MINDTECK
Mindteck (India) financials
- Market cap
- ₹507 Cr
- Sector
- Information Technology
What Mindteck (India) Limited does
Mindteck (India) Limited designs, develops, tests and supports embedded systems, firmware, IoT platforms, enterprise applications and IT infrastructure for global OEM clients, with deep domain focus on medical devices/healthcare, semiconductors, data storage/cloud infrastructure and analytical instruments. It also runs a Talent Management line that staffs technical consultants with client organizations. Work is delivered through a best-shore mix of onsite, offshore and near-shore teams operating out of development centers in India and offices across the US, Canada, UK, Germany, Singapore, Malaysia and Bahrain, largely on a time-and-material basis for Fortune 1000 and mid-market clients.
Segments
- Talent Management
- Product Engineering
- Information Technology Services
- Total headcount
- 1,235
- Technical staff
- 1,102
- Global office locations
- 8 countries (US, Canada, UK, Germany, Singapore, Malaysia, Bahrain, India)
- Advanced development/R&D centers
- 2 (Bengaluru & Kolkata, India)
- Active clients
- 88 (Q4 FY25)
- New client engagements added in FY25
- 26 (incl. multiple Fortune 500 companies)
Quarterly results
Q1 FY27: revenue up 2.7%, net profit down 4.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 108 | 104 | 104 | 101 | 102 −6% | 100 −3% | 104 −0% | 104 +3% |
| EBITDA | 9 | 9 | 9 | 10 | 7 −16% | 10 +15% | 11 +24% | 8 −15% |
| Net profit | 8 | 8 | 7 | 9 | 8 −0% | 5 −36% | 10 +49% | 8 −4% |
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 −27.6% 1Y
1Y: ₹219.08 on 10 Sept 2025 → ₹158.61. High ₹296.22 (21 Oct 2025), low ₹146.51 (30 Mar 2026).
Financials, as filed
Revenue grew 6.5% a year over 3 years, FY23 to FY26. Operating margin widened to 9.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹337 Cr | ₹386 Cr | ₹424 Cr | ₹407 Cr |
| Operating profit | ₹27 Cr | ₹32 Cr | ₹35 Cr | ₹38 Cr |
| Operating margin | 8.1% | 8.4% | 8.3% | 9.3% |
| Interest | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Depreciation | ₹4 Cr | ₹4 Cr | ₹5 Cr | ₹5 Cr |
| Net profit | ₹20 Cr | ₹27 Cr | ₹29 Cr | ₹32 Cr |
| Net margin | 6.0% | 7.1% | 6.8% | 7.7% |
| Cash from operations | ₹13 Cr | ₹22 Cr | ₹24 Cr | ₹26 Cr |
| Free cash flow | ₹11 Cr | ₹21 Cr | ₹23 Cr | ₹26 Cr |
| ROCE | 14.0% | 16.0% | 16.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹32 Cr | ₹32 Cr |
| Reserves | ₹115 Cr | ₹150 Cr | ₹166 Cr | ₹196 Cr | ₹248 Cr | ₹272 Cr |
| Borrowings | ₹26 Cr | ₹8 Cr | ₹6 Cr | ₹2 Cr | ₹6 Cr | ₹4 Cr |
| Other liabilities | ₹41 Cr | ₹46 Cr | ₹46 Cr | ₹52 Cr | ₹53 Cr | ₹62 Cr |
| Total liabilities | ₹207 Cr | ₹229 Cr | ₹243 Cr | ₹276 Cr | ₹339 Cr | ₹370 Cr |
| Fixed assets | ₹38 Cr | ₹38 Cr | ₹36 Cr | ₹33 Cr | ₹35 Cr | ₹33 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹56 Cr |
| Other assets | ₹169 Cr | ₹191 Cr | ₹207 Cr | ₹243 Cr | ₹304 Cr | ₹280 Cr |
| Total assets | ₹207 Cr | ₹229 Cr | ₹243 Cr | ₹276 Cr | ₹339 Cr | ₹370 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 Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 1% to 32,078.
- Promoters
- 64.2%
- FIIs
- 0.1%
- Public
- 35.7%
Since Jun 2025
- FIIs +0.06 pp
- Public −0.06 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Over this window the public went from 33.2% to 35.7% — +2.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 64.9%, FIIs 0.2%, Public 33.2%, Others 1.6%.Dec '23: Promoters 64.9%, FIIs 0.2%, Public 33.2%, Others 1.6%.Mar '24: Promoters 64.8%, FIIs 0.3%, Public 33.9%, Others 0.9%.Jun '24: Promoters 64.6%, FIIs 0.2%, DIIs 0.0%, Public 35.1%.Sep '24: Promoters 64.5%, FIIs 0.0%, Public 35.5%.Dec '24: Promoters 64.5%, FIIs 0.0%, Public 35.5%.Mar '25: Promoters 64.4%, FIIs 0.2%, Public 35.5%.Jun '25: Promoters 64.2%, Public 35.8%.Sep '25: Promoters 64.2%, Public 35.8%.Dec '25: Promoters 64.2%, FIIs 0.1%, Public 35.7%.Mar '26: Promoters 64.2%, FIIs 0.0%, Public 35.8%.Jun '26: Promoters 64.2%, FIIs 0.1%, Public 35.7%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Mindteck (India) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Embtech Holdings Limited | 64.20% | unchanged |
| First Asian Investments Sa, Llc | 5.44% | unchanged |
| Banco Efisa Sa | 3.14% | unchanged |
| Mindteck Investors Trust ( Sujatha T K ) | 2.91% | −0.25 pp |
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
AttractiveTo justify its price of ₹159, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~15%. At that growth it is worth ₹203 — upside of 28%.
- Growth the price implies
- 10.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 15.7% a year
- net profit, FY23–FY26 · EPS 15.1%
- The gap
- -0.0 pp
- 28% downside if it only repeats history
Learn to analyse Mindteck (India) Limited
Guides on how to read this kind of business and the numbers that matter.