NIITMTS

NIIT Learning Systems share price & financials

Managed learning services (L&D outsourcing) provider ranked top-3 globally, serving 100+ enterprise clients.

Price: ₹229.55
Market cap: ₹3.3k Cr
Sector: Consumer Services
Calls analysed: 7

Latest concall · Q1 FY27 · call held 23 Jul 2026

NIIT Learning Systems Limited Q1 FY27

Revenue 5,651 million +25%EBITDA 1,032 million +9%EBITDA Margin 18.3% PAT 574 million +16%

What went well

Revenue grew 25% YoY to INR5,651 million, with organic constant currency growth of 5% YoY (excluding acquisitions and RECO contract).
EBITDA grew 8.5% YoY to INR1,032 million, maintaining a healthy margin of 18.3%.
Profit after tax (PAT) increased by 16.4% YoY to INR574 million, with EPS at INR4.17.

What to watch

The Management Consulting and Professional Services sector degrew 16% YoY, and Technology & Telecom growth was muted at 8% YoY, primarily due to two large clients pulling back L&D budgets.
Q2 FY27 is expected to see a dampening of quarter-on-quarter growth due to the vacation quarter in Europe.

Read the full call →

What NIIT Learning Systems Limited does

NIIT Learning Systems (NIIT MTS) is a pure-play Managed Training Services company that designs, delivers and administers corporate learning and development programs for large multinational clients on an outsourced basis. It earns revenue from long-term annuity contracts spanning custom content and curriculum design, learning delivery, learning administration, strategic sourcing, learning technology, and L&D consulting and advisory. The company also offers specialised services such as AI-powered L&D transformation, immersive learning, customer education, HCM technology consulting, leadership and professional-skills training, digital and technology training, and talent-pipeline-as-a-service. It has grown its capability base through acquisitions, including Munich-based MST Group and San Francisco-based SweetRush, an AI-enabled learning-experience-design firm.

Segments

Technology & Telecom
Industrials
Life Sciences & Healthcare
BFSI
Management Consulting & Professional Services
Others

Global market position: Top 3 global Managed Learning (training) outsourcing company
Countries of operation: 32
Global delivery locations: 14 cities (Atlanta, Bergen, Debrecen, Dublin, Gurugram, Leipzig, London, Munich, Rochester, San Jose, Shanghai, Sheffield, Toulouse, Vancouver)
Global customers: 100+
Annuity (long-term managed-services) clients: 110
Learning professionals employed: 2,500+

Founded 1981Headquarters Gurugram, Haryana, India Company website

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 9 delivered 3 missed 7 open

Q1 FY27 EBITDA Margin delivered said Q4 FY26 Promised: 18% Q1 FY27: Reported Q1 FY27 EBITDA margin was 18.3%, meeting the guidance of 18%.
FY25 CC Revenue Growth missed said Q3 FY25 Promised: 7% Q1 FY27: Promise relates to a prior fiscal year and was not discussed.
MST Acquisition EBITDA Accretion on track said Q2 FY26 Promised: EBITDA accretive in FY 2026 Q1 FY27: MST contributed INR 231 million to Q1 revenue and is showing early synergy benefits, keeping the revised accretion timeline on track.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 6.1%, net profit up 40.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	116	130	130	131	134 +16%	143 +10%	124 −5%	139 +6%
Expenses	99	105	112	117	120	121	112	117
EBITDA	17	25	18	14	14 −18%	22 −12%	12 −33%	22 +57%
Margin	15%	19%	14%	11%	11%	16%	10%	16%
Other income	58	18	21	24	61	6	18	28
Interest	1	1	1	1	1	1	1	1
Depreciation	7	8	9	10	11	11	11	11
Profit before tax	67	34	29	27	63 −6%	16 −53%	18 −38%	38 +41%
Tax rate	7%	25%	23%	25%	8%	22%	25%	25%
Net profit	62	26	23	20	58 −6%	13 −50%	14 −39%	28 +40%
EPS	4.57	1.89	1.66	1.48	4.23	0.93	0.99	2.06

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 −30.9% 1Y

1Y: ₹332.6 on 10 Sept 2025 → ₹229.84. High ₹437 (26 Dec 2025), low ₹207.45 (29 May 2026).

How the price took the results

close before → close after

Q1 FY27: −0.7%; 23 Jul
Q4 FY26: −11.8%; 12 May
Q3 FY26: +0.1%; 28 Jan
Q2 FY26: −0.3%; 6 Nov

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.

Financials, as filed

Revenue fell 21.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 11.7%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹1.1k Cr	₹400 Cr	₹483 Cr	₹532 Cr
Operating profit	₹221 Cr	₹51 Cr	₹76 Cr	₹62 Cr
Operating margin	20.5%	12.8%	15.7%	11.7%
Interest	₹5 Cr	₹2 Cr	₹4 Cr	₹4 Cr
Depreciation	₹35 Cr	₹19 Cr	₹30 Cr	₹43 Cr
Net profit	₹165 Cr	₹103 Cr	₹129 Cr	₹105 Cr
Net margin	15.3%	25.8%	26.7%	19.7%
Cash from operations	₹64 Cr	₹85 Cr	₹84 Cr	₹104 Cr
Free cash flow	₹25 Cr	₹43 Cr	₹40 Cr	₹61 Cr
ROCE	24.0%	23.0%	24.0%	18.0%

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	₹116 Cr	₹116 Cr	₹27 Cr	₹27 Cr	₹27 Cr	₹28 Cr
Reserves	₹-113 Cr	₹261 Cr	₹465 Cr	₹555 Cr	₹1.3k Cr	₹772 Cr
Borrowings	₹0 Cr	₹1 Cr	₹0 Cr	₹29 Cr	₹260 Cr	₹21 Cr
Other liabilities	₹15 Cr	₹105 Cr	₹110 Cr	₹110 Cr	₹974 Cr	₹141 Cr
Total liabilities	₹18 Cr	₹482 Cr	₹602 Cr	₹722 Cr	₹2.6k Cr	₹961 Cr
Fixed assets	₹0 Cr	₹14 Cr	₹35 Cr	₹80 Cr	₹848 Cr	₹92 Cr
Capital work in progress	₹0 Cr	₹2 Cr	₹12 Cr	₹24 Cr	₹0 Cr	₹26 Cr
Investments	₹5 Cr	₹193 Cr	₹377 Cr	₹420 Cr	₹485 Cr	₹571 Cr
Other assets	₹13 Cr	₹272 Cr	₹179 Cr	₹198 Cr	₹1.2k Cr	₹272 Cr
Total assets	₹18 Cr	₹482 Cr	₹602 Cr	₹722 Cr	₹2.6k Cr	₹961 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.

Mutual funds in NIITMTS

Filings to Aug 2026

0 new, 0 added, 1 trimmed, 0 sold out — net −1.68 L shares (−1.1%).

Held by funds: ₹329 Cr; 2 schemes
Biggest holder: Nippon India Small Cap Fund; ₹277 Cr · 0.3% of that fund

Scheme	Holding	Last month	Held since
Nippon India Small Cap Fund Nippon India Mutual Fund	₹277 Cr	held	Jun '23
SBI Innovative Opportunities Fund SBI Mutual Fund	₹52 Cr	−1.68 L	Dec '24

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 1 trimmed — net −1.68 L shares (−1.1%)

Funds are sitting on: -33%; vs est. average cost
Held by funds: ₹329 Cr; 2 schemes · ≈ 10% of the company
Biggest holder: Nippon India Small Cap Fund; ₹277 Cr · 0.3% of that fund

Shares held by these funds +29%

Aug '23 1.46 cr shares Jul '26

All earnings calls (7)

Read the Q1 FY27 call →

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