Overview

Detailed Summary

Network People Services Technologies Ltd. (NPST) is an Indian banking technology service provider (TSP) and PayTech product company delivering payment processing, PPaaS (Evok), RegTech (RIDP/FRM/ODR), Bank-in-a-Box and device solutions (Qynx QR and Soundbox) to banks, payment aggregators, fintechs and merchants across India and select international markets.
Q3 FY26 delivered a material acceleration: consolidated total income of ₹57.17 crore (up 145.9% YoY and 17.5% QoQ) with EBITDA of ₹18.74 crore and PAT of ₹11.54 crore, reflecting improving operating leverage while management highlights spillovers and a strong funnel that should lift revenue further in Q4 and FY27.
NPST is de-risking legacy on-prem TSP exposure by adding hosted and hybrid deployment models, monetizing hardware (QR/Soundbox) via DaaS, and shifting the mix toward subscription and pay-per-use SaaS models through Evok PPaaS and Bank-in-a-Box to improve margin resiliency and repeatable revenue.
RegTech and AI are positioned as new high-margin growth pillars: the AI-driven Risk Intelligence Decisioning Platform is reported to have high predictive accuracy and is being commercialized as a separate subscription/pay-per-use revenue stream, with management forecasting measurable revenue contribution within two quarters.
The company is expanding internationally (Africa, Middle East and other regions), pursuing inorganic opportunities with recently raised funds, and has secured several strategic contracts and channel partnerships that materially strengthen distribution into cooperative, private and PSU bank segments.

Sector: IT - Services
Industry: IT Enabled Services
Market Cap: 2,317 Cr
Volatility: High Risk
P/E Ratio: 68.6
Industry P/E: 25.2
PEG Ratio: 0.3
P/B Ratio: 5.5
52W High: 2,388.00
52W Low: 849.50

Sales CAGR

1Y: 35.80%
3Y: 108.28%
5Y: 63.09%
10Y: —

Profit CAGR

1Y: 68.09%
3Y: 211.88%
5Y: 113.22%
10Y: —

ROE

TTM: 6.76%
3Y: 41.05%
5Y: 36.84%
10Y: —

ROCE

TTM: 9.17%
3Y: 52.51%
5Y: 47.11%
10Y: —

Technicals

‌

Forecasts

Peers

Information Technology Information Technology IT - Services IT Enabled Services

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CIGNITITEC		1138.25	3,133 Cr	10.42	2.78	0.00	25.29	33.50	20.42
RSYSTEMS		251.20	3,022 Cr	28.20	3.82	0.00	23.52	22.39	8.86
ZAGGLE		217.10	2,919 Cr	22.64	2.23	0.00	8.54	11.61	9.11
NPST		1106.15	2,317 Cr	67.75	5.54	0.00	6.76	9.17	7.20
PROTEAN		490.30	1,991 Cr	22.09	1.96	2.04	8.94	11.30	6.88
SASKEN		1156.95	1,753 Cr	46.39	2.19	2.16	4.90	6.43	3.62
BCG		8.56	1,727 Cr	1.98	0.18	0.00	8.56	12.41	8.00
Median: 7 Co.	—	490.30	2,317 Cr	22.64	2.23	0.00	8.56	11.61	8.00

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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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	28	31	44	59	67	21	26	34	47	53
Expenses	19	21	29	38	44	15	18	24	33	38
Operating Profit	9.03	10	14	21	23	6.22	8.74	9.83	14	14
OPM %	32.30	32.81	32.62	35.29	34.62	29.28	33.17	29.24	29.24	26.97
Other Income	0.49	0.68	1.07	1.40	2.22	1.99	1.76	1.47	2.00	4.55
Interest	0.01	0.01	0.01	0.00	0.01	0.00	0.18	0.21	0.17	0.19
Depreciation	2.10	2.23	2.29	1.09	1.33	1.40	2.06	1.43	1.98	2.57
Profit Before Tax	7.40	8.76	13	21	24	6.81	8.27	9.67	13	16
Tax %	32.43	25.46	23.08	25.87	24.38	24.52	27.33	25.54	27.06	27.77
Net Profit	5.00	6.53	10	16	18	5.14	6.01	7.19	9.84	12
EPS in Rs	2.40	—	4.80	—	8.68	—	2.87	3.44	4.09	5.92

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	18	18	15	15	19	41	128	173	148
Expenses	15	15	13	12	16	29	86	113	100
Operating Profit	2.43	2.98	2.23	2.95	3.49	12	41	60	48
OPM %	13.89	16.59	14.67	19.22	18.16	29.48	32.20	34.74	32.37
Other Income	0.05	0.01	0.06	0.06	0.33	0.34	2.64	7.41	7.44
Interest	0.01	0.01	0.01	0.05	0.05	0.01	0.03	0.34	0.40
Depreciation	0.74	1.12	0.86	1.52	1.78	3.63	8.30	6.88	6.22
Profit Before Tax	1.73	1.87	1.42	1.44	1.98	8.74	35	60	49
Tax %	27.89	27.90	26.62	25.17	24.47	25.35	24.50	25.10	25.15
Net Profit	1.25	1.35	1.04	1.08	1.50	6.52	27	45	36
EPS in Rs	—	—	—	—	—	5.32	25.83	—	16.33
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.00	1.00	1.00	4.50	6.46	6.46	19	19
Reserves	2.25	3.60	4.64	2.23	16	22	38	84
Borrowings	0.00	0.00	0.00	0.38	0.00	0.20	0.14	9.59
Other Liabilities	5.20	4.21	4.33	9.41	8.25	10	19	33
Total Liabilities	8.45	8.81	9.97	17	30	39	77	146
Fixed Assets	1.92	1.42	2.97	2.69	4.30	9.26	6.94	13
CWIP	0.94	2.22	2.62	3.92	6.32	3.80	0.00	0.72
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.29
Other Assets	5.60	5.18	4.38	9.92	20	26	70	132
Total Assets	8.45	8.81	9.97	17	30	39	77	146

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2.30	1.04	3.12	2.33	-7.44	24	43	29
Cash from Investing Activity	-3.13	-1.89	-2.81	-2.55	-5.49	-5.73	0.46	8.41
Cash from Financing Activity	-0.01	-0.01	-0.01	0.33	13	0.19	0.66	6.75
Net Cash Flow	-0.84	-0.86	0.30	0.11	0.52	18	44	44

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Feb 2024	Mar 2024	Sep 2024	Mar 2025	Apr 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	67.55%	67.55%	67.55%	67.55%	67.55%	67.55%	67.55%	67.54%	67.55%	67.56%	64.81%	60.27%
FIIs	0.00%	0.00%	0.00%	0.02%	0.20%	0.19%	0.06%	0.03%	0.03%	0.03%	0.18%	0.14%
DIIs	9.66%	9.66%	9.66%	5.82%	0.00%	-0.00%	0.05%	0.29%	0.30%	0.58%	3.24%	9.95%
Public	22.79%	22.79%	22.79%	26.61%	32.25%	32.26%	32.34%	32.15%	32.11%	31.84%	31.78%	29.64%
Total Shareholders	318	256	237	360	1,093	1,309	3,401	4,675	4,754	5,473	5,868	7,025

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