---
title: "Infollion Research Services Ltd (INFOLLION) — Share Price, Financials & Analysis"
symbol: "INFOLLION"
company: "Infollion Research Services Ltd"
canonical: "https://tapetide.com/stocks/INFOLLION"
isin: "INE0NNZ01013"
nse_symbol: "INFOLLION"
sector: "Commercial Services"
industry: "Diversified Services"
market_cap_cr: 148.51
generated_at: "2026-09-13T18:19:26.168Z"
---

# Infollion Research Services Ltd (INFOLLION)

Canonical page: https://tapetide.com/stocks/INFOLLION

## Company

- **NSE Symbol:** INFOLLION
- **ISIN:** INE0NNZ01013
- **Sector:** Commercial Services
- **Industry:** Diversified Services
- **Macro Sector:** Services
- **Stock Type:** EQUITY
- **Listed Since:** 2023-06-08
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** infollion.com

## About

Incorporated in 2009, Infollion Research Services Ltd operates in the B2B Human 
Cloud segment in India[1]

## Latest Price

- **Price:** ₹158.05
- **Change:** +4.75 (+3.1%)
- **Open:** ₹155
- **Day High:** ₹160
- **Day Low:** ₹154.55
- **Previous Close:** ₹153.3
- **Volume:** 24400
- **As Of:** 2026-09-11T10:01:39+00:00

## Key Fundamentals

Observed at 2026-09-11T04:36:54.248095Z.

- **Market Cap:** ₹148.51 Cr
- **Classification:** SME
- **P/E (reported):** 11.7
- **Book Value:** ₹69.37
- **Price to Book:** 2.21
- **Dividend Yield:** 0%
- **ROE:** 18.89%
- **ROCE:** 25.54%
- **Debt to Equity:** 0
- **Revenue (yearly):** ₹103 Cr
- **Net Income:** ₹12.7 Cr
- **EBITDA:** ₹17.4 Cr
- **52-Week High:** ₹490.5
- **52-Week Low:** ₹151
- **RSI (14):** 40.45

## Tapetide Score

- **Score:** 65 / 100
- **Score date:** 2026-09-04
- **Archetype:** Losing Momentum
- **What it means:** A capable business whose price trend has turned while the multiple is still demanding. Often a re-rating in progress rather than a broken company — watch whether earnings stay resilient.
- **Pillar profile:** Quality: Good · Valuation: Expensive · Momentum: Falling
- **Percentile:** 96.7 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 86.12 | 9% |
| growth | 68.47 | 9% |
| momentum | 5.05 | 12% |
| ownership | 81.15 | 24% |
| quality | 90.17 | 22% |
| valuation | 48.28 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company is almost debt free.
- Company has delivered good profit growth of 43.5% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.3%

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | 87.01% | 100.37% | -98.59% |
| ebitda margin growth | -20.37% | -23.05% | — |
| net income growth | 2.42% | 45% | 43% |
| revenue growth | 29.56% | 44% | 44% |
| roce | -16.89% | -8.92% | — |
| roe | -17.94% | 20.87% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 14 | 20 | 25 | 27 | 35 | 42 | 51 | 49 |
| Expenses | 11 | 17 | 20 | 22 | 28 | 35 | 43 | 43 |
| Operating Profit | 3 | 2 | 5 | 5 | 7 | 7 | 8 | 6 |
| OPM % | 22 | 12 | 21 | 18 | 20 | 18 | 17 | 12 |
| Other Income | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 3 | 3 | 6 | 6 | 8 | 8 | 10 | 7 |
| Tax % | 25 | 26 | 25 | 27 | 25 | 24 | 27 | 21 |
| Net Profit | 2 | 2 | 4 | 4 | 6 | 6 | 7 | 5 |
| EPS in Rs | 1610.74 | 2.49 | 4.36 | 4.48 | 6.13 | 6.65 | 7.4 | 5.5 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 13 | 16 | 22 | 34 | 52 | 77 | 100 |
| Expenses | 10 | 13 | 18 | 28 | 42 | 63 | 86 |
| Operating Profit | 3 | 3 | 3 | 5 | 10 | 15 | 14 |
| OPM % | 20 | 17 | 16 | 16 | 20 | 19 | 14 |
| Other Income | 0 | 0 | 0 | 0 | 2 | 2 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 3 | 3 | 4 | 6 | 12 | 16 | 17 |
| Tax % | 20 | 23 | 29 | 26 | 26 | 24 | 25 |
| Net Profit | 2 | 2 | 3 | 4 | 9 | 12 | 13 |
| EPS in Rs | 1597.01 | 1552.24 | 1902.99 | 5.71 | 8.84 | 12.78 | 12.9 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.01 | 0.01 | 0.01 | 7 | 10 | 10 | 10 |
| Reserves | 5 | 7 | 8 | 5 | 32 | 44 | 57 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 1 | 1 | 2 | 3 | 5 | 4 | 4 |
| Total Liabilities | 6 | 8 | 10 | 16 | 47 | 58 | 71 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 1 | 2 | 5 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 6 | 8 | 10 | 16 | 46 | 55 | 66 |
| Total Assets | 6 | 8 | 10 | 16 | 47 | 58 | 71 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 1 | 2 | 1 | 3 | 9 | 5 | 10 |
| Cash from Investing Activity | 0 | 0 | 0 | 0 | -1 | -2 | -3 |
| Cash from Financing Activity | 0 | 0 | 0 | 0 | 17 | 0 | 0 |
| Net Cash Flow | 1 | 2 | 1 | 2 | 25 | 4 | 8 |
| Free Cash Flow | 1 | 2 | 1 | 3 | 9 | 5 | 10 |
| CFO/OP | 27 | 71 | 34 | 69 | 105 | 56 | 101 |

### Ratios

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 105 | 87 | 55 | 64 | 78 | 83 | 67 |
| Cash Conversion Cycle | 105 | 87 | 55 | 64 | 78 | 83 | 67 |
| Working Capital Days | 102 | 86 | 82 | 71 | 68 | 73 | 59 |
| ROCE % | — | 45 | 47 | 53 | 40 | 35 | 28 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 51.69% | 51.71% | 51.73% | 51.73% | 51.7% | 51.7% | 51.65% |
| FIIs | 9.73% | 2.53% | 0% | 1.04% | 1.05% | 1.04% | 1.03% |
| DIIs | 0.31% | 0% | 0% | 0% | 0% | 0% | 9.77% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 30.13% | 37.16% | 36.94% | 35.3% | 35.26% | 33.44% | 33.17% |
| Others | 8.13% | 8.6% | 11.33% | 11.93% | 11.99% | 13.81% | 4.37% |
| No. of Shareholders | 830 | 675 | 1016 | 1409 | 1709 | 1723 | 1564 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Sell
- **Buy / Neutral / Sell:** 6 / 6 / 7

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 156.59 | Buy |
| EMA (10) | 156.38 | Buy |
| SMA (20) | 157.51 | Buy |
| EMA (20) | 157.44 | Buy |
| SMA (50) | 161.74 | Sell |
| EMA (50) | 164.95 | Sell |
| SMA (100) | 177.95 | Sell |
| EMA (100) | 191.63 | Sell |
| SMA (200) | 263.66 | Sell |
| EMA (200) | 248.32 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 49.33 | Neutral |
| MACD (12,26,9) | -1.71 | Buy |
| Stochastic (14,3,3) | 31.52 | Neutral |
| ADX (14) | 16.07 | Neutral |
| Williams %R (14) | -45.74 | Neutral |
| ATR (14) | 5.38 | High Volatility |
| ROC (12) | 0.32 | Buy |
| Stoch RSI (14) | 95.82 | Sell |
| UO (7,14,28) | 51.64 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 February 2026 - Allotted 9,787 ESOP shares at ₹10 on Feb 9, 2026; total shares now 97,06,759. | [ESOP/ESOS/ESPS 9 February 2026 - Allotted 9,787 ESOP shares at ₹10 on Feb 9, 2026; total shares now 97,06,759.](https://nsearchives.nseindia.com/corporate/INFOLLION_09022026130454_INFOLLION_Allotment_of_shares_under_ESOP_09062026.pdf) |
| 9 April 2026 - Filed Regulation 74(5) certificate for quarter ended March 31, 2026; no demat requests received. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 9 April 2026 - Filed Regulation 74(5) certificate for quarter ended March 31, 2026; no demat requests received.](https://nsearchives.nseindia.com/corporate/INFOLLION_09042026170522_CertificateunderSEBIDepandParticipantReg2018forthequarterendedMarch26.pdf) |
| 4 May 2026 - Promoter Gaurav Munjal հայտնում no additional encumbrance on Infollion shares in FY2025-26. | [Disclosure under SEBI Takeover Regulations 4 May 2026 - Promoter Gaurav Munjal հայտնում no additional encumbrance on Infollion shares in FY2025-26.](https://nsearchives.nseindia.com/corporate/team_sandeshc_15042026134226_21.pdf) |
| 30 June 2026 - Gaurang Sharma appointed AVP Strategic Initiatives effective June 29, 2026. | [Appointment 30 June 2026 - Gaurang Sharma appointed AVP Strategic Initiatives effective June 29, 2026.](https://nsearchives.nseindia.com/corporate/INFOLLION_30062026120800_IntimationofSMP.pdf) |
| 30 April 2026 - Submitted FY26 PIT SDD compliance certificate; no noncompliance observed. | [Structural Digital Database 30 April 2026 - Submitted FY26 PIT SDD compliance certificate; no noncompliance observed.](https://nsearchives.nseindia.com/corporate/INFOLLION_30042026181746_SDDCertificatefortheyearendedMarch312026.pdf) |
| 30 April 2026 - Promoter Gaurav Munjal reports no new share encumbrance beyond existing disclosures for FY2025-26. | [Updates 30 April 2026 - Promoter Gaurav Munjal reports no new share encumbrance beyond existing disclosures for FY2025-26.](https://nsearchives.nseindia.com/corporate/INFOLLION_30042026185058_AnnualDisclosureunderReg31ofSEBISASTReg2011.pdf) |
| 30 April 2026 - Board approved ₹1.2 crore investment in Thermium Private Limited for 19% stake on April 30, 2026. | [Outcome of Board Meeting 30 April 2026 - Board approved ₹1.2 crore investment in Thermium Private Limited for 19% stake on April 30, 2026.](https://nsearchives.nseindia.com/corporate/INFOLLION_30042026164043_DisclosureofstrategicinvestmentinThermiumPvtLtd.pdf) |
| 30 April 2026 - Board approved ₹1.2 crore investment in Thermium Private Limited for 19% stake by March 31, 2027. | [Agreements 30 April 2026 - Board approved ₹1.2 crore investment in Thermium Private Limited for 19% stake by March 31, 2027.](https://nsearchives.nseindia.com/corporate/INFOLLION_30042026161850_DisclosureofstrategicinvestmentinThermiumPvtLtd.pdf) |
| 3 June 2026 - Infollion will hold a virtual analyst/investor meet on June 8, 2026 at 4:00 P.M. IST. | [Analysts/Institutional Investor Meet/Con. Call Updates 3 June 2026 - Infollion will hold a virtual analyst/investor meet on June 8, 2026 at 4:00 P.M. IST.](https://nsearchives.nseindia.com/corporate/INFOLLION_03062026112430_IntimationofscheduleofinvestormeetJune82026.pdf) |
| 28 November 2025 - Virtual analyst/investor meeting on Dec 4, 2025 at 11:00 AM IST; no UPSI. | [Analysts/Institutional Investor Meet/Con. Call Updates 28 November 2025 - Virtual analyst/investor meeting on Dec 4, 2025 at 11:00 AM IST; no UPSI.](https://nsearchives.nseindia.com/corporate/INFOLLION_28112025201735_Intimation_of_schedule_of_investor_meet.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_30627_INFOLLION_2025_2026_A_13104799_25082026212702.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28282_INFOLLION_2024_2025_A_5979249_03092025163223.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25064_INFOLLION_2023_2024_220820241247.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/SME_AR_25044_INFOLLION_2022_2023_21082024172914.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Oct 2025 | [Concall - Oct 2025](https://nsearchives.nseindia.com/corporate/INFOLLION_17102025223745_SubmissionoftranscriptofEarningsCall.pdf) |
| Oct 2024 | [Concall - Oct 2024](https://nsearchives.nseindia.com/corporate/INFOLLION_17102024172315_SubmissionoftranscriptofEarningsCall.pdf) |
| Nov 2023 | [Concall - Nov 2023](https://nsearchives.nseindia.com/corporate/INFOLLION_15112023151249_TranscriptsoftheEarningsCall.pdf) |
| May 2024 | [Concall - May 2024](https://nsearchives.nseindia.com/corporate/INFOLLION_13052024181534_SubmissionofTranscriptofEarningsCallH2FY24IFY2413052024.pdf) |
| Mar 2025 | [Concall - Mar 2025](https://nsearchives.nseindia.com/corporate/INFOLLION_18032025120831_IntimationofInvestorPresentation18032025.pdf) |
| Apr 2025 | [Concall - Apr 2025](https://nsearchives.nseindia.com/corporate/INFOLLION_29042025121953_Submission_of_Transcript_of_Earnings_Call_for_H2-FY_2024-25.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:19:26.168Z.