NSE: KSOLVES · BSE: 543599
KSOLVES INDIA LIMITED
Sells IT services to enterprise clients across 30+ countries, with delivery built around AI agents for coding, testing, deployment and workflow automation; AI is embedded in 80%+ of active engagements and supported by 600+ AI-certified engineers and 50+ enterprise AI agents in production. Services span AI/ML, Big Data, Salesforce, Odoo and SAP implementation, and now account for 98.3% of the business mix after the DFM product line was deprioritised. FY26 revenue was ₹162.7 crore, up 18.4% YoY, with EBITDA of ₹48.3 crore at a 29.7% margin and PAT flat at ₹34.3 crore. Revenue is heavily geographic-concentrated: North America is 63% of revenue and overseas markets together contribute ~77%, while the top 10 clients account for 54% of revenue. 82% of revenue is classified as recurring, and the business is debt-free with ₹17 crore of cash (Q1 FY27) and ROCE of 152% and ROE of 137% (FY26). Employee costs are the dominant cost line at 49.4% of revenue, with other operating expenses at 20.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT services (AI-first delivery) (98%), DFM product (deprioritised). Asset-light, AI-first IT services with high revenue concentration in North America and a recurring-revenue-heavy model.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 78 | 109 | 137 | 163 |
| EBITDA (ex other income) | 33 | 46 | 48 | 48 |
| margin % | 42.0 | 42.7 | 34.8 | 29.7 |
| Owners' profit | 25 | 34 | 34 | 34 |
| EPS, as reported (₹) | 20.85 | 28.81 | 14.47 | 14.48 |
| ROE % · ROCE % | 110.4 · 138.7 | 143.3 · 177.2 | 165.4 · 159.9 | 116.8 · 115.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.43 | 0.05 |
| Cash from operations | 21 | 33 | 34 | 31 |
| Capex | (1) | (2) | (7) | (2) |
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 | 35 | 38 | 33 | 38 | 40 | 42 | 43 | 41 |
| Profit before tax | 13 | 14 | 8 | 9 | 11 | 13 | 12 | 12 |
| Net profit | 9 | 10 | 6 | 6 | 8 | 10 | 10 | 9 |
| EPS (₹) | 7.75 | 8.70 | 2.47 | 0.00 | 3.55 | 4.13 | 4.09 | 3.88 |
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 | 8,97,036 | 18.0 | 8.27 | 12.3 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,63,479 | 15.4 | 4.97 | 9.7 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,81,159 | 21.8 | 5.07 | 13.7 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,88,266 | 15.1 | 2.13 | 9.0 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,73,421 | 30.5 | 5.77 | 19.4 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,203 | 23.2 | 5.03 | 14.6 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 92,757 | 47.7 | 11.83 | 31.8 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,819 | 39.9 | 8.97 | 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) | 13.3 | 15.7 | 23 of 65 | 66% |
| P/B | 16.8 | 2.6 | 61 of 65 | 6% |
| ROCE | 113.5 | 14.2 | 1 of 76 | 100% |
| ROE | 116.8 | 11.5 | 1 of 64 | 100% |
| Debt / Equity | 0.1 | 0.0 | 37 of 65 | 44% |
| EBITDA margin | 31.9 | 18.4 | 8 of 65 | 89% |
| Revenue growth | 10.0 | 10.6 | 34 of 63 | 47% |
| Profit growth | 43.3 | 6.7 | 13 of 62 | 80% |
| Market cap | 493 | 426 | 37 of 76 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Q2 FY27 investor call recording shared with exchanges | investor communications | low | — | — |
| 23 Oct 2026 · Ksolves shares Q2 FY27 investor call recording | investor communications | low | — | — |
| 23 Oct 2026 · Q2 revenue and profit fall as Ksolves wins eight new client engagements | investor communications | medium | — | — |
| 23 Oct 2026 · Ksolves declares second interim dividend of Rs. 1 per share | corporate actions | high | — | — |
| 23 Oct 2026 · Ksolves declares Rs 1 per share second interim dividend for FY27 | corporate actions | high | — | — |
| 23 Oct 2026 · Q2 revenue falls, H1 profit rises and second interim dividend declared | compliance | low | — | — |
| 23 Oct 2026 · Q2 revenue and profit fall; Rs 1 second interim dividend declared | results | high | — | — |
| 23 Oct 2026 · Q2 revenue and profit fall; Rs 1 interim dividend declared | results | high | — | — |
| 19 Oct 2026 · Board meeting on 23 Oct 2026 to consider 2nd Interim Dividend for FY26-27 | corporate actions | high | — | — |
| 13 Oct 2026 · Ksolves India to hold Q2 and H1 FY27 earnings call on 23 Oct | board shareholder meetings | 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.