Annual reportSep 2026
Sep 2026 · Updates 8 Sep - Vinsys AGM scheduled for September 30, 2026; annual report link shared, with e-voting dates announced.
Source: Nse
Vinsys IT Services India Ltd. (VINSYS)
SME CapIT stocks · SME cap · NSE
Vinsys IT Services India Ltd. is a global provider of training, technology, and manpower solutions. It operates across India, the Middle East, USA, and Africa, offering 326+ courses, software development, and staffing services. The company serves over half of Fortune 500 companies and is ranked #1 corporate training provider in the Middle East.
₹598.25
+9.25 · +1.57%
Market cap ₹847 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 08:14 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
76BullishSMA20 -1.8% / mo · MACD + · near 52W high · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 61
Sector RS: 100
Sector 3M: +8.9% vs Nifty 500 -5.6%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VINSYSD candles · FIT view+82.4%Latest close ₹598.25 on 2026-10-19
Bar
+1.4%
RSI
60
MACD hist
1.38
52W pos
96%
2026-10-19O ₹590.00H ₹615.50L ₹590.00C ₹598.25Vol 28,000 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
VINSYSNifty ITNifty 500
- VINSYS
- +18.3%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +23.8 pp
Chart stats
19 Oct 2026- From 52W high
- -2.8%
- 52W range position
- 96%
- ATR (14)
- 2.2%
- Volume vs 20D
- 5.50x
- Avg traded value
- ₹0.3 Cr
- 20D price channel
- ₹555.1 - ₹615.5
₹615.5
₹215 - ₹615.5
₹12.9
Latest completed session
20-session average
22.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · FAIR VALUE46
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +62.6% · PAT +40.0% YoY
Technical
Bullish76
Price trend and sector-relative-strength timing.
Valuation
Legacy model+8.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
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
Good · 62/100Rev +63% YoY · PAT +40% YoY · +23% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹148 Cr | +62.6% | +23.3% |
| EBITDA | ₹30 Cr | NDF | +130.8% |
| Operating margin | 20.0% | NDF | +900 bps |
| PAT | ₹21 Cr | +40.0% | +133.3% |
| PAT margin | 14.2% | NDF | +669 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.50
- P/B
- 5.22
- EV/EBITDA
- 18.35
- Market Cap
- 847.00Cr
Profitability
- ROE
- 20.30%
- ROCE
- 21.40%
- ROA
- 12.35%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 68.00%
- EPS 5Y
- 145.00%
- Revenue 3Y
- 41.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 0.32
- Interest Coverage
- 10.75×
- Altman Z
- 8.77
- Book Value
- 110.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -9.00 Cr
- EPS TTM
- 20.26
Shareholding
- Promoter Hold
- 64.74%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 268+26.4% vs prev
Net Profit
₹ CrLatest: 30.0+0.0% vs prev
Return on Equity
%Latest: 18.5-19.1% 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 uptrend intact. RSI 60. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 60 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
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
91
RS percentile
Stage 2 UptrendEstablished S2
1M return
+3.1%
3M return
+18.4%
6M return
+75.7%
1Y return
+51.4%
RS 1D
+2
RS 20D
+2
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 33.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +8.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
29 Jun 2026
S2 age
78 trading sessions
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
253 observations
19 Oct 2026Value 141.62+2.62%
RS vs Nifty 500142
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation2/30
Growth22/25
Quality10/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
-1
Raw sum
46
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
46/100 · legacy band FAIR VALUE
Positive drivers
- Growth contributes 22/25 to the score.
- Balance sheet contributes 9/15 to the score.
- Quality contributes 10/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
28.5
PB
5.2
EV/EBITDA
18.4
ROE
20.3%
ROCE
21.4%
FCF Yield
—
Debt/Equity
0.3
MoS
+8.0%
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
46
Previous: 46
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+8.0%
Previous: +8.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
46
46
46
46
46
46
46
46
46
46
46
46
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
₹223.93
-167.2% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹650.35
+8.0% MoS
PEG
0.29
Comparable companies
Peers
Business-comparable peers in IT — 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
TAC
SME
TAC Infosec Ltd.
IT Services / Digital
match 131
57
28.5
34.3%
-6%
FAIR VALUE
NAMOEWASTE
SME
Namo eWaste Management Ltd.
IT Services / Digital
match 131
41
54.1
14.9%
-68%
WATCHLIST
EFFWA
SME
Effwa Infra & Research Ltd.
IT Services / Digital
match 130
62
28.7
26.2%
+10%
UNDERVALUED
ZTECH
SME
Z-Tech (India) Ltd.
IT Services / Digital
match 130
44
34.7
20.9%
+3%
WATCHLIST
SAHANA
SME
Sahana System Ltd.
IT Services / Digital
match 129
65
13.9
31.7%
+53%
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 intactReviewed 2026-10-05T07:20:46.088Z
Management commentary snapshot
Vinsys reports robust FY25 performance with 24% YoY consolidated revenue growth to INR 212 Cr and 31% YoY PAT growth to INR 30 Cr, driven by 71% Middle East revenue expansion.
Vinsys delivered strong FY25 results, validating its strategy of international expansion, particularly in the Middle East, which saw significant revenue growth. Margin expansion and positive cash flow from operations are encouraging. However, the notable increase in debtor days warrants close monitoring for potential working capital strain.
Current business mix
FY25 Revenue by Vertical
Latest issuer-disclosed distribution across 3 reported categories.
Learning solutions50.0%
Manpower and staffing33.0%
Technology services17.0%
Growth engines
Middle East Expansion
Middle East revenue grew by 71% in FY25, supported by timely capital deployment and focused execution.
New Client Additions & Geographic Expansion
Growth was supported by new client additions and strengthening physical presence in Oman, Qatar, and a 2nd office in Saudi Arabia.
Learning Solutions Business
Learning solutions revenue grew by 41% Y-o-Y to INR 106.0 crores in FY25.
Software Development Services
Management expects larger mandate wins in software development services.
Capacity and execution
International Office Expansion
Established local offices in Oman and Qatar, and opened a 2nd office in Saudi Arabia.
Professional Onboarding
Onboarded 20+ professionals across new Middle East geographies and deepened presence in India by onboarding professionals in key cities.
Total Headcount Increase
Total headcount increased by 36% Y-o-Y to 429 in FY25.
Tailwinds
Effective Capital Deployment
IPO proceeds were earmarked for international expansion, and Middle East revenue growth was supported by timely capital deployment.
Focused Execution
Focused execution in the Middle East contributed to 71% Y-o-Y revenue growth in the region.
Strong Employer Brand
Company leverages its strong employer brand to increase headcount.
Headwinds
Increased Debtor Days
Debtor days increased to 129 in FY25 from 93 in FY24, indicating longer collection cycles.
Risk radar
Competitive Pressures
Risks include competitive pressures in the IT services and corporate training industry.
Client and Geographic Dependence
Dependence on clients in India, Middle East, United States, and Africa, and client concentration are identified risks.
Wage Inflation and Talent Retention
Wage inflation in operating geographies and the capacity to attract and retain qualified professionals pose risks.
Geopolitical and Regulatory Challenges
Geopolitical tensions and regulatory challenges in cross-border activities are noted risks.
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 YOY
The document primarily presents financial and operational data comparing FY25 to FY24, and H2 FY25 to H2 FY24, indicating that year-over-year analysis is the intended and most relevant basis for assessing performance trends and strategic execution.
Sector KPIs management disclosed
Consolidated Revenue
Consolidated revenue grew by 24% Y-o-Y to INR 211.7 crores in FY25.
Consolidated EBIT
EBIT grew by 37% Y-o-Y to INR 35.8 crores in FY25.
Consolidated EBIT Margin
EBIT margin was 16.9% in FY25 vs 15.3% last year, an increase of 163 bps.
Consolidated PAT
PAT grew by 31% Y-o-Y to INR 30.0 crores in FY25.
Management forward view
Confident of FY26 Growth
Management remains confident of delivering strong revenue and earnings growth in FY26, in-line with historic delivery.
Growth Drivers
Growth will be driven by expansion in the Middle East, larger mandate wins in software development services, and sustained growth in learning solutions.
Long-term Value Creation
Will continue to deliver long-term value by investing in M&A, expanding solution offerings, and bidding for larger, margin-accretive tenders.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Middle East Revenue Growth | 71% YoY in FY25 | Sustained high growth rates and increasing contribution to overall revenue, validating international expansion strategy. |
| Debtor Days | 129 days in FY25 | Improvement in collection cycles and effective working capital management to support cash flow generation. |
| Consolidated EBIT Margin | 16.9% in FY25 | Continued expansion or stability, especially as the company pursues larger mandates and M&A opportunities. |
| Cashflow from Operations | INR 13.0 Cr in FY25 | Consistent positive generation to fund organic and inorganic growth initiatives without excessive reliance on external financing. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
72Limited 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 69th percentile of the scored universe and 64th percentile within IT. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · IT: 64th pctile, median 69 · SME: 87th pctile, median 64
Evidence depth
Financial-only
7 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
40
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 64.7%.
- ▸Promoter pledge is zero.
- ▸ROCE is 21.3%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-9 Cr.
- ▸Promoter holding fell 3.4%.
- ▸ROCE trend is -6.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Vinsys IT Services India Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.