NSE: IRIS · BSE: 540735
IRIS REGTECH SOLUTION LTD
Builds software platforms for government regulators and regulated enterprises across SupTech, RegTech, DataTech and Others segments. SupTech, which contributed 59.8% of segment revenue at ₹73.6004 crore in FY26, sells regulatory technology platforms to government agencies and added three new customers including the Government of Qatar for tax reporting. RegTech, at 35.4% of segment revenue (₹43.5737 crore), runs the IRIS CARBON platform for corporate disclosure management and ESG reporting, with ARR growing 33%. DataTech (1.5%, ₹1.8762 crore) houses the IRIS Peridot MSME loan facilitation business piloted with three lenders. The TaxTech business was divested to Sovos for ₹153.39 crore in 2025, producing exceptional items EBIT of ₹126.3119 crore. Employee cost at 52.8% of revenue is by far the largest cost, followed by other operating expenses at 39.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. SupTech (60%), RegTech (35%), Others (3%), DataTech (2%). Asset-light software and SaaS business with recurring revenue, serving regulated industries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 61 | 74 | 102 | 126 | 128 |
| EBITDA (ex other income) | 7 | 10 | 15 | 19 | 10 |
| margin % | 11.9 | 13.0 | 14.9 | 15.1 | 7.9 |
| Owners' profit | 1 | 4 | 0 | 13 | 126 |
| EPS, as reported (₹) | 0.52 | 2.22 | 4.49 | 6.55 | 61.54 |
| ROE % · ROCE % | 3.7 · 8.4 | 13.5 · 16.7 | 21.4 · 23.6 | 17.4 · 23.2 | 63.0 · 8.6 |
| Debt / equity (x) | 0.24 | 0.17 | 0.13 | 0.05 | 0.01 |
| Cash from operations | (0) | 6 | 12 | 28 | 105 |
| Capex | (1) | (2) | (4) | 0 | (8) |
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 | 31 | 33 | 35 | 30 | 29 | 36 | 39 | 33 |
| Profit before tax | 5 | 5 | 5 | 0 | 2 | 7 | 7 | (1) |
| Net profit | 4 | 4 | 3 | 0 | 117 | 5 | 4 | (1) |
| EPS (₹) | 2.00 | 1.83 | 1.39 | 0.11 | 56.86 | 2.58 | 2.02 | (0.47) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| SupTech | 76 | 56.9 |
| RegTech | 47 | 35.2 |
| DataTech | 2 | 1.3 |
| Others | 4 | 3.0 |
| TaxTech | 5 | 3.6 |
| Total, before eliminations | 133 | 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. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 90,480 | 26.5 | 11.56 | 23.7 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED | 6,551 | 12.3 | 2.63 | 7.6 | 20.5 | 25.0 | 13.5 | 17.6 |
| C.E. INFO SYSTEMS LIMITED | 4,785 | 34.8 | 5.29 | 20.7 | 14.8 | 21.3 | — | 54.2 |
| CAPILLARY TECHNO INDIA L | 4,403 | 104.1 | 4.30 | 33.5 | 5.1 | 4.9 | — | 4.9 |
| TECHNVISION VENTURES LTD. | 2,767 | 12600.0 | 184.46 | 369.6 | 1.4 | 5.5 | 25.5 | (3.0) |
| Mobavenue AI Tech Limited | 2,276 | 18.0 | 25.14 | 47.6 | 32.4 | 30.8 | — | 21.8 |
| RAMCO SYSTEMS LTD. | 2,023 | 48.4 | 5.72 | 13.2 | 11.9 | 11.0 | 2.3 | 16.0 |
| NUCLEUS SOFTWARE EXPORTS | 1,606 | 15.2 | 1.77 | 9.1 | 12.9 | 15.2 | 11.3 | 16.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.5 | 19.6 | 4 of 32 | 90% |
| P/B | 2.2 | 1.7 | 22 of 38 | 43% |
| ROCE | 8.3 | 4.8 | 16 of 40 | 62% |
| ROE | 63.0 | 3.5 | 1 of 38 | 100% |
| Debt / Equity | 0.0 | 0.0 | 21 of 38 | 46% |
| EBITDA margin | 2.5 | 17.2 | 29 of 35 | 18% |
| Revenue growth | 9.7 | 9.7 | 17 of 33 | 50% |
| Profit growth | (533.0) | (12.0) | 40 of 41 | 3% |
| Market cap | 434 | 42 | 10 of 44 | 79% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 25 Sept 2026 · Trading window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 2 Sept 2026 · IRIS RegTech Solutions to meet Jupiter Financial on 8 September | board shareholder meetings | low | — | — |
| 21 Aug 2026 · WOS incorporated in UAE - IRIS Gulf Regulatory Technology L.L.C | strategic transactions | medium | — | — |
| 19 Aug 2026 · Iris Regtech schedules investor meeting with Club Millionaire on August 26 | board shareholder meetings | low | — | — |
| 11 Aug 2026 · ICRA upgrades short-term rating to A2, reaffirms long-term at BBB Stable | credit debt | medium | — | — |
| 8 Aug 2026 · IRIS RegTech Q1 FY27 Unaudited Results Published | compliance | minimal | — | — |
| 7 Aug 2026 · IRIS RegTech Q1FY27: Revenue up 33% YoY to Rs 35.2 Cr | compliance | low | — | — |
| 7 Aug 2026 · IRIS RegTech Q1FY27: Revenue up 33% YoY to INR 35.2 Cr, EBITDA INR 0.8 Cr | compliance | low | — | — |
| 7 Aug 2026 · IRIS RegTech Q1FY27 revenue up 33% YoY at INR 35.2 Cr | compliance | low | — | — |
| 7 Aug 2026 · IRIS RegTech Q1FY27: 33 percent revenue growth, EBITDA at INR 0.8 Cr | 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.