Infollion Research Services Limited (INFOLLION)
H1 FY27 results
Infollion Research Services Limited reported H1 FY27 results on 15 Oct 2026: revenue ₹59.0 Cr (+15.8% year on year, +20.5% on the previous half-year), and net profit ₹6.7 Cr (-3.7% year on year); the operating margin was 13.1%.
| H1 FY27 (₹ Cr) | Value | YoY vs H1 FY26 | vs prev. half |
|---|---|---|---|
| Revenue | ₹59.0 | +15.8% | +20.5% |
| Operating profit | ₹7.7 | -14.3% | +28.5% |
| Net profit | ₹6.7 | -3.7% | +34.8% |
| EPS (₹) | 6.94 | -7.8% | +24.4% |
| Operating margin | 13.1% | — | — |
- Operating margin contracted 459 bps YoY
Quality of profit: of pre-tax profit of ₹8.8 Cr, ₹7.6 Cr (87%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved -15.7% year on year.
Against its own trend: net profit of ₹6.7 Cr was -4.3% against the ₹7.0 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
Share price since the results: -5.0% (close before the filing to the latest close).
INFOLLION delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 92.0% of the INFOLLION shares traded on NSE were taken to delivery, against the stock's own 20-session average of 79.5%. That is close to its usual level. Turnover was only ₹16 lakh, so a handful of trades can move this figure. It closed at its lower price band (circuit) on 16 Oct, one of 2 band closes in about the last 20 sessions. 1 bulk or block deal was reported in INFOLLION in the last 60 days: ₹0.89 Cr sold, none bought.
Delivery in the last 5 sessions: 80.0% · 100.0% · 90.6% · 96.2% · 92.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 6 Oct | Sell | India Equity Fund 1 | ₹0.89 Cr | ₹163.04 | 54,400 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Infollion Research Services reported its highest half-yearly revenue from operations at ₹59.04 crore for H1 FY27, up 15.6% YoY and 19.9% HoH. However, PAT declined 7.7% YoY to ₹6.74 crore, impacted by a 26.1% surge in employee expenses and higher other expenses tied to global expansion and new initiatives. Operating cash flow stood low at ₹1.30 crore due to a ₹7.08 crore increase in trade receivables, taking DSO to 79 days. The company remains debt-free with cash and equivalents of ₹43.12 crore and committed ₹1.20 crore for a 19% stake in Thermium Private Limited.
- Revenue from operations rose 15.6% YoY to ₹59.04 crore, total income was ₹60.21 crore
- PAT declined 7.7% YoY to ₹6.74 crore (or down 2.2% adjusting for prior period items), while EBITDA margin contracted from 16.5% to 12.8%
- Operating cash flow dropped to ₹1.30 crore vs PAT of ₹6.74 crore due to receivables rising to ₹25.45 crore
- Cash and cash equivalents stood at ₹43.12 crore with zero debt as of September 30, 2026
- Committed strategic investment of ₹1.20 crore for a 19% stake in Thermium Private Limited
Infollion Research Services released its investor presentation reporting H1 FY27 revenue from operations of ₹59.04 crore, a 15.6% YoY increase compared to ₹51.09 crore in H1 FY26. However, EBITDA declined 11.1% YoY to ₹7.71 crore as EBITDA margin compressed by 391 bps to 13.06%, driven by higher employee expenses and other overheads. PAT fell 7.7% YoY to ₹6.74 crore, delivering a diluted EPS of ₹6.93. The company maintained a debt-free balance sheet with cash and cash equivalents of ₹43.12 crore and expanded its expert panel by 13.5% in six months to 1,54,861 experts.
- H1 FY27 revenue grew 15.6% YoY to ₹59.04 crore from ₹51.09 crore in H1 FY26
- EBITDA contracted 11.1% YoY to ₹7.71 crore, with margins shrinking 391 bps to 13.06%
- PAT declined 7.7% YoY to ₹6.74 crore with PAT margin standing at 11.41%
- Delivered 10,426 expert calls in H1 FY27, backed by a panel of 1,54,861 experts (up 13.5% in six months)
- Remained debt-free with cash and cash equivalents of ₹43.12 crore as of September 30, 2026
Infollion Research Services reported its H1 FY27 consolidated financial results, with total revenue increasing 19.7% to ₹60.21 crore (₹6,021.37 lakh) compared to ₹50.32 crore in H2 FY26. Consolidated Profit After Tax (PAT) stood at ₹6.74 crore, reflecting a 24.4% growth sequentially over H2 FY26 (₹5.42 crore), though it declined 7.7% YoY compared to ₹7.30 crore in H1 FY26. EBITDA for the half year stood at ₹7.71 crore with an EBITDA margin of 12.8%. The company also deployed ₹0.60 crore in acquiring equity shares of Thermium Private Limited.
- Consolidated revenue from operations reached ₹59.04 crore (₹5,904.34 lakh) in H1 FY27 vs ₹51.09 crore in H1 FY26 and ₹49.23 crore in H2 FY26
- Consolidated PAT for H1 FY27 stood at ₹6.74 crore vs ₹7.30 crore in H1 FY26 and ₹5.42 crore in H2 FY26
- EBITDA increased to ₹7.71 crore (12.8% margin) compared to ₹6.06 crore (12.0% margin) in H2 FY26
- Diluted EPS reported at ₹6.93 for the half year ended September 30, 2026
- Invested ₹60.00 lakh in equity shares of Thermium Private Limited
Infollion Research Services Limited has announced the closure of its trading window starting October 01, 2026, pursuant to SEBI Insider Trading regulations. The window will remain closed for all Designated Persons and their immediate relatives until 48 hours after the declaration of financial results for the half-year ended September 30, 2026. The exact date for the board meeting to consider and approve these financial results will be intimated separately in due course.
- Trading window closure takes effect from October 01, 2026
- Closure covers the half-year ended September 30, 2026
- Window to reopen 48 hours after the declaration of financial results
- Board meeting date to consider H1 results will be informed in due course
Infollion Research Services released its FY26 investor presentation outlining annual operational and financial performance. Revenue from operations crossed ₹100.32 Cr (up 29.8% YoY), while PAT increased 2.2% YoY to ₹12.72 Cr as EBITDA margins contracted 428 bps to 14.68% due to investments in three new verticals. The company remains debt-free with ₹43.49 Cr in cash and cash equivalents, backed by a panel of 1.36 lakh subject matter experts. Three new segments (Huksa, US, and MENA) each surpassed ₹1 Cr in revenue for the first time during the fiscal year.
- Revenue from operations grew 29.8% YoY to ₹100.32 Cr in FY26 vs ₹77.30 Cr in FY25
- EBITDA margin contracted by 428 bps YoY to 14.68%, delivering EBITDA of ₹14.73 Cr
- PAT reached ₹12.72 Cr with diluted EPS of ₹13.10, while zero debt was maintained
- Cash and cash equivalents stood at ₹43.49 Cr with operating cash flow rising 87% to ₹10.5 Cr
- Delivered 20,736 expert calls with panel size reaching 1.36 lakh subject matter experts
Infollion Research Services Limited has announced an interaction with a group of analysts and institutional investors. The meeting is scheduled to take place virtually on Friday, September 25, 2026, at 10:00 AM IST. The company stated that discussions will be limited to publicly available information and no unpublished price-sensitive information (UPSI) will be shared.
- Meeting scheduled for Friday, September 25, 2026
- Interaction set to start at 10:00 AM IST
- Mode of interaction is a virtual meet
- Discussions strictly restricted to publicly available information with no UPSI
Infollion Research Services Limited concluded its 17th Annual General Meeting (AGM) on September 17, 2026, conducted via video conferencing with 16 members attending. Shareholders took up 4 key agenda items: adopting audited standalone and consolidated financials for FY26, re-appointing retiring director Ms. Aayara Shaheer, and approving a revision in the remuneration of Managing Director Mr. Gaurav Munjal. Remote e-voting was open between September 14 and September 16, 2026, alongside an e-voting window at the AGM. Voting results will be submitted separately.
- 17th Annual General Meeting concluded on September 17, 2026, with 16 members attending via VC/OAVM
- Special resolution presented for revision in remuneration of Managing Director Gaurav Munjal
- Remote e-voting was conducted from September 14, 2026 (9:00 AM IST) to September 16, 2026 (5:00 PM IST)
- Voting eligibility cut-off date was September 10, 2026; AGM ran from 11:00 AM to 12:10 PM IST
Infollion Research Services Limited has notified the stock exchange regarding an upcoming interaction with a group of analysts and institutional investors. The meeting is scheduled to be held virtually on Tuesday, September 8, 2026, at 12:00 PM IST. The company stated that discussions will be confined strictly to publicly available information and no unpublished price-sensitive information (UPSI) will be shared.
- Virtual analyst/investor meeting scheduled for Tuesday, Sep 08, 2026 at 12.00 P.M. IST
- Interaction will be conducted with a group of analysts and investors
- Discussions strictly restricted to publicly available information with no UPSI discussed
Infollion Research Services Limited has issued notice for its 17th Annual General Meeting scheduled for September 17, 2026, via video conferencing. Key ordinary business includes adoption of FY 2025-26 standalone and consolidated financial statements and re-appointment of retiring director Ms. Aayara Shaheer. The special business seeks member approval to increase the maximum remuneration cap for Managing Director Gaurav Munjal to ₹1.80 crore per annum for five years starting FY 2026-27 (up from ₹1.50 crore; actual FY26 drawn was ₹1.27 crore). Remote e-voting runs from September 14 to September 16, 2026, with a cut-off date of September 10, 2026.
- 17th AGM scheduled for September 17, 2026, via Video Conferencing
- Cut-off date for remote e-voting set as September 10, 2026
- Remote e-voting period runs from September 14, 2026 (9:00 AM IST) to September 16, 2026 (5:00 PM IST)
- Proposed revision in MD Gaurav Munjal's maximum total remuneration ceiling up to ₹1,80,00,000 per annum (compared to ₹1,27,00,000 drawn in FY 2025-26)
Infollion Research Services Limited announced the outcome of its Board of Directors meeting held on August 25, 2026. The Board approved convening the company's 17th Annual General Meeting on Thursday, September 17, 2026, via Video Conferencing/OAVM. Additionally, the Board appointed Practicing Company Secretary Mr. Abhay Kumar as the Secretarial Auditor for FY 2026-27. The meeting was procedural in nature with no financial or operational impact.
- 17th Annual General Meeting scheduled for Thursday, September 17, 2026 at 11:00 AM IST via VC/OAVM
- Appointed Mr. Abhay Kumar (Membership No. 13343, CP No. 22630) as Secretarial Auditor for FY 2026-27
- Board meeting commenced at 11:10 AM IST and concluded at 11:30 AM IST on August 25, 2026
- Annual Report for FY 2025-26 and notice of 17th AGM to be submitted to exchanges in due course
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew by 49.38% YoY, reaching INR 7,730.32 Lakh in FY25 compared to INR 5,174.83 Lakh in FY24. H1 FY26 revenue showed a 45.2% YoY increase to INR 510.93 Mn from INR 351.89 Mn, driven by increased demand for expert consultations and contingent hiring.
Geographic Revenue Split
Not disclosed in available documents, though the company operates from Gurugram, India, and serves a global B2B human cloud market.
Profitability Margins
Gross Profit Margin stood at 45.63% in FY25 (INR 3,527.62 Lakh), a slight dip from 46.19% in FY24. Net Profit Margin was 16.02% in FY25 (INR 1,238.78 Lakh) compared to 16.56% in FY24. The slight compression is attributed to reclassification of prior period expenses and the impact of free Corporate Development (CD) calls.
EBITDA Margin
EBITDA Margin was 18.96% in FY25 (INR 1,465.75 Lakh), down 63 bps from 19.59% in FY24. H1 FY26 EBITDA margin further compressed to 16.97% due to higher operational expenses and investment in supply-side capacity.
Capital Expenditure
Net cash used in investing activities was INR 1.51 Cr (INR 150.76 Lakh) in FY25, primarily directed towards technology upgrades and software development initiatives to enhance the proprietary expert-matching framework.
Credit Rating & Borrowing
Finance costs increased by 174% YoY to INR 36.69 Lakh in FY25 from INR 13.38 Lakh in FY24, indicating higher utilization of working capital lines or new debt; specific credit ratings were not disclosed.
Operational Drivers
Raw Materials
The primary 'raw material' is 'Fee to Experts' (cost of sales), which accounts for 54.36% of total revenue (INR 4,202.70 Lakh). Employee benefit expenses represent the second largest cost at 22.29% of revenue (INR 1,723.47 Lakh).
Import Sources
Sourced globally through a proprietary network of subject matter experts; specific geographic sourcing percentages for experts are not disclosed.
Key Suppliers
The company utilizes a 100% invitation-based empanelment for its network of independent subject matter experts rather than corporate suppliers.
Capacity Expansion
Current capacity is defined by the expert network size; expansion is focused on 'Managed Training Services' to unlock opportunities in mid-tier and large corporations, aiming to increase the addressable market size multifold.
Raw Material Costs
Cost of Sales (Expert Fees) grew by 50.93% YoY to INR 4,202.70 Lakh in FY25, closely tracking revenue growth of 49.38%, maintaining a stable direct cost structure.
Manufacturing Efficiency
Not applicable as a service firm; however, the Trade Receivables Turnover Ratio was 5.40 in FY25, down from 6.10 in FY24, indicating a slight slowdown in collection efficiency.
Logistics & Distribution
Not applicable; services are delivered digitally via knowledge-sharing sessions and consultations.
Strategic Growth
Expected Growth Rate
45%
Growth Strategy
Growth will be achieved by expanding into 'Managed Training Services' for large corporations, leveraging the existing expert network to increase the addressable market. The company is also investing in technology upgrades (INR 1.51 Cr) to improve matching efficiency and scaling its contingent hiring and SOW employee contracting divisions.
Products & Services
Expert consultations, contingent hiring, temporary workforce management, Statement of Work (SOW) employee contracting, and knowledge-sharing sessions.
Brand Portfolio
Infollion.
New Products/Services
Managed Training Services and end-to-end managed solutions for mid-tier companies, expected to leverage the supply side of the existing expert network.
Market Expansion
Targeting mid-tier and large corporations globally to move beyond niche consulting into broader corporate training and staffing.
Market Share & Ranking
Positioned in the 'premium tier' of the gig economy/B2B human cloud segment; specific market share percentage not disclosed.
External Factors
Industry Trends
The B2B Human Cloud and gig economy are growing as companies shift toward flexible staffing and on-demand expertise. Infollion is positioning itself to capture this by moving from pure consultations to managed services.
Competitive Landscape
Operates in a competitive environment with other expert networks and gig economy platforms; competition is based on expert quality and speed of matching.
Competitive Moat
Moat is built on a proprietary technological framework and a 100% invitation-based expert network, which creates high barriers to entry regarding expert quality and trust. This is sustainable as long as the platform maintains its 'premium tier' reputation.
Macro Economic Sensitivity
Highly sensitive to corporate spending on consulting and R&D; a slowdown in the global gig economy or B2B hiring would directly impact demand.
Consumer Behavior
Shift toward 'contingent hiring' and 'temporary workforce management' by large corporations seeking to reduce fixed employee costs.
Geopolitical Risks
Regulatory changes in labor laws or gig economy classifications could impact the 'contingent hiring' and 'SOW contracting' business models.
Regulatory & Governance
Industry Regulations
Subject to the Companies Act, 2013 and SEBI (LODR) Regulations. Compliance is monitored by an Audit Committee that interacts with Statutory Auditors (Sudesh Kumar & Company).
Environmental Compliance
Not applicable for a service-based research firm; CSR obligation for FY25 was INR 10.25 Lakh.
Taxation Policy Impact
Effective tax rate was 24.5% in FY25 (INR 402.12 Lakh tax on INR 1,640.91 Lakh PBT).
Legal Contingencies
No material fraud or non-material fraud committed by or on the company was reported during the FY25 audit. No long-term contracts with material foreseeable losses were identified.
Risk Analysis
Key Uncertainties
Revenue concentration risk (high impact if top clients churn) and regulatory changes affecting the gig economy workforce (potential impact on SOW contracting margins).
Geographic Concentration Risk
Not disclosed, but operations are centralized in Gurugram, India.
Third Party Dependencies
High dependency on independent experts; while no single expert is likely a major risk, the collective availability of the network is critical.
Technology Obsolescence Risk
Risk of proprietary matching framework becoming outdated; mitigated by ongoing INR 1.51 Cr investment in software development.
Credit & Counterparty Risk
Trade Receivables stood at a level resulting in a turnover ratio of 5.40; management noted improved debtor collection cycles in FY25 to aid cash flow.
