Inventurus Knowledge Solutions Limited

Healthcare — Health Information Services · NSE

₹1,730.10+₹12.10 (+0.70%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

No individual risk factor stands out on this snapshot.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

The 60-second version of Inventurus Knowledge Solutions Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Inventurus Knowledge Solutions Limited operates as a technology-enabled healthcare solutions provider. The company offers a care enablement platform and associated services predominantly to healthcare enterprises in the United States, Canada, and Australia.

IndustryHealth Information Services

SectorHealthcare

Employees9,698

Annual revenue₹3,194 Cr

How does it make money?

Turns over ₹3,194 Cr a year. Of every ₹100 of sales, about ₹23 reaches shareholders as profit, with ₹34 left at the operating level before interest, tax and depreciation. Each of its 9,698 employees supports ₹32.9 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹32.9 lakh

Who are its competitors?

The closest listed comparisons in its industry are SUN PHARMACEUTICAL IND L, CIPLA LTD, DR. REDDY S LABORATORIES, APOLLO HOSPITALS ENTER. L. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 29.6%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 25.8% against a peer median of 14.5% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE14.5%

What is the outlook?

7 analysts covering the stock expect revenue to grow about 30.2% and earnings to grow about 28.8% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+30.2%

Est. earnings growth+28.8%

Analysts7

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +210% while net margin moved -24% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+210%

Margin effect-24%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

• P/E of 38.7x already prices in growth
✓ P/E is 34% below its own historical median of 58.5x — cheap by its own standards
✗ P/B of 10.34x is a steep premium to book

Quality vs. Valuation

Company Quality

72/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

54/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

38.7x

2Y Median

58.5x

24 monthly readings · mean 60.0x · range 40.9x–88.9x

Sector Median

33.3x

median of 4 sector peers

🟢Current valuation is approximately 34% below its 2y median of 58.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 16% above the peer median of 33.3x.

vs. its own history

Cheap

58.5x median over 24 months · -34%

vs. sector peers

Fair

33.3x median of 4 peers · +16%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

26.8x

PEG

1.17

What's Good / What's Bad

🟢 What's Going Well4

Cash generation is improving
Free cash flow is up 119% over 3 years.
High return on capital employed
ROCE of 29.6% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.27x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 36.8% to 25.8% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 41.8% to 29.6% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 2 high

🔴Debt has risen sharplyFinancial
Total debt is up 1338% over 3 years, from ₹52 Cr to ₹753 Cr.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 6.5 points, from 40.9% to 34.4%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 29.6% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Priced below its own history
The stock trades 34% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹613 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 40.9% to 34.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from 36.8% to 25.8%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 34% a year✓ 45.8% CAGR
Latest reported year was 20.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 32%✓ 34.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹613 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 27%✓ 29.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

12 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 3 neutral · 1 weak

Market Cap

₹29,024 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

38.7x

Fair

Fairly valued against the generic band

P/B Ratio

10.34x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹44.69

Profitable

Profitable on a per-share basis

ROE

25.8%

Strong

Strong capital efficiency

ROCE

29.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.27x

Low

Conservative leverage

Revenue Growth (YoY)

20.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

27.9%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹613 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

25.0x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

29.2%

Good

Healthy core-business profitability

Net Margin

22.8%

Good

Strong bottom-line conversion

Current Ratio

1.35

Comfortable

Healthy short-term liquidity

52W Range Position

66%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1775.3 / 1773.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

34.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,031 Cr	₹1,817 Cr	₹2,664 Cr	₹3,194 Cr	+45.8%
EBITDA	₹422 Cr	₹555 Cr	₹783 Cr	₹1,099 Cr	+37.6%
EBITDA Margin	40.9%	30.5%	29.4%	34.4%	—
PAT (Net Profit)	₹305 Cr	₹370 Cr	₹486 Cr	₹722 Cr	+33.2%
EPS	₹17.79	₹21.59	₹28.62	₹42.26	+33.4%
ROE	36.8%	32.0%	27.2%	25.8%	—
ROCE	41.8%	22.4%	27.5%	29.6%	—
Total Debt	₹52 Cr	₹1,311 Cr	₹856 Cr	₹753 Cr	+143.2%
Free Cash Flow	₹279 Cr	₹177 Cr	₹276 Cr	₹613 Cr	+29.9%

🟢 Revenue has grown at 45.8% a year over 3 years.

🟢 EBITDA has grown at 37.6% a year over 3 years.

🔴 EBITDA Margin has fallen from 40.9% to 34.4% over 3 years (-6.5 pts).

🟢 PAT (Net Profit) has grown at 33.2% a year over 3 years.

🟢 EPS has grown at 33.4% a year over 3 years.

🔴 ROE has fallen from 36.8% to 25.8% over 3 years (-11.1 pts).

🔴 ROCE has fallen from 41.8% to 29.6% over 3 years (-12.2 pts).

🔴 Total Debt has grown at 143.2% a year over 3 years.

🟢 Free Cash Flow has grown at 29.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹4,268 Cr

Total Liabilities

₹1,468 Cr

Cash & Equivalents

₹389 Cr

Operating Cash Flow

₹674 Cr

Capex

-₹61 Cr

Shareholding (proxy)

Institutional Holding

9.9%

Insider Holding

71.0%

Analyst Consensus

Recommendations

7 Buy · 2 Hold · 0 Sell

Target Price (Mean)

₹2,023.33

+16.9% vs CMP

Target Range

₹1,730 – ₹2,230

Peer Comparison

Company	P/E	ROE
SUN PHARMACEUTICAL IND L	34.9x	14.5%
CIPLA LTD	31.8x	9.8%
DR. REDDY S LABORATORIES	31.0x	8.8%
APOLLO HOSPITALS ENTER. L	54.3x	22.0%

Recent News

4 mixed2 general

Inventurus Knowledge Solutions (NSEI:IKS) Stock Forecast & Analyst Predictions

Simply Wall Street, 14 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Inventurus FY26 PAT Jumps 48% as Q4 EBITDA Margin Expands to 35%

scanx.trade, 13 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Inventurus Knowledge Solutions Share Price Falls 3.35% Today

Univest, 06 AugPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

IKS Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Compare VMF SOFT with

Equitymaster, 16 Oct

Inventurus Knowledge Solutions (IKS.NS) Slips 1.32% as Stock Tests Key Support Zone - Bollinger Walk

siam.in, 17 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability

MiddlingGrowth · Valuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 2 high-severity red flags sit above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑