IRIS Regtech Solutions Ltd

NSE: IRIS BSE: 540735

Incorporated in 2000, IRIS Business Services Ltd offers Regtech solutions to regulators and enterprises[1]

₹228

52W: ₹203 — ₹430

PE 34 · Book ₹97.4 · +134% vs book

Market Cap₹468 Cr

Stock P/E34Price to Earnings

ROCE12.1%Return on Capital

ROE9.91%Return on Equity

Div. Yield0%Face Value ₹10

Strengths

−Though the company is reporting repeated profits, it is not paying out dividend
−Promoter holding is low: 34.6%
−Earnings include an other income of Rs.117 Cr.
−Promoter holding has decreased over last 3 years: -3.19%
−Working capital days have increased from 115 days to 232 days

Promoters34.63%

FIIs1.87%

DIIs13.06%

Public50.43%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	37.1%	35.79%▼1.3	35.63%▼0.2	34.68%▼1.0	34.68%	34.65%▼0.0	34.63%▼0.0	34.63%
FIIs	0.08%	0%▼0.1	1%▲1.0	1.42%▲0.4	0.5%▼0.9	1.73%▲1.2	1.73%	1.87%▲0.1
DIIs	0%	2.88%▲2.9	2.72%▼0.2	11.08%▲8.4	11.08%	12.79%▲1.7	12.9%▲0.1	13.06%▲0.2
Public	62.82%	61.34%▼1.5	60.66%▼0.7	52.82%▼7.8	53.72%▲0.9	50.82%▼2.9	50.73%▼0.1	50.43%▼0.3

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	25.95	28.67	25.95	25.71	31.32	28.3	23.82	27.09	34.23	37.91
Expenses	22.61	22.51	22.49	21.07	26.31	22.9	23.64	27	29.77	32.61
Operating Profit	3.34	6.16	3.46	4.64	5.01	5.4	0.18	0.09	4.46	5.3
OPM %	12.87%	21.49%	13.33%	18.05%	16%	19.08%	0.76%	0.33%	13.03%	13.98%
Net Profit	1.64	4.6	2.66	3.71	3.45	2.68	0.03	111.13	5.18	3.88
EPS ₹	0.85	2.38	1.37	1.86	1.73	1.3	0.01	54.06	2.52	1.89

Revenue Trend

Mar 2026 revenue at ₹123Cr, up 2.5% YoY. OPM at 8%.

Debt Position

Borrowings at ₹2Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Institutional Flow

DIIs: 13.06% (+13.06pp change). FIIs: 1.87% (+1.87pp change). Promoters hold 34.63%.

Margin & Efficiency

ROCE improving from 11% (Mar 2015) to 12% (Mar 2026). Working capital days: 232.

Valuation

PE 34x with 12.1% ROCE. Price is 134% above book value of ₹97.4. Dividend yield: 0%.