1. At a Glance
Inspirisys Solutions Ltd (BSE: 532774, NSE: INSPIRISYS) — the tech kid from 1995 who’s been rebooted more times than a Windows XP PC — has finally found its stride. WithQ2 FY26 consolidated revenue of ₹119.71 crore,PAT at ₹7.4 crore, and ajaw-dropping 94.7% YoY profit jump, this Chennai-based IT services player has given investors something to smile about (finally, after years of Ctrl+Alt+Del moments).
At a market cap of₹378 croreand aP/E of 11.4x, Inspirisys looks more like that underdog IT firm that could one day make Infosys nervous — if it survives its own GST show-cause notices first. TheROE of 69.6%andROCE of 23.8%scream efficiency, while thedebt-to-equity ratio of 1.28softly whispers, “Relax, I’m leveraged, not bankrupt.” The stock currently trades at₹95.3, having tested ₹128 as a high and ₹66.6 as a low this year — a pretty decent range for traders who love adrenaline and heart palpitations.
In short: Inspirisys has gone from “inspiring losses” to “inspiring balance sheets.” But before you open a champagne bottle, remember: this is the same company that once posted a -₹137 crore loss (Mar 2016). Old habits die hard.
2. Introduction
Inspirisys Solutions — previously known as Accel Frontline (yeah, the one you saw printed on random computer AMC invoices in the 2000s) — is one of those IT companies that survived India’s dot-com hangover, multiple promoter changes, and the occasional government tender chaos. Now, with Japanese parentCAC Holdings Corporationowning69.95%, the company seems to have found its samurai focus.
This isn’t your flashy Bangalore unicorn burning VC money; Inspirisys makes its bread from gritty, unglamorous IT infrastructure management, warranty solutions, and product engineering services. The kind of work that doesn’t trend on LinkedIn — but pays the bills.
While CAC’s deep pockets and₹69.72 crore unsecured loanhelp keep the servers humming, Inspirisys has been busy cleaning up its subsidiaries — even winding up its Dubai arm after a COVID hangover. (Every family has that one relative who just doesn’t work out, right?)
In the latest twist, the company’svoluntary delisting saga from BSE/NSEflopped like a low-budget OTT release — proving that not all exits are graceful. But hey, at least it showed intent.
3. Business Model – WTF Do They Even Do?
So, what exactly does Inspirisys do — apart from inspiring curiosity?
Think of Inspirisys as the IT handyman. Need your data center managed? Done. Cloud migration? Done. Warranty for imported hardware that the OEM forgot existed? Done. Their service bouquet coversInfrastructure Solutions, Product Engineering, Enterprise Security, Cloud & Mobility, IoT, and Warranty Management.
- Product Engineering: They help clients modernize legacy applications — basically teaching old code new tricks. They also do testing, banking solutions, and digital transformation gigs.
- Infrastructure Services: Managing IT infrastructure for PSUs, BFSI giants, and corporates who still think “cloud” means monsoon season.
- Warranty Management: They take care of post-sales hardware headaches when OEMs disappear faster than startup valuations.
- Training Arm: Through their subsidiary Inspirisys IT Resources Ltd, they even train IT professionals — the ultimate “teach what you do” model.
Their clients include BFSI, Telecom, Government, Manufacturing, and Healthcare — basically anyone with a server rack and a budget. Addsubsidiaries in the USA, UK, Singapore, UAE, and Japan, and you’ve got an Indian IT firm with real international mileage (minus the Dubai detour).
4. Financials Overview
Let’s talk numbers — the real flex.
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 119.71 | 84.60 | 84.60 | 41.6% ↑ | 41.6% ↑ |
| EBITDA (₹ Cr) | 12.21 | 8.56 | 8.56 | 42.6% ↑ | 42.6% ↑ |
| PAT (₹ Cr) | 7.40 | 6.14 | 6.14 | 20.5% ↑ | 20.5% ↑ |
| EPS (₹) | 1.87 | 1.55 | 1.55 | 20.6% ↑ | 20.6% ↑ |
Commentary:
Revenue and PAT both flew higher like Chandrayaan’s trajectory — except this one actually landed. TheOperating Profit Marginimproved to10.2%, showing management finally figured out Excel’s “reduce costs” formula. Other income has stabilized (thankfully, no negative ₹5 crore surprises this time), and the tax rate is back on Earth from its earlier 135% Martian orbit.
Annualized EPS = 1.87 × 4 =₹7.48, giving aP/E of ~12.7x, below the industry median of 33.5x. In plain desi terms:market abhi poora potential nahi samjha hai.
5. Valuation Discussion – Fair Value Range (Educational Only)
Let’s run the three classical valuation jugaads:
(a) P/E Based:Industry PE ≈ 33.5×; Inspirisys current ≈ 11.4×EPS (Annualized) = ₹7.48→ Fair Range = ₹7.48 × (15–25) =₹112–₹187 per share
(b) EV/EBITDA Method:EV/EBITDA = 9.81×, EBITDA (TTM) = ₹37 Cr→ EV = ₹37 × (10–12) = ₹370–₹444 CrSubtract Net Debt (₹86.7 Cr) ⇒ Equity Value = ₹283–₹357 Cr→ Fair Price Range =₹71–₹90
(c) Simplified DCF:Assume FCF ~₹25 Cr, growth 8%, WACC 12%, terminal growth 3%→ DCF value ≈ ₹420 Cr Equity ⇒ Fair Price ≈₹105–₹120
🧮Combined Fair Value Range:₹90–₹170 (Educational Purpose Only, Not Investment Advice)
6. What’s Cooking – News, Triggers, Drama
The last year has been pure masala:
- Delisting Drama:The voluntary delisting failed in April 2024. Investors didn’t bite at the offer price, proving that retail bhakts now read balance sheets.
- GST Notices:From a ₹792 lakh GST demand (which they won) to a ₹502.5 lakh new notice in FY25 — Inspirisys has more tax drama than an accounting soap opera.
- Parental Support:CAC Holdings Japan continues to fund operations via unsecured loans and guarantees. Clearly, the Japanese know loyalty.
- Operational Wins:Q2 FY26 shows a strong comeback in
