NINSYS - NINtec Systems
📢 Recent Corporate Announcements
NINtec Systems Limited has issued a postal ballot notice to shareholders for the appointment of two new Independent Directors, Mr. Mehul Ganpatbhai Makkampara and Mr. Rahul Ratankumar Guhathakurta. Both directors are proposed for a five-year term effective from February 1, 2026, subject to shareholder approval via special resolutions. The remote e-voting period is scheduled to run from February 18, 2026, to March 19, 2026. This move is part of the company's efforts to strengthen its board governance and comply with SEBI listing regulations.
- Appointment of Mr. Mehul Ganpatbhai Makkampara as Independent Director for a 5-year term starting Feb 1, 2026
- Appointment of Mr. Rahul Ratankumar Guhathakurta as Independent Director for a 5-year term starting Feb 1, 2026
- Remote e-voting period set from 9:00 AM on Feb 18, 2026, to 5:00 PM on March 19, 2026
- Cut-off date for shareholder eligibility to vote was Friday, Feb 13, 2026
- The appointments are being proposed as Special Resolutions through a postal ballot process
NINtec Systems reported a steady growth in its standalone financial performance for the quarter ended December 31, 2025. Standalone revenue grew by 23% year-on-year to ₹26.15 crore, while net profit increased by 11.8% to ₹6.76 crore. On a consolidated basis, the company's Dutch subsidiary contributed significantly, adding ₹17.13 crore to the revenue and ₹9.88 crore to the profit for the quarter. Additionally, the board has reconstituted key committees including the Audit and Nomination committees following the resignation of an Independent Director.
- Standalone Revenue from Operations increased to ₹2,615.27 Lakhs in Q3 FY26 from ₹2,126.21 Lakhs in Q3 FY25.
- Standalone Net Profit grew to ₹676.06 Lakhs compared to ₹604.79 Lakhs in the same quarter last year.
- Nine-month standalone PAT reached ₹2,005.55 Lakhs, up from ₹1,687.94 Lakhs in the previous year.
- International subsidiary Nintec Systems B.V. reported a robust quarterly profit of ₹988.10 Lakhs.
- Audit, NRC, and Stakeholder Relationship Committees reconstituted effective February 13, 2026.
NINtec Systems reported a solid performance for Q3 FY26, with standalone revenue rising 23% YoY to ₹26.15 crore. Standalone Net Profit grew to ₹6.76 crore from ₹6.05 crore in the previous year's corresponding quarter. The company's international subsidiary, Nintec Systems B.V., showed exceptional performance with a quarterly profit of ₹9.88 crore. The board also managed administrative transitions by reconstituting key committees following an independent director's resignation.
- Standalone Revenue grew 23% YoY to ₹2,615.27 Lakhs in Q3 FY26.
- Standalone Net Profit increased 11.8% YoY to ₹676.06 Lakhs.
- Nine-month FY26 Standalone PAT reached ₹2,005.55 Lakhs vs ₹1,687.94 Lakhs YoY.
- Subsidiary Nintec Systems B.V. contributed ₹1,713.20 Lakhs in revenue and ₹988.10 Lakhs in PAT for the quarter.
- Audit and NRC committees reconstituted effective Feb 13, 2026, following a director resignation.
NINtec Systems Limited reported a steady growth in its standalone performance for Q3 FY26, with revenue from operations reaching ₹26.15 crore, a 23% increase compared to ₹21.26 crore in the same quarter last year. Standalone net profit for the quarter stood at ₹6.76 crore, up from ₹6.05 crore in Q3 FY25. For the nine-month period ending December 2025, the company's standalone profit reached ₹20.06 crore, reflecting robust year-on-year growth. Additionally, the company announced the reconstitution of several board committees following the resignation of an independent director.
- Standalone Revenue from Operations grew 23% YoY to ₹2,615.27 Lakhs in Q3 FY26.
- Standalone Net Profit (PAT) increased 11.8% YoY to ₹676.06 Lakhs from ₹604.79 Lakhs.
- Nine-month standalone PAT reached ₹2,005.55 Lakhs, up from ₹1,687.94 Lakhs in the previous year.
- Wholly-owned subsidiary Nintec Systems B.V. (Netherlands) reported a quarterly PAT of ₹988.10 Lakhs.
- Board committees including Audit and NRC were reconstituted effective February 13, 2026.
NINtec Systems Limited reported a steady standalone performance for the quarter ended December 31, 2025, with revenue from operations growing 23% YoY to ₹26.15 crore. Standalone net profit for the quarter rose to ₹6.76 crore from ₹6.05 crore in the previous year. A significant contribution came from its Dutch subsidiary, Nintec Systems B.V., which recorded a quarterly revenue of ₹17.13 crore and a net profit of ₹9.88 crore. The board also reconstituted key committees following the resignation of an independent director.
- Standalone Revenue from Operations increased 23% YoY to ₹26.15 crore in Q3 FY26.
- Standalone Net Profit grew 11.8% YoY to ₹6.76 crore for the quarter.
- 9-month Standalone PAT reached ₹20.06 crore compared to ₹16.88 crore in the previous year.
- Subsidiary Nintec Systems B.V. reported a robust quarterly profit of ₹9.88 crore.
- Board reconstituted Audit, NRC, and Stakeholder Relationship committees effective February 13, 2026.
NINtec Systems Limited (NINSYS) has announced the simultaneous resignation of two Independent Directors, Mr. Vishal Ramesh Shah and Mr. Hursh Pareshkumar Jani, effective February 12, 2026. Both directors cited personal reasons and prior professional commitments for their departures, with Mr. Jani also resigning from the board of the company's material subsidiary. The company confirmed that there are no other material reasons for these exits. This change will require the company to appoint new independent directors to maintain board composition and committee requirements.
- Resignation of Independent Directors Vishal Ramesh Shah and Hursh Pareshkumar Jani effective Feb 12, 2026.
- Mr. Hursh Pareshkumar Jani also resigned from the board of the company's material subsidiary.
- Both directors confirmed there are no undisclosed material reasons for their resignations.
- The resignations result in vacancies across various board committees including Audit and Nomination & Remuneration.
NINtec Systems Limited has informed the exchanges that two of its Independent Directors, Mr. Vishal Ramesh Shah and Mr. Hursh Pareshkumar Jani, have resigned from the board effective February 12, 2026. Both directors cited personal reasons and prior professional commitments for their departure, with Mr. Jani also resigning from the board of the company's material subsidiary. The company confirmed that there are no other material reasons for these resignations beyond what was stated. This simultaneous exit of two independent directors will require the company to appoint new members to maintain regulatory compliance and board oversight.
- Mr. Vishal Ramesh Shah and Mr. Hursh Pareshkumar Jani to step down as Independent Directors on February 12, 2026.
- Mr. Hursh Pareshkumar Jani has also resigned from the board of the company's material subsidiary.
- Both directors have confirmed there are no undisclosed material reasons for their resignations.
- The resignations result in vacancies across various board committees, including Audit and Nomination & Remuneration committees.
- Both outgoing directors currently hold independent directorships at TGIF Agribusiness Limited.
NINtec Systems Limited has appointed Mr. Mehul Ganpatbhai Makkampara and Mr. Rahul Ratankumar Guhathakurta as Additional Directors (Non-Executive Independent). Both appointments are effective from February 1, 2026, for a term of five consecutive years, pending shareholder approval. Mr. Makkampara brings over 15 years of experience in healthcare, while Mr. Guhathakurta specializes in strategic management and digital analytics. These appointments are intended to diversify the board's expertise and strengthen corporate governance.
- Appointment of two new Independent Directors effective February 1, 2026
- Both directors appointed for a fixed term of 5 consecutive years
- Mr. Mehul Makkampara brings 15+ years of experience in patient care and disease management
- Mr. Rahul Guhathakurta offers expertise in corporate strategy and digital information systems
- Board meeting for approval concluded within 23 minutes on January 28, 2026
NINtec Systems Limited has appointed Mr. Mehul Ganpatbhai Makkampara and Mr. Rahul Ratankumar Guhathakurta as Additional Directors in the Non-Executive Independent category. Both appointments are for a five-year term starting February 1, 2026, subject to shareholder approval. Mr. Makkampara brings over 15 years of experience in healthcare, while Mr. Guhathakurta has a background in corporate strategy and digital systems. These additions are part of the company's efforts to strengthen its board governance and strategic oversight.
- Appointment of 2 new Independent Directors effective from February 1, 2026
- Both directors appointed for a fixed term of 5 consecutive years
- Mr. Mehul Makkampara offers 15+ years of experience in patient care and disease management
- Mr. Rahul Guhathakurta brings expertise in corporate strategy and technology-enabled analytics
- Board meeting was conducted efficiently, lasting 23 minutes from 4:00 PM to 4:23 PM
NINtec Systems Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The report, issued by Bigshare Services Private Limited, covers the period from October 1, 2025, to December 31, 2025. The company confirmed that no securities were received for dematerialization during this specific quarter. This is a standard regulatory filing confirming that the register of members remains updated and compliant with depository standards.
- Quarterly compliance certificate filed for the period ending December 31, 2025.
- Registrar and Share Transfer Agent (RTA) confirmed zero securities received for dematerialization.
- No physical certificates were mutilated or cancelled during the quarter.
- Full adherence to SEBI (Depositories and Participants) Regulations, 2018 confirmed.
NINtec Systems Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is ahead of the declaration of the company's financial results for the quarter ending December 31, 2025. The restriction applies to all designated persons, insiders, and their immediate relatives. The trading window will reopen 48 hours after the financial results are officially disclosed to the stock exchanges.
- Trading window closure effective from Thursday, January 1, 2026
- Closure pertains to the financial results for the quarter ending December 31, 2025
- Applies to all Designated Persons and their immediate relatives as per SEBI norms
- Window will reopen 48 hours after the declaration of the financial results
Financial Performance
Revenue Growth by Segment
The company operates in a single reportable segment, Software Services, which saw a massive revenue increase of 146% in FY24, reaching INR 84.69 Cr compared to INR 34.41 Cr in FY23. Q4 FY24 revenue grew by 177.9% YoY to INR 32.62 Cr.
Geographic Revenue Split
Revenue is heavily weighted toward international markets, with 95% derived from exports (specifically Nordic, Benelux, and Germany) and 5% from domestic Indian operations.
Profitability Margins
The company maintained strong profitability with a Net Sales ratio of 21.74% in FY25. Profit before tax for the half-year ended September 30, 2025, was INR 20.53 Cr, showing consistent performance compared to INR 16.29 Cr in the same period the previous year.
EBITDA Margin
Consolidated EBITDA margin for FY24 was 25.5%, with the full-year EBITDA reaching INR 21.58 Cr, a 172% increase YoY. Q4 FY24 EBITDA margin was 23.4% (INR 7.61 Cr).
Capital Expenditure
Net cash used in investing activities was INR 6.14 Cr in FY25, with INR 3.14 Cr utilized in the first half of FY26. This includes INR 0.25 Cr for property, plant, and equipment in H1 FY26, down from INR 5.38 Cr in FY25.
Credit Rating & Borrowing
The company maintains a low-debt profile; interest costs were INR 0.24 Cr in FY25, and the company repaid INR 0.24 Cr in borrowings during the same period. Specific credit ratings are not disclosed.
Operational Drivers
Raw Materials
As a software firm, the primary 'raw material' is human capital (400 engineers), with training and R&D representing 4% to 4.5% of total revenue.
Import Sources
Not applicable as the company provides software services; however, talent is primarily sourced from India to serve European markets.
Key Suppliers
Not applicable for software services; the company relies on its internal workforce of approximately 400 engineers.
Capacity Expansion
Current capacity is approximately 400 engineers. Expansion is driven by continuous recruitment and upskilling, with 10% of employee time dedicated to training to remain 'mark-to-market'.
Raw Material Costs
Employee-related costs are the primary expense. R&D and training costs specifically amounted to approximately INR 4 Cr to INR 5 Cr in FY24, representing 10% of employee costs.
Manufacturing Efficiency
Efficiency is measured by ROCE, which was 52.08% in FY25, and ROI, which stood at 8.06%.
Logistics & Distribution
Not applicable; services are delivered digitally or through onsite/offshore consulting models.
Strategic Growth
Expected Growth Rate
21.74%
Growth Strategy
The company aims to achieve growth by securing multi-year contracts and moving up the value chain with larger customers. It reinvests 100% of PAT into reserves or capital for growth, focusing on high-margin export markets in Europe and maintaining a 'clean' balance sheet with no capitalized R&D.
Products & Services
Software development services, IT consulting, offshore development center services, and specialized technology solutions for the Nordic and Benelux regions.
Brand Portfolio
NINtec Systems
New Products/Services
The company is continuously creating new capabilities in reusable components and tools to improve productivity and margins, though specific new product revenue % is not disclosed.
Market Expansion
Expansion is focused on deepening penetration in the Nordic, Benelux, and German markets through its Netherlands-based subsidiary.
Strategic Alliances
The company operates through its subsidiary, Nintec Systems B.V., Netherlands, to facilitate European market access.
External Factors
Industry Trends
The Indian tech ecosystem is increasingly impacting the global context. Trends include a shift toward multi-year contracts and the use of reusable components to drive productivity. The industry is evolving toward higher-value consulting rather than just labor arbitrage.
Competitive Landscape
Competes with both large global IT firms and niche software service providers, distinguishing itself through regional European expertise.
Competitive Moat
The moat is built on specialized expertise in the Nordic/Benelux markets and a high ROCE of 52.08%, which indicates superior capital efficiency. This is sustained by a 10% time-investment in employee upskilling.
Macro Economic Sensitivity
Highly sensitive to global economic developments and government regulations in India and Europe, which can impact the 95% export revenue base.
Consumer Behavior
Clients are increasingly seeking multi-year partnerships and 'future-ready' technology stacks rather than short-term projects.
Geopolitical Risks
Operations are subject to risks from political instability, war, and changes in international law in the European markets where they operate.
Regulatory & Governance
Industry Regulations
Operations must comply with Indian Ind AS, the Companies Act 2013, and international regulations relevant to software exports and foreign subsidiary operations in the Netherlands.
Environmental Compliance
Not disclosed as a significant cost for this software services company.
Taxation Policy Impact
The effective tax rate is approximately 24.4%, based on a PBT of INR 20.53 Cr and a Profit for the period of INR 15.52 Cr for H1 FY26.
Legal Contingencies
No specific pending court cases or case values in INR were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Global political instability and sudden changes in customer ownership (acquisitions) pose significant risks to contract continuity, with a potential impact on the 95% export revenue.
Geographic Concentration Risk
High geographic concentration with 95% of revenue coming from exports, primarily to the Nordic, Benelux, and German regions.
Third Party Dependencies
Dependency is primarily on the availability of skilled software engineers rather than third-party material suppliers.
Technology Obsolescence Risk
Mitigated by investing 10% of engineer time into upskilling and maintaining 'mark-to-market' capabilities.
Credit & Counterparty Risk
The company is cash-rich with INR 36.71 Cr in cash and equivalents as of September 2025, suggesting strong receivables management.