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 is almost debt free
- Company has a healthy return on capital (ROCE) of 21.8%
- Company has delivered good sales growth of 110.0% CAGR over last 5 years
- Latest quarter profit grew 40.0% YoY, showing strong momentum
- Company has been maintaining a healthy dividend payout of 42.7%
CONS
- A large part of profit comes from other income (97.5% of PBT)
- Operating margins have contracted to 11.9% from 27.6%
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NIITMTS | 222.80 | 12.02 | 3074.70 | 1.46 | 57.41 | 16.45 | 565.08 | 25.20 | 23.20 | 16.45 |
| NIITLTD | 97.40 | 148.39 | 1334.32 | 1.03 | 7.52 | 79.37 | 95.65 | 13.71 | 1.26 | -3.85 |
| EXCELSOFT | 70.60 | 17.39 | 812.49 | 0.00 | 92.28 | 1471.26 | 802.63 | 1340.52 | 16.61 | 16.24 |
| COMPUSOFT | 13.00 | 35.45 | 102.86 | 1.92 | 1.37 | 1.94 | 8.07 | -8.13 | 4.02 | 14.42 |
| LCCINFOTEC | 3.88 | 0.00 | 65.41 | 0.00 | -0.45 | -1022.45 | 0.01 | -99.13 | -50.00 | -4700.00 |
| UMESLTD | 4.88 | 33.05 | 12.89 | 0.00 | 0.02 | -16.67 | 0.12 | -7.69 | 2.96 | 24.17 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 96 | 95 | 101 | 108 | 107 | 116 | 130 | 130 | 131 | 134 | 143 | 124 | 139 | |
| 89 | 84 | 88 | 88 | 91 | 99 | 105 | 112 | 117 | 120 | 121 | 112 | 129 | |
| Operating Profit | 7 | 11 | 13 | 20 | 16 | 17 | 25 | 18 | 14 | 14 | 22 | 12 | 10 |
| OPM % | 7.35% | 11.95% | 12.58% | 18.56% | 14.68% | 14.71% | 19.46% | 13.61% | 10.86% | 10.51% | 15.67% | 9.83% | 7.02% |
| 16 | 13 | 49 | 17 | 16 | 58 | 18 | 21 | 24 | 61 | 6 | 18 | 28 | |
| Interest | 0 | 0 | 0 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 4 | 5 | 5 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 11 | 11 | 11 |
| Profit before Tax | 19 | 18 | 56 | 30 | 25 | 67 | 34 | 29 | 27 | 63 | 16 | 18 | 38 |
| Tax % | 23.05% | 24.85% | 9.87% | 24.83% | 25.94% | 6.91% | 24.65% | 22.64% | 25.04% | 8.38% | 21.96% | 24.86% | 24.81% |
| Net Profit | 15 | 14 | 51 | 23 | 18 | 62 | 26 | 23 | 20 | 58 | 13 | 14 | 28 |
| 1.09 | 1.03 | 3.77 | 1.68 | 1.36 | 4.57 | 1.89 | 1.66 | 1.48 | 4.23 | 0.93 | 0.99 | 2.06 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 98 | 59 | 35 | 25 | 13 | 329 | 404 | 400 | 483 | 532 | 539 | |
| 84 | 56 | 39 | 36 | 24 | 292 | 350 | 349 | 419 | 469 | 481 | |
| Operating Profit | 14 | 3 | -4 | -11 | -11 | 36 | 54 | 51 | 64 | 63 | 58 |
| OPM % | 14.41% | 5.11% | -10.96% | -46.05% | -83.28% | 10.96% | 13.32% | 12.73% | 13.24% | 11.88% | 10.83% |
| 1 | 3 | 4 | -7 | -3 | 41 | 54 | 95 | 124 | 108 | 112 | |
| Interest | 3 | 6 | 3 | 3 | 2 | 0 | 0 | 3 | 4 | 3 | 3 |
| Depreciation | 7 | 4 | 3 | 4 | 1 | 11 | 9 | 19 | 30 | 43 | 45 |
| Profit before Tax | 5 | -5 | -6 | -25 | -16 | 66 | 98 | 124 | 155 | 125 | 135 |
| Tax % | 0.00% | -0.16% | -0.00% | -7.55% | -0.48% | 11.69% | -1.05% | 17.76% | 16.83% | 16.16% | 16.80% |
| Net Profit | 5 | -5 | -6 | -27 | -16 | 58 | 99 | 102 | 129 | 105 | 113 |
| EPS | 0.53 | -0.91 | -0.88 | -3.86 | -1.72 | 5.06 | 7.22 | 7.54 | 9.46 | 7.61 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 69.64% | 31.72% | 42.72% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 17%
- 5 Years:
- 110%
- 3 Years:
- 10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 2%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -18%
- 1 Year:
- -33%
RETURN ON EQUITY
- 10 Years:
- -27%
- 5 Years:
- 23%
- 3 Years:
- 19%
- Last Year:
- 15%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 19 | 69 | 69 | 69 | 116 | 116 | 27 | 27 | 27 | 28 |
| -54 | -64 | -71 | -97 | -113 | 246 | 435 | 517 | 617 | 695 | |
| 91 | 26 | 25 | 30 | 0 | 0 | 0 | 27 | 23 | 17 | |
| Trade Payables | 27 | 27 | 19 | 20 | 11 | 46 | 50 | 47 | 61 | 56 |
| 14 | 10 | 8 | 9 | 5 | 66 | 79 | 112 | 160 | 221 | |
| Total Liabilities | 98 | 68 | 50 | 31 | 19 | 474 | 591 | 730 | 889 | 1,017 |
| 10 | 6 | 6 | 2 | 0 | 14 | 35 | 80 | 109 | 92 | |
| 0 | 0 | 1 | 0 | 5 | 193 | 377 | 420 | 472 | 571 | |
| 1 | 3 | 4 | 4 | 2 | 1 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 85 | 109 | 122 | |
| Cash & Bank | 15 | 8 | 2 | 2 | 2 | 79 | 0 | 10 | 6 | 1 |
| 71 | 50 | 37 | 23 | 10 | 188 | 179 | 136 | 193 | 230 | |
| Total Assets | 98 | 68 | 50 | 31 | 19 | 474 | 591 | 730 | 889 | 1,017 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 50 | 21 | -5 | -2 | -12 | 53 | 74 | 89 | 84 | 104 | |
| Cash from Investing | -5 | -4 | -2 | 0 | -5 | -52 | -63 | -44 | -57 | -70 |
| Cash from Financing | -33 | -24 | -3 | 2 | 14 | -1 | -0 | -32 | -37 | -34 |
| 9 | -7 | -6 | -0 | -0 | -2 | 0 | 9 | -9 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.80 | -0.69 | -0.88 | -3.86 | -1.40 | 5.06 | 7.38 | 7.54 | 9.46 | 7.61 |
| Book Value (₹) | -18.29 | 0.67 | -0.21 | -4.03 | 0.24 | 31.28 | 34.30 | 40.18 | 47.36 | 52.54 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.25 | 3.00 | 3.25 |
| Cash EPS (₹) | 6.65 | -0.07 | -0.44 | -3.35 | -1.33 | 6.00 | 8.06 | 8.97 | 11.67 | 10.77 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 14.92% | 9.44% | -3.37% | -42.81% | -71.11% | 23.55% | 27.56% | 12.73% | 13.24% | 11.88% |
| Net Margin % | 5.43% | -7.99% | -17.27% | -108.52% | -123.80% | 17.80% | 24.58% | 25.51% | 26.63% | 19.67% |
| ROE % | 0.00% | 0.00% | -388.22% | 0.00% | 0.00% | 32.11% | 24.12% | 20.30% | 21.66% | 15.30% |
| ROCE % | 11.72% | 3.11% | -9.98% | -166.43% | -575.74% | 35.05% | 22.68% | 23.65% | 24.67% | 17.03% |
| 4.75% | -5.70% | -10.26% | -65.74% | -65.29% | 23.73% | 18.64% | 15.45% | 15.90% | 10.98% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 233 | 247 | 285 | 300 | 288 | 43 | 79 | 87 | 73 | 79 |
| Inventory Days | 6 | 15 | 39 | 60 | 82 | 1 | 0 | 0 | 0 | 0 |
| Payable Days | 896 | 1115 | 1216 | 1184 | 3337 | 7131 | 0 | 0 | 0 | 4697 |
| -657 | -853 | -892 | -823 | -2967 | -7087 | 80 | 87 | 73 | -4617 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | -2.58x | 5.43x | -16.91x | -1.08x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 3.04x | 0.22x | -0.78x | -6.32x | -7.93x | 278.09x | 405.23x | 44.32x | 44.32x | 41.50x |
| 1.92x | 0.77x | 1.33x | 0.68x | 1.04x | 3.29x | 3.98x | 4.10x | 4.87x | 4.91x | |
| GROWTH | ||||||||||
| Revenue Growth % | -7.80% | -39.61% | -40.75% | -30.09% | -46.94% | 2422.19% | 22.91% | -0.89% | 20.82% | 10.02% |
| Operating Profit Growth % | 62.42% | -61.80% | -121.19% | -786.95% | 11.87% | 935.36% | 43.85% | 32.70% | 27.57% | -1.87% |
| Net Profit Growth % | 416.39% | -188.83% | -28.05% | -339.17% | 39.47% | 462.70% | 69.73% | 2.83% | 26.11% | -18.72% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.21% | 25.43% | -19.55% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 67.02x | 43.24x | 34.45x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 12.58x | 8.64x | 4.99x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.04% | 0.73% | 1.24% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 46.25x | 29.52x | 19.49x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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.
2026-08-10 - 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 representatives of the Company will be meeting investors as per the schedule given in the attached letter.
2026-08-10 - 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 representatives of the Company will be meeting investors as per the schedule given in the attached letter.
2026-08-06 - Copies of newspaper publication for intimation of 24th Annual General Meeting scheduled to be held on September 9, 2026
News
Recent coverage and analyst commentary for NIITMTS
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