Integrated Personnel Services Limited

Sector n/a · NSE

₹160.00−₹1.20 (−0.74%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

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

How does it make money?

Turns over ₹401 Cr a year. Of every ₹100 of sales, about ₹3 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation.

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

ROCE has stayed above 15% in every year available and stands at 23.4%. Returns that high normally get competed away; when they persist, something is protecting them. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

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 +103% while net margin moved +19% 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+103%

Margin effect+19%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

66/ 100

Good

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

Valuation

60/ 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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

9.9x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

High return on capital employed
ROCE of 23.4% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 93% over 3 years, from ₹27 Cr to ₹52 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 23.4% 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.
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?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 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 20% a year✓ 26.6% CAGR
Latest reported year was 26.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 3%✓ 4.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹6 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✓ 3.2x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

6 / 9 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 6 neutral · 1 weak

Market Cap

₹138 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

16.3%

Strong

Strong capital efficiency

ROCE

23.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.77x

Moderate

Moderate leverage

Revenue Growth (YoY)

26.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

55.0%

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

-₹6 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

6.9%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

2.7%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.73

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

205.8 / 211.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹198 Cr	₹246 Cr	₹316 Cr	₹401 Cr	+26.6%
EBITDA	₹10 Cr	₹12 Cr	₹13 Cr	₹18 Cr	+22.6%
EBITDA Margin	5.0%	4.7%	4.2%	4.5%	—
PAT (Net Profit)	₹5 Cr	₹5 Cr	₹7 Cr	₹11 Cr	+34.3%
EPS	₹6.28	₹6.63	₹8.59	—	—
ROE	14.0%	13.2%	12.5%	16.3%	—
ROCE	22.6%	23.1%	19.0%	23.4%	—
Total Debt	₹27 Cr	₹31 Cr	₹35 Cr	₹52 Cr	+24.6%
Free Cash Flow	-₹1 Cr	-₹6 Cr	-₹7 Cr	-₹6 Cr	—

🟢 Revenue has grown at 26.6% a year over 3 years.

🟢 EBITDA has grown at 22.6% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 4.5% over 3 years.

🟢 PAT (Net Profit) has grown at 34.3% a year over 3 years.

🟢 ROE has risen from 14.0% to 16.3% over 3 years (+2.4 pts).

🟡 ROCE has held roughly flat at 23.4% over 3 years.

🔴 Total Debt has grown at 24.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹146 Cr

Total Liabilities

₹79 Cr

Cash & Equivalents

₹10 Cr

Operating Cash Flow

-₹5 Cr

Capex

-₹1 Cr

Recent News

3 mixed3 general

Integrated Personnel Services (IPSL) Share Price Falls 8.69% as Micro Cap Slips to Rs 187.10

Univest, 08 OctPrice 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.

Here's Why We Think Integrated Personnel Services (NSE:IPSL) Is Well Worth Watching

Simply Wall Street, 01 Oct

Integrated Personnel Services Ltd. Peer Comparison – Compare with Others

Value Research, 21 Sept

Integrated Personnel Services Ltd. (IPSL) Share Price rises 12.96% today

Univest, 05 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Integrated Personnel Services Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 18 Sept

Integrated Personnel Services (IPSL-SM) Share Price Falls 13.47% Today

Univest, 25 SeptPrice 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.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongGrowth

MiddlingBusiness Quality · Financial Health · Profitability · Valuation

WeakRisk

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. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive · see Key things to watch ↑