NSE: INNOVISION · BSE: 544732
INNOVISION LIMITED
Acts as a user fee collection agency for NHAI toll plazas across India, collecting tolls on national highways and maintaining adjacent toilet blocks, which is the largest revenue stream. Also runs a security services business supplying guards and surveillance to government and private clients, contributing the second-largest share of revenue. A small skill training segment and a drone subsidiary called Aerodrone Robotics, plus an AI-enabled surveillance platform, are flagged as growth areas in recent disclosures. Revenue is concentrated on government clients — about 80% of revenue is tied to government work, mostly NHAI contracts. In FY26, total revenue was ₹980.8 crore with a net profit of ₹36.3 crore and an EBITDA margin of 6.2%. The cost base is dominated by materials (55.6% of revenue) and employees (37.1% of revenue). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Toll (59%), Security (40%), Skill (1%), Other (0%). Cyclical, government-contract-dependent toll and security services
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 981 |
| EBITDA (ex other income) | 55 |
| margin % | 5.6 |
| Owners' profit | 37 |
| EPS, as reported (₹) | 33.58 |
| ROE % · ROCE % | 12.4 · 19.5 |
| Debt / equity (x) | 0.42 |
| Cash from operations | (28) |
| Capex | (3) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 233 | 268 | 264 |
| Profit before tax | 8 | 14 | (11) |
| Net profit | 4 | 12 | (7) |
| EPS (₹) | 2.97 | 11.72 | (2.85) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Security | 195 | 38.9 |
| Toll | 302 | 60.2 |
| Skill | 1 | 0.3 |
| Other | 2 | 0.3 |
| Skill training and development | 1 | 0.2 |
| other | 0 | 0.1 |
| Total, before eliminations | 502 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BF UTILITIES LIMITED | 1,661 | 12.1 | 1.27 | 3.7 | 26.0 | 22.7 | 20.7 | 39.9 |
| INNOVISION LIMITED ◆ | 655 | 23.2 | 2.23 | 13.2 | 12.4 | 15.1 | — | (3.8) |
| ATLANTAA LIMITED | 287 | 16.9 | 1.30 | 16.3 | 0.1 | 0.1 | (3.5) | 45.6 |
| SADBHAV ENGINEERING LTD | 123 | 2.4 | 1.20 | 6.2 | 107.5 | 6.8 | (15.4) | 69.9 |
| BHARAT ROAD NETWORK LTD | 118 | — | 0.22 | — | (11.1) | (6.3) | (5.9) | (154.4) |
| SADBHAV INFRA PROJ LTD. | 114 | 3.0 | — | 5.4 | (26.6) | 21.1 | (9.6) | 74.2 |
| GAYATRI HIGHWAYS LIMITED | 45 | — | — | — | 0.2 | 8.1 | (29.1) | 7.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.2 | 14.7 | 8 of 11 | 30% |
| P/B | 2.2 | 1.3 | 9 of 12 | 27% |
| ROCE | 15.2 | 3.4 | 3 of 14 | 85% |
| ROE | 12.4 | 5.3 | 3 of 12 | 82% |
| Debt / Equity | 0.4 | 0.4 | 7 of 12 | 46% |
| EBITDA margin | (3.8) | 36.0 | 12 of 15 | 21% |
| Market cap | 655 | 314 | 7 of 15 | 57% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Innovision schedules 20th AGM for December 5, 2026 | compliance | minimal | — | — |
| 5 Nov 2026 · Innovision sets AGM eligibility date and book closure period | compliance | minimal | — | — |
| 5 Nov 2026 · Innovision sets 20th AGM for December 5, 2026 | board shareholder meetings | low | — | — |
| 5 Nov 2026 · Innovision annual meeting set for December 5, 2026 | board shareholder meetings | low | — | — |
| 5 Nov 2026 · Innovision schedules 20th annual general meeting for 5 December 2026 | compliance | minimal | — | — |
| 4 Nov 2026 · Company says share price movement has no undisclosed cause | compliance | minimal | — | — |
| 3 Nov 2026 · BSE seeks clarification on significant price movement | regulatory legal | medium | — | — |
| 22 Oct 2026 · NHAI awards around Rs 95 cr toll collection contract to Innovision | business updates | medium | — | — |
| 15 Oct 2026 · Submission of Certificate Under Regulation 74(5) for Quarter Ended September 2026 | compliance | minimal | — | — |
| 10 Oct 2026 · Innovision defends timeline on director resignation disclosure to BSE | compliance | 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.