ICICI Securities's research report on Inventurus Knowledge Solutions
We met IKS’ management at I-Sec conference. IKS is focusing on: 1) continuing the traction on full-platform deals; 2) increasing cross-selling with AQuity clients; 3) using AI to gain operating margin leverage and increase non-linearity between revenue and headcount growth; and 4) working with hospitals. The company’s wallet share gain in existing clients, cross-selling and new logos are three key drivers of revenue growth. IKS expects traction in FY27 from the completion of AQuity tail account rationalisation. IKS envisages outpacing its USD 225bn TAM growth of 12% and maintaining EBITDA margin in the low to mid-thirties range. It also aims to sustain gross margin at current levels.
Outlook
We have a BUY rating on the stock, with a Dec’26E TP of INR 2,000, based on a one-year forward P/E of 35x.
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