BSE: 543806
ITCONS E-Solutions Limited
Provides manpower outsourcing services to Indian central and state government departments, deploying contract staff to ministries, defence bodies, research councils and police organisations. Contract wins reported during FY26 cover the Ministry of Defence (Indian Army, AWEIL, DG Defence Estate), Ministry of Ayush, ICMR, ICAR/DARE, Sports Authority of India, Delhi Police, KVIC and the Board of Revenue, Uttar Pradesh, with engagements ranging from five months to two years and resource deployments typically in single or double digits per contract. Revenue from operations in FY26 stood at ₹8,774.36 lakh, a 56.7% increase from ₹5,598.41 lakh in FY25, while profit after tax was ₹525.66 lakh (up 61.8%) and basic EPS was ₹8.05. The cost structure is dominated by employee costs at 79.1% of revenue, with other operating expenses at 14.9% and capex at 6.9% of revenue; materials are nil, reflecting a pure services model. Operating cash flow was negative at ₹1,222.90 lakh in FY26, driven by a sharp build-up of trade receivables. The company is listed on the BSE SME platform and is classified under Diversified Commercial Services. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manpower outsourcing services. Labour-intensive staffing services company with government clients
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 28 | 28 | 56 | 88 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 5.23 | 3.79 | 6.43 | 8.05 |
| ROE % · ROCE % | — · 20.2 | — · 20.6 | — · 12.6 | — · 11.2 |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | (1) | (2) | (23) | (12) |
| Capex | — | — | (1) | (6) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 13 | 13 | 16 | 18 | 38 | 40 | 48 |
| Profit before tax | 1 | 1 | 2 | 2 | 3 | 3 | 3 |
| Net profit | — | — | — | — | — | — | — |
| EPS (₹) | 2.02 | 1.53 | 2.26 | 2.57 | 3.50 | 4.74 | 3.44 |
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. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,278 | 21.8 | 8.92 | 12.7 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,301 | 106.7 | 31.09 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,214 | 17.3 | 2.41 | 12.2 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,587 | 16.1 | 11.92 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,553 | 199.2 | 10.46 | 4.7 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,794 | 18.9 | 4.10 | 14.4 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,657 | 37.3 | 2.72 | 27.7 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 4,074 | — | 7.92 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.8 | 13.5 | 44 of 80 | 46% |
| ROCE | 10.2 | 3.4 | 28 of 103 | 74% |
| Revenue growth | 202.6 | 16.2 | 12 of 91 | 88% |
| Market cap | 215 | 48 | 31 of 109 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) demat certificate for Q2 FY27 filed with BSE | compliance | minimal | — | — |
| 7 Oct 2026 · ITCONS bags Rs 3.03 crore manpower contract from RGNIYD | business updates | medium | — | — |
| 7 Oct 2026 · ITCONS bags Rs 1.05 Cr defence manpower contract from Indian Army | business updates | medium | — | — |
| 5 Oct 2026 · ITCONS bags Rs 1.93 crore EPFO contract for 48 resources | business updates | low | — | — |
| 29 Sept 2026 · ITCONS E-Solutions: All 4 resolutions pass at 19th AGM with 100% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · ITCONS bags Rs 6.94 crore 2-year manpower contract from UP Power Transmission Corp | business updates | medium | — | — |
| 28 Sept 2026 · Mr. Ajay Rana appointed as Independent Director for 1 year | management changes | medium | — | — |
| 28 Sept 2026 · 19th AGM held: financials adopted, final dividend declared, new director appointed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window Closure for Half Year ended September 30, 2026 | compliance | minimal | — | — |
| 23 Sept 2026 · ITCONS bags Rs 99.34 lakh defence ministry contract for 2 years | 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.