NSE: INTELLECT · BSE: 538835
INTELLECT DESIGN ARENA
Builds and sells AI-first, composable software products for banks, lenders and other financial institutions, primarily through its eMACH.ai platform. Product lines include core and corporate banking, retail commerce (eMACH.ai Retail 6DX), custody and capital-markets technology, and a dedicated suite for credit unions and mutuals, delivered as licensed software with ongoing services. Revenue is generated mainly as license-linked fees, with FY26 total income of Rs 3,161 crore (up 23% YoY) and Q1 FY27 total income of Rs 872 crore (up 19% YoY). Operating scale is broad: 500-plus customers across 61 countries, with 59 new clients and 91 platform go-lives added in FY26, and 19 new customers with 16 digital go-lives in Q1 FY27. A Q1 FY27 deal pipeline of Rs 13,012 crore (up 15% YoY) signals the forward sales book, and the company holds Rs 1,257 crore in cash on a debt-free balance sheet. The cost base is dominated by people: employee costs are 59.6% of revenue, with other operating expenses at 21.3% and depreciation at 6.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. License-linked revenue, Services and other income. Asset-light, people-heavy enterprise software for financial services with rising license mix
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,878 | 2,231 | 2,506 | 2,500 | 3,038 |
| EBITDA (ex other income) | 475 | 435 | 539 | 531 | 550 |
| margin % | 25.3 | 19.5 | 21.5 | 21.2 | 18.1 |
| Owners' profit | 349 | 267 | 323 | 0 | 345 |
| EPS, as reported (₹) | 26.25 | 19.90 | 23.72 | 24.29 | 24.99 |
| ROE % · ROCE % | 19.2 · 22.8 | 13.0 · 17.5 | 13.2 · 18.2 | 12.0 · 15.4 | 10.7 · 13.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Cash from operations | 453 | 174 | 410 | 431 | 510 |
| Capex | (129) | (166) | (173) | (172) | (220) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 558 | 610 | 726 | 702 | 758 | 731 | 847 | 845 |
| Profit before tax | 70 | 93 | 184 | 126 | 134 | 36 | 160 | 135 |
| Net profit | 52 | 71 | 136 | 94 | 102 | 27 | 120 | 102 |
| EPS (₹) | 3.86 | 5.11 | 9.82 | 6.85 | 7.40 | 2.06 | 8.68 | 7.34 |
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 | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 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) | 23.3 | 15.0 | 41 of 65 | 38% |
| P/B | 2.6 | 2.6 | 33 of 65 | 50% |
| ROCE | 13.4 | 14.2 | 42 of 76 | 45% |
| ROE | 10.7 | 11.5 | 37 of 64 | 43% |
| Debt / Equity | 0.0 | 0.0 | 1 of 65 | 67% |
| EBITDA margin | 23.0 | 18.4 | 18 of 65 | 73% |
| Revenue growth | 20.4 | 10.6 | 18 of 63 | 73% |
| Profit growth | 8.7 | 6.7 | 31 of 62 | 51% |
| Market cap | 8317 | 419 | 18 of 76 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Employee email hack at Canadian subsidiary triggers fake payment request | regulatory legal | high | — | — |
| 27 Oct 2026 · 72,570 employee stock option shares allotted; distinctive numbers corrected | capital market events | low | — | — |
| 23 Oct 2026 · Intellect Design Arena schedules Q2 FY27 investor call | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Intellect deploys eMACH.ai lending platform at Jameel Finance Egypt | business updates | medium | — | — |
| 21 Oct 2026 · Allotment of 72,570 shares under ESOP schemes | capital market events | low | — | — |
| 20 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 15 Oct 2026 · Franklin Templeton MF trims stake in Intellect Design Arena by 0.089% | ownership changes | high | — | — |
| 7 Oct 2026 · RTA compliance certificate for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 23 Sept 2026 · Intellect wins expanded deal from Sri Lanka's Cargills Bank for core banking upgrade | business updates | high | — | — |
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.