NSE: NIITLTD · BSE: 500304
NIIT LIMITED
Delivers technology and BFSI training to enterprises and individual learners, reporting Q1 FY27 revenue of ₹957M, up 14% year-on-year. The Enterprise business, contributing 65% of revenue, focuses on corporate upskilling and reskilling across AI, cloud, cybersecurity, data engineering and SRE; within it, technology programs accounted for ₹680M (+16% YoY) and BFSI & others ₹277M (+9% YoY). The Consumer business, 35% of revenue and aimed at individual learners, particularly BFSI freshers, grew 27% YoY to ₹339M on a recovery in BFSI fresher hiring. AI-led training programs now account for 9% of total revenue, with new launches for forward-deployed engineers, SREs and AI auditors. Q1 FY27 order intake stood at ₹953M, indicating near-term demand visibility. Employee costs are the largest input at 39.4% of FY26 revenue, with depreciation at 7.4% and capex at 8.3%. The business absorbed two subsidiaries — IFBI and RPS Consulting — via a merger effective July 1, 2026, and holds a 70% stake in iamneo Edutech, acquired in April 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Enterprise Tech training (65%), Consumer training (35%). People-intensive, asset-light training and skilling business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,377 | 341 | 303 | 358 | 390 |
| EBITDA (ex other income) | 294 | (5) | 1 | 3 | (24) |
| margin % | 21.3 | (1.3) | 0.3 | 0.8 | (6.2) |
| Owners' profit | 226 | 3 | 37 | 47 | 10 |
| EPS, as reported (₹) | 16.83 | 0.24 | 2.85 | 3.41 | 0.39 |
| ROE % · ROCE % | 15.1 · 18.6 | 0.8 · 1.7 | 3.8 · 4.5 | 4.4 · 5.5 | 0.6 · 1.2 |
| Debt / equity (x) | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 288 | 4 | 9 | 29 | 7 |
| Capex | (26) | (22) | (33) | (39) | (32) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 98 | 86 | 84 | 105 | 101 | 100 | 96 | 98 |
| Profit before tax | 17 | 17 | 5 | 2 | 7 | (2) | 7 | (1) |
| Net profit | 14 | 14 | 4 | 1 | 5 | (3) | 8 | (2) |
| EPS (₹) | 0.99 | 0.97 | 0.32 | 0.10 | 0.29 | (0.32) | 0.59 | (0.16) |
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 | 2,930 | 505.6 | 37.78 | 475.3 | 7.7 | 9.7 | — | 3.4 |
| NIIT LEARNING SYSTEMS LTD | 2,348 | 9.5 | 1.44 | 6.0 | 5.8 | 6.3 | — | 15.0 |
| NIIT LIMITED ◆ | 973 | 177.6 | 0.91 | — | 0.5 | 0.5 | (16.3) | 1.3 |
| GLOBAL EDUCATION LIMITED | 731 | 28.0 | 5.57 | 20.4 | 20.2 | 25.9 | — | 41.0 |
| APTECH LIMITED | 476 | 19.4 | 1.92 | 14.3 | 9.5 | 13.4 | 41.4 | 6.8 |
| CAREER POINT EDUTECH LTD | 332 | 12.0 | 3.58 | 12.6 | 18.3 | 23.9 | — | 45.1 |
| Golden Crest Education & Servi | 164 | 695.3 | 14.84 | — | 0.6 | 0.6 | — | 40.6 |
| VJTF EDUSERVICES LTD. | 106 | 73.2 | 0.90 | — | (0.1) | — | (9.7) | 88.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 177.6 | 23.7 | 12 of 14 | 15% |
| P/B | 0.9 | 1.9 | 6 of 15 | 64% |
| ROCE | 0.5 | 1.6 | 11 of 16 | 33% |
| ROE | 0.5 | 0.6 | 9 of 15 | 43% |
| Debt / Equity | 0.0 | 0.0 | 1 of 14 | 54% |
| EBITDA margin | 1.3 | 14.1 | 14 of 16 | 13% |
| Revenue growth | (6.4) | (5.3) | 10 of 17 | 44% |
| Profit growth | (380.7) | (20.6) | 12 of 15 | 21% |
| Market cap | 973 | 91 | 3 of 18 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 3 Nov 2026 · Q2 revenue falls, but cost cuts improve profit and order intake stays strong | investor communications | medium | — | — |
| 28 Oct 2026 · NIIT publishes September 2026 results with higher operating income | compliance | minimal | — | — |
| 27 Oct 2026 · NIIT links audio recording of October 27, 2026 investor call | investor communications | low | — | — |
| 27 Oct 2026 · NIIT recommends Price Waterhouse as statutory auditor for five-year term | management changes | medium | — | — |
| 27 Oct 2026 · NIIT Q2 FY27: EBITDA improves, but revenue falls 6% year on year | investor communications | medium | — | — |
| 27 Oct 2026 · NIIT Q2 FY27 revenue rises 3% QoQ as EBITDA turns positive | compliance | low | — | — |
| 27 Oct 2026 · NIIT September quarter revenue falls 6.4% and profit turns to loss | results | high | — | — |
| 27 Oct 2026 · NIIT posts quarterly loss as revenue declines and figures are restated | results | high | — | — |
| 22 Oct 2026 · NIIT to discuss September 2026 quarterly results on October 27 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · NIIT board meets Oct 27, 2026 to approve Q2 and H1 FY27 results | results | 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.