1. At a Glance
Inspirisys Solutions Ltd is that quiet IT services company which suddenly decided to wake up in FY26 and remind the market that it still exists — and how. Market cap around ₹383 crore, stock hovering near ₹97, trailing P/E of ~9x (yes, single digit), and ROE that looks like it drank too much Red Bull at ~70%.
Q3 FY26 delivered ₹130 crore revenue and ₹19 crore PAT, translating into a chunky 60%+ QoQ profit growth and 63% QoQ revenue growth. Not bad for a company most investors remember only during delisting news alerts.
Debt sits at ~₹87 crore, promoter holding is rock solid at 69.95%, and zero promoter pledge. No dividends, but management seems more interested in survival, restructuring, and squeezing margins than distributing mithai.
This is one of those stocks where valuation screams “cheap”, financial history screams “trauma”, and recent quarters whisper, “Bas ek baar aur dekh lo.” Curious yet?
2. Introduction
Inspirisys Solutions has lived multiple corporate lives. Born in 1995, survived the dot-com bubble, crawled through years of losses, balance sheet stress, negative reserves, and random other income surprises — and then quietly turned profitable again.
For years, this company was the IT equivalent of a government office chair: present, functional, but nobody really paid attention. Then came CAC Holdings from Japan, took control, infused loans, gave guarantees, and basically said, “Relax, we won’t let this sink.”
Fast forward to FY25–FY26, and suddenly Inspirisys is posting consistent profits, expanding operating margins, and delivering its strongest quarterly EPS in years. Add a failed voluntary delisting attempt, some GST drama that actually ended in the company’s favour, and you have a stock with both
numbers and masala.
Is this a turnaround? Or just a well-dressed quarter? Let’s dissect.
3. Business Model – WTF Do They Even Do?
Inspirisys is not a sexy SaaS company. No AI buzzwords. No subscription mania. This is old-school IT services + infrastructure + warranty management.
Core Buckets:
- Product Engineering & Application Services
Think application development, digital transformation, testing, banking solutions. Bread-and-butter IT stuff. - Infrastructure Solutions
Data centre management, digital kiosks, audits, consulting, staff augmentation. Basically, “we will run your IT so you don’t have to.” - Warranty Management Services
This is interesting — installation, commissioning, servicing, and maintenance of hardware/software where OEMs don’t have Indian presence. Low glamour, high stickiness.
Revenue mix in FY23:
- Services: ~66%
- Hardware/products: ~31%
- Warranty management: ~3%
Geographically, India dominates with ~87% domestic revenue, overseas ~13% (Japan, US, Middle East).
If you’re expecting explosive SaaS margins, wrong stock. If you like steady enterprise grunt work, this is their playground.
4. Financials Overview (Quarterly Results)
Quarterly Comparison Table (₹ crore)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 130 | 80 | 120 | 62.5% | 8.3% |
| EBITDA | 9 | 5 | 12 | 80% | -25% |
| PAT | 19 | 13 | 7 | 46% | 171% |
| EPS (₹) | 4.70 | 3.33 | 1.87 | 41% | 151% |
Yes, PAT jump looks insane. Why?
- Other income
