Overview

Detailed Summary

Mindteck is an India‑headquartered engineering and IT services company focused on product engineering, embedded systems, electronic design, application software, testing and digital engineering services for life sciences, semiconductor equipment, medical instruments and enterprise IT, serving global OEMs and device manufacturers via managed and professional services.
In Q3 FY26 Mindteck reported revenue of ₹1,004.6 million (down 3.4% YoY and down 1.2% sequentially) while EBITDA before exceptional items improved to ₹104.5 million, reflecting operational cost control; however PAT declined to ₹50.5 million mainly because of a ₹53 million exceptional charge related to new labour code implementation.
The company’s revenue mix is heavily skewed to Time‑and‑Material engagements (92%) with high onsite delivery (61%) and concentrated clients (Top‑5 clients account for 54% of revenue), while geography is dominated by the USA (43%), creating both strong client ties and material concentration exposure.
Mindteck has increasingly productized engineering capabilities — Ignite Energy Management, ProdXL, Smart Parking and an IoT framework — and in 2025 launched a BI tool and scientific data validation system with a leading US analytical instrument OEM, indicating a strategic move towards solutionized, IP‑led offerings alongside traditional services.

Sector: IT - Software
Industry: Computers - Software & Consulting
Market Cap: 681 Cr
Volatility: High Risk
P/E Ratio: 24.2
Industry P/E: 20.6
PEG Ratio: 1.2
P/B Ratio: 2.4
52W High: 307.00
52W Low: 146.00

Sales CAGR

1Y: 10.09%
3Y: 10.72%
5Y: 10.93%
10Y: 6.68%

Profit CAGR

1Y: 5.02%
3Y: 19.68%
5Y: —
10Y: 9.67%

ROE

TTM: 11.07%
3Y: 11.43%
5Y: 12.25%
10Y: 4.68%

ROCE

TTM: 14.06%
3Y: 14.16%
5Y: 15.12%
10Y: 6.68%

Technicals

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

Peers

Information Technology Information Technology IT - Software

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
NINSYS		460.45	855 Cr	27.94	11.02	0.00	38.15	49.64	21.50
KSOLVES		311.90	829 Cr	24.25	24.95	2.22	93.35	118.39	55.00
INNOVANA		361.55	823 Cr	16.14	3.08	0.00	18.74	20.41	12.36
XCHANGING		54.32	730 Cr	10.45	1.99	3.05	16.12	17.44	11.28
MINDTECK		188.00	681 Cr	21.37	2.43	0.47	11.07	14.06	8.30
AUTOPALIND		65.69	534 Cr	1405.20	4.08	0.00	10.65	11.38	10.58
WORKMATES		363.00	469 Cr	26.10	5.71	0.00	50.32	54.20	22.63
Median: 7 Co.	—	311.90	730 Cr	24.25	4.08	0.00	18.74	20.41	12.36

Financial Statements

Upcoming Result Date: May 18, 2026

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	98	96	98	108	108	104	104	101	102	100
Expenses	90	87	90	99	100	95	95	92	94	90
Operating Profit	8.76	8.54	7.53	9.00	8.59	9.10	8.57	9.62	7.21	10
OPM %	8.90	8.92	7.69	8.32	7.94	8.75	8.24	9.50	7.09	10.40
Other Income	1.60	1.52	1.66	0.23	1.75	1.83	2.00	2.65	4.02	-3.08
Interest	0.22	0.22	0.19	0.18	0.19	0.37	0.36	0.34	0.29	0.25
Depreciation	1.10	1.11	1.14	1.13	1.14	1.24	1.17	1.17	1.15	1.14
Profit Before Tax	9.04	8.73	7.86	7.92	9.01	9.32	9.04	11	9.79	5.98
Tax %	18.03	17.64	17.56	19.44	15.98	14.91	24.78	18.68	22.78	15.55
Net Profit	7.41	7.19	6.48	6.38	7.57	7.93	6.80	8.75	7.56	5.05
EPS in Rs	1.85	2.23	1.98	1.58	2.37	2.46	2.13	2.73	2.36	1.58

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	342	297	299	276	287	299	337	386	424	418
Expenses	331	296	295	272	267	278	310	353	389	382
Operating Profit	11	1.27	4.40	4.49	20	21	27	32	35	36
OPM %	3.21	0.43	1.47	1.63	6.84	6.95	8.05	8.41	8.31	8.59
Other Income	2.60	0.46	2.85	-59	4.55	23	4.43	6.46	5.81	8.23
Interest	0.39	0.55	1.00	2.26	1.65	0.92	1.01	0.89	1.10	1.26
Depreciation	1.70	1.30	1.89	7.04	6.39	5.02	4.53	4.47	4.68	4.72
Profit Before Tax	11	-0.12	4.36	-64	16	38	26	34	35	38
Tax %	19.15	-4,608.33	37.16	-1.14	32.67	12.53	20.05	18.55	18.73	18.57
Net Profit	9.29	-5.65	2.74	-65	11	33	21	27	29	31
EPS in Rs	2.78	-1.84	0.85	-20.62	3.38	10.32	6.46	8.00	8.54	8.80
Dividend Payout %	27.78	-44.25	94.34	0.00	0.00	7.75	12.38	9.36	11.14	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	25	25	25	25	25	25	25	25	25	32
Reserves	165	172	167	170	104	115	150	166	196	228
Borrowings	0.00	1.01	0.01	0.00	13	26	7.86	5.63	2.21	7.44
Other Liabilities	42	43	44	44	42	41	46	46	52	54
Total Liabilities	231	240	236	239	185	207	229	243	276	322
Fixed Assets	91	89	96	100	50	37	38	35	32	37
CWIP	0.00	0.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.72	8.80	14	1.10	0.65	0.63	0.62	0.60	0.58
Other Assets	140	150	130	125	133	169	191	207	243	284
Total Assets	231	240	236	239	185	207	229	243	276	322

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	17	-12	3.87	-13	15	34	22	13	22	24
Cash from Investing Activity	0.86	1.29	-12	-2.48	12	-25	-20	-10	-13	-7.43
Cash from Financing Activity	-1.69	-1.15	-3.37	-3.12	-9.30	13	-3.36	-15	-1.85	1.47
Net Cash Flow	16	-11	-12	-18	18	22	-1.71	-12	7.90	18

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	66.10%	66.01%	66.00%	65.43%	64.61%	64.49%	64.49%	64.36%	64.20%	64.20%	64.20%	64.20%
FIIs	0.21%	0.21%	0.21%	0.34%	0.22%	0.04%	0.02%	0.18%	0.00%	0.00%	0.07%	0.01%
DIIs	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	-0.00%	0.00%	0.00%	0.00%	0.00%
Public	33.69%	33.78%	33.80%	34.24%	35.15%	35.47%	35.49%	35.45%	35.80%	35.80%	35.73%	35.79%
Total Shareholders	19,809	19,272	20,710	22,246	25,624	32,698	32,078	32,292	32,478	31,603	31,956	32,189

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan