Innovana Thinklabs Ltd.

•

innovanathinklabs.comBSE: 544302NSE: INNOVANA

Market Cap₹ 672 Cr.

Current Price

High / Low₹ 565 / 290

Stock P/E21.8

Book Value₹ 134

Price to Book2.95

Dividend Yield0.00 %

ROCE31.1 %

ROE22.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Software Product Sales: 60.9% • Gym and Fitness: 22.4% • Game Studio and Astro Services: 14.1%

AI Sector View

AI GENERATED

Information Technology

Buy

IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.

Confidence

68%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 34.5%
Company has a good return on equity (ROE) track record: 3 Years ROE 26.8%
Company has consistently been profitable over the last 5 years
Company comfortably covers its interest (14.6x coverage)
Attractively priced for its growth - PEG of 0.9

CONS

Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.34x)
Working capital days have increased from 99 to 167 days
Debtor days have increased from 41 to 75
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyITIT - Software

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	TCS	2202.00	16.00	796702.87	5.00	13420.00	4.69	72275.00	13.93	66.25	25.67
2.	INFY	1038.20	13.91	421325.69	4.62	7775.00	12.29	48211.00	14.03	42.84	23.66
3.	HCLTECH	1207.00	18.80	327539.38	4.47	4626.00	20.34	34579.00	13.94	31.20	19.87
4.	WIPRO	167.50	12.55	165902.38	6.57	3356.30	0.59	24478.60	10.59	18.49	18.93
5.	TECHM	1539.50	29.38	150891.59	3.31	1486.30	31.67	15711.90	17.68	23.04	17.43
6.	LTM	4301.15	24.39	127581.28	1.74	1468.60	17.06	11608.00	17.96	30.25	17.75
7.	OFSS	11760.00	30.01	102409.76	3.40	1415.50	120.52	3125.20	68.73	45.50	60.04
8.	PERSISTENT	5537.45	45.42	87353.27	0.72	483.04	13.67	4303.23	29.09	35.09	16.19
9.	COFORGE	1847.40	46.58	81835.77	0.86	531.70	49.19	5527.70	49.86	24.70	19.14
10.	MPHASIS	2294.10	22.92	43790.98	2.70	489.51	10.82	4384.05	17.46	23.31	18.15
11.	LTTS	3334.95	26.80	35379.24	1.74	357.10	12.97	2940.10	11.47	27.70	18.65
12.	INNOVANA	325.10	21.80	671.66	0.00	5.54	-57.80	38.97	21.44	31.14	19.96

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	28	25	26	22	25	23	29	27	32	33	35	33	39
	14	14	13	14	13	11	12	12	16	18	23	29	36
Operating Profit	13	11	13	7	12	12	17	15	16	14	12	3	3
OPM %	48.09%	44.88%	48.89%	34.31%	49.20%	53.79%	57.40%	56.19%	50.08%	43.46%	35.11%	9.69%	7.56%
	2	4	4	4	3	5	1	2	3	4	3	3	4
Interest	0	0	1	1	1	1	1	1	1	1	2	1	2
Depreciation	1	1	1	1	1	2	2	2	2	2	3	3	2
Profit before Tax	14	14	15	10	13	14	15	14	16	15	11	2	8
Tax %	27.17%	21.47%	23.76%	12.07%	27.09%	26.13%	23.76%	22.34%	21.95%	22.65%	26.39%	70.98%	27.14%
Net Profit	0	0	0	0	10	11	12	12	13	13	9	18	6
	4.89	5.41	5.51	4.31	5.04	5.39	5.77	5.61	6.40	6.18	4.35	0.88	2.68

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	16	31	45	64	57	58	79	101	103	139
	14	20	31	40	40	32	48	56	47	107
Operating Profit	1	11	14	24	16	26	31	45	56	33
OPM %	7.95%	35.55%	31.23%	37.65%	28.47%	44.61%	39.21%	44.52%	54.30%	23.41%
	0	0	1	3	4	4	7	14	10	14
Interest	0	0	0	0	0	1	1	2	4	5
Depreciation	0	0	1	1	1	3	4	4	7	10
Profit before Tax	1	11	14	26	19	26	33	53	55	36
Tax %	37.87%	28.86%	23.94%	16.21%	17.54%	18.49%	16.34%	21.85%	24.78%	27.35%
Net Profit	1	8	11	22	16	21	27	41	42	26
EPS	0.00	0.00	0.00	0.00	15.48	20.28	26.17	19.98	21.53	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	8.07%	7.40%	1.91%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 10%
3 Years:: 22%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 16%
3 Years:: 29%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 36%
3 Years:: -22%
1 Year:: -41%

RETURN ON EQUITY

10 Years:: —
5 Years:: 27%
3 Years:: 27%
Last Year:: 23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0	4	4	10	10	10	20	20	20
Minority Interest	0	0	0	0	0	0	0	3	6
	1	14	25	40	56	76	91	143	185
	2	0	1	1	1	13	12	20	40
Trade Payables	1	8	6	17	23	16	13	11	12
	1	5	37	55	47	48	41	19	22
Total Liabilities	6	30	72	122	137	164	177	217	285
	1	9	13	12	14	28	27	30	59
Capital Work in Progress	4	0	0	0	0	0	2	2	4
	0	2	28	46	41	41	39	49	59
	0	0	0	0	7	7	10	14	14
	0	0	0	0	0	0	0	13	29
Cash & Bank	1	6	15	39	47	52	4	6	12
	1	13	16	25	29	35	95	103	109
Total Assets	6	30	72	122	137	164	177	217	285

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	2	6	43	44	19	3	10	0	35
Cash from Investing	-4	-7	-30	-19	-8	-14	-46	-15	-19
Cash from Financing	2	7	0	6	2	23	-5	16	-10
	-0	5	9	24	8	5	-48	1	6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Mar 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.23	73.23	73.23	73.23	73.23	73.22	72.65	72.65	72.65
	0.14	0.33	0.14	0.37	0.65	0.84	1.11	1.18	1.04
	0.00	0.00	0.00	0.17	0.50	0.82	1.09	1.09	1.20
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	26.63	26.43	26.63	26.22	25.61	25.12	25.15	25.08	25.10

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-05

Copy of Newspaper Publication

2026-09-05 - Innovana Thinklabs Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-04

Shareholders meeting

2026-09-04 - Innovana Thinklabs Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026

2026-09-03

Outcome of Board Meeting

2026-09-03 - Innovana Thinklabs Limited has informed the Exchange regarding Outcome of Board Meeting held on September 03, 2026.

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Innovana Thinklabs Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Statement of deviation(s) or variation(s) under Reg. 32

2026-08-13 - Innovana Thinklabs Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32

2026-08-13

Outcome of Board Meeting

2026-08-13 - Innovana Thinklabs Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-21

Acquisition

2026-07-21 - Pursuant to provision of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulation ), we hereby inform you that the Board of Directors of Innovana Thinklabs Limited ("the Company"), at its meeting held today, i.e., July 21, 2026, has approved the acquisition of 0.30% equity stake in Mount Everest Breweries Limited.

2026-07-06

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-06 - Innovana Thinklabs Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-06-26

Trading Window

2026-06-26 - Innovana Thinklabs Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

News

Recent coverage and analyst commentary for INNOVANA

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Innovana Thinklabs Ltd.

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Free 5nance Account

Name

TCS

2202.00

16.00

796702.87

5.00

13420.00

4.69

72275.00

13.93

66.25

25.67

INFY

1038.20

13.91

421325.69

4.62

7775.00

12.29

48211.00

14.03

42.84

23.66

HCLTECH

1207.00

18.80

327539.38

4.47

4626.00

20.34

34579.00

13.94

31.20

19.87

WIPRO

167.50

12.55

165902.38

6.57

3356.30

0.59

24478.60

10.59

18.49

18.93

TECHM

1539.50

29.38

150891.59

3.31

1486.30

31.67

15711.90

17.68

23.04

17.43

LTM

4301.15

24.39

127581.28

1.74

1468.60

17.06

11608.00

17.96

30.25

17.75

OFSS

11760.00

30.01

102409.76

3.40

1415.50

120.52

3125.20

68.73

45.50

60.04

PERSISTENT

5537.45

45.42

87353.27

0.72

483.04

13.67

4303.23

29.09

35.09

16.19

COFORGE

1847.40

46.58

81835.77

0.86

531.70

49.19

5527.70

49.86

24.70

19.14

MPHASIS

2294.10

22.92

43790.98

2.70

489.51

10.82

4384.05

17.46

23.31

18.15

LTTS

3334.95

26.80

35379.24

1.74

357.10

12.97

2940.10

11.47

27.70

18.65

INNOVANA

325.10

21.80

671.66

0.00

5.54

-57.80

38.97

21.44

31.14

19.96

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

OPM %

48.09%

44.88%

48.89%

34.31%

49.20%

53.79%

57.40%

56.19%

50.08%

43.46%

35.11%

9.69%

7.56%

Interest

Depreciation

Profit before Tax

Tax %

27.17%

21.47%

23.76%

12.07%

27.09%

26.13%

23.76%

22.34%

21.95%

22.65%

26.39%

70.98%

27.14%

Net Profit

4.89

5.41

5.51

4.31

5.04

5.39

5.77

5.61

6.40

6.18

4.35

0.88

2.68

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

101

103

139

107

Operating Profit

OPM %

7.95%

35.55%

31.23%

37.65%

28.47%

44.61%

39.21%

44.52%

54.30%

23.41%

Interest

Depreciation

Profit before Tax

Tax %

37.87%

28.86%

23.94%

16.21%

17.54%

18.49%

16.34%

21.85%

24.78%

27.35%

Net Profit

EPS

0.00

15.48

20.28

26.17

19.98

21.53

—

Dividend Payout %

0.00%

8.07%

7.40%

1.91%

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Minority Interest

143

185

Trade Payables

Total Liabilities

122

137

164

177

217

285

Capital Work in Progress

Cash & Bank

103

109

Total Assets

122

137

164

177

217

285

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Cash from Investing

-4

-7

-30

-19

-8

-14

-46

-15

-19

Cash from Financing

-5

-10

-0

-48

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

73.23

73.22

72.65

0.14

0.33

0.14

0.37

0.65

0.84

1.11

1.18

1.04

0.00

0.17

0.50

0.82

1.09

1.20

Government

0.00

26.63

26.43

26.63

26.22

25.61

25.12

25.15

25.08

25.10

Innovana Thinklabs Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Innovana Thinklabs Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI