INSPIRISYS - Inspirisys Sol.
📢 Recent Corporate Announcements
Inspirisys Solutions reported a robust 65% year-on-year growth in standalone revenue for Q3 FY26, reaching ₹12,751 Lakhs. While Profit Before Tax was impacted by an exceptional charge of ₹381 Lakhs due to new Labour Codes, the Net Profit (PAT) rose to ₹1,637 Lakhs, significantly bolstered by a MAT credit of ₹1,423 Lakhs. The company also strengthened its leadership by appointing Mr. Noriyuki Okayasu as Senior Advisor for Strategic Initiatives. Operational costs saw a sharp rise, particularly in stock-in-trade purchases, reflecting increased business activity.
- Standalone Revenue from operations grew 64.9% YoY to ₹12,751 Lakhs in Q3 FY26.
- Net Profit (PAT) increased to ₹1,637 Lakhs, aided by a one-time MAT credit of ₹1,423 Lakhs.
- Exceptional item of ₹381 Lakhs recognized for the statutory impact of new Labour Codes.
- Nine-month (9M FY26) revenue reached ₹32,708 Lakhs, up from ₹26,060 Lakhs in the previous year.
- Appointment of Mr. Noriyuki Okayasu as Senior Advisor - Strategic Initiatives for a one-year term starting April 2026.
Inspirisys Solutions reported a strong 64.9% YoY increase in standalone revenue for Q3 FY26, reaching ₹12,751 Lakhs. Net profit for the quarter rose to ₹1,637 Lakhs, significantly aided by a MAT credit of ₹1,423 Lakhs, which offset an exceptional charge of ₹381 Lakhs related to new Labour Codes. The company also announced the strategic appointment of Mr. Noriyuki Okayasu, a veteran from CAC Holdings Japan, as Senior Advisor for Strategic Initiatives. Overall, the nine-month performance shows robust growth with revenue up 25.5% compared to the previous year.
- Standalone revenue for Q3 FY26 grew 64.9% YoY to ₹12,751 Lakhs from ₹7,733 Lakhs.
- Net profit (PAT) for the quarter stood at ₹1,637 Lakhs, supported by a one-time MAT credit of ₹1,423 Lakhs.
- Nine-month (9M) revenue reached ₹32,708 Lakhs, a 25.5% increase over the ₹26,060 Lakhs recorded in the previous year.
- Recognized an exceptional item of ₹381 Lakhs due to the statutory impact of new Labour Codes.
- Appointed Mr. Noriyuki Okayasu from parent group CAC Holdings as Senior Advisor for a 1-year term starting April 2026.
Inspirisys Solutions reported a robust performance for the quarter ended December 31, 2025, with standalone revenue from operations growing 64.9% YoY to ₹127.51 crore. While the reported Profit After Tax (PAT) of ₹16.37 crore was significantly boosted by a one-time MAT credit of ₹14.23 crore, the operational Profit Before Tax (before exceptional items) also showed strong growth of 88% YoY. The company also announced the strategic appointment of Mr. Noriyuki Okayasu as Senior Advisor to drive global business planning.
- Standalone Revenue from operations grew 64.9% YoY to ₹12,751 Lakhs from ₹7,733 Lakhs.
- Profit Before Tax (before exceptional items) increased 88% YoY to ₹711 Lakhs.
- Net Profit (PAT) reached ₹1,637 Lakhs, aided by a MAT credit of ₹1,423 Lakhs relating to earlier years.
- Recognized an exceptional expense of ₹381 Lakhs due to the statutory impact of new Labour Codes.
- Appointment of Mr. Noriyuki Okayasu as Senior Advisor - Strategic Initiatives for a one-year term starting April 2026.
Inspirisys Solutions reported a robust 65% YoY increase in standalone revenue to ₹12,751 Lakhs for the quarter ended December 31, 2025. Net profit rose to ₹1,637 Lakhs, significantly supported by a one-time MAT credit of ₹1,423 Lakhs relating to earlier years. Operating performance remained strong with Profit Before Tax (pre-exceptional) rising to ₹711 Lakhs compared to ₹378 Lakhs in the previous year's quarter. The company also announced the strategic appointment of Mr. Noriyuki Okayasu to lead global business planning and strategic initiatives.
- Revenue from operations grew 64.9% YoY to ₹12,751 Lakhs from ₹7,733 Lakhs in Q3 FY25.
- Net Profit (PAT) stood at ₹1,637 Lakhs, boosted by a ₹1,423 Lakhs MAT credit from earlier years.
- Profit before tax and exceptional items grew 88% YoY to ₹711 Lakhs.
- An exceptional charge of ₹381 Lakhs was recorded due to the statutory impact of new Labour Codes.
- Mr. Noriyuki Okayasu appointed as Senior Advisor - Strategic Initiatives for a one-year term starting April 2026.
Inspirisys Solutions Limited has announced a change in the legal constitution of its statutory auditor, M/s. MSKA & Associates. The audit firm has converted from a partnership into a Limited Liability Partnership (LLP) effective January 13, 2026. This is a routine administrative update and does not represent a change in the actual auditing firm or its engagement terms. The firm will continue its existing tenure under the new name MSKA & Associates LLP.
- Statutory Auditor MSKA & Associates converted to an LLP effective January 13, 2026
- New ICAI Firm Registration Number is W101187, replacing the old number 105047W
- The change pertains only to the legal constitution of the audit firm
- MSKA & Associates LLP will continue to discharge its duties for the remaining approved tenure
Inspirisys Solutions Limited has reported a change in the legal constitution of its statutory auditor, M/s. MSKA & Associates. The audit firm has converted from a partnership firm into a Limited Liability Partnership (LLP) effective January 13, 2026. Now known as MSKA & Associates LLP, the firm will continue its duties for the remainder of its approved tenure. This is a purely administrative update and does not represent a change in the auditing entity itself.
- Statutory Auditor MSKA & Associates converted to a Limited Liability Partnership (LLP) on January 13, 2026.
- The firm's new ICAI Registration Number is W101187, transitioning from the old number 105047W.
- The change pertains only to the legal structure of the audit firm and not a change in the auditors themselves.
- MSKA & Associates LLP will continue to discharge its responsibilities for the remaining period of its tenure.
Inspirisys Solutions Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by MUFG Intime India Private Limited, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that physical security certificates received were mutilated and cancelled after due verification. This filing is a standard procedural requirement for listed companies to ensure the integrity of the dematerialization process.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
- Confirms that dematerialized securities are listed on the stock exchanges where earlier securities were listed.
- Confirms physical certificates were mutilated and cancelled within prescribed timelines.
- Verification ensures the name of depositories has been substituted in the register of members.
Inspirisys Solutions Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's Q3 financial results. The closure pertains to the unaudited financial results for the quarter and year-to-date period ending December 31, 2025. The trading window will remain closed until 48 hours after the results are officially declared to the exchanges. The specific date for the board meeting to approve these results will be communicated at a later time.
- Trading window for designated persons to close effective January 1, 2026.
- Closure is in anticipation of unaudited financial results for the quarter ending December 31, 2025.
- Trading restriction will be lifted 48 hours after the financial results are made public.
- The board meeting date for result approval is currently pending and will be notified separately.
Inspirisys Solutions Limited has received a favorable ruling from the CGST and Central Excise department regarding a tax dispute for FY 2021-22. The Joint Commissioner had issued a Show Cause Notice alleging excess Input Tax Credit (ITC) amounting to ₹502.51 lakhs. Following the company's clarification, the final order received on December 24, 2025, has officially dropped the entire demand. This outcome removes a significant potential financial liability from the company's books.
- Tax demand of ₹502.51 lakhs related to FY 2021-22 has been completely dropped
- The dispute involved alleged excess Input Tax Credit (ITC) claims by the company
- Final order received from the Office of the Principal Commissioner of CGST and Central Excise, Chennai
- The ruling resolves a material litigation previously disclosed in September 2025
Financial Performance
Revenue Growth by Segment
Total revenue declined by 21.8% YoY to INR 388.15 Cr in FY25. Services revenue grew 8.2% to INR 294.02 Cr (76% of mix), while System Integration (SI) revenue fell 59.4% to INR 86.69 Cr (22% of mix) as the company pivoted away from low-margin SI business. Warranty Management Services declined 37.3% to INR 7.44 Cr.
Geographic Revenue Split
Not fully disclosed, but the company closed its Singapore branch in June 2025 and suspended operations in the USA (March 2020) and UK (April 2023). Revenue from operating subsidiaries was INR 22.29 Cr, a 20% reduction YoY.
Profitability Margins
Operating Profit Margin improved from 8% to 9% in FY25 due to a higher mix of services revenue. Net Profit Margin increased from 4% to 7% (INR 31.73 Cr total profit) aided by deferred tax recognition and higher service margins.
EBITDA Margin
Operating profit margin stood at 9% in FY25, up from 8% YoY. Credit rating agencies indicate a positive rating sensitivity if PBILDT margins improve above 15%.
Capital Expenditure
Not disclosed in absolute INR Cr for future periods, but the company is investing in 'Strategic Innovations' for AI, ML, and modular banking solutions.
Credit Rating & Borrowing
CARE Ratings assigned a 'Stable' outlook. Interest coverage ratio improved to 5.32x in FY25 from 4.65x in FY24. Debt-to-equity ratio improved to 0.4:1 following the repayment of an ECB loan in January 2025.
Operational Drivers
Raw Materials
As an IT services firm, primary costs are Sub-contracting/Outsourcing (INR 59.67 Cr in H1 FY26) and Employee Benefits (INR 60.78 Cr in H1 FY26).
Import Sources
Not applicable for IT services; however, the company maintains a nationwide presence in India with 100+ service locations and offshore delivery capabilities.
Key Suppliers
Not specifically named, but the company maintains strong relationships with technology vendors for its infrastructure solutions.
Capacity Expansion
Current operations include 9 regional offices and 3 development centers. Expansion is focused on 'Strategic Innovations' and scaling digital operations rather than physical manufacturing capacity.
Raw Material Costs
Sub-contracting and outsourcing costs represented approximately 29% of total expenses in H1 FY26 (INR 59.67 Cr).
Manufacturing Efficiency
Not applicable; however, the company improved its Debtors Turnover from 104 days to 78 days in FY25, reflecting better collection efficiency.
Logistics & Distribution
Not disclosed as a specific percentage of revenue; distribution is handled through 100+ direct service locations.
Strategic Growth
Expected Growth Rate
34%
Growth Strategy
The company is shifting its business mix toward high-margin Services (now 76% of revenue) and away from low-margin System Integration. Growth is targeted through AI, ML, and cybersecurity integrations in the BFSI sector, supported by a Strategic Innovations team and the parentage of CAC Holdings Corporation, Japan.
Products & Services
Digital transformation software, banking solutions (public/private/cooperative banks), product engineering, and warranty management services.
Brand Portfolio
Inspirisys.
New Products/Services
Modular, scalable banking solutions and AI/ML-integrated cybersecurity services; specific revenue contribution % for new launches is not disclosed.
Market Expansion
Focusing on scaling offshore presence and strengthening the domestic banking network in India.
Market Share & Ranking
Not disclosed; however, the company has a 30-year track record in IT infrastructure.
Strategic Alliances
Strong support and parentage from CAC Holdings Corporation, Japan, which provides financial and strategic backing.
External Factors
Industry Trends
The IT industry is shifting toward AI, ML, and cybersecurity. Inspirisys is positioning itself as a 'next-generation' banking partner to capture this 15-20% industry-wide shift toward digital-first infrastructure.
Competitive Landscape
Highly competitive IT services market with players like major Indian Tier-1 and Tier-2 firms; pricing is constrained by wage inflation.
Competitive Moat
Moat includes a 30-year track record, CMMI Level 5 certification, and strong parentage from CAC Holdings Japan. These provide durable switching costs for banking clients who require high security and compliance.
Macro Economic Sensitivity
Sensitive to global IT spending and Indian BFSI sector health; wage inflation is a key headwind for margins.
Consumer Behavior
Enterprises are moving from capital-intensive system integration to service-based digital transformation models.
Geopolitical Risks
Operations in the USA and UK were suspended/discontinued, reducing direct exposure to those regions, but the company remains subject to Indian regulatory shifts.
Regulatory & Governance
Industry Regulations
Compliant with Companies Act 2013 and Ind AS. Banking solutions must adhere to evolving RBI and financial data security standards.
Environmental Compliance
Low energy consumption profile; ESG compliance costs are not specifically disclosed.
Taxation Policy Impact
Effective tax benefit in FY25 due to Deferred Tax Recognition; H1 FY26 current tax was INR 6.01 Cr.
Legal Contingencies
The company is in the process of writing off investments in subsidiaries (e.g., Singapore branch) with AD banker approval; no major pending litigation values were disclosed in the snippets.
Risk Analysis
Key Uncertainties
BFSI concentration risk (68% of revenue) and the potential for loss-making subsidiaries to drag on consolidated performance.
Geographic Concentration Risk
High concentration in India following the suspension of USA and UK operations and closure of the Singapore branch.
Third Party Dependencies
Dependency on technology vendors for infrastructure components and sub-contractors for service delivery (INR 59.67 Cr cost in H1 FY26).
Technology Obsolescence Risk
High risk if the company fails to integrate AI and ML into its core banking and security offerings.
Credit & Counterparty Risk
Receivables quality improved (78 days vs 104 days), but long-standing receivables of INR 40.49 Cr from the North American subsidiary remain a concern.