BSE: 544388
Identixweb Limited
Provides IT and IT-enabled services, with a product portfolio built around the Shopify e-commerce platform. Its solutions serve 12,000+ global Shopify stores, and it is developing SiteGrowth AI, an AI-powered organic growth engine for SaaS and business websites. Through its 70.05%-held subsidiary Munim ERP Private Limited, it also offers accounting and GST compliance software, which posted FY26 turnover of Rs 196.06 Lakh against a negative net worth of Rs 310.19 Lakh. On a consolidated basis, FY26 revenue was Rs 1,304.74 Lakh, up 43.5% year-on-year, and consolidated net profit was Rs 535.38 Lakh, up about 44% from Rs 371.98 Lakh in FY25. EBITDA margin contracted from 62.5% in FY25 to 57.5% in FY26, even as absolute EBITDA grew 26.4% to Rs 749.9 Lakh. The cost structure as reported shows materials at 12.7% of revenue, other operating expenses at 29.9%, and capex at 86.3% of revenue, with employee cost shown as 0.0% of revenue. The company is based in Surat, Gujarat, is listed on BSE, and raised Rs 1,663.20 Lakh through an IPO earlier in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT and IT-enabled services (Shopify-focused products for e-commerce merchants), Accounting and GST compliance software (via Munim ERP subsidiary). Small-cap, product-led IT services and SaaS business with an early-stage, loss-making ERP subsidiary
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 9 | 13 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 4.52 | 5.13 |
| ROE % · ROCE % | — · 25.9 | — · 20.9 |
| Debt / equity (x) | — | — |
| Cash from operations | 3 | 4 |
| Capex | 0 | (11) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 4 | 6 | 7 |
| Profit before tax | 2 | 3 | 4 |
| Net profit | — | — | — |
| EPS (₹) | 1.86 | 2.49 | 2.64 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 9,03,878 | 18.1 | 8.33 | 12.4 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,71,713 | 15.7 | 5.06 | 9.9 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,85,530 | 22.1 | 5.13 | 13.8 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,85,195 | 14.8 | 2.10 | 8.8 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,77,517 | 31.3 | 5.90 | 19.9 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,20,167 | 23.0 | 4.98 | 14.5 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 92,008 | 47.4 | 11.74 | 31.5 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 88,367 | 40.6 | 9.13 | 31.5 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.1 | 15.1 | 12 of 65 | 83% |
| ROCE | 20.9 | 14.2 | 21 of 76 | 73% |
| Market cap | 73 | 425 | 56 of 76 | 27% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for September 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · We hereby submit Voting Results and Consolidated Scrutinizer report of the 9th AGM of the Company held on September 29, 2026. | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · 9th AGM held; FY26 revenue up 43%, net profit rises | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Insider trading window closed ahead of H2 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · Identixweb submits FY2026 investor presentation to BSE | investor communications | medium | — | — |
| 23 Sept 2026 · Identixweb to meet investors at Bharat Connect Conference on Sep 25 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Identixweb publishes 9th AGM notice in newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · Identixweb submits Annual Report for FY 2025-26 | results | high | — | — |
| 7 Sept 2026 · Notice of 9th AGM on September 29, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Board approves FY26 Directors Report, sets 9th AGM on Sept 29, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.