NIIT Learning Systems 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 a healthy return on capital (ROCE) of 28.4%
- Company has a good return on equity (ROE) track record: 3 Years ROE 22.0%
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.18x)
- Stock looks reasonably valued - P/E of 12.4 is below its historical median
- Company comfortably covers its interest (13.1x coverage)
CONS
- Receivables are growing faster than sales - a possible quality concern
- Total debt has risen sharply - up 278.5% year on year
- Recurring exceptional / one-off items are inflating headline profit
- Operating margins have contracted to 18.1% from 22.8%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NIITMTS | 229.20 | 12.36 | 3163.02 | 1.42 | 57.41 | 16.45 | 565.08 | 25.20 | 23.20 | 16.45 |
| NIITLTD | 92.40 | 140.77 | 1265.82 | 1.08 | 7.52 | 79.37 | 95.65 | 13.71 | 1.26 | -3.85 |
| EXCELSOFT | 81.29 | 20.02 | 935.52 | 0.00 | 92.28 | 1471.26 | 802.63 | 1340.52 | 12.88 | 16.24 |
| COMPUSOFT | 12.91 | 35.20 | 102.15 | 1.94 | 1.37 | 1.94 | 8.07 | -8.13 | 4.02 | 14.42 |
| LCCINFOTEC | 3.13 | 0.00 | 52.77 | 0.00 | -0.45 | -1022.45 | 0.01 | -99.13 | -50.00 | -4700.00 |
| UMESLTD | 4.85 | 32.85 | 12.81 | 0.00 | 0.02 | -16.67 | 0.12 | -7.69 | 2.96 | 24.17 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 382 | 382 | 391 | 398 | 407 | 397 | 419 | 430 | 451 | 476 | 500 | 525 | 565 | |
| 297 | 292 | 301 | 301 | 311 | 310 | 327 | 350 | 361 | 383 | 403 | 438 | 502 | |
| Operating Profit | 85 | 90 | 90 | 97 | 96 | 88 | 92 | 80 | 90 | 93 | 96 | 88 | 63 |
| OPM % | 22.32% | 23.54% | 23.03% | 24.34% | 23.58% | 22.02% | 21.87% | 18.65% | 20.03% | 19.49% | 19.31% | 16.67% | 11.09% |
| 7 | 3 | 7 | 10 | 6 | 9 | 6 | 12 | 7 | 2 | 21 | 33 | 18 | |
| Interest | 8 | 9 | 6 | 10 | 7 | 7 | 0 | 6 | 6 | 7 | 4 | 6 | 9 |
| Depreciation | 15 | 17 | 14 | 13 | 14 | 15 | 16 | 17 | 18 | 18 | 19 | 21 | 21 |
| Profit before Tax | 68 | 67 | 78 | 84 | 81 | 75 | 81 | 69 | 73 | 69 | 95 | 94 | 78 |
| Tax % | 19.22% | 30.40% | 26.83% | 35.10% | 26.13% | 23.49% | 24.05% | 29.69% | 32.48% | 32.24% | 21.60% | 17.99% | 26.49% |
| Net Profit | 0 | 0 | 0 | 0 | 60 | 57 | 62 | 49 | 49 | 47 | 74 | 77 | 57 |
| 4.10 | 3.48 | 4.21 | 4.02 | 4.43 | 4.20 | 4.54 | 3.58 | 3.62 | 3.43 | 5.42 | 5.61 | 4.17 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 1,132 | 1,362 | 1,554 | 1,653 | 1,952 | 2,066 | |
| 838 | 1,066 | 1,189 | 1,307 | 1,598 | 1,726 | |
| Operating Profit | 294 | 296 | 365 | 346 | 354 | 339 |
| OPM % | 25.99% | 21.72% | 23.46% | 20.95% | 18.15% | 16.43% |
| 14 | -4 | 27 | 46 | 81 | 74 | |
| Interest | 4 | 17 | 35 | 24 | 27 | 26 |
| Depreciation | 42 | 47 | 59 | 62 | 76 | 80 |
| Profit before Tax | 262 | 228 | 297 | 306 | 331 | 336 |
| Tax % | 22.94% | 15.87% | 28.23% | 25.74% | 25.20% | 23.92% |
| Net Profit | 202 | 192 | 213 | 228 | 248 | 256 |
| EPS | 17.48 | 13.97 | 15.75 | 16.71 | 18.01 | — |
| Dividend Payout % | 0.00% | 0.00% | 33.33% | 17.95% | 18.04% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 9%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -16%
- 1 Year:
- -30%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 27%
- 3 Years:
- 22%
- Last Year:
- 19%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 116 | 27 | 27 | 27 | 28 |
| 415 | 713 | 912 | 1,126 | 1,439 | |
| 6 | 306 | 252 | 188 | 421 | |
| Trade Payables | 88 | 101 | 91 | 99 | 132 |
| 346 | 577 | 802 | 834 | 1,187 | |
| Total Liabilities | 971 | 1,723 | 2,083 | 2,275 | 3,206 |
| 119 | 597 | 613 | 629 | 1,083 | |
| 99 | 283 | 378 | 425 | 531 | |
| 1 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 225 | 252 | 378 | |
| Cash & Bank | 353 | 279 | 284 | 342 | 395 |
| 399 | 565 | 583 | 627 | 819 | |
| Total Assets | 971 | 1,723 | 2,083 | 2,275 | 3,206 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 323 | 226 | 290 | 260 | 310 | |
| Cash from Investing | -66 | -255 | -182 | -129 | -414 |
| Cash from Financing | -94 | 101 | -69 | -73 | 130 |
| 116 | -2 | 27 | 45 | 4 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Presentation for NIIT Learning Investor Day Building the AI Ready L&D Enterprise event.
2026-09-09 - Voting results and Scrutinizer's Report of 24th Annual General Meeting of the Company held on September 9, 2026.
2026-09-09 - Summary of proceedings of 24th Annual General Meeting of the Company held on September 9, 2026.
2026-08-31 - Update of the MST Holding GmbH Germany, a step down wholly owned subsidiary ("WoS") of the Company for the voluntary dissolution and winding up of its Wos - MST Shanghai Co. Limited.
2026-08-27 - Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Part A of Schedule III thereto, we wish to inform you that the representative of the Company will be meeting investors as per the schedule given in the attached letter.
2026-08-21 - Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Part A of Schedule III thereto, we wish to inform you that the Company is hosting an Investor/Analyst interaction in Mumbai as per details given in the attached letter.
2026-08-19 - Press release dated August 19, 2026.
2026-08-15 - Newspaper advertisements for dispatch of Notice of 24th Annual General Meeting and Annual Report for financial year 2025-26 & e-Voting information.
2026-08-14 - Notice of 24th Annual General Meeting and Annual Report - 2025-26 of the Company.
News
Recent coverage and analyst commentary for NIITMTS
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