Mindteck India revenue falls 20% as overseas sales rise

Mindteck (India) Limited reported a 20.2% year-on-year decline in India revenue to Rs 16.27 crore for the quarter ended September 30, 2026, while revenue from the US and rest of the world rose to Rs 41.36 crore and Rs 47.87 crore respectively, taking consolidated revenue from operations up 3.8% to Rs 105.50 crore.

How much did Mindteck’s India revenue decline?

Mindteck’s India revenue declined by Rs 4.17 crore, or 20.2%, from Rs 20.44 crore in the quarter ended September 30, 2025 to Rs 16.27 crore in the quarter ended September 30, 2026. India was the only disclosed customer geography to record a year-on-year decline in the quarter, whereas the US and rest of the world both increased. The company reports revenue by customer location under the management approach specified in Indian Accounting Standard 108, or Ind AS 108.

India revenue also fell sequentially, declining 4.4% from Rs 17.01 crore in the quarter ended June 30, 2026. The Rs 0.74 crore quarter-on-quarter reduction contrasts with a Rs 1.16 crore increase in US revenue and a Rs 1.00 crore increase in rest-of-world revenue. As a result, India’s share of total external-customer revenue was about 15.4% in the September 2026 quarter, compared with about 20.1% a year earlier.

Which overseas markets drove Mindteck’s September-quarter growth?

Mindteck’s rest-of-world revenue was the largest geographical contributor in the September 2026 quarter at Rs 47.87 crore, up 10.3% from Rs 43.39 crore a year earlier. US revenue rose 9.4% to Rs 41.36 crore from Rs 37.80 crore. Together, these two overseas geographies generated Rs 89.23 crore, or about 84.6% of the Rs 105.50 crore total reported for the quarter.

The period-on-period pattern was also positive in both overseas categories. Rest-of-world revenue increased by Rs 1.00 crore from Rs 46.87 crore in the June 2026 quarter, while US revenue increased by Rs 1.16 crore from Rs 40.20 crore. These gains exceeded the Rs 0.74 crore decline in Indian revenue, allowing total revenue from external customers to increase Rs 1.42 crore, or 1.4%, sequentially.

Mindteck identifies its operations predominantly as software services for external customers and IT-enabled services for subsidiaries within the group. Because the IT-enabled services are rendered to subsidiaries and are consolidated, the company does not present them as a separate primary business segment. Its chief operating decision maker instead evaluates performance and resource allocation using geographical performance indicators.

What does the six-month revenue mix show?

Mindteck’s India revenue for the six months ended September 30, 2026 was Rs 33.28 crore, down 16.6% from Rs 39.91 crore in the corresponding six months of 2025. The absolute reduction was Rs 6.63 crore. Over the same six-month comparison, total revenue from external customers increased 3.3% to Rs 209.58 crore from Rs 202.93 crore.

Rest-of-world revenue increased 11.1% to Rs 94.74 crore in the six months from Rs 85.29 crore a year earlier, an increase of Rs 9.45 crore. US revenue grew 4.9% to Rs 81.56 crore from Rs 77.73 crore, adding Rs 3.83 crore. The Rs 13.28 crore combined expansion in overseas revenue was greater than the Rs 6.63 crore reduction from India, producing the Rs 6.65 crore increase in group revenue.

For the year ended March 31, 2026, India contributed Rs 75.57 crore of the Rs 407.30 crore total, while the US contributed Rs 159.65 crore and rest of the world contributed Rs 172.08 crore. The September 2026 half-year figures therefore continued a customer-location mix in which the two overseas categories accounted for most reported external revenue. The filing does not disclose individual countries included within the rest-of-world category.

How did Mindteck’s overall quarterly results change?

Mindteck’s consolidated revenue from operations rose to Rs 105.50 crore in the September 2026 quarter from Rs 101.63 crore a year earlier, but profit for the period declined to Rs 7.48 crore from Rs 7.56 crore. Profit before tax was Rs 9.41 crore, compared with Rs 9.79 crore in the prior-year quarter. The earlier quarter included Rs 1.91 crore of recovery linked to restructuring of US sales operations under exceptional items.

Costs changed across the income statement during the quarter. Technical subcontractor cost increased to Rs 27.73 crore from Rs 22.90 crore a year earlier, while employee benefits expense was broadly unchanged at Rs 62.66 crore against Rs 62.54 crore. Other expenses declined to Rs 7.33 crore from Rs 8.98 crore. Total expenses were Rs 99.08 crore, compared with Rs 95.86 crore in the September 2025 quarter.

On a sequential basis, profit for the period decreased to Rs 7.48 crore from Rs 8.36 crore in the June 2026 quarter, despite revenue increasing from Rs 104.08 crore. Profit before tax and exceptional items decreased to Rs 9.41 crore from Rs 9.62 crore, while technical subcontractor cost rose Rs 1.60 crore to Rs 27.73 crore. Total comprehensive income was Rs 10.00 crore, marginally below Rs 10.02 crore in June 2026.

What balance-sheet and cash-flow changes accompanied the revenue mix?

Mindteck reported total assets of Rs 381.96 crore as at September 30, 2026, up from Rs 369.85 crore as at March 31, 2026. Trade receivables increased to Rs 118.87 crore from Rs 113.73 crore, while cash and cash equivalents increased to Rs 69.01 crore from Rs 61.69 crore. Investments stood at Rs 62.35 crore, compared with Rs 56.25 crore at the March 2026 year end.

For the six months ended September 30, 2026, consolidated net cash from operating activities was Rs 9.31 crore, compared with Rs 8.91 crore in the prior-year period. Net cash from investing activities was Rs 1.88 crore, against Rs 21.75 crore a year earlier, while financing activities used Rs 5.20 crore versus Rs 4.83 crore. Cash and cash equivalents ended the period at Rs 69.01 crore after including a Rs 1.33 crore exchange-translation effect.

Conclusion

Mindteck’s September 2026 geographical disclosure shows that higher US and rest-of-world revenue offset the decline in India and supported a 3.8% rise in quarterly revenue from operations. India fell in both the quarterly and six-month comparisons, while rest-of-world revenue delivered the largest absolute year-on-year increase in each period.

The disclosed unresolved matter is the possible further effect of the Labour Codes on employee-benefit liabilities. Mindteck recorded a Rs 5.30 crore non-recurring impact in the year ended March 31, 2026 and said it would continue monitoring developments and evaluate any further liability impact, if applicable.