INFOLLION
Infollion Resea. financials
- Market cap
- ₹149 Cr
- Sector
- Services
- Calls analysed
- 3
Infollion Resea. H2 FY26
What went well
- Huksa revenue crossed ₹1 crore, establishing it beyond an experimental stage.
- H2 FY26 call volumes increased by 8.88% to 9,800 calls compared to H2 FY25.
- FY26 Revenue crossed ₹100 crores (assuming correction from ₹100,000 in transcript).
What to watch
- Decrease in volumes in H2 FY26, especially in March, with projects received almost 25% lower than the usual run rate.
- Gross margin impact of approximately ₹3 crore due to new initiatives and aggressive pricing strategies.
What Infollion Resea. does
Infollion Research Services Limited runs a B2B expert-network platform that matches corporates, global management-consulting firms, and PE/hedge funds with senior management talent and subject-matter experts, screened and vetted on a proprietary technology stack. Engagements range from short paid consultation calls (On-Demand Experts) to organized research trips for investors and executives (Knowledge Tours), in-person expert learning sessions (One-on-One Sit-ins), and statement-of-work or on-site associate/temporary staffing placements. Its HUKSA vertical extends the model into learning and development through expert-generated courses, bespoke CXO/leadership programs, and fully Managed Training Services. The company also operates an India-to-US expert-sourcing corridor and MENA operations, supported by a wholly-owned US subsidiary.
Segments
- Expert Network (On-Demand Experts / Knowledge Tours / One-on-One Sit-ins)
- HUKSA (Learning & Development)
- Associate / temporary staffing
- International expansion — US & MENA
- Employees
- 271 (FY26)
- H2 FY26 expert-call volume
- 9,800 calls
- Experts based outside India
- more than one-third of business served by offshore-based experts
- North America expert-base share
- ~15% of total expert pool
- HUKSA new client logos (FY26)
- 40, spread across 20 sectors
- HUKSA L&D projects delivered (FY26)
- 100+
Guidance record · Q4 FY26
what the last two calls moved 6 tracked 3 delivered 0 missed 3 open- L&D/Huksa Product-Market Fit delivered said Q4 FY25 Promised: Achieve clearer definition of market and product offering for L&D/training marketplace. Q4 FY26: Huksa crossed ₹1 crore in revenue and grew to a 50-member team, indicating it is beyond the experimental stage and has found a market.
- Direct US Client Acquisition on track said Q4 FY25 Promised: Make progress on direct US client acquisition. Q4 FY26: Management stated the US business is break-even (including the India-US corridor) and they are focused on 'build' mode, with a clear trigger for hiring (₹8-10cr revenue). Direct acquisition remains a work-in-progress.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 81.5%, net profit up 25.0% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 20 | 25 | 27 | 35 +150% | 42 +110% | 51 +104% | 49 +81% |
| EBITDA | 3 | 2 | 5 | 5 | 7 +133% | 8 +300% | 9 +80% | 6 +20% |
| Net profit | 2 | 2 | 4 | 4 | 6 +200% | 6 +200% | 7 +75% | 5 +25% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −67.5% 1Y
1Y: ₹486.95 on 10 Sept 2025 → ₹158.05. High ₹486.95 (10 Sept 2025), low ₹153.3 (10 Sept 2026).
How the price took the results
close before → close after
- Q4 FY26
- +3.1%
- 20 Apr
- Q2 FY26
- −0.8%
- 17 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹7 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹7 Cr | ₹8 Cr | ₹5 Cr | ₹32 Cr | ₹52 Cr | ₹58 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹1 Cr | ₹2 Cr | ₹3 Cr | ₹5 Cr | ₹7 Cr | ₹4 Cr |
| Total liabilities | ₹8 Cr | ₹10 Cr | ₹16 Cr | ₹47 Cr | ₹69 Cr | ₹71 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹4 Cr | ₹0 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹5 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹8 Cr | ₹10 Cr | ₹16 Cr | ₹46 Cr | ₹64 Cr | ₹66 Cr |
| Total assets | ₹8 Cr | ₹10 Cr | ₹16 Cr | ₹47 Cr | ₹69 Cr | ₹71 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, DIIs added +2.26 pp while the public trimmed −2.20 pp. The shareholder count shrank 8% to 1,564.
- Promoters
- 51.6%
- FIIs
- 1.0%
- DIIs
- 9.8%
- Public
- 37.5%
Since Mar 2025
- DIIs +2.26 pp
- Public −2.20 pp
- Promoters −0.05 pp
How it drifted, 7 quarters
Over this window FIIs fell from 9.7% to 1.0% — −8.7 pp.
Ownership split by quarter, oldest first. Jun '23: Promoters 51.7%, FIIs 9.7%, DIIs 6.8%, Public 31.8%.Sep '23: Promoters 51.7%, FIIs 2.5%, DIIs 0.0%, Public 45.7%.Mar '24: Promoters 51.7%, DIIs 3.4%, Public 44.9%.Sep '24: Promoters 51.7%, FIIs 1.0%, DIIs 5.9%, Public 41.3%.Mar '25: Promoters 51.7%, FIIs 1.1%, DIIs 7.5%, Public 39.7%.Sep '25: Promoters 51.7%, FIIs 1.0%, DIIs 9.4%, Public 37.8%.Mar '26: Promoters 51.6%, FIIs 1.0%, DIIs 9.8%, Public 37.5%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Tunga India Long Term Equity Fund AIF +1.14 pp 3.16% held
- India Equity Fund 1 AIF +0.31 pp 4.94% held
- Alayna Munjal newly disclosed 0.00% held
- Amarjeet Singh newly disclosed 0.00% held
- Kusam Shaheer newly disclosed 0.00% held
- Parmeshwar Dayal Munjal newly disclosed 0.00% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Infollion Resea. above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Gaurav Munjal | 51.60% | −0.06 pp |
| Gaurav Balram Songara | 6.72% | unchanged |
| Karamveer Singh | 5.65% | unchanged |
| India Equity Fund 1 AIF | 4.94% | +0.31 pp |
| Tunga India Long Term Equity Fund AIF | 3.16% | +1.14 pp |
| Dhyana Capital AIF | 1.11% | unchanged |
| Meru Investment Fund Pcc-Cell 1 FPI fund | 1.03% | unchanged |
| Ankit Shaheer | 0.03% | unchanged |
| Venture Capital Funds VC / PE | 0.01% | unchanged |
| Aayara | 0.01% | unchanged |
| Priya Mahajan | 0.01% | unchanged |
| Alayna Munjal | 0.00% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -6.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Infollion Resea.
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