7	4.2	-5.3	-13.0	-17.0	11.1	0.6	-60.2	-39.0
Other Income Other IncomeCr	6	4	7	5	5	5	6	6	4	9	4	14
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	3	3	3	3	3	3	4	3	3	4	4	4
PBT PBTCr	13	13	14	5	5	-2	-7	-7	10	6	-30	-7
Tax TaxCr	1	2	0	1	1	-2	-3	-1	2	-1	-10	-2
PAT PATCr	13	10	14	4	4	0	-3	-6	8	7	-20	-5
Growth YoY PAT Growth YoY%	-41.8	208.3	311.4	131.6	-67.8	-98.9	-123.2	-236.7	90.6	5,909.1	-513.5	4.2
NPM NPM%	16.5	12.3	17.5	5.7	5.7	0.2	-5.0	-9.6	9.5	9.2	-40.9	-11.7
EPS EPS₹	2.4	1.9	2.6	0.8	0.8	0.0	-0.6	-1.0	1.4	1.2	-3.6	-0.9

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	78	82	80	70	73	71	65	57	84	72	49	45
Growth YoY Revenue Growth YoY%	-22.4	22.6	62.4	36.6	-6.2	-13.8	-18.6	-18.6	13.7	1.3	-25.2	-21.4
Expenses ExpensesCr	67	70	70	68	70	74	74	67	74	71	78	63
Operating Profit Operating ProfitCr	11	12	10	3	3	-4	-8	-10	9	0	-29	-18
OPM OPM%	14.0	14.2	12.6	3.7	4.2	-5.3	-13.0	-17.0	11.1	0.6	-60.2	-39.0
Other Income Other IncomeCr	6	4	7	5	5	5	6	6	4	9	4	14
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	3	3	3	3	3	3	4	3	3	4	4	4
PBT PBTCr	13	13	14	5	5	-2	-7	-7	10	6	-30	-7
Tax TaxCr	1	2	0	1	1	-2	-3	-1	2	-1	-10	-2
PAT PATCr	13	10	14	4	4	0	-3	-6	8	7	-20	-5
Growth YoY PAT Growth YoY%	-41.8	208.3	311.4	131.6	-67.8	-98.9	-123.2	-236.7	90.6	5,909.1	-513.5	4.2
NPM NPM%	16.5	12.3	17.5	5.7	5.7	0.2	-5.0	-9.6	9.5	9.2	-40.9	-11.7
EPS EPS₹	2.4	1.9	2.6	0.8	0.8	0.0	-0.6	-1.0	1.4	1.2	-3.6	-0.9

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	302	300	318	315	286	333	342	278	292	280	261	249
Growth Revenue Growth%	5.6	-0.7	6.1	-1.1	-9.1	16.4	2.7	-18.7	4.9	-4.2	-6.6	-6.6
Expenses ExpensesCr	200	210	198	187	195	192	235	276	274	286	290	286
Operating Profit Operating ProfitCr	102	90	120	128	91	141	107	2	18	-7	-29	-37
OPM OPM%	33.7	30.1	37.8	40.6	31.9	42.5	31.3	0.7	6.0	-2.4	-11.3	-15.0
Other Income Other IncomeCr	10	25	30	33	32	24	19	22	21	21	23	31
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	24	31	27	24	22	19	17	16	13	13	14	15
PBT PBTCr	88	84	123	137	101	146	109	8	26	1	-21	-21
Tax TaxCr	30	31	40	45	27	39	25	2	2	-4	-10	-10
PAT PATCr	58	53	83	92	74	107	83	6	24	5	-11	-11
Growth PAT Growth%	7.6	-8.1	56.0	10.6	-19.0	43.8	-22.2	-92.3	278.8	-79.2	-316.9	-137.8
NPM NPM%	19.2	17.7	26.1	29.2	26.0	32.1	24.3	2.3	8.3	1.8	-4.2	-4.3
EPS EPS₹	9.3	7.6	11.8	13.0	11.3	16.7	14.1	1.1	4.6	0.9	-2.0	-1.9

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	302	300	318	315	286	333	342	278	292	280	261	249
Growth Revenue Growth%	5.6	-0.7	6.1	-1.1	-9.1	16.4	2.7	-18.7	4.9	-4.2	-6.6	-6.6
Expenses ExpensesCr	200	210	198	187	195	192	235	276	274	286	290	286
Operating Profit Operating ProfitCr	102	90	120	128	91	141	107	2	18	-7	-29	-37
OPM OPM%	33.7	30.1	37.8	40.6	31.9	42.5	31.3	0.7	6.0	-2.4	-11.3	-15.0
Other Income Other IncomeCr	10	25	30	33	32	24	19	22	21	21	23	31
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	24	31	27	24	22	19	17	16	13	13	14	15
PBT PBTCr	88	84	123	137	101	146	109	8	26	1	-21	-21
Tax TaxCr	30	31	40	45	27	39	25	2	2	-4	-10	-10
PAT PATCr	58	53	83	92	74	107	83	6	24	5	-11	-11
Growth PAT Growth%	7.6	-8.1	56.0	10.6	-19.0	43.8	-22.2	-92.3	278.8	-79.2	-316.9	-137.8
NPM NPM%	19.2	17.7	26.1	29.2	26.0	32.1	24.3	2.3	8.3	1.8	-4.2	-4.3
EPS EPS₹	9.3	7.6	11.8	13.0	11.3	16.7	14.1	1.1	4.6	0.9	-2.0	-1.9

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	7,00,30,028	70	70	71	64	64	58	53	54	54	54
Reserves ReservesCr	559	592	653	719	580	687	570	367	383	387	382
Current Liabilities Current LiabilitiesCr	86	70	55	59	50	74	86	72	73	83	108
Non Current Liabilities Non Current LiabilitiesCr	2	2	2	4	2	1	2	2	2	1	2
Total Liabilities Total LiabilitiesCr	717	734	781	853	697	827	716	493	513	525	547
Current Assets Current AssetsCr	491	495	568	634	479	631	535	323	364	371	369
Non Current Assets Non Current AssetsCr	227	239	213	219	218	195	181	170	149	154	178
Total Assets Total AssetsCr	717	734	781	853	697	827	716	493	513	525	547

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	7,00,30,028	70	70	71	64	64	58	53	54	54	54
Reserves ReservesCr	559	592	653	719	580	687	570	367	383	387	382
Current Liabilities Current LiabilitiesCr	86	70	55	59	50	74	86	72	73	83	108
Non Current Liabilities Non Current LiabilitiesCr	2	2	2	4	2	1	2	2	2	1	2
Total Liabilities Total LiabilitiesCr	717	734	781	853	697	827	716	493	513	525	547
Current Assets Current AssetsCr	491	495	568	634	479	631	535	323	364	371	369
Non Current Assets Non Current AssetsCr	227	239	213	219	218	195	181	170	149	154	178
Total Assets Total AssetsCr	717	734	781	853	697	827	716	493	513	525	547

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	78	36	94	61	71	99	80	31	18	-22	15
Investing Cash Flow Investing Cash FlowCr	-163	-73	-122	-37	148	-92	126	185	6	16	-26
Financing Cash Flow Financing Cash FlowCr	189	-20	-19	-24	-221	0	-214	-212	2	-10	3
Net Cash Flow Net Cash FlowCr	104	-57	-47	1	-3	6	-9	4	26	-17	-8
Free Cash Flow Free Cash FlowCr	42	2	80	54	60	90	79	32	12	-36	6
CFO To PAT CFO To PAT%	134.2	67.3	113.1	66.8	94.8	92.2	96.1	481.4	75.0	-442.3	-140.8
CFO To EBITDA CFO To EBITDA%	76.2	39.8	78.0	48.0	77.2	69.7	74.8	1,638.8	103.7	338.2	-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	78	36	94	61	71	99	80	31	18	-22	15
Investing Cash Flow Investing Cash FlowCr	-163	-73	-122	-37	148	-92	126	185	6	16	-26
Financing Cash Flow Financing Cash FlowCr	189	-20	-19	-24	-221	0	-214	-212	2	-10	3
Net Cash Flow Net Cash FlowCr	104	-57	-47	1	-3	6	-9	4	26	-17	-8
Free Cash Flow Free Cash FlowCr	42	2	80	54	60	90	79	32	12	-36	6
CFO To PAT CFO To PAT%	134.2	67.3	113.1	66.8	94.8	92.2	96.1	481.4	75.0	-442.3	-140.8
CFO To EBITDA CFO To EBITDA%	76.2	39.8	78.0	48.0	77.2	69.7	74.8	1,638.8	103.7	338.2	-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	1,522	1,658	1,870	1,592	522	1,198	1,030	707	2,519	1,549	684	820
Price To Earnings Price To Earnings	26.3	31.2	22.5	17.3	7.0	11.2	12.4	110.1	103.9	308.3
Price To Sales Price To Sales	5.0	5.5	5.9	5.1	1.8	3.6	3.0	2.5	8.6	5.5	2.6	3.3
Price To Book Price To Book	2.4	2.5	2.6	2.0	0.8	1.6	1.6	1.7	5.8	3.5	1.6	1.9
EV To EBITDA EV To EBITDA	12.3	16.1	14.2	11.4	4.8	7.9	9.1	369.7	141.4	-231.9	-22.8	-21.3
Profitability Ratios Profitability Ratios
GPM GPM%	83.8	85.0	89.3	90.7	91.4	92.6	92.5	91.3	92.0	91.4	90.8	90.8
OPM OPM%	33.7	30.1	37.8	40.6	31.9	42.5	31.3	0.7	6.0	-2.4	-11.3	-15.0
NPM NPM%	19.2	17.7	26.1	29.2	26.0	32.1	24.3	2.3	8.3	1.8	-4.2	-4.3
ROCE ROCE%	0.0	12.7	17.1	17.4	15.7	19.4	17.3	1.9	6.0	0.3	-4.7	-4.7
ROE ROE%	0.0	8.0	11.5	11.6	11.6	14.2	13.3	1.5	5.5	1.1	-2.5	-2.5
ROA ROA%	8.1	7.3	10.6	10.8	10.7	12.9	11.6	1.3	4.7	1.0	-2.0	-2.0
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	1,522	1,658	1,870	1,592	522	1,198	1,030	707	2,519	1,549	684	820
Price To Earnings Price To Earnings	26.3	31.2	22.5	17.3	7.0	11.2	12.4	110.1	103.9	308.3
Price To Sales Price To Sales	5.0	5.5	5.9	5.1	1.8	3.6	3.0	2.5	8.6	5.5	2.6	3.3
Price To Book Price To Book	2.4	2.5	2.6	2.0	0.8	1.6	1.6	1.7	5.8	3.5	1.6	1.9
EV To EBITDA EV To EBITDA	12.3	16.1	14.2	11.4	4.8	7.9	9.1	369.7	141.4	-231.9	-22.8	-21.3
Profitability Ratios Profitability Ratios
GPM GPM%	83.8	85.0	89.3	90.7	91.4	92.6	92.5	91.3	92.0	91.4	90.8	90.8
OPM OPM%	33.7	30.1	37.8	40.6	31.9	42.5	31.3	0.7	6.0	-2.4	-11.3	-15.0
NPM NPM%	19.2	17.7	26.1	29.2	26.0	32.1	24.3	2.3	8.3	1.8	-4.2	-4.3
ROCE ROCE%	0.0	12.7	17.1	17.4	15.7	19.4	17.3	1.9	6.0	0.3	-4.7	-4.7
ROE ROE%	0.0	8.0	11.5	11.6	11.6	14.2	13.3	1.5	5.5	1.1	-2.5	-2.5
ROA ROA%	8.1	7.3	10.6	10.8	10.7	12.9	11.6	1.3	4.7	1.0	-2.0	-2.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	UNIFIED	RNITAI	META	QUICKHEAL	TAC	SANCODE	PINEANIM
Market CapitalizationMkt CapCr	914	889	841	820	765	712	709
Close PriceClose₹	454.90	104.80	6.89	151.00	364.00	955.30	25.60
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	22.43	66.33	10.44		27.79	555.41
Price To SalesPS	3.17	16.73	0.67	3.29	13.37	45.19
RevenueRevenueCr	288	53	1,263	249	57	16	0
Revenue Growth TTMRev Gr TTM%	30.8%	56.7%	127.0%	-6.6%		14.1%
PAT Growth TTMPAT Gr TTM%	19.6%	71.3%	151.5%	-137.8%		-43.5%	0.0%

	UNIFIED	RNITAI	META	QUICKHEAL	TAC	SANCODE	PINEANIM
Market CapitalizationMkt CapCr	914	889	841	820	765	712	709
Close PriceClose₹	454.90	104.80	6.89	151.00	364.00	955.30	25.60
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	22.43	66.33	10.44		27.79	555.41
Price To SalesPS	3.17	16.73	0.67	3.29	13.37	45.19
RevenueRevenueCr	288	53	1,263	249	57	16	0
Revenue Growth TTMRev Gr TTM%	30.8%	56.7%	127.0%	-6.6%		14.1%
PAT Growth TTMPAT Gr TTM%	19.6%	71.3%	151.5%	-137.8%		-43.5%	0.0%