Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹466, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 23x in the IT industry in India. Total returns to shareholders of 109% over the past three years. New Risk • Mar 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (₹5.29b market cap, or US$56.4m). Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹342, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 19x in the IT industry in India. Total returns to shareholders of 146% over the past three years. Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: ₹4.17 (vs ₹3.62 in 3Q 2025) Third quarter 2026 results: EPS: ₹4.17 (up from ₹3.62 in 3Q 2025). Revenue: ₹433.3m (up 23% from 3Q 2025). Net income: ₹77.5m (up 15% from 3Q 2025). Profit margin: 18% (down from 19% in 3Q 2025). The decrease in margin was driven by higher expenses. Aankondiging • Feb 05
NINtec Systems Limited to Report Q3, 2026 Results on Feb 12, 2026 NINtec Systems Limited announced that they will report Q3, 2026 results on Feb 12, 2026 Recent Insider Transactions • Nov 22
Non-Executive Non-Independent Director recently bought ₹3.9m worth of stock On the 21st of November, Rachana Gemawat bought around 9k shares on-market at roughly ₹433 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 13
Second quarter 2026 earnings released: EPS: ₹4.24 (vs ₹3.51 in 2Q 2025) Second quarter 2026 results: EPS: ₹4.24 (up from ₹3.51 in 2Q 2025). Revenue: ₹425.2m (up 26% from 2Q 2025). Net income: ₹78.7m (up 21% from 2Q 2025). Profit margin: 19% (in line with 2Q 2025). Aankondiging • Nov 04
NINtec Systems Limited to Report Q2, 2026 Results on Nov 12, 2025 NINtec Systems Limited announced that they will report Q2, 2026 results on Nov 12, 2025 Aankondiging • Aug 26
NINtec Systems Limited, Annual General Meeting, Sep 26, 2025 NINtec Systems Limited, Annual General Meeting, Sep 26, 2025, at 15:00 Indian Standard Time. Reported Earnings • Aug 13
First quarter 2026 earnings released: EPS: ₹4.12 (vs ₹3.09 in 1Q 2025) First quarter 2026 results: EPS: ₹4.12 (up from ₹3.09 in 1Q 2025). Revenue: ₹412.3m (up 25% from 1Q 2025). Net income: ₹76.5m (up 33% from 1Q 2025). Profit margin: 19% (up from 17% in 1Q 2025). The increase in margin was driven by higher revenue. Aankondiging • Aug 05
NINtec Systems Limited to Report Q1, 2026 Results on Aug 12, 2025 NINtec Systems Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Reported Earnings • May 29
Full year 2025 earnings released: EPS: ₹14.17 (vs ₹8.35 in FY 2024) Full year 2025 results: EPS: ₹14.17 (up from ₹8.35 in FY 2024). Revenue: ₹1.44b (up 74% from FY 2024). Net income: ₹263.2m (up 70% from FY 2024). Profit margin: 18% (in line with FY 2024). Reported Earnings • Feb 13
Third quarter 2025 earnings released: EPS: ₹3.62 (vs ₹3.05 in 3Q 2024) Third quarter 2025 results: EPS: ₹3.62 (up from ₹3.05 in 3Q 2024). Revenue: ₹360.2m (up 13% from 3Q 2024). Net income: ₹67.3m (up 19% from 3Q 2024). Profit margin: 19% (in line with 3Q 2024). New Risk • Jan 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.36b (US$96.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: ₹3.51 (vs ₹1.77 in 2Q 2024) Second quarter 2025 results: EPS: ₹3.51 (up from ₹1.77 in 2Q 2024). Revenue: ₹348.8m (up 136% from 2Q 2024). Net income: ₹65.1m (up 98% from 2Q 2024). Profit margin: 19% (down from 22% in 2Q 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹588, the stock trades at a trailing P/E ratio of 58.2x. Average trailing P/E is 41x in the IT industry in India. Total returns to shareholders of 65% over the past year. Recent Insider Transactions • Aug 28
Chairman & MD recently bought ₹7.5m worth of stock On the 27th of August, Niraj Gemawat bought around 15k shares on-market at roughly ₹516 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Niraj has been a buyer over the last 12 months, purchasing a net total of ₹9.5m worth in shares. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: ₹3.09 (vs ₹1.45 in 1Q 2024) First quarter 2025 results: EPS: ₹3.09 (up from ₹1.45 in 1Q 2024). Revenue: ₹334.3m (up 154% from 1Q 2024). Net income: ₹57.3m (up 113% from 1Q 2024). Profit margin: 17% (down from 21% in 1Q 2024). The decrease in margin was driven by higher expenses. Aankondiging • Aug 06
NINtec Systems Limited to Report Q1, 2025 Results on Aug 13, 2024 NINtec Systems Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹8.35 (vs ₹2.99 in FY 2023) Full year 2024 results: EPS: ₹8.35 (up from ₹2.99 in FY 2023). Revenue: ₹846.9m (up 162% from FY 2023). Net income: ₹155.1m (up 180% from FY 2023). Profit margin: 18% (up from 17% in FY 2023). The increase in margin was driven by higher revenue. Aankondiging • May 31
NINtec Systems Limited Appoints Disha Shah as Company Secretary and Compliance Officer, with Effect from 30 May, 2024 The board Of Directors of the NINtec Systems Limited at its Meeting held 29 May, 2024, Ms. Disha Shah has been appointed as Company Secretary and Compliance Officer, with effect from 30th May, 2024. The term of appointment shall commence on 30th May, 2024 and continue until her resignation or her attaining the age of retirement (as per the Company's internal human resource policy), whichever is earlier. Disha Shah is a qualified Company Secretary with approximately 5 years of experience spanning across Compliance, Governance and Legal areas. New Risk • May 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (152% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Aankondiging • May 23
NINtec Systems Limited to Report Q4, 2024 Results on May 29, 2024 NINtec Systems Limited announced that they will report Q4, 2024 results on May 29, 2024 Aankondiging • May 03
NINtec Systems Limited Appoints Mohit Soni as Chief Financial Officer with Effect from May 3, 2024 NINtec Systems Limited announced that the board of directors of the Company at its Meeting held May 2, 2024 has appointed Mr. Mohit Soni as Chief Financial Officer and Key Managerial Personnel of the Company with effect from 3rd May, 2024. Mohit Soni is a qualified Chartered Accountant with approximately 12 years of extensive experience spanning across Accounts, Taxation, Finance, and Management Consultancy. He brings a wealth of expertise in navigating regulatory complexities, advanced accounting practices, and strategic tax planning. New Risk • Apr 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.24b (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (152% accrual ratio). Minor Risk Market cap is less than US$100m (₹8.24b market cap, or US$98.9m). Recent Insider Transactions • Mar 27
Chairman & MD recently bought ₹769k worth of stock On the 26th of March, Niraj Gemawat bought around 2k shares on-market at roughly ₹499 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹1.2m. Niraj has been a buyer over the last 12 months, purchasing a net total of ₹1.9m worth in shares. Recent Insider Transactions • Mar 14
Chairman & MD recently bought ₹1.2m worth of stock On the 13th of March, Niraj Gemawat bought around 3k shares on-market at roughly ₹441 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Niraj's only on-market trade for the last 12 months. Aankondiging • Sep 07
NINtec Systems Limited, Annual General Meeting, Sep 29, 2023 NINtec Systems Limited, Annual General Meeting, Sep 29, 2023, at 14:30 Indian Standard Time. Location: the Corporate House, A-wing, 9th floor, S.G. highway, Bodakdev Ahmedabad Gujarat India Agenda: To consider and adopt Standalone Audited Financial Statements of the Company for the financial year ended March 31, 2023 and the reports of the Board of Directors and Auditors thereon; and to consider appoint a director in place of Mr. Indrajeet Mitra (DIN: 00030788), who retires by rotation and being eligible, offers himself for re-appointments; to consider consider Re-appointment of Mr. Somil Ragvendr Nath Mathur (DIN: 07471863) as an Independent Director of the Company to hold office for a Second Term; and to consider approve existing as well as new material related party transactions with Nintec B.V. New Risk • Aug 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 57% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (57% accrual ratio). Minor Risks Revenue is less than US$5m (₹390m revenue, or US$4.7m). Market cap is less than US$100m (₹7.31b market cap, or US$87.8m). Reported Earnings • Aug 15
First quarter 2024 earnings released: EPS: ₹2.61 (vs ₹1.18 in 1Q 2023) First quarter 2024 results: EPS: ₹2.61 (up from ₹1.18 in 1Q 2023). Revenue: ₹133.2m (up 102% from 1Q 2023). Net income: ₹26.9m (up 121% from 1Q 2023). Profit margin: 20% (up from 18% in 1Q 2023). The increase in margin was driven by higher revenue. Aankondiging • Aug 08
NINtec Systems Limited to Report Q1, 2024 Results on Aug 14, 2023 NINtec Systems Limited announced that they will report Q1, 2024 results on Aug 14, 2023 Reported Earnings • May 31
Full year 2023 earnings released: EPS: ₹5.38 (vs ₹2.69 in FY 2022) Full year 2023 results: EPS: ₹5.38 (up from ₹2.69 in FY 2022). Revenue: ₹344.1m (up 74% from FY 2022). Net income: ₹55.5m (up 100% from FY 2022). Profit margin: 16% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Aankondiging • May 19
NINtec Systems Limited to Report Q4, 2023 Results on May 24, 2023 NINtec Systems Limited announced that they will report Q4, 2023 results on May 24, 2023 Board Change • Feb 22
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Director Somilkumar Ragvendr Mathur was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. 
