Inventurus Knowledge Solutions (IKS) Q3 25/26 earnings summary

Executive summary

• Achieved fifth consecutive quarter of industry-leading performance since going public in December 2024, with strong execution across strategic pillars and robust revenue growth of 24% YoY in INR and 19% in USD for Q3 FY26.

• Business model leverages AI and technology to decouple revenue growth from headcount, targeting a $260 billion TAM in U.S. healthcare chore tasks.

• Integration and optimization of AQuity acquisition is nearly complete, driving margin expansion, cross-sell traction, and customer pruning.

• Maintained deep client relationships, with 90%+ revenues from repeat customers and 450+ enterprise-level customers.

• Recognized as Best in KLAS for Virtual Scribing Services and clinical documentation, and received the ET Edge Impactful CEO Award.

Financial highlights

• Q3 FY26 revenue was INR 8,150 million, up 24% year-over-year; EBITDA was INR 2,816 million, up 40.4% year-over-year, with EBITDA margin at 35%.

• PAT for Q3 FY26 was INR 1,833 million, up 41.4% year-over-year; Adjusted PAT was INR 2,154 million, up 48% year-over-year.

• EPS for Q3 FY26 was 11.0, up 40.5% year-over-year; return on equity at 30% (29.8% reported).

• Operating and free cash flow conversion from EBITDA and PAT close to 100%, with OCF and FCF for Q3 FY26 growing 84.8% and 79.9% year-over-year.

• Annualized EBITDA per employee increased to INR 0.91 million from INR 0.64 million year-over-year.

Outlook and guidance

• Continued focus on technology-led growth, with further R&D and SG&A investments expected to keep EBITDA margins in the low-to-mid 30s.

• Revenue from new deals (Femwell, StrideCare, VitalMD, and two unnamed) to start contributing from Q4 FY26 and Q1-Q3 FY27.

• Management expects most growth to come from existing customer expansion, with 85-90% of growth from this channel.

• Strategic investments in technology and platform capabilities to drive future growth.

• The company will continue to monitor regulatory changes, particularly regarding new labour codes.