Inspirisys Solutions Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Inspirisys Solutions Ltd trades at ₹129, in a downtrend and 35 weeks into that stage. That is +38.7% against its own 200-day average. It sits at 100% of a 52-week range of ₹82 to ₹129. On relative strength it has no relative-strength read yet.

Today the stock is in a downtrend — week 35 of stage 4. At ₹129 it trades +38.7% versus its 200-day average and sits at 100% of its 52-week range (₹82–₹129).

Against the market, two honest reads. Cumulative: over the last 1 months the stock moved +53% while the NIFTY 500 moved +0% — ahead of the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Inspirisys Solutions Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: EARLY_EXPANSION.

Our read, 31 May 2026. A micro-cap IT integrator posting its best revenue run-rate ever — but headline PAT is tax-distorted and a failed delisting leaves ownership overhang unresolved.

From the numbers. PE at 8.2x — 13th percentile of 10-year range, near the lowest observed trough of 7.7x. EPS recovery from 4 years of losses to ₹10.35 TTM. The cycle_eps_setup is GOLDEN_SETUP per pe_pb_cycle data. No institutional…

From the price. Price stage 4, week 35 — above its 200-day line, relative strength rising.

From the research. A micro-cap IT integrator posting its best revenue run-rate ever — but headline PAT is tax-distorted and a failed delisting leaves ownership overhang unresolved.

🚨 Where they disagree. PE at 8.2x — 13th percentile of 10-year range, near the lowest observed trough of 7.7x. EPS recovery from 4 years of losses to ₹10.35 TTM. The cycle_eps_setup is GOLDEN_SETUP per pe_pb_cycle data. No institutional signal (0% FII/DII) — no confirmation of smart-money positioning yet. Prior expansion cycle (Sep 2023-Sep 2024) reached 31.6x before contracting to current levels.

What is proven. A micro-cap IT integrator posting its best revenue run-rate ever — but headline PAT is tax-distorted and a failed delisting leaves ownership overhang unresolved.

What is not proven yet. Two of four FY26 quarters had negative tax rates (Dec 2024: -365%, Dec 2025: -235%); other income was 46% of Q4 FY26 PBT; strip both and underlying operating PAT is materially lower.

The test written in advance. Earnings quality — tax windfalls and other income dependence — Earnings quality — tax windfalls and other income dependence Q1 FY27 PAT with normalized tax rate (25-30%) and other income below ₹2 Cr by the next result.

The test written in advance. Interest cost escalation and debt trajectory — Interest cost escalation and debt trajectory Q1 FY27 interest cost — must revert to ₹1.5-2 Cr range to confirm Q4 was spike not structure by the next result.

The test written in advance. Revenue lumpiness from SI project cycle — Revenue lumpiness from SI project cycle Q1 FY27 revenue — below ₹100 Cr flags project-cycle risk returning by the next result.

Lever 1 · Operating leverage — BUILDING. FY26 consolidated revenue ₹476 Cr vs ₹388 Cr FY25 (+22.7%), with Q4 hitting a record ₹141.77 Cr — reversing 4 years of top-line stagnation (FY24: ₹490 Cr peak, then decline). What proves it keeps working: Revenue Scale Recovery — SI Project Cycle Inflection. It stops working if Q1 FY27 PAT with normalized tax rate (25-30%) and other income below ₹2 Cr.

Lever 14 · A bigger market to sell into — BUILDING. 69.95% owned by CAC Holdings (Japan, ~5,400 employees globally) — provides access to Japanese enterprise clients, offshore delivery mandate, and Great Place to Work certification (Jun 2025-Jun 2026). What proves it keeps working: CAC Group Backing — Strategic Parentage Premium. It stops working if Q1 FY27 PAT with normalized tax rate (25-30%) and other income below ₹2 Cr.

Lever 8 · Demerger or value unlock — BUILDING. PE 8.2x vs 10-year median 17x (13th percentile) — if 2-3 quarters of clean operating PAT confirm the turnaround, a re-rate to 12-14x is plausible. What proves it keeps working: PE Re-rating at Cycle Trough. It stops working if Q1 FY27 PAT with normalized tax rate (25-30%) and other income below ₹2 Cr.

Sources: our stock research file (31 May 2026) · quarterly results through Mar 26. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Inspirisys Solutions Ltd reported ₹142 Cr of revenue in the Mar 26 quarter, +17.8% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at −0.7% a year. The last full year, FY26, came in at ₹476 Cr. The last four reported quarters add to ₹476 Cr.

Why this happened. CAC Holdings acquired ISL (then Accel Frontline) in 2014 as its India delivery hub. India represents ~45% of CAC's overseas revenue. The strategic alignment makes ISL a beneficiary of CAC's Japan-side enterprise IT mandates. The new Senior Advisor appointment (Noriyuki Okayasu, former CAC Japan) from Apr 2026 signals deepening integration.

FY26 revenue came in at ₹476 Cr (+22.7% on the year), capping 10 years at −0.7% compound. The latest quarter (Mar 26) printed ₹142 Cr, +17.8% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +26.1% growth against the decade's −0.7% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +22.6% over the last 4 quarters against −1.5%/yr over the last 8 — accelerating; TTM profit +29.0% vs +234.0%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Inspirisys Solutions Ltd's operating margin is 7.7% in the Mar 26 quarter, −1.7 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −2.0% to 10.0%. The current quarter sits inside that band.

Why this happened. After declining from ₹490 Cr in FY24 to ₹388 Cr in FY25, the company re-inflected in FY26 with every quarter except Jun 2025 (₹84.6 Cr) posting above ₹119 Cr. The Jun 2025 dip and subsequent Sep surge (+41.5% QoQ) reflects lumpy SI project recognition — a structural characteristic of systems integrators rather than a demand problem. Q4 FY26 at ₹141.77 Cr is the highest ever quarterly revenue.

The latest quarter's operating margin is 7.7%, −1.7 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −2.0%–10.0%.

🚨 Why the margin moved: operating margin went −1.7 pp year on year while gross margin went −9.9 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Inspirisys Solutions Ltd earned ₹8.8 Cr of net profit in the Mar 26 quarter, −28.5% year on year. Full-year FY26 profit was ₹41.0 Cr. That is 6.2% of the quarter's revenue. The same quarter a year earlier earned ₹12.3 Cr. 2 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹8.8 Cr, −28.5% year on year. On the full year, FY26 printed ₹41.0 Cr (+28.1%).

🚨 Why profit moved: revenue contributed +17.8% and the margin −1.7 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +63.9% vs revenue +26.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 118% of Inspirisys Solutions Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹23.0 Cr of operating cash against ₹41.0 Cr of profit. After ₹2.0 Cr of capital spending, ₹21.0 Cr was left as free cash.

FY26: operating cash of ₹23.0 Cr against reported profit of ₹41.0 Cr, leaving free cash of ₹21.0 Cr after ₹2.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 118% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 118%: the cash cycle tightened 85 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Inspirisys Solutions Ltd's cash conversion cycle runs −125 days in FY26, down from −40 days in FY21. Capital spending ran ₹9.0 Cr over the last 3 years. At FY26 sales of ₹476 Cr each day of that cycle holds about ₹1.3 Cr, so roughly ₹−163 Cr sits inside the business at any moment.

FY26: debtors at 106 days, inventory at 7 days — roughly 0.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −125 days, tighter than FY21's −40.

The full loop: cash goes out to suppliers and production on day 0; stock waits 7 days to sell; customers pay about 106 days after that; and suppliers themselves are paid at 238 days — netting out to the −125-day cycle.

In money terms: at FY26 sales of ₹476 Cr, each day of the cycle holds about ₹1.3 Cr — so the −125-day loop keeps roughly ₹−163 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹9.0 Cr over the last 3 fiscal years against ₹15.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Inspirisys Solutions Ltd earns a ROCE of 28% in FY26. That is up from a trough of −3% in FY22. Return on invested capital clears the cost of that capital by +40.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 8.6% net margin on 1.33× asset turns.

FY26 ROCE is 28%, recovered from a FY22 trough of −3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 8.6% net margin × 1.33× asset turns × 3.55× balance-sheet leverage ≈ 40.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 52.6% − 12.0% = a +40.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Inspirisys Solutions Ltd carries ₹82.0 Cr of borrowings against ₹101 Cr of equity in FY26, a debt-to-equity of 0.81. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹99.0 Cr to ₹82.0 Cr. Capital spending ran ₹9.0 Cr across the last 3 of those years.

FY26: borrowings of ₹82.0 Cr against equity of ₹101 Cr — a debt-to-equity of 0.81. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹99.0 Cr to ₹82.0 Cr while capital spending ran ₹9.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Inspirisys Solutions Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.0 points over the same window, to 70.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −0.1 points over 8 quarters to 0.0%; Promoters: +0.0 points over 8 quarters to 70.0%.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Inspirisys Solutions Ltd: the Z-score reads 2.62. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits in the grey band between the two. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 2.62 sits in the grey band — neither clearly safe nor clearly distressed.

The safety line in one sentence: the Z-score reads 2.62.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Inspirisys Solutions Ltd trades at 12.0× P/E, near the bottom of its own range — cheaper only 35% of the time. Its long-run median P/E is 17.1×, measured across 7.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Why this happened. The PE cycle data shows CYCLE_BOTTOM classification with GOLDEN_SETUP on EPS. The stock has been through 3 full cycles. The current compression is earnings-driven (earnings recovering while stock lagged); a sustained operating PAT above ₹8 Cr/quarter for 2+ quarters without tax credits would be the catalyst for institutional attention. Zero FII/MF participation means any entry would have outsized price impact.

Today's P/E of 12.0× is near the bottom of its own range — cheaper only 35% of the time, against a long-run median of 17.1× measured over 7.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, Inspirisys Solutions Ltd was priced for profit growth of about 4.3% a year. The market pays that at 12.0× P/E, the 35th percentile of its own 8-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is the whole of what a buyer is backing. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Inspirisys Solutions Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Frequently asked questions