MethodHub Software FY2026: Revenue Triples to ₹333 Cr, Yet EPS Sits Exactly Where It Started

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1. At a Glance

MethodHub Software closed FY2026 with consolidated revenue of ₹333 Cr, up from ₹135 Cr a year earlier — a 147% jump. Consolidated PAT reached ₹31.84 Cr against ₹11.5 Cr, a 177% rise. On the surface, a small IT services firm that suddenly tripled.

Underneath, the machinery is busier. The revenue did not grow so much as it arrived, carried in by a wave of subsidiaries acquired across the year and consolidated from their respective dates of control. The company listed on the BSE SME platform in December 2025, and the share count swelled accordingly.

The result is a curious pair of numbers standing side by side: net profit grew roughly six-fold across three years, while EPS moved from ₹16.20 to ₹17.01 to ₹16.89 — essentially standing still. When a business earns far more but the per-share figure refuses to budge, the share count is doing the talking.

The market currently pays about 5x earnings here, against an industry P/E of 21.4. Whether that gap reflects the acquisition scaffolding, the minority interest, or something the market simply hasn’t priced yet — the sections below lay out the record.

Does revenue that triples on acquisitions count as growth, or as arithmetic?

2. Introduction

MethodHub Software was incorporated in 2016 and spent most of its life as a private IT services provider before converting to a public limited company in October 2024 and listing on the BSE SME platform on 10 December 2025. The IPO raised ₹87.5 Cr through a fresh issue of 45,10,200 shares and an offer for sale, priced at ₹194 per share.

The stated use of proceeds was tidy on paper: repayment of borrowings, working capital, investment in the US subsidiary MethodHub Consulting Inc., and — the line that would define the year — “unidentified inorganic acquisitions and general corporate purposes.” That last bucket was not decorative. FY2026 was, by any reading of the filings, an acquisition year.

The company operates through offices in India and subsidiaries spanning the USA, Canada, and Thailand. Its work sits across Data & AI, Cloud, Cybersecurity, IT Infrastructure, ERP/CRM, and recruitment delivery. The offering documents describe a customer base concentrated in a handful of large accounts, with the top customer accounting for 32% of revenue in the first half of FY26 and the top five for 83.4% — a concentration worth holding in mind against the headline growth.

There is a small inconsistency in the record worth noting plainly: the listing-era profile describes 29 customers and 294 employees as of October 2025, while a June 2026 press release describes 40+ clients and 500+ professionals. Both figures come from the company; the gap sits across two different dates and a year of acquisitions.

3. Business Model: WTF Do They Even Do?

MethodHub sells IT services, which is a category so broad it can absorb almost anything, and MethodHub has spent the year testing exactly how much it can absorb.

The core is digital engineering and staffing: data platforms, cloud migration, cybersecurity audits, ERP/CRM plumbing, and — crucially — recruitment delivery, sourcing and onboarding people. That last line matters because it means part of the revenue is a people-arbitrage business dressed in the same brochure as the AI work. The FY25 horizontal split put Data & AI at 41%, IT Infra at 20.5%, Cloud at 18.5%, and Recruitment at 15.5%. So roughly a sixth of the pitch is “we will find you engineers,” which is a perfectly good business but a different one from “we will transform your enterprise.”

The FY25 geography split is the genuinely unusual part: Canada 40%, USA 34.4%, India 25.5%. An Indian-listed IT company earning most of its revenue from North America is not exotic — earning more from Canada than the United States is. That footprint is what the FY26 expansion plans keep circling back to.

By service type, IT Services was 79.4% and Telecom & Tech Infra 20.6%. The company describes itself in one release as “a global IT Services and Telecom & Tech Infra Company,” which is the corporate equivalent of listing two hobbies on a dating profile and hoping one lands.

The model, then: a compact services firm with heavy customer concentration, a meaningful staffing component, and a North American revenue base — now stapled to a growing collection of overseas subsidiaries.

4. Financials Overview

Figures are consolidated, in ₹ crore.

The half-year revenue line is the loud one: ₹185 Cr against ₹64 Cr a year earlier, a 189% rise, and more than double the immediately preceding half. Operating profit tracked it upward to ₹35 Cr at a 19% margin.

Then the EPS column does something counterintuitive: it falls, from ₹8.28