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Revenue
₹226 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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Quarter read
What the record says.
Ivalue Infosolutions reported a normalized Q3 FY26 with gross sales of ₹670.1 crore (+3.1% YoY) and PAT of ₹20 crore (+12.1% YoY normalized). The 9-month gross sales grew 22.4% YoY to ₹2,164 crore, while PAT rose 26.9% YoY to ₹60 crore. Annuity business scaled 34.1% YoY, now contributing 41.9% of gross sales. Management reiterated FY26 guidance of ~18% gross sales growth and 20-22% PAT growth, backed by a healthy pipeline of ₹4,500 crore (up from ₹2,500 crore last quarter). The company sees a multi-year opportunity in AI+OT convergence across data center infrastructure, cybersecurity, ALM, and ILM. Key risk: Q4 performance is back-ended and dependent on timely deal closures; any delays could impact annual targets.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of approximately 18% year-on-year growth in gross sales for FY26.
- PAT growth target of 20-22% year-on-year for FY26, implying Q4 PAT of ₹43-45 crore.
- Management expects continued double-digit growth supported by annuity scale-up and AI/OT opportunities.
- Management targets approximately 15 basis points of operating leverage improvement annually.
Risks flagged
- A significant portion of annual PAT is expected in Q4, which depends on timely closure of large deals; any delays could impact full-year targets.
- Application lifecycle management segment saw a significant decline due to misjudgment of contract value ratios; recovery may be slower than expected.
- Tax paid is significantly higher than provision due to TDS deductions by customers, leading to large refund cycles and cash flow timing mismatches.
- If AI enables customers to bypass system integrators, Ivalue may need to build direct customer relationships, though management sees this as a tailwind.
Key quotes
- This convergence of AI with operational system will define the next multi-year technology cycle in India and it aligned strongly with our capability data and strategic direction.
- Our annuity business grew around by 34.1% on a year-on-year basis. Working capital days have been predominantly flagged at 51 days.
- We are confident of hitting the number what we have stated right.
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