Investor presentationSep 2026
Sep 2026 · PPT
Source: Nse
Infollion Research Services Ltd. (INFOLLION)
SME CapServices stocks · SME cap · NSE
Infollion Research Services Ltd. provides expert network and research services. The company is expanding into new business verticals like Learning & Development (Huksa) and growing its international presence in the US and MENA regions, leveraging its proprietary technology platform and expert base.
₹150.8
-7.90 · -4.98%
Market cap ₹154 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result26 Apr, 11:22 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 +1.8% / mo · MACD − · near 52W low
Stock trend: 39
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
INFOLLIOND candles · FIT view-33.2%Latest close ₹150.80 on 2026-10-19
Bar
-2.7%
RSI
39
MACD hist
-0.50
52W pos
2%
2026-10-19O ₹155.00H ₹155.00L ₹150.80C ₹150.80Vol 8,800 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INFOLLIONNifty 500
- INFOLLION
- -10.7%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -5.2 pp
Chart stats
19 Oct 2026- From 52W high
- -68.8%
- 52W range position
- 2%
- ATR (14)
- 4.8%
- Volume vs 20D
- 0.74x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹145 - ₹177.4
₹483.8
₹145 - ₹483.8
₹7.3
Latest completed session
20-session average
43.2% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE59
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +81.5% · PAT +25.0% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model+62.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Average · 52/100margin compression · Rev +81% YoY · PAT +25% YoY
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹49 Cr | +81.5% | -3.9% |
| EBITDA | ₹6 Cr | NDF | -33.3% |
| Operating margin | 12.0% | NDF | -500 bps |
| PAT | ₹5 Cr | +25.0% | -28.6% |
| PAT margin | 10.2% | NDF | -353 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.70
- P/B
- 2.08
- EV/EBITDA
- 11.00
- Market Cap
- 154.00Cr
Profitability
- ROE
- 21.00%
- ROCE
- 28.60%
- ROA
- 14.81%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 27.59%
- EPS 5Y
- 10.06%
- Revenue 3Y
- -5.00%
- EPS 3Y
- -5.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 9.36
- Book Value
- 76.50
Cash Flow
- FCF Yield
- 5.19%
- FCF Positive Y
- 3/5
- OCF
- 11.00 Cr
- EPS TTM
- 12.52
Shareholding
- Promoter Hold
- 51.65%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 100+29.9% vs prev
Net Profit
₹ CrLatest: 13.0+8.3% vs prev
Return on Equity
%Latest: 19.1-14.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~1.7% over last month) — short-term momentum positive.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
4
RS percentile
Stage 4 Downtrend
1M return
-3.6%
3M return
-10.7%
6M return
-38.8%
1Y return
-63.2%
RS 1D
-1
RS 20D
+2
Sector rank
#12
Industry rank
#56
Stage evidence
- Price is 22.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -9.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
259 observations
19 Oct 2026Value 33.67-3.99%
RS vs Nifty 50034
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation17/30
Growth14/25
Quality14/20
Balance Sheet8/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
-7
Raw sum
59
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
59/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 5.2%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 62.1%.
Main drags
- Penalty bucket subtracts 7 points.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
- Growth is weaker at 14/25; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
12.7
PB
2.1
EV/EBITDA
11.0
ROE
21.0%
ROCE
28.6%
FCF Yield
5.2%
Debt/Equity
0.0
MoS
+62.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
59
Previous: 59
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+62.1%
Previous: +62.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
63
63
63
63
63
63
63
58
58
58
59
59
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹146.8
-2.7% MoS
Growth-justified P/E
31.8
Growth-justified Value
₹397.89
+62.1% MoS
PEG
1.26
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SPECTSTM
SME
Spectrum Talent Management Ltd.
HR & Manpower
match 131
58
11.1
7.4%
+60%
FAIR VALUE
EMAPARTNER
SME
EMA Partners India Ltd.
HR & Manpower
match 129
48
14.8
8.8%
+53%
FAIR VALUE
IPSL
SME
Integrated Personnel Services Ltd.
HR & Manpower
match 128
52
18.6
17.8%
+41%
FAIR VALUE
SERVICE
SME
Service Care Ltd.
HR & Manpower
match 126
34
18.4
10.1%
+36%
WATCHLIST
WHITEFORCE
SME
Happy Square Outsourcing Services Ltd.
HR & Manpower
match 124
70
7.0
22.7%
+74%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-18T07:26:22.190Z
Management commentary snapshot
FY26 Revenue up 30% YoY to ₹102.99 Cr, but EBITDA grew only 1% to ₹14.73 Cr and PAT 2% to ₹12.72 Cr, indicating significant margin compression due to expansion costs.
While revenue growth remains strong, significant margin compression (EBITDA margin from 18.4% to 14.3%) due to aggressive headcount additions and business development expenses is concerning. Softening client growth and volume drops in H2 FY26, particularly Q4, suggest demand challenges despite strategic investments.
Growth engines
New Business Verticals
Huksa (L&D), US Operations, and MENA each achieved their first ₹1 Crore in annual revenue, marking significant milestones.
International Expansion
International expansion continued, with more than one-third of the business now served through experts based outside India. US revenue crossed ₹1 Cr.
M&A Opportunities
The Company is actively evaluating multiple M&A opportunities and is moving closer to deployment, leveraging its ₹43 Crore cash reserve.
Capacity and execution
Headcount Addition
The Company added 71 employees on a net basis during FY26, bringing the total headcount to 271, primarily across newer teams and geographies.
Proprietary Technology Platform
₹289 Lakh 'Software Under Development' represents capitalised salary expenses for the technology team building out the platform, with core development substantially complete.
Tailwinds
AI-driven Market Expansion
AI-driven bot-moderated expert calls have the potential to significantly expand the addressable market size, a model Infollion has operated for over a year.
AI-in-Action (AI-IA) Offerings
The Company is building a library of AI case studies and anecdotes from experts to be offered as micro-courses or modules within training programs.
Domain-specific AI Workshops
Positive response for domain-specific Generative AI and Agentic AI workshops, executed through the Huksa vertical.
Headwinds
Softening Client Growth & Volumes
Client growth softened in H2 FY26, particularly in Q4, with volumes dropping by approximately 20–25% in the final month.
Gross Margin Compression
Gross margins declined from 44% to 41% due to client development calls for new international clients and fee waivers on large projects for client stickiness.
Increased Operating Expenses
EBITDA margin declined from ~18.4% to ~14.3% due to aggressive headcount additions, increased travel, and business development expenditure for new verticals and geographies.
Risk radar
AI Threat to Secondary Research
AI-powered tools are increasingly replacing the collated research and syndicated reports market, though management believes this overlaps less with Infollion's core primary insights.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential for full-year financial performance. However, QoQ/HOH comparison is crucial to understand the sequential softening of client growth and volumes in H2 FY26, which impacted margins despite strong annual revenue growth.
Sector KPIs management disclosed
New Client Logos
A meaningful number of new client logos were added across all verticals during the year.
L&D Projects Delivered (Huksa)
Huksa delivered over 100 L&D projects during the year, including expert-led trainings, e-learning content curation, and leadership programs.
North American Expert Pool
The North American expert pool now constitutes approximately 15% of the total expert base, with strong representation across TMT, Healthcare & Life Sciences, and Financial Services.
Days Sales Outstanding (DSO)
DSO reduced from 83 days in FY25 to 67 days in FY26, attributed to less pronounced revenue concentration in March 2026 compared to March 2025.
Management forward view
Strategic Investment for Long-Term Growth
Management views current margin compression as a strategic investment in long-term growth, not a structural decline in profitability, due to aggressive headcount and business development.
Prioritizing Market Position over Near-Term Margins
Near-term priority is to consolidate market position and achieve dominance before pivoting toward margin optimisation, acknowledging some operational 'flab' during rapid expansion.
No Immediate Dividend or Buyback Plans
The Company intends to accelerate investment in new growth opportunities and currently has no plans to pay dividends or undertake a buyback.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth (YoY) | 30% | Sustained high growth rates, especially given H2 softening and Q4 volume drops. |
| EBITDA Margin | 14.3% | Stabilization or improvement in margins as new verticals and geographies scale and operational 'flab' is addressed. |
| Client Growth & Volumes | Softening in H2, Q4 volumes down 20-25% | Reversal of the softening trend in client additions and volume growth in the core business and new verticals. |
| M&A Progress | Evaluating 2-3 targets, moving closer to deployment | Announcement and successful integration of inorganic growth opportunities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 89th percentile within Services. Main check: results consistency is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
12 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Services: 89th pctile, median 66 · SME: 97th pctile, median 64
Evidence depth
Financial-only
12 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.2%.
- ▸Debt/equity is 0.00.
- ▸ROCE is 28.6%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Infollion Research Services Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportAug 2026
Aug 2026 · Copy of Newspaper Publication 26 Aug - Newspaper clippings confirm electronic dispatch of 17th AGM notice and FY 2025-26 annual report on August 26, 2026.
Source: Nse
Concall transcriptApr 2026
Apr 2026 · Transcript
Source: Nse
Investor presentationApr 2026
Apr 2026 · PPT
Source: Nse
Investor presentationApr 2026
Apr 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationOct 2025
Oct 2025 · PPT
Source: Nse
Concall transcriptOct 2025
Oct 2025 · Transcript
Source: Nse
Investor presentationApr 2025
Apr 2025 · PPT
Source: Nse
Concall transcriptApr 2025
Apr 2025 · Transcript
Source: Nse
Investor presentationMar 2025
Mar 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.