Mindteck (India) Limited (IN:MINDTECK)
:MINDTECK
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Mindteck (India) Limited
(MINDTECK)
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Rating:70Outperform
Price Target:
₹240.00
▲(8.45% Upside)
Action:Upgraded
Date:05/28/26
The score is primarily supported by strong financial stability (low leverage, solid equity base) and reliable positive free cash flow. Technicals are moderately positive with price above key moving averages but mixed momentum indicators. Valuation is acceptable on earnings (moderate P/E) but the low dividend yield provides limited additional support.
Positive Factors
Balance-sheet strength
Very low leverage and materially expanding equity provide durable financial flexibility to fund organic investment, cushion cyclical revenue shortfalls, and pursue selective M&A or restructuring. This reduces refinancing risk and supports multi‑month operational stability.
Negative Factors
Top-line weakness
Trailing revenue growth is negative, reflecting demand headwinds and a modest FY2026 top‑line decline. Persistent top‑line softness constrains scale economies, limits reinvestment capacity, and makes achieving durable growth dependent on new client wins or service expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Very low leverage and materially expanding equity provide durable financial flexibility to fund organic investment, cushion cyclical revenue shortfalls, and pursue selective M&A or restructuring. This reduces refinancing risk and supports multi‑month operational stability.
Read all positive factors
Mindteck (India) Limited (MINDTECK) vs. iShares MSCI India ETF (INDA)
Market Cap
₹6.78B
Dividend Yield0.5%
Average Volume (3M)18.73K
Price to Earnings (P/E)21.4
Beta (1Y)1.93
Revenue Growth-4.03%
EPS Growth9.36%
CountryIN
Employees760
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)9.72
Shares Outstanding31,954,222
10 Day Avg. Volume45,077
30 Day Avg. Volume18,730
Financial Highlights & Ratios
PEG Ratio1.60
Price to Book (P/B)1.54
Price to Sales (P/S)1.15
P/FCF Ratio14.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Mindteck (India) Limited Business Overview & Revenue Model
Company Description
Mindteck (India) Limited operates as a global provider of engineering and information technology (IT) services, serving clients across the United States, India, and various international regions. The company delivers a broad spectrum of specialize...
How the Company Makes Money
Mindteck primarily makes money by billing clients for technology and engineering services delivered under service contracts. Key revenue streams typically include: (1) Time-and-material (T&M) engagements where the company invoices based on billabl...
Mindteck (India) Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
84
Very Positive
Cash Flow
73
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.13B | 4.07B | 4.32B | 3.86B | 3.37B | 2.99B |
| Gross Profit | 753.30M | 652.50M | 538.70M | 608.40M | 524.90M | 565.80M |
| EBITDA | 450.00M | 379.40M | 428.00M | 388.70M | 315.10M | 440.00M |
| Net Income | 310.40M | 315.20M | 286.80M | 273.10M | 207.70M | 333.10M |
Balance Sheet | ||||||
| Total Assets | 3.39B | 3.70B | 3.22B | 2.76B | 2.43B | 2.29B |
| Cash, Cash Equivalents and Short-Term Investments | 1.64B | 1.92B | 1.34B | 1.25B | 1.02B | 768.20M |
| Total Debt | 57.20M | 38.80M | 74.40M | 22.10M | 56.30M | 78.60M |
| Total Liabilities | 590.40M | 662.80M | 617.80M | 546.20M | 520.90M | 538.40M |
| Stockholders Equity | 2.80B | 3.04B | 2.60B | 2.21B | 1.91B | 1.75B |
Cash Flow | ||||||
| Free Cash Flow | 87.70M | 313.90M | 233.20M | 210.20M | 113.60M | 205.20M |
| Operating Cash Flow | 89.10M | 319.00M | 241.30M | 224.80M | 127.20M | 216.50M |
| Investing Cash Flow | 217.50M | -432.00M | -74.30M | -127.30M | -104.00M | -200.00M |
| Financing Cash Flow | -48.30M | -67.90M | 14.70M | -18.50M | -147.30M | -33.60M |
Mindteck (India) Limited Technical Analysis
Positive
221.30
Price Trends
203.43
Positive
201.83
Positive
215.35
Negative
Market Momentum
1.28
Positive
53.96
Neutral
46.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MINDTECK, the sentiment is Positive. The current price of 221.3 is above the 20-day moving average (MA) of 208.96, above the 50-day MA of 203.43, and above the 200-day MA of 215.35, indicating a neutral trend. The MACD of 1.28 indicates Positive momentum. The RSI at 53.96 is Neutral, neither overbought nor oversold. The STOCH value of 46.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MINDTECK.
Mindteck (India) Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹4.46B | 15.52 | ― | 13.69% | 0.53% | -12.90% | |
74 Outperform | ₹4.10B | 16.80 | ― | 0.09% | 25.53% | 24.97% | |
73 Outperform | ₹5.73B | 13.02 | ― | 1.84% | 10.69% | 64.16% | |
70 Outperform | ₹6.78B | 21.39 | ― | 0.50% | -4.03% | 9.36% | |
69 Neutral | ₹7.18B | 11.98 | ― | 2.40% | 9.75% | 19.96% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | ₹3.67B | 10.56 | ― | ― | -4.46% | -36.03% |
* Technology Sector Average
IN:MINDTECK
Mindteck (India) Limited
211.05
-26.80
-11.27%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.