1. At a Glance
Inventurus Knowledge Solutions Ltd (IKSL) is what happens when healthcare meets spreadsheets, AI, and ruthless operational efficiency. As of Q3 FY26, the company is sitting pretty with a market cap of ₹29,275 crore, a stock price of ₹1,705, and a P/E multiple of ~44x—which basically tells you the market thinks this is not a normal IT services company, but a “premium US healthcare back-office ninja.”
The latest quarter delivered revenue of ₹8,150 mn, up 24% YoY, and PAT of ₹1,833 mn, up a spicy 41% YoY. Operating margins expanded to 34%, which is the kind of number that makes traditional IT services companies spill their coffee. ROE stands tall at 32.9%, ROCE at 27.2%, and debt-to-equity is a manageable 0.34.
Returns, however, have been moody—-8% over one year, mildly negative over three months. So yes, the business is flying, but the stock has been digesting expectations like a patient in post-op recovery. Question is: is this digestion done… or is the market still chewing?
2. Introduction
Inventurus Knowledge Solutions is not your usual “India IT exports code to US” story. This is healthcare operations, revenue cycle management, clinical documentation, AI-led automation, and physician enablement—all rolled into one rather serious money-printing machine.
Founded in 2006, IKSL has quietly embedded itself deep inside the US healthcare system. And once you’re embedded there, switching costs are not just high—they are politically, legally, and operationally painful. That’s why 85%+ of revenue comes from repeat customers, with top clients sticking around for 6–7 years on average. That’s longer than many Indian marriages, statistically speaking.
The IPO in December 2024 (₹2,497.9 crore issue) brought this beast to public markets, and suddenly everyone discovered that healthcare IT-enabled services can have 33% operating margins and non-linear revenue growth with declining headcount. Yes, that’s a real sentence.
But with greatness comes scrutiny. High valuation, rising client concentration, and heavy US exposure mean the market is watching every quarter like an
ICU monitor. One beep off, and sentiment can flatline.
3. Business Model – WTF Do They Even Do?
Think of IKSL as the invisible brain behind a doctor’s clinic. Patients see doctors. Doctors see patients. Insurance companies see bills. IKSL makes sure everyone gets paid, coded, documented, optimized, and AI-enhanced—without doctors losing their sanity.
Their model spans the entire patient lifecycle:
- Pre-Visit: Scheduling, insurance verification, prior authorizations, patient financial estimates.
- Peri-Visit: Clinical documentation, coding, referral management.
- Post-Visit: Billing, collections, denial management, accounts receivable follow-ups.
- In-Acute Settings: Same services, but for hospitals and long-term care facilities.
This is not body-shopping. This is value-based pricing. IKSL gets paid based on outcomes—better collections, faster reimbursements, fewer denials. That’s why AI efficiency directly boosts revenue and margins, instead of cannibalizing billing hours.
Add to that proprietary platforms like IKS EVE, Optimix, Scribble, AssuRx, Stacks, and an agentic AI platform launched in Oct 2025 on Google Cloud, and you start seeing why headcount fell 4.4% YoY, while revenue grew 17.4%. This is software doing push-ups.
4. Financials Overview
📊 Quarterly Comparison (Consolidated, ₹ Crore)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 815 | 657 | 781 | 24.0% | 4.4% |
| EBITDA | 279 | 181 | 270 | 54.1% | 3.3% |
| PAT | 183 | 130 | 181 | 41.4% | 1.2% |
| EPS (₹) | 10.68 | 7.56 | 10.53 | 41.3% | 1.4% |
Annualised EPS Rule (Q3): Average of Q1, Q2, Q3 EPS × 4
Average EPS (Q1 8.83, Q2 10.53, Q3 10.68) ≈ 10.01 → Annualised EPS ≈
