Key Metrics of Indium Software (India) Private Limited
About Indium Software (India) Private Limited
Sectors
Company details
Operational Areas of Indium Software (India) Private Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
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Credit ratings
WatchNegative outlook (ICRA)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 22 Sep 2026 | ICRA | Reaffirmed | A- | — | Negative | ₹168 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Experienced management
Indium was founded by Mr. Vijayshankar Balaji and Mr.
+ Diversified presence across various service lines and verticals
Indium offers various services related to digital solutions, quality engineering, and game testing and development (including animation).
+ Healthy revenue growth and earnings profile; comfortable order book position provides revenue visibility
Indium’s consolidated revenues increased from Rs. 130.5 crore in FY2021 to Rs. 1,176.5 crore in FY2026, reflecting a CAGR of around 55% over five years, largely driven by growth in its digital solutions portfolio, including AI -related services.
Credit challenges
− Relatively moderate scale of operations with exposure to geographical and client concentration risks
Indium’s scale of operations remains moderate compared to larger domestic IT services companies, thereby restricting its pricing flexibility an d margins.
− High attrition rates and exposure to other industry specific challenges like intense competition
As a highly labour-intensive business, the availability and retention of a skilled workforce continue to be a key challenge.
− Likely increase in borrowings for residual stake acquisition in Experion to negatively impact credit metrics in the medium term
On November 14, 2024, Indium acquired a 52.3% equity stake in Experion for a cash consideration of around Rs. 226 crore, which was funded through NCDs of Rs. 168 crore, while the balance was funded through internal accruals.
Could lead to an upgrade
The outlook could be revised to Stable in the event of completion of the acquisition of the residual stake in Experion without any further material increase in the cash outlay for the same, while maintaining the consolidated leverage and debt protection metrics commensurate with the current rating level. This, coupled with demonstration of a significant improvement in the scale of operations, aided by expansion of the clientele and service portfolio, along with healthy profit margins and
Could lead to a downgrade
Indium’s rating may be downgraded if the quantum and funding pattern of the payout towards the residual stake acquisition in Experion lead to a significant deterioration in the company’s credit metrics. Besides, a significant dec line in earnings and/or further sizeable debt-funded acquisitions could also exert pressure on the rating. Specific credit metrics that could lead to a downgrade include total debt (including lease liabilities) vis-à-vis operating profit (before depreciation, amortisation, interest and tax) exceeding 2.3 times on a sustained basis. www.icra.in Sensitivity Label : Publ
Agency-reported financials (ICRA, 22 Sep 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹692 Cr | ₹1,177 Cr |
| PAT | ₹9.00 Cr | ₹-,133.60 Cr |
| OPBDITA/OI | 13.2% | 16.4% |
| PAT/OI | 1.3% | -11.4% |
| Total outside liabilities/Tangible net worth (times) | 1.40× | 3.20× |
| Total debt/OPBDITA (times) | 2.50× | 1.30× |
| Interest coverage (times) | 8.90× | 8.40× |
| Revenue growth (YoY) | — | 69.9% |
| EBITDA (margin × income) | ₹91.40 Cr | ₹193 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹229 Cr | ₹251 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹10.27 Cr | ₹22.97 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| with a Non-Convertible Debentures revision in to | Debentures & bonds | ₹168 Cr | ₹168 Cr | 0.0% | A- (Negative) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Convertible | Debentures & bonds | 8.80% | 07 Nov 2024 | 07 Nov 2029 | ₹168 Cr | A- | Outstanding |
Credit assessment · Services
Rating Methodology – Service Sector Companies · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 33% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 31% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 8.4×
Rated limits by facility
Timeline
From the report
Likely increase in borrowings for residual stake acquisition in Experion to negatively impact credit metrics in the medium term - On November 14, 2024, Indium acquired a 52.3% equity stake in Experion for a cash consideration of around Rs. 226 crore, which was funded through NCDs of Rs. 168 crore, while the balance was funded through internal accruals.
From the report
The company had free cash, bank balances and fixed deposits of Rs. 122.3 crore as on March 31, 2026, in addition to liquid investments of Rs. 68.8 crore.
From the report
The liquidity profile is further aided by the availability of unutilised bank lines, with average utilisation of its sanctioned working capital limits of Rs. 45.5 crore remaining moderate at 52% during April 2025 to May 2026 and an unutilised amount of around Rs. 32 crore as on May 31, 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Indium Software (India) Private Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Infosys |
IT Services & Consulting · IT Services | infosys.com | 1981 | India |
 Wipro |
Part of Wipro. | wipro.com | 1945 | India |
 Tata Consultancy Services |
Indian IT Services · IT Services & Software | tcs.com | 1968 | Mumbai, India |
 HCL Technologies |
Indian IT Services · IT Services & Software | hcltech.com | 1991 | New Delhi, India |
 Tech Mahindra |
IT Services & Consulting · IT Services | techmahindra.com | 1987 | Mumbai, India |
 LTM Limited |
Indian IT Services · Business Services | ltm.com | 1997 | Mumbai, Maharashtra, India |
 Coforge Limited |
Travel & Tourism · Restaurants, Hotels & Travel | coforge.com | — | Gurugram, Haryana, India |
 Mphasis |
Indian IT Services · IT Services & Software | mphasis.com | 2000 | Bangalore, India |
 Persistent Systems |
IT Services & Consulting · IT Services | persistent.com | 1990 | Pune, India |
 Meesho |
Product & Internet Companies · IT Services & Software | meesho.com | — | Bangalore, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.