1. At a Glance
If you like your IT services companies with cybersecurity buzzwords, cloud-native dreams, and just a tiny working-capital heart attack, welcome to iValue Infosolutions Limited.
Market cap sitting around ₹1,245 Cr, CMP ₹228, and a P/E of 13.3 — which, in today’s IT valuation circus, feels almost suspiciously reasonable. ROCE at 26.5%, ROE 19.9%, and PAT clocking ₹93.5 Cr (TTM). Sounds solid, right?
But then comes the plot twist: sales growth over 5 years = 1.25%, promoter holding just 32.1%, and debtor days ballooned to 330. That’s not a receivable cycle — that’s an EMIs-for-life plan.
Q3 FY26 numbers?
- Revenue ₹209 Cr (QoQ -33%)
- PAT ₹15 Cr (QoQ -44%)
- EPS ₹2.74
Yes, profits are still growing YoY, but momentum is doing a little moonwalk. The company IPO’d in Sept 2025, raised ₹560 Cr via OFS, and immediately got hit with market mood swings and integration headaches.
So… is this a misunderstood cybersecurity advisor trading cheap? Or a cash-flow vampire in a hoodie screaming “DevSecOps”? Let’s dig.
2. Introduction
iValue Infosolutions is that company your CIO friend keeps mentioning in meetings, while nobody outside the IT park has heard of it. Founded in 2008, headquartered in Bangalore, and operating in the deeply unsexy but very lucrative world of enterprise IT plumbing — cybersecurity, data protection, cloud, and infrastructure.
Their pitch is simple: “We secure your data so you don’t end up on Twitter for the wrong reasons.”
And to be fair, enterprises keep paying them.
But here’s the irony — while they protect client data from leaks, their own cash leaks slowly through receivables.
They partner with everyone serious in cybersecurity — Check Point,
Imperva, Tenable, Nutanix, Splunk, Google Cloud — the Avengers of enterprise IT. And instead of selling directly, they operate through 804 system integrators, servicing 2,877 enterprise clients.
This is not a startup. This is a middleware giant living off renewals, upgrades, and annual panic attacks about ransomware.
Yet the market is confused.
Why?
Because growth is patchy, working capital is ugly, and promoters seem slightly… relaxed.
So let’s decode what’s actually happening.
3. Business Model – WTF Do They Even Do?
Imagine a large bank, a PSU, or a manufacturing giant waking up every morning terrified that some intern will click a phishing link.
They call iValue.
iValue doesn’t build products.
It assembles solutions, integrates OEM tech, manages deployments, and charges for implementation + renewals + managed services.
Their verticals:
- Cybersecurity (47% revenue)
Firewalls, threat detection, vulnerability management — the adrenaline junkie of IT budgets. - Information Lifecycle Management (22%)
Backup, disaster recovery, compliance — boring, but mission-critical. - Data Center Infrastructure (17%)
Servers, storage, networking — capital-heavy, margin-sensitive. - ALM, Cloud & Others (14%)
DevSecOps, cloud optimization — high potential, still scaling.
The genius here? 80.7% revenue comes from repeat customers.
The danger? These
