Niit Learning Systems Limited has informed the Exchange about Transcript
NIITMTS · price
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NIIT Learning Systems (NIITMTS) reported Q4 FY25 revenue of INR 4,297 million, up 8% YoY (6.2% constant currency) but EBITDA fell 14% YoY to INR 857 million with margin compressing to 20% from higher base. Full-year FY25 revenue grew 6% to INR 16,533 million, EBITDA was flat at INR 3,763 million with margin at 22.8% (vs 24.2% prior year), and PAT rose 7% to INR 2,275 million (EPS INR 16.75). The company blamed Q4 weakness on cancellations, slower ramp-up of a large new customer, and the loss of high-margin North American real estate business (ending June 2025 due to legislative change). Forward visibility stands at $390 million with 100% contract renewal record maintained across 93 MTS customers. Board recommended a higher dividend of INR 3/share (vs INR 2.75). Management guided FY26 to 10%+ constant currency growth and 20-21% margins, with long-term aspiration of $400-500 million revenue by FY28.
Shareholders see margin pressure ahead (20-21% vs 22.8% in FY25) as the high-margin Ontario real estate contract sunsets, though this is partially offset by a strong order pipeline, new customer wins, and a modest dividend hike. Stock may remain range-bound near-term given weak Q4 print and cautious FY26 guidance, but the $390M visibility and AI/inorganic growth levers provide longer-term support.