NSE: NIITMTS · BSE: 543952
NIIT LEARNING SYSTEMS LTD
Provides managed learning services and AI-enabled training solutions to corporates worldwide, generating INR 1,951.984 crore of revenue in FY26 at a 22.05% EBITDA margin. The operating model is people-intensive and asset-light: employee costs absorb 44.7% of revenue and other operating expenses add another 36%, with negligible raw-material inputs and capex of just 2.3% of revenue. The customer base spans Industrials, BFSI, Life Sciences, Technology/Telecom and management consulting clients across 40-plus countries, served primarily through long-term managed learning contracts. AI-enabled learning solutions now contribute 13% of revenue and were rated a Market Leader in the Fosway 2026 AI Market Assessment. Q1 FY27 revenue came in at INR 5,651 million (+25% YoY), helped by the first full quarter of contributions from the MST (Germany) and SweetRush (Costa Rica/US) acquisitions, with EBITDA margin at 18.3%. The business model leans on multi-year annuity contracts, with 113 long-term annuity clients (up from 95 a year earlier) and revenue visibility of USD 462 million (+19% YoY). The company operates in the outsourced slice of a roughly USD 400 billion global corporate training market, of which only about USD 10 billion is currently outsourced, and continues to add capabilities through M&A and ESOP-driven retention. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Managed learning services, AI-enabled learning solutions, Custom content and project-based training. Asset-light, people-intensive managed learning services and AI-enabled training
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,554 | 1,653 | 1,952 |
| EBITDA (ex other income) | 357 | 344 | 394 |
| margin % | 23.0 | 20.8 | 20.2 |
| Owners' profit | 0 | 228 | 248 |
| EPS, as reported (₹) | 15.82 | 16.75 | 18.09 |
| ROE % · ROCE % | 21.8 · 26.7 | 18.8 · 23.4 | 16.1 · 17.9 |
| Debt / equity (x) | 0.10 | 0.06 | 0.17 |
| Cash from operations | 279 | 247 | 288 |
| Capex | (47) | (48) | (45) |
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 | 397 | 419 | 430 | 451 | 476 | 500 | 525 | 565 |
| Profit before tax | 75 | 81 | 69 | 73 | 69 | 95 | 94 | 78 |
| Net profit | 57 | 62 | 49 | 49 | 47 | 74 | 77 | 57 |
| EPS (₹) | 4.20 | 4.54 | 3.58 | 3.62 | 3.43 | 5.42 | 5.61 | 4.17 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SHANTI EDU INITIATIVES L | 2,866 | 494.4 | 36.95 | 286.3 | 7.7 | 9.7 | — | 9.2 |
| NIIT LEARNING SYSTEMS LTD ◆ | 2,756 | 10.7 | 1.79 | 6.1 | 16.1 | 16.7 | — | 19.2 |
| NIIT LIMITED | 1,114 | 123.5 | 1.04 | 25.7 | 0.6 | 1.1 | (16.3) | 17.6 |
| GLOBAL EDUCATION LIMITED | 719 | 27.6 | 5.48 | 18.6 | 20.2 | 25.9 | — | 42.3 |
| APTECH LIMITED | 493 | 20.1 | 1.98 | 10.3 | 9.5 | 13.4 | 41.4 | 9.7 |
| CAREER POINT EDUTECH LTD | 324 | 13.6 | 4.28 | 10.1 | 30.3 | 40.6 | — | 76.3 |
| Golden Crest Education & Servi | 170 | 721.8 | 15.50 | — | 1.6 | 2.2 | — | 27.0 |
| VJTF EDUSERVICES LTD. | 114 | 49.6 | 0.98 | — | (0.1) | — | (9.7) | 415.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.7 | 23.9 | 3 of 14 | 85% |
| P/B | 1.8 | 2.0 | 7 of 15 | 57% |
| ROCE | 16.8 | 2.5 | 5 of 17 | 75% |
| ROE | 16.1 | 1.6 | 3 of 15 | 86% |
| Debt / Equity | 0.2 | 0.0 | 10 of 14 | 31% |
| EBITDA margin | 19.2 | 18.4 | 7 of 14 | 54% |
| Revenue growth | 25.2 | (0.0) | 4 of 16 | 80% |
| Profit growth | 16.4 | 12.5 | 6 of 15 | 64% |
| Market cap | 2756 | 89 | 2 of 18 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Compliance certificate under Reg 74(5) for quarter ended Sep 30, 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closed for Q2 FY26 Results Period | compliance | minimal | — | — |
| 24 Sept 2026 · NIIT Learning Systems to attend Arihant Capital Rising Stars 2026 conference | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Ranked Among Training Industry Top 20 Experiential Learning Tech Firms 2026 | compliance | low | — | — |
| 18 Sept 2026 · ESOP 2023 allotment of 1,58,668 equity shares at Rs 2 face value | capital market events | low | — | — |
| 17 Sept 2026 · NIIT Learning Systems to attend Anand Rathi G-200 Summit on September 22 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · NIIT Learning Investor Day sets Vision 2032 target of $600Mn revenue | investor communications | medium | — | — |
| 10 Sept 2026 · NIIT Learning Investor Day: Vision 2032 targets $600Mn revenue, 20%+ EBITDA | investor communications | medium | — | — |
| 9 Sept 2026 · All 9 resolutions passed at 24th AGM; dividend approved | compliance | minimal | — | — |
| 9 Sept 2026 · NIIT Learning Systems 24th AGM held; 9 resolutions voted on | 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.