Mindteck (India) Ltd.
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ABOUT
AI Sector View
AI GENERATEDInformation Technology
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.
PROS
- Company has delivered good profit growth of 23.8% CAGR over last 5 years
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (25.8% of PBT)
- Working capital days have increased from 168 to 238 days
- Recurring exceptional / one-off items are inflating headline profit
- Company has delivered a poor sales growth of 7.3% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| 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 | 14863.00 | 1216.71 | 157119.00 | 1076.82 | 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 |
| MINDTECK | 158.75 | 16.30 | 507.27 | 0.63 | 83.60 | 855.43 | 1040.80 | 927.44 | 14.21 | 7.81 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 934 | 985 | 958 | 979 | 1,082 | 1,082 | 1,040 | 1,040 | 1,013 | 1,016 | 1,005 | 1,039 | 1,041 | |
| 872 | 910 | 885 | 917 | 1,005 | 1,010 | 965 | 970 | 932 | 959 | 914 | 946 | 973 | |
| Operating Profit | 62 | 74 | 72 | 62 | 77 | 73 | 75 | 70 | 81 | 58 | 91 | 93 | 68 |
| OPM % | 6.66% | 7.56% | 7.53% | 6.33% | 7.11% | 6.71% | 7.20% | 6.77% | 8.01% | 5.68% | 9.02% | 9.00% | 6.52% |
| 17 | 16 | 15 | 17 | 37 | 18 | 18 | 20 | 26 | 2 | 75 | 31 | 28 | |
| Interest | 3 | 2 | 2 | 2 | 2 | 2 | 4 | 4 | 3 | 3 | 2 | 2 | 2 |
| Depreciation | 11 | 11 | 11 | 11 | 11 | 11 | 12 | 12 | 12 | 12 | 11 | 11 | 11 |
| Profit before Tax | 79 | 90 | 87 | 79 | 79 | 90 | 93 | 90 | 108 | 98 | 60 | 124 | 96 |
| Tax % | 21.14% | 18.03% | 17.64% | 17.56% | 19.44% | 15.98% | 14.91% | 24.78% | 18.68% | 22.78% | 15.55% | 18.26% | 13.10% |
| Net Profit | 62 | 74 | 72 | 65 | 64 | 76 | 79 | 68 | 88 | 76 | 50 | 102 | 84 |
| 2.51 | 2.97 | 2.89 | 2.60 | 2.53 | 2.38 | 2.49 | 2.13 | 2.74 | 2.36 | 1.58 | 3.18 | 2.62 |
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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 342 | 297 | 299 | 276 | 287 | 299 | 337 | 386 | 424 | 407 | 4,101 | |
| 331 | 296 | 297 | 273 | 267 | 279 | 310 | 354 | 389 | 369 | 3,791 | |
| Operating Profit | 11 | 1 | 3 | 3 | 20 | 19 | 27 | 32 | 35 | 38 | 310 |
| OPM % | 3.21% | 0.43% | 0.88% | 1.26% | 6.84% | 6.51% | 8.05% | 8.28% | 8.31% | 9.32% | 7.55% |
| 3 | 0 | 5 | -58 | 5 | 25 | 4 | 7 | 6 | 7 | 136 | |
| Interest | 0 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 10 |
| Depreciation | 2 | 1 | 2 | 7 | 6 | 5 | 5 | 4 | 5 | 5 | 45 |
| Profit before Tax | 11 | -0 | 4 | -64 | 16 | 38 | 26 | 34 | 35 | 39 | 378 |
| Tax % | 19.15% | -4608.33% | 37.16% | -1.14% | 32.67% | 12.53% | 20.05% | 18.55% | 18.73% | 19.10% | 17.69% |
| Net Profit | 9 | -6 | 3 | -65 | 11 | 33 | 21 | 27 | 29 | 32 | 311 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 4.23 | 12.90 | 8.08 | 10.87 | 8.99 | 9.87 | — |
| Dividend Payout % | 26.88% | -44.62% | 92.00% | 0.00% | 0.00% | 7.60% | 11.97% | 9.20% | 11.13% | 10.14% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 3%
- 5 Years:
- 7%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 2%
- 5 Years:
- 24%
- 3 Years:
- 15%
STOCK PRICE CAGR
- 10 Years:
- 10%
- 5 Years:
- 17%
- 3 Years:
- 13%
- 1 Year:
- -28%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 14%
- 3 Years:
- 12%
- Last Year:
- 11%
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 32 | 32 |
| 169 | 164 | 167 | 103 | 113 | 149 | 164 | 194 | 226 | 269 | |
| 2 | 0 | 0 | 9 | 23 | 5 | 2 | 0 | 4 | 0 | |
| Trade Payables | 15 | 10 | 15 | 13 | 14 | 18 | 16 | 16 | 18 | 20 |
| 26 | 34 | 30 | 32 | 27 | 28 | 31 | 35 | 37 | 41 | |
| Total Liabilities | 236 | 233 | 237 | 181 | 202 | 225 | 238 | 271 | 316 | 363 |
| 89 | 96 | 100 | 50 | 38 | 38 | 35 | 32 | 37 | 33 | |
| 1 | 9 | 14 | 1 | 0 | 0 | 0 | 0 | 0 | 56 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 93 | 101 | 114 | |
| Cash & Bank | 39 | 31 | 11 | 29 | 78 | 77 | 100 | 125 | 134 | 136 |
| 107 | 96 | 112 | 100 | 87 | 111 | 103 | 20 | 44 | 25 | |
| Total Assets | 236 | 233 | 237 | 181 | 202 | 225 | 238 | 271 | 316 | 363 |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -6 | 9 | -6 | 19 | 34 | 26 | 19 | 22 | 24 | 26 | |
| Cash from Investing | 1 | -12 | -2 | 12 | -25 | -20 | -10 | -13 | -7 | -37 |
| Cash from Financing | -1 | -3 | -3 | -9 | 13 | -3 | -15 | -2 | 1 | -7 |
| -11 | -12 | -18 | 18 | 22 | -2 | -12 | 8 | 18 | -18 |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Mindteck (India) Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Mindteck (India) Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Mindteck (India) Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Mindteck (India) Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 13, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-08-12 - Mindteck (India) Limited has informed the Exchange regarding a press release dated August 12, 2026, titled "Mindteck Reports Financial Results for Q1 2026-27".
2026-08-12 - Mindteck (India) Limited has informed the Exchange regarding Outcome of Board Meeting held on August 12, 2026.
2026-08-12 - Mindteck (India) Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-22 - Mindteck (India) Limited has informed the Exchange about Copy of Newspaper Publication on AGM Notice, Book Closure, Record date and e-voting advertisement
2026-07-21 - Mindteck (India) Limited has informed the Exchange regarding 'Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Communication to shareholders Tax Deducted at Source (TDS) on Dividend'.
News
Recent coverage and analyst commentary for MINDTECK
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