1. At a Glance
NINtec is the IT services company your broker probably hasn’t heard of, but it somehow serves 30 Fortune 500 giants while being listed as an SME. With a market cap of just ₹785 crore, the company pulls off a 55% ROE and 70% ROCE—numbers Infosys would die to print on their annual report. The catch? It refuses to share the wealth. Dividend payout? Zero. Nada. Investors wait like star-crossed lovers, but NINtec just smiles and reinvests. In short: tiny company, massive metrics, no cash back.
2. Introduction
Let’s be honest: most small-cap IT companies are glorified body shops—renting out coders like Uber rents out drivers. NINtec, at first glance, looks like one of those. But then you look under the hood and—bam!—23% operating margins, explosive 77% profit growth, global clients across 30 countries, and contracts with Fortune 500 firms. This isn’t your average back-office code sweatshop.
And yet, the irony is hard to miss. The stock trades at ₹423, down 12% in the past year, like investors accidentally mistook it for a scammy penny stock. But the business? Debt-free (₹2 crore debt is basically petty cash), growing faster than a Bangalore café startup, and clocking margins that scream “we know what we’re doing.”
It’s like a monk who secretly owns a Ferrari: low-profile, highly disciplined, but flexing in its own lane.
3. Business Model (WTF Do They Even Do?)
NINtec is aglobal offshore software services company, which is fancy jargon for: “we do IT for cheaper than Europe, but better than your nephew who learned Python last week.”
Service menu (because every IT firm has one):
- Business Analytics (numbers with fancy dashboards).
- Cloud Services (your data, someone else’s electricity bill).
- App Engineering & Maintenance (fixing bugs clients didn’t want in the first place).
- Testing Services (clicking buttons until something breaks).
- SEO & Multimedia (Google still ignores you, but at least your website looks pretty).
- Legacy System Migration (convincing companies to finally stop using Windows XP).
- Game & Mobile Development (aka, the fun side).
Client Industries:Automotive,
BFSI, Media, Logistics. Basically, anywhere software can replace humans and save a CEO’s bonus.
Geography:Strong presence in Europe (Benelux). Customers across 30 countries and 5 continents. For a company this size, that’s global overachievement.
Revenue split FY22: 79% exports, 18% domestic, 3% “other.” Translation: the company is more Brussels than Bandra.
4. Financials Overview
Let’s compare Q1 FY26 vs Q1 FY25 vs Q4 FY25:
| Metric | Latest Qtr (Jun ’25) | YoY Qtr (Jun ’24) | Prev Qtr (Mar ’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹38.8 Cr | ₹32.9 Cr | ₹37.9 Cr | 18.1% | 2.6% |
| EBITDA | ₹8.4 Cr | ₹7.5 Cr | ₹8.3 Cr | 12.0% | 1.6% |
| PAT | ₹7.65 Cr | ₹5.73 Cr | ₹7.35 Cr | 33.5% | 4.1% |
| EPS (₹) | 4.12 | 3.08 | 3.96 | 33.8% | 4.0% |
Annualised EPS = 4.12 × 4 =₹16.5.At CMP ₹423 → P/E ~25.6 (vs industry ~28).
So yes, the stock is valued like a real IT company, not some shady SME.
5. Valuation (Fair Value Range Only)
- P/E Method: EPS ₹16.5 × 22–30 = ₹363 – ₹495.
- EV/EBITDA: EV ₹761 Cr / EBITDA ₹40 Cr → EV/EBITDA ~19. Peers 18–25. FV range = ₹400 – ₹520.
- DCF Lite: 20% growth for 5 years, discount 12%, terminal growth 3%. Implied FV ~₹390 – ₹540.
📌Fair Value Educational Range: ₹390 – ₹520.Disclaimer: For educational purposes only. Not investment advice.
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