Innovana Thinklabs Ltd

INNOVANA

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Market Cap

₹ 858 Cr

P/E

17.60

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Innovana Thinklabs Limited specializes in software and application development, servicing retail users with tailored solutions.

The company provides a range of products for different platforms, including Windows, Mac, iOS, and Android, ensuring comprehensive digital solutions.

Since its inception, Innovana aimed to harmonize creativity with business strategies to offer cost-effective services across all phases of the product lifecycle.

In December 2017, the company successfully raised Rs 7.7 crores by issuing 11,00,000 equity shares, marking its entry into public markets.

Sector

IT - Software

Industry

Computers - Software - Medium / Small

Market Cap

858 Cr

Volatility

Low Risk

P/E Ratio

17.6

Industry P/E

37.2

PEG Ratio

0.5

P/B Ratio

3.3

52W High

648.00

52W Low

271.10

Sales CAGR

2.65%

12.37%

1.22%

10Y

—

Profit CAGR

0.43%

37.49%

21.01%

10Y

—

ROE

TTM

18.74%

24.98%

23.54%

10Y

25.32%

ROCE

TTM

20.41%

32.72%

30.78%

10Y

33.25%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VEEFIN	377.20	951 Cr	72.50	2.07	0.00	3.30	4.93	2.39
KELLTONTEC	17.86	943 Cr	10.82	1.31	0.00	12.11	14.37	9.26
XCHANGING	81.19	904 Cr	15.29	2.47	2.46	16.12	17.44	11.53
ADSL	152.90	864 Cr	21.62	1.42	0.98	6.56	10.36	4.06
SAHANA	971.70	859 Cr	24.21	4.88	0.00	31.27	35.24	18.36
INNOVANA	409.00	858 Cr	17.60	3.30	0.00	18.74	20.41	13.23
NINSYS	394.75	741 Cr	25.05	9.56	0.00	38.15	49.64	20.79

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	28	25	26	22	25	23	29	27	32	33
Expenses	14	14	13	14	13	11	12	12	16	18
Operating Profit	13	11	13	7.46	12	12	17	15	16	14
OPM %	48.09	44.92	48.89	34.31	49.20	53.79	57.37	56.19	50.08	43.49
Other Income	1.86	4.23	4.00	4.32	2.67	4.91	1.06	1.73	2.82	4.40
Interest	0.35	0.37	0.52	0.57	0.60	1.11	1.30	1.07	0.88	0.95
Depreciation	0.97	1.00	1.15	1.35	1.25	2.13	1.83	1.95	2.35	2.36
Profit Before Tax	14	14	15	9.86	13	14	15	14	16	15
Tax %	27.17	21.47	23.76	12.07	27.09	26.13	23.76	22.34	21.95	22.58
Net Profit	10	11	11	8.68	9.62	10	11	11	12	12
EPS in Rs	—	5.41	—	4.31	—	5.39	5.77	5.61	6.40	6.18

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	16	31	45	64	57	58	79	101	103	110
Expenses	14	20	31	40	41	32	48	56	47	51
Operating Profit	1.23	11	14	24	16	26	31	45	56	60
OPM %	7.92	35.55	31.22	37.64	28.43	44.61	39.21	44.52	54.30	54.22
Other Income	0.27	0.17	1.48	3.13	4.01	4.34	6.93	14	10	11
Interest	0.12	0.08	0.14	0.06	0.11	0.99	1.27	1.80	4.08	4.36
Depreciation	0.21	0.39	1.40	1.31	1.13	2.70	3.96	4.48	7.17	8.26
Profit Before Tax	1.16	11	14	26	19	26	33	53	55	58
Tax %	37.87	28.86	23.94	16.21	17.54	18.49	16.34	21.85	24.78	23.51
Net Profit	0.72	7.57	11	22	16	21	27	41	42	44
EPS in Rs	—	—	—	—	—	—	24.77	20.12	—	23.96
Dividend Payout %	0.00	0.00	0.00	0.00	8.07	7.40	0.96	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.20	4.10	4.10	10	10	10	21	21	21
Reserves	1.30	14	25	40	56	76	91	143	185
Borrowings	1.96	0.08	0.56	0.57	0.81	15	12	23	44
Other Liabilities	2.78	12	43	72	70	57	48	23	29
Total Liabilities	6.24	30	72	122	137	158	171	209	278
Fixed Assets	0.67	9.37	13	12	14	28	27	30	59
CWIP	3.64	0.00	0.00	0.00	0.00	0.40	1.86	5.25	12
Investments	0.00	2.09	28	46	41	41	39	49	59
Other Assets	1.92	19	31	64	83	88	103	124	149
Total Assets	6.24	30	72	122	137	158	171	209	278

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1.55	5.51	39	37	14	-3.74	2.80	-1.65	35
Cash from Investing Activity	-3.79	-7.32	-30	-19	-8.44	-14	-46	-15	-19
Cash from Financing Activity	1.84	7.19	0.23	5.74	2.12	23	-5.01	18	-9.81
Net Cash Flow	-0.40	5.38	9.22	24	7.64	5.27	-48	1.26	6.36

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	73.17%	73.17%	73.17%	73.19%	73.19%	73.23%	73.23%	73.23%	73.23%	73.23%	73.23%	73.22%
FIIs	0.00%	0.00%	0.10%	0.10%	0.06%	0.13%	0.14%	0.33%	0.14%	0.37%	0.65%	0.84%
DIIs	0.15%	0.15%	0.00%	0.00%	0.00%	-0.00%	-0.00%	-0.00%	-0.00%	0.17%	0.50%	0.82%
Public	26.68%	26.68%	26.73%	26.71%	26.75%	26.64%	26.63%	26.43%	26.63%	26.22%	25.61%	25.12%
Total Shareholders	297	284	281	280	328	482	1,073	1,107	1,150	1,943	2,157	2,652

Projection

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Overall

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Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	28	25	26	22	25	23	29	27	32	33
Expenses	14	14	13	14	13	11	12	12	16	18
Operating Profit	13	11	13	7.46	12	12	17	15	16	14
OPM %	48.09	44.92	48.89	34.31	49.20	53.79	57.37	56.19	50.08	43.49
Other Income	1.86	4.23	4.00	4.32	2.67	4.91	1.06	1.73	2.82	4.40
Interest	0.35	0.37	0.52	0.57	0.60	1.11	1.30	1.07	0.88	0.95
Depreciation	0.97	1.00	1.15	1.35	1.25	2.13	1.83	1.95	2.35	2.36
Profit Before Tax	14	14	15	9.86	13	14	15	14	16	15
Tax %	27.17	21.47	23.76	12.07	27.09	26.13	23.76	22.34	21.95	22.58
Net Profit	10	11	11	8.68	9.62	10	11	11	12	12
EPS in Rs	—	5.41	—	4.31	—	5.39	5.77	5.61	6.40	6.18

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	16	31	45	64	57	58	79	101	103	110
Expenses	14	20	31	40	41	32	48	56	47	51
Operating Profit	1.23	11	14	24	16	26	31	45	56	60
OPM %	7.92	35.55	31.22	37.64	28.43	44.61	39.21	44.52	54.30	54.22
Other Income	0.27	0.17	1.48	3.13	4.01	4.34	6.93	14	10	11
Interest	0.12	0.08	0.14	0.06	0.11	0.99	1.27	1.80	4.08	4.36
Depreciation	0.21	0.39	1.40	1.31	1.13	2.70	3.96	4.48	7.17	8.26
Profit Before Tax	1.16	11	14	26	19	26	33	53	55	58
Tax %	37.87	28.86	23.94	16.21	17.54	18.49	16.34	21.85	24.78	23.51
Net Profit	0.72	7.57	11	22	16	21	27	41	42	44
EPS in Rs	—	—	—	—	—	—	24.77	20.12	—	23.96
Dividend Payout %	0.00	0.00	0.00	0.00	8.07	7.40	0.96	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.20	4.10	4.10	10	10	10	21	21	21
Reserves	1.30	14	25	40	56	76	91	143	185
Borrowings	1.96	0.08	0.56	0.57	0.81	15	12	23	44
Other Liabilities	2.78	12	43	72	70	57	48	23	29
Total Liabilities	6.24	30	72	122	137	158	171	209	278
Fixed Assets	0.67	9.37	13	12	14	28	27	30	59
CWIP	3.64	0.00	0.00	0.00	0.00	0.40	1.86	5.25	12
Investments	0.00	2.09	28	46	41	41	39	49	59
Other Assets	1.92	19	31	64	83	88	103	124	149
Total Assets	6.24	30	72	122	137	158	171	209	278

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1.55	5.51	39	37	14	-3.74	2.80	-1.65	35
Cash from Investing Activity	-3.79	-7.32	-30	-19	-8.44	-14	-46	-15	-19
Cash from Financing Activity	1.84	7.19	0.23	5.74	2.12	23	-5.01	18	-9.81
Net Cash Flow	-0.40	5.38	9.22	24	7.64	5.27	-48	1.26	6.36

Overview

Detailed Summary

Innovana Thinklabs Limited specializes in software and application development, servicing retail users with tailored solutions.

The company provides a range of products for different platforms, including Windows, Mac, iOS, and Android, ensuring comprehensive digital solutions.

Since its inception, Innovana aimed to harmonize creativity with business strategies to offer cost-effective services across all phases of the product lifecycle.

In December 2017, the company successfully raised Rs 7.7 crores by issuing 11,00,000 equity shares, marking its entry into public markets.

Sector

IT - Software

Industry

Computers - Software - Medium / Small

Market Cap

858 Cr

Volatility

Low Risk

P/E Ratio

17.6

Industry P/E

37.2

PEG Ratio

0.5

P/B Ratio

3.3

52W High

648.00

52W Low

271.10

Sales CAGR

2.65%

12.37%

1.22%

10Y

—

Profit CAGR

0.43%

37.49%

21.01%

10Y

—

ROE

TTM

18.74%

24.98%

23.54%

10Y

25.32%

ROCE

TTM

20.41%

32.72%

30.78%

10Y

33.25%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VEEFIN	377.20	951 Cr	72.50	2.07	0.00	3.30	4.93	2.39
KELLTONTEC	17.86	943 Cr	10.82	1.31	0.00	12.11	14.37	9.26
XCHANGING	81.19	904 Cr	15.29	2.47	2.46	16.12	17.44	11.53
ADSL	152.90	864 Cr	21.62	1.42	0.98	6.56	10.36	4.06
SAHANA	971.70	859 Cr	24.21	4.88	0.00	31.27	35.24	18.36
INNOVANA	409.00	858 Cr	17.60	3.30	0.00	18.74	20.41	13.23
NINSYS	394.75	741 Cr	25.05	9.56	0.00	38.15	49.64	20.79