NSE: IKS · BSE: 544309
INVENTURUS KNOWLEDGE SO L
Earns by providing technology-enabled healthcare services to US healthcare providers — medical coding, clinical documentation, ambient scribing (Scribble Select), autonomous coding, multi-agent patient engagement (MyCare Hub), and revenue cycle management (RCM). It also sells point solutions for clinical decision support and denial prediction. In July 2026 it completed the USD 557 million acquisition of TruBridge, adding electronic health record (EHR) and RCM technology for US rural and community hospitals, taking the combined group's reach to 2,000+ healthcare organizations and 150,000 clinicians in the US. Through its US subsidiary, it now also holds a 51.88% stake in WWMG MSO, supporting US physician practices under value-based care arrangements, and has incorporated Value Partners Collective ACO, LLC to bid for the CMS LEAD program. The customer base is 600+ US providers (being rationalised to 500-600), with Q4 FY26 revenue of INR 857 crore (+18.5% YoY) on headcount of 13,331 (1,981 clinically trained). The biggest cost driver is employee expense at 51.0% of revenue, consistent with its services-led delivery model; other operating expenses are 14.8%, depreciation 3.9%, and capex 1.0%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Healthcare tech-enabled services (coding, RCM, scribing, autonomous coding, MyCare Hub), TruBridge EHR and RCM (rural/community hospitals), Value-based care (WWMG MSO). Asset-light, services-led US healthcare BPO/platform with high employee costs and rising AI-led automation; recently scaled via the USD 557 million TruBridge acquisition.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 2,664 | 3,194 |
| EBITDA (ex other income) | 770 | 1,091 |
| margin % | 28.9 | 34.2 |
| Owners' profit | 486 | 722 |
| EPS, as reported (₹) | 29.20 | 43.12 |
| ROE % · ROCE % | 27.2 · 27.5 | 25.8 · 29.8 |
| Debt / equity (x) | 0.42 | 0.23 |
| Cash from operations | 318 | 674 |
| Capex | (25) | (32) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 657 | 724 | 740 | 781 | 815 | 858 | 894 |
| Profit before tax | 160 | 180 | 195 | 229 | 232 | 258 | 256 |
| Net profit | 130 | 148 | 152 | 181 | 183 | 206 | 194 |
| EPS (₹) | 7.80 | 8.88 | 9.07 | 10.81 | 10.96 | 12.31 | 11.55 |
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. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L ◆ | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.4 | 17.5 | 60 of 76 | 21% |
| P/B | 10.4 | 2.2 | 68 of 70 | 3% |
| ROCE | 27.7 | 9.6 | 7 of 86 | 93% |
| ROE | 25.8 | 9.2 | 6 of 70 | 93% |
| Debt / Equity | 0.2 | 0.0 | 56 of 70 | 20% |
| EBITDA margin | 33.6 | 13.0 | 9 of 69 | 88% |
| Revenue growth | 20.8 | 20.8 | 34 of 67 | 50% |
| Profit growth | 27.9 | 14.6 | 24 of 64 | 64% |
| Market cap | 29130 | 296 | 2 of 87 | 99% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA certifies dematerialisation of securities for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · IKS to meet Bajaj MF and Oaklane Capital on September 30 in Pune | board shareholder meetings | low | — | — |
| 23 Sept 2026 · IKS schedules analyst and institutional investor meet on September 28 in Chennai | board shareholder meetings | low | — | — |
| 22 Sept 2026 · AGM voting results: All 5 resolutions passed, ESOP amendments see dissent | board shareholder meetings | low | — | — |
| 21 Sept 2026 · 20th AGM held on Sep 21, 2026; financials adopted, ESOP amended | board shareholder meetings | low | — | — |
| 15 Sept 2026 · IKS Health to attend Jefferies India Forum 2026 on Sept 17 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · IKS Health CHRO Manisha Kadagathur resigns; Amaris McComas named as replacement | management changes | medium | — | — |
| 29 Aug 2026 · Newspaper publication of 20th AGM notice and e-voting details | compliance | minimal | — | — |
| 28 Aug 2026 · IKS sends AGM notice and annual report FY26 to shareholders via web link | compliance | minimal | — | — |
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.