Submission of Unaudited Financial Results for the quarter and half year ended September 30, 2025
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NIIT Learning Systems reported consolidated revenue from operations of Rs 4,757.16 million for Q2 FY26, up about 20% year-on-year from Rs 3,974.48 million, partly helped by the newly acquired MST Group (acquired July 9, 2025 for EUR 22.37 million). Half-year revenue rose to Rs 9,270.70 million from Rs 8,046.77 million. However, profit after tax fell to Rs 469.64 million in Q2 (vs Rs 570.36 million a year ago) and Rs 962.67 million for H1 (vs Rs 1,170.55 million), dragged down by acquisition-related exceptional items of Rs 60.31 million and higher professional outsourcing and depreciation costs. EPS for the quarter stood at Rs 3.43 vs Rs 4.20. Operating cash flow remained healthy at Rs 1,086 million for H1. The auditor S.R. Batliboi & Associates issued a clean limited review with no qualifications.
The headline revenue jump is largely acquisition-led, while underlying margins compressed and profits declined — a mixed bag for shareholders. The MST acquisition could support future growth but near-term earnings are under pressure from integration costs and higher outsourcing spend; investors should watch organic growth and margin trends in coming quarters.