Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,502.60 last close on 30 Oct 2026 +0.99%
Research updated
Birlasoft Ltd.
NSE: BSOFTTechnologyInformation Technology Services
- Last close
- ₹323.00
- Day change
- −₹19.50 (−5.69%)vs
- Market cap
- ₹8,898 crIndian rupees
- Research updated
- 1 report
Follow Birlasoft
Create an account, then follow this company for weekday briefs. You will return to Birlasoft after signing in.
About Birlasoft
Birlasoft Ltd. is a renowned global information technology services provider headquartered in India. It specializes in delivering digital and technology solutions across various industries, including manufacturing, banking, healthcare, and insurance. The primary function of Birlasoft is to empower businesses through innovative IT solutions, adopting cutting-edge technologies like artificial intelligence, data analytics, and cloud services. Its offerings encompass enterprise application services, digital transformation, and IT infrastructure management, proving essential in the digital age. Birlasoft commands significant respect in the IT consulting and services sector, playing a pivotal role in technological advancement and digital integration for legacy systems. By fostering partnerships with technology titans and investing in employee expertise, Birlasoft sustains its competitive stance in the dynamic world of IT services, contributing significantly to the global IT outsourcing industry.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: BSOFT
- Chief executive
- Mr. Angan Arun Guha
- Employees
- 10,266
- Headquarters
- Pune, India
- ISIN
- INE836A01035
- Website
- birlasoft.com
Public research · Report of
Business model & financial foundation
Birlasoft (NSE: BSOFT), IT services - enterprise applications (ERP), digital & data, infrastructure services: revenue of ₹5,310 crore in FY26 (-1.2% on FY25), an EBITDA margin of 16.3%, net profit of ₹518.4 crore and net cash of ₹2,497 crore.
- Revenue, FY26 (₹ crore)
- 5,310
- consolidated
- Revenue growth, FY26
- -1.2%
- on FY25
- EBITDA margin, FY26
- 16.3%
- EBITDA (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 518.4
- to owners
- Return on equity, FY26
- 13.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,497
- Net debt including leases and broad treasury liquidity
- Market capitalisation (₹ crore)
- 7,865
- at the close of 18 Oct 2026
Company profile
Birlasoft is a Pune-based IT services company of the CK Birla group, formed in 2019 when KPIT Technologies' IT services business merged with Birlasoft. It earns about USD 590m a year (FY26), over 80% from the Americas, selling ERP implementation (Oracle, SAP, JD Edwards), digital and data, and infrastructure services to manufacturing, BFSI, energy & utilities and life sciences clients. Revenue is concentrated: the top 5 clients made 43% of LTM revenue in Q1 FY27.
| Item | Value |
|---|---|
| Legal name | Birlasoft Limited (formerly KPIT Technologies Limited (pre-demerger listed entity renamed Birlasoft in 2019)) |
| Exchange and ticker | NSE: BSOFT; BSE: 532400 |
| ISIN | INE836A01035 |
| CIN | L72200PN1990PLC059594 |
| Sector | Information Technology |
| Industry | IT services - enterprise applications (ERP), digital & data, infrastructure services |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co LLP (since 2023) |
| Market capitalisation | ₹7,865 crore (18 Oct 2026) |
| Shares outstanding | 27.95 crore shares (FY26) |
| Price | ₹318.2 (close, 18 Oct 2026) |
| 52-week range | ₹267.0 - ₹474.0 (to 18 Oct 2026) |
| Website | https://www.birlasoft.com |
Corporate structure and shareholding
Parent: CK Birla Group (CKA Birla Group) promoter companies.
| Entity | Holding | Business |
|---|---|---|
| Birlasoft Solutions Inc. | 100% | US operating subsidiary (New Jersey); material subsidiary |
| Birlasoft Inc. | 100% | US operating subsidiary (Delaware); material subsidiary |
| Birlasoft Solutions Limited | 100% | UK subsidiary |
| Birlasoft Solutions France | 100% | France subsidiary |
| Birlasoft Sdn. Bhd. | 100% | Malaysia subsidiary |
All subsidiaries listed in the FY26 BRSR are wholly owned; the two US entities are the material subsidiaries.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 40.51% | 40.39% | 40.38% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 10.91% | 13.65% | 12.78% | |
| Domestic institutions | 24.11% | 23.35% | 21.98% | |
| of which mutual funds | 22.12% | 21.74% | 20.85% | |
| Retail | 19.21% | 17.64% | 19.60% | |
| Other | 5.26% | 4.97% | 5.25% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Birlasoft (NSE BSOFT) sells ERP (Oracle/SAP/JD Edwards), digital/data and infrastructure work to large enterprises. Four reportable verticals, Manufacturing, BFSI, Energy & Utilities and Life sciences/services, contribute FY26 revenue2011.2/1295.9/917.6/1085.3cr respectively. The US subsidiaries are wholly owned and material; consolidation is the economic basis. Q1FY27 Americas82.9%, ERP31.7%, digital/data56.7%. The firm controls staff deployment, offshore mix and client selection, but not discretionary client budgets, currency or AI-enabled pricing demanded by clients.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Manufacturing | 2,011 | 37.9% | 531.7 | 36.7% |
| Banking, Financial Services and Insurance | 1,296 | 24.4% | 385.3 | 26.6% |
| Energy and Utilities | 917.6 | 17.3% | 351.7 | 24.2% |
| Life Sciences (Lifesciences and Services) | 1,085 | 20.4% | 181.5 | 12.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Zensar Technologies (ZENSARTECH) | Mid-tier Indian IT services, similar size (~USD 600m), US-heavy, manufacturing and BFSI exposure |
| Sonata Software (SONATSOFTW) | Mid-tier IT services with Microsoft/ERP practice and client concentration |
| Mastek (MASTEK) | Mid-tier IT services incl. Oracle ERP practice, similar scale |
| Cyient (CYIENT) | Mid-cap engineering/IT services with manufacturing and utilities exposure |
| Persistent Systems (PERSISTENT) | |
| Coforge (COFORGE) | |
| KPIT Technologies (KPITTECH) | Sibling demerged from the same entity in 2019; auto engineering |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,130 | 4,795 | 5,278 | 5,375 | 5,310 |
| Cost of revenue (vendor classification) * | 2,349 | 2,761 | 2,949 | 4,076 | 3,833 |
| Other operating costs (vendor classification) * | 1,075 | 1,367 | 1,171 | 341.1 | 364.2 |
| EBITDA (vendor classification) * | 700.8 | 568.9 | 1,086 | 776.4 | 898.1 |
| EBIT * | 629.7 | 461.0 | 854.7 | 720.3 | 809.8 |
| Finance costs | 13.0 | 18.6 | 19.9 | 23.4 | 19.6 |
| Profit before tax | 616.7 | 442.4 | 834.8 | 696.8 | 790.2 |
| Total tax expense | 153.0 | 110.8 | 211.0 | 180.1 | 271.9 |
| Profit after tax | 463.6 | 331.6 | 623.8 | 516.8 | 518.4 |
| Diluted EPS (reported) (₹) | 16.43 | 11.92 | 22.25 | 18.48 | 18.50 |
| Employee benefits expense | 3,048 | 3,201 | 3,171 | ||
| Other operating expenses (management EBITDA cost stack) | 1,394 | 1,477 | 1,273 | ||
| EBITDA (company definition) | 836.2 | 697.4 | 866.0 | ||
| Other income (net), before finance costs | 103.5 | 108.5 | 64.8 | ||
| Depreciation and amortisation | 85.0 | 85.7 | 80.3 | ||
| Exceptional items (signed PBT impact) | 0.00 | 0.00 | -40.7 | ||
| PAT attributable to owners | 623.8 | 516.8 | 518.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,583 | 2,448 | 3,044 | 3,478 | 4,113 |
| Borrowings excluding lease liabilities | n.r. | n.r. | 0.00 | 11.4 | 8.33 |
| Cash and cash equivalents (statutory) | 290.6 | 466.9 | 392.6 | 327.1 | 426.0 |
| Trade receivables net including unbilled | n.r. | n.r. | 1,037 | 980.2 | 1,213 |
| Inventories | 0.00 | 10.4 | 4.63 | ||
| Trade payables current and non-current | 209.5 | 231.3 | 280.5 | 241.4 | 256.5 |
| Net PPE excluding ROU assets and intangibles | n.r. | n.r. | 104.7 | 97.0 | 108.9 |
| Capital work in progress | 1.70 | 6.50 | 11.6 | 4.89 | 1.85 |
| Total assets | 3,383 | 3,187 | 3,926 | 4,462 | 5,266 |
| Treasury investments current and non-current | 1,320 | 1,754 | 2,171 | ||
| Current treasury investments | 1,034 | 1,457 | 1,990 | ||
| Non-current treasury investments | 286.0 | 297.2 | 181.0 | ||
| Other current bank balances including restricted amounts | 32.4 | 117.8 | 39.9 | ||
| Non-current bank deposits over 12 months | 0.16 | 18.6 | 0.00 | ||
| Lease liabilities current and non-current | 93.2 | 139.6 | 132.4 | ||
| Billed trade receivables net after allowance | 767.7 | 790.7 | 900.8 | ||
| Billed trade receivables gross before allowance | 811.6 | 829.7 | 913.9 | ||
| Allowance deducted from gross billed receivables | 43.9 | 39.0 | 13.1 | ||
| Unbilled trade receivables | 268.8 | 189.4 | 311.7 | ||
| Net debt including leases and broad treasury liquidity | -1,651 | -2,067 | -2,497 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities after tax | 126.4 | 369.2 | 718.2 | 587.5 | 480.9 |
| Free cash flow (vendor definition) * | 216.9 | 503.2 | 692.0 | 538.9 | 436.6 |
| Dividends paid (negative cash outflow) | -111.1 | -125.0 | -124.0 | -179.6 | -180.8 |
| Cash capex PPE and intangibles (positive outflow) | 61.7 | 56.5 | 26.2 | 48.6 | 44.4 |
| CFO less positive cash capex | 692.0 | 538.9 | 436.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Closing issued subscribed fully paid equity shares | n.r. | n.r. | 27.59 | 27.79 | 27.95 |
| Diluted weighted-average EPS shares | 28.03 | 27.97 | 28.03 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,368 | 1,363 | 1,317 | 1,285 | 1,329 | 1,348 | 1,349 | 1,379 |
| Cost of revenue (vendor classification) * | 858.7 | 855.5 | 808.3 | 799.3 | 810.6 | 789.1 | 839.9 | |
| Other operating costs (vendor classification) * | 344.2 | 343.8 | 335.1 | 326.8 | 292.2 | 310.3 | 316.7 | |
| EBITDA (vendor classification) * | 195.4 | 176.8 | 184.6 | 182.1 | 249.4 | 237.5 | 238.5 | |
| EBIT * | 176.5 | 162.9 | 171.8 | 171.1 | 197.4 | 226.1 | 232.5 | |
| Finance costs | 6.80 | 6.90 | 5.50 | 5.00 | 5.10 | 5.70 | 3.90 | 4.30 |
| Profit before tax | 169.7 | 156.0 | 166.3 | 166.2 | 210.0 | 191.8 | 222.3 | 228.2 |
| Total tax expense | 42.2 | 39.0 | 44.2 | 59.7 | 93.9 | 71.9 | 46.4 | 67.2 |
| Profit after tax | 127.5 | 116.9 | 122.1 | 106.4 | 116.1 | 119.9 | 175.9 | 161.0 |
| Diluted EPS (reported) (₹) | 4.52 | 4.15 | 4.34 | 3.78 | 4.13 | 4.26 | 6.24 | 5.70 |
| Employee benefits expense | 829.6 | 832.9 | 778.1 | 778.7 | 796.4 | 809.5 | 786.3 | 837.9 |
| Other operating expenses (management EBITDA cost stack) | 373.2 | 366.4 | 365.2 | 347.4 | 319.3 | 293.3 | 313.1 | 318.8 |
| EBITDA (company definition) | 165.3 | 163.4 | 173.6 | 158.8 | 213.3 | 244.8 | 249.2 | 222.8 |
| Other income (net), before finance costs | 33.4 | 20.8 | 19.9 | 33.1 | 22.0 | 13.4 | -3.70 | 29.0 |
| Depreciation and amortisation | 22.2 | 21.3 | 21.6 | 20.8 | 20.2 | 20.1 | 19.3 | 19.3 |
| Exceptional items (signed PBT impact) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -40.7 | 0.00 | 0.00 |
| PAT attributable to owners | 127.5 | 116.9 | 122.1 | 106.4 | 116.1 | 119.9 | 175.9 | 161.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 16.2% | 16.1% | 10.1% | 1.8% | -1.2% |
| EBITDA margin | 15.8% | 13.0% | 16.3% | ||
| Net margin | 11.8% | 9.6% | 9.8% | ||
| Return on equity | 22.7% | 15.8% | 13.7% | ||
| Return on capital employed | 28.1% | 22.0% | 21.3% | ||
| Return on assets | 17.5% | 12.3% | 10.7% | ||
| Net debt (₹ crore) | -1,651 | -2,067 | -2,497 | ||
| Net debt / EBITDA | -1.97x | -2.96x | -2.88x | ||
| Interest cover | 48.4x | 24.8x | 42.9x | 30.7x | 41.3x |
| Asset turnover | 1.30x | 1.46x | 1.48x | 1.28x | 1.09x |
| Receivable days | 72 | 67 | 83 | ||
| Inventory days (on revenue) | 0 | 1 | 0 | ||
| Payable days (on revenue) | 19 | 18 | 19 | 16 | 18 |
| Cash conversion | 1.15x | 1.14x | 0.93x | ||
| Capex intensity | 1.5% | 1.2% | 0.5% | 0.9% | 0.8% |
| Free cash flow (₹ crore) | 64.7 | 312.7 | 692.0 | 538.9 | 436.6 |
| Dividend payout | 19.9% | 34.8% | 34.9% | ||
| EPS, diluted (₹) | 16.43 | 11.92 | 22.25 | 18.48 | 18.50 |
| Book value per share (₹) | 110.3 | 125.2 | 147.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases and broad treasury liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (reported)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Birlasoft includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Birlasoft
- Research reportLatest
Same sector
More research in Technology
Infosys Ltd.
NSE: INFY
Technology · Information Technology Services
₹1,185.00 last close on 30 Oct 2026 +3.36%Research updated
HCL Technologies Limited
NSE: HCLTECH
Technology · Information Technology Services
₹1,428.10 last close on 30 Oct 2026 +1.72%Research updated
Wipro Ltd.
NSE: WIPRO
Technology · Information Technology Services
₹198.31 last close on 30 Oct 2026 +4.32%Research updated
Tech Mahindra Ltd.
NSE: TECHM
Technology · Information Technology Services
₹1,790.80 last close on 30 Oct 2026 +1.20%Research updated
LTIMindtree Ltd
NSE: LTM
Technology · Information Technology Services
₹4,233.50 last close on 30 Oct 2026 +3.39%Research updated
Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.