1. At a Glance

NIIT Learning Systems Ltd (NLSL) has entered Q2FY26 like a management trainee on steroids — ₹475.7 crore in revenue (up 20% YoY), ₹96.6 crore in EBITDA, and ₹51 crore in net profit. The company’s EBITDA margin holds its ground around the 20% mark, which in training-speak is equivalent to passing every quarterly exam with distinction. With amarket cap of ₹4,393 croreandP/E of 20.1, it’s the kind of stock your HR department would describe as a “solid performer with growth potential,” even if it’s been a bit shy on returns — down26% in a year.

The latest twist? NIIT Learning Systems has expanded its classroom to Europe, acquiring Germany’sMST Groupfor €22.37 million, a move that cements its continental ambitions. The company now boastsUSD 409 million in revenue visibilityand continues to flash its credentials as one of the world’sTop 5 learning outsourcing firms, operating in over 30 countries.

At ₹320 per share, it’s priced like a decent MBA — not cheap, not Ivy League, but still promises steady ROI if you believe in the “future of learning” pitch.

2. Introduction

In a world where most edtech startups burn cash like incense sticks hoping to summon profits, NIIT Learning Systems quietly sits in the corner, counting its crores. Born out of NIIT’s demerger in 2023, this company took the boring but sustainable path — Managed Training Services (MTS). It doesn’t chase teenagers preparing for JEE; instead, it teaches Fortune 1000 companies how to train their own armies.

Think of it as the “trainer of trainers.” From custom e-learning modules to entire L&D ecosystems, NLSL sells corporate education like McDonald’s sells consistency — globally, efficiently, and profitably. It’s the educational outsourcing giant nobody memes about, but every HR head secretly admires.

Over the last few years, the company has gone from an Indian IT education relic to a global L&D powerhouse. Withsales growth of 13.4% over three yearsandROCE of 28.2%, NLSL proves that learning can, in fact, be profitable — if you’re teaching the right students (read: global corporations with deep pockets).

But life’s not all perfect. Despite its earnings discipline,profit growth is down 6%andstock returns are as flat as a failed group project. The good news? They’ve got a plan: acquisitions in Europe, DE&I training offerings, and a pipeline strong enough to make any consulting firm nervous.

3. Business Model – WTF Do They Even Do?

So, what does NIIT Learning Systems actually do? In simple words: it manages corporate learning end-to-end so companies don’t have to. The technical jargon is “Managed Training Services,” but the reality is more like “corporate tuition on retainer.”

They design and deliver everything —custom content,learning administration,digital platforms,L&D consulting,DE&I training,leadership programs, and eventalent pipeline as a service. Basically, if an organization wants to train its employees but not get into the messy logistics of LMS, instructors, or content creation — NIIT steps in.

Their client list is impressive — primarilyFortune 1000 and Global 500firms acrossNorth America and Europe. With80 active MTS customersandUSD 363 million in revenue visibilityas of FY23, the business is built on long-term contracts, not one-time sales.

It’s like outsourcing your HR department’s entire training headache — and billing in dollars.

The acquisition ofSt. Charles Consulting Groupin FY23 and nowMST Group (Germany)in FY26 adds boutique consulting flair and European market depth. Together, these moves transform