Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Inventurus Knowledge Solutions Pvt. Ltd.
NSE: IKSHealthcareHealth Information Services
- Last close
- ₹1,618.00
- Day change
- −₹30.00 (−1.82%)vs
- Market cap
- ₹28,821 crIndian rupees
- Research updated
- 1 report
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About Inventurus Knowledge Solutions Pvt.
Inventurus Knowledge Solutions Pvt. Ltd. is a leading provider of comprehensive outsourced business process management services. Specializing in the healthcare sector, IKS delivers innovative revenue cycle management, healthcare data analytics, and patient engagement solutions to healthcare providers and organizations worldwide. The primary function of IKS is to optimize financial and operational efficiencies for its clients, helping them navigate the complexities of healthcare regulations and administrative processes. Notable features of IKS include its utilization of cutting-edge technology and data analytics to streamline processes and enhance decision-making. By focusing on end-to-end solutions, IKS supports hospitals, clinics, and physician networks, enabling them to concentrate on patient care while improving financial performance. In the financial market, Inventurus Knowledge Solutions Pvt. Ltd. plays a significant role in the transformation of healthcare services, contributing to improved operational outcomes and sustainable growth in this critical sector. With a strategic emphasis on innovation and customer-centric services, IKS continues to be a significant player in the global healthcare business process management landscape.
- Sector
- Healthcare
- Industry
- Health Information Services
- Listing
- NSE: IKS
- Chief executive
- Mr. Sachin K. Gupta
- Employees
- 9,698
- Headquarters
- Navi Mumbai, India
- ISIN
- INE115Q01022
- Website
- ikshealth.com
Public research · Report of
Business model & financial foundation
IKS Health (NSE: IKS), Care enablement, revenue cycle management and healthcare technology: revenue of ₹3,194 crore in FY26 (+19.9% on FY25), an EBITDA margin of 34.2%, net profit of ₹721.6 crore and net debt of ₹251.0 crore.
- Revenue, FY26 (₹ crore)
- 3,194
- consolidated
- Revenue growth, FY26
- +19.9%
- on FY25
- EBITDA margin, FY26
- 34.2%
- EBITDA (Management EBITDA (reported; includes operating income and FX)) / revenue
- Net profit, FY26 (₹ crore)
- 721.6
- to owners
- Return on equity, FY26
- 31.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 251.0
- Management net debt including disclosed liquidity adjustments
- Market capitalisation (₹ crore)
- 29,391
- at the close of 15 Oct 2026
Company profile
IKS sells clinical documentation, coding, patient access and revenue-cycle services to US healthcare providers. Its human-in-the-loop AI platform blends Indian delivery with clinical expertise. Aquity expanded documentation and coding; July 2026 acquisition of TruBridge adds an EHR system of record and rural/community hospital customers, changing the leverage and margin profile.
| Item | Value |
|---|---|
| Legal name | Inventurus Knowledge Solutions Limited (formerly Inventurus Knowledge Solutions Private Limited) |
| Exchange and ticker | NSE: IKS; BSE: 544309 |
| ISIN | INE115Q01022 |
| CIN | L72200MH2006PLC337651 |
| Sector | Healthcare services |
| Industry | Care enablement, revenue cycle management and healthcare technology |
| Headquarters | Navi Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 2022) |
| Market capitalisation | ₹29,391 crore (15 Oct 2026) |
| Shares outstanding | 17.16 crore shares (FY26) |
| Price | ₹1,730 (close, 15 Oct 2026) |
| 52-week range | ₹1,262 - ₹1,970 (to 15 Oct 2026) |
| Website | https://ikshealth.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Inventurus Knowledge Solutions Inc. | 100% | US care enablement and healthcare services |
| Aquity Solutions LLC | 100% | US clinical documentation, coding and RCM; indirect subsidiary |
| TruBridge Inc. | 100% | Rural/community hospital EHR and RCM; acquired July 2026 |
Material subsidiaries shown; WWMG MSO is a 48% equity-accounted associate, not a consolidated subsidiary. Full subsidiary list not retrieved.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 63.72% | 63.72% | 63.72% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 7.56% | 8.19% | 8.01% | |
| Domestic institutions | 6.06% | 6.40% | 7.50% | |
| of which mutual funds | 3.07% | 3.18% | 2.92% | |
| Retail | 10.33% | 10.22% | 9.98% | |
| Other | 12.33% | 11.47% | 10.79% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
IKS Health sells clinical documentation, coding, revenue-cycle and patient-access services to US provider organisations, delivered mostly from India with a human-in-the-loop AI platform. All revenue is from US customers; one reported segment. FY26 revenue was 3,193.8cr with management EBITDA 1,091.3cr (34.2%) and PAT 721.6cr. Aquity (Oct 2023) added documentation and coding; TruBridge (closed 10 Jul 2026, ~$550mn) adds an EHR system of record and RCM for ~1,500 rural/community hospital clients, financed largely with a ~$600mn five-year term loan at SOFR+275bps. Top-10 customers were 53.8% of Q1FY27 revenue, up from 43.4% a year earlier.
| Peer | Why the dossier compares them |
|---|---|
| Sagility India (SAGILITY) | Healthcare BPM, mostly payer-focused; closest listed operating proxy |
| Firstsource Solutions (FSL) | Healthcare payer/provider BPM with diversified end markets |
| Indegene (INDGN) | Healthcare technology-enabled services, but life sciences rather than providers |
| eClerx Services (ECLERX) | Offshore process analytics and automation economics; less direct end-market overlap |
| R1 RCM |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Statutory consolidated revenue from operations | 763.6 | 1,031 | 1,818 | 2,664 | 3,194 |
| Cost of revenue (vendor classification) * | 0.00 | 0.00 | 0.71 | 1,495 | 1,612 |
| Other operating costs (vendor classification) * | 80.5 | 125.1 | 470.4 | 508.0 | 438.1 |
| EBITDA (vendor classification) * | 319.3 | 421.6 | 560.3 | 808.7 | 1,099 |
| EBIT * | 275.0 | 364.7 | 501.8 | 696.1 | 975.0 |
| Statutory consolidated finance cost | 6.45 | 5.36 | 60.1 | 89.8 | 70.2 |
| Statutory profit before associates and tax (bridge basis) | 268.5 | 359.3 | 441.7 | 606.3 | 914.1 |
| Statutory total tax expense (current plus deferred) | 35.6 | 54.1 | 71.2 | 120.2 | 183.4 |
| Statutory consolidated profit for year | 233.0 | 305.2 | 370.5 | 486.1 | 721.6 |
| Statutory diluted EPS (₹) | 13.58 | 17.79 | 22.15 | 28.62 | 42.26 |
| Statutory employee benefits including ESOP | 961.9 | 1,495 | 1,627 | ||
| ESOP cost included in employee_cost | 8.60 | 27.7 | |||
| Statutory other expenses (FX as filed; no second FX addition) | 335.0 | 398.9 | 473.8 | ||
| Forex gain/(loss) included in EBITDA | -2.20 | 3.80 | |||
| Management EBITDA (reported; includes operating income and FX) | 528.7 | 791.1 | 1,091 | ||
| Statutory total other income (not management interest-only row) | 40.0 | 39.0 | 17.2 | ||
| Statutory depreciation and amortisation | 58.5 | 112.7 | 124.2 | ||
| Exceptional items (not separately disclosed) | n.d. | n.d. | n.r. | ||
| Statutory share of associates profit/(loss), net of tax | 0.00 | 0.00 | -9.22 | ||
| Statutory PAT attributable to equity holders | 370.5 | 486.1 | 721.6 | ||
| Amortisation of acquired intangible assets | 25.7 | 64.3 | |||
| Adjusted profit for the period | 396.1 | 550.4 | |||
| Statutory stock-in-trade consumption / inventory change | 0.71 | 0.75 | 1.39 | ||
| Statutory profit before tax after associates | 441.7 | 606.3 | 904.9 | ||
| Management operating income retained from statutory other income | 8.38 | 21.4 | 0.00 | ||
| Management below-EBITDA income ('interest' classification) | 31.6 | 17.6 | 17.2 | ||
| Derived EBITDA excluding literal interest only (not management) | 531.0 | 795.8 | 1,093 | ||
| Management gross other expenses incl stock cost | 335.0 | 398.9 | 538.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Statutory consolidated total equity | 647.1 | 828.6 | 1,158 | 1,790 | 2,800 |
| Statutory borrowings total excluding lease liabilities | 65.2 | 52.4 | 1,193 | 755.0 | 640.7 |
| Statutory cash and cash equivalents (not investments) | 145.7 | 123.6 | 143.8 | 180.4 | 388.7 |
| Statutory net trade receivables (current plus noncurrent) | 97.3 | 155.0 | 362.5 | 553.7 | 757.6 |
| Statutory inventories | 0.00 | 0.00 | 0.75 | 0.00 | 0.06 |
| Statutory trade payables (MSME plus other creditors) | 9.65 | 21.7 | 67.7 | 76.0 | 148.7 |
| Statutory net PPE (excludes ROU and intangible assets) | 33.6 | 37.8 | 61.4 | 41.2 | 54.1 |
| Statutory capital work in progress (excludes intangibles under dev) | 0.00 | 0.00 | 1.47 | 5.34 | 0.00 |
| Statutory total assets | 787.5 | 988.3 | 3,028 | 3,052 | 4,268 |
| Statutory lease liabilities total | 117.7 | 100.6 | 111.8 | ||
| Statutory current investments | 151.7 | 0.00 | 220.1 | ||
| Statutory noncurrent investments (not presumed liquid) | 43.7 | 113.7 | 156.8 | ||
| Statutory other bank balances | 11.9 | 0.14 | |||
| Management net debt including disclosed liquidity adjustments | 850.7 | 562.7 | 251.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 253.0 | 326.2 | 268.5 | 317.9 | 673.6 |
| Free cash flow (vendor definition) * | 222.2 | 279.4 | 177.1 | 275.5 | 613.0 |
| Capex (PPE + intangibles) | -10.7 | -7.50 | -26.3 | -42.4 | -60.6 |
| Dividends paid (the provider's sign: an outflow is negative) * | -44.3 | -165.5 | |||
| Acquisitions / investment in associates | 0.00 | -145.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued fully paid shares (not diluted EPS denominator) | 17.16 | 17.16 | 17.16 | 17.16 | 17.16 |
| Diluted EPS denominator derived from PAT owners / diluted EPS (crore shares) | 16.73 | 16.98 | 17.07 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 642.8 | 657.2 | 724.0 | 740.1 | 781.1 | 815.0 | 857.7 | 893.6 |
| Cost of revenue (vendor classification) * | 372.1 | 383.4 | 386.6 | 396.0 | 405.9 | 419.8 | 454.9 | |
| Other operating costs (vendor classification) * | -14.7 | 92.3 | 111.2 | 106.4 | 127.4 | 137.7 | 143.8 | |
| EBITDA (vendor classification) * | 193.6 | 208.5 | 229.4 | 240.9 | 284.8 | 299.7 | 295.3 | |
| EBIT * | 165.2 | 180.7 | 201.1 | 213.0 | 252.7 | 265.6 | 261.1 | |
| Finance cost | 22.2 | 20.5 | 21.0 | 18.1 | 16.1 | 23.3 | 12.7 | 10.1 |
| Profit before exceptional items and tax (before associates) | 143.7 | 160.2 | 180.1 | 194.9 | 229.1 | 231.8 | 258.4 | 256.3 |
| Tax expense | 30.7 | 30.5 | 32.3 | 43.3 | 47.0 | 46.0 | 47.0 | 57.2 |
| Profit for the period | 113.0 | 129.7 | 147.8 | 151.5 | 180.7 | 183.3 | 206.0 | 193.7 |
| Diluted EPS (₹) | n.r. | 7.60 | 8.70 | 8.85 | n.r. | 10.73 | 12.06 | 11.32 |
| Employee benefit expense including ESOP | 364.0 | 383.3 | 386.5 | 396.0 | 407.0 | 405.9 | 418.4 | 455.0 |
| ESOP cost included in employee_cost | 5.30 | 6.40 | 11.6 | 8.90 | 9.60 | 11.2 | 17.3 | 21.8 |
| Other expenses | 89.2 | 92.3 | 108.9 | 107.5 | 120.0 | 136.2 | 174.3 | 144.9 |
| Forex gain/(loss) included in EBITDA | -0.50 | 5.80 | -2.40 | 1.20 | 17.7 | 8.70 | 35.2 | 1.20 |
| Company EBITDA including forex and operating other income | 189.8 | 200.6 | 226.2 | 237.8 | 271.8 | 281.6 | 300.2 | 294.9 |
| Interest income only | 4.40 | 7.80 | 3.30 | 3.10 | 3.70 | 5.60 | 4.90 | 5.70 |
| Depreciation and amortisation | 28.3 | 27.8 | 28.3 | 27.9 | 30.1 | 32.0 | 34.1 | 34.3 |
| PAT to owners (PAT proxy; minority split not shown) | 113.0 | 129.7 | 147.8 | 151.5 | 180.7 | 183.3 | 206.0 | 193.7 |
| Share of associates profit/(loss), net of tax | n.d. | n.d. | n.d. | n.d. | -1.40 | -2.40 | -5.40 | -5.30 |
| Exceptional items (not separately disclosed) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Amortisation of acquired intangible assets | 16.0 | 15.8 | 16.8 | 16.7 | 17.4 | 19.4 | 21.0 | 21.6 |
| Adjusted profit for the period | 129.0 | 145.5 | 164.6 | 168.2 | 198.1 | 215.4 | 226.9 | 215.3 |
| Management operating other income (deck; FX split where disclosed) | 0.70 | 13.4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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 | 35.1% | 76.3% | 46.5% | 19.9% | |
| EBITDA margin | 29.1% | 29.7% | 34.2% | ||
| Net margin | 20.4% | 18.2% | 22.6% | ||
| Return on equity | 37.3% | 33.0% | 31.4% | ||
| Return on capital employed | 38.6% | 45.8% | 31.0% | 28.4% | 32.6% |
| Return on assets | 18.5% | 16.0% | 19.7% | ||
| Net debt (₹ crore) | 850.7 | 562.7 | 251.0 | ||
| Net debt / EBITDA | 1.61x | 0.71x | 0.23x | ||
| Interest cover | 42.6x | 68.0x | 8.35x | 7.75x | 13.9x |
| Asset turnover | 0.97x | 1.16x | 0.91x | 0.88x | 0.87x |
| Receivable days | 46 | 55 | 73 | 76 | 87 |
| Inventory days (on revenue) | 0 | 0 | 0 | 0 | 0 |
| Payable days (on revenue) | 5 | 8 | 14 | 10 | 17 |
| Cash conversion | 0.72x | 0.65x | 0.93x | ||
| Capex intensity | 1.4% | 0.7% | 1.4% | 1.6% | 1.9% |
| Free cash flow (₹ crore) | 242.3 | 318.7 | 242.2 | 275.5 | 613.0 |
| Dividend payout | 44.7% | ||||
| EPS, diluted (₹) | 13.58 | 17.79 | 22.15 | 28.62 | 42.26 |
| Book value per share (₹) | 37.71 | 48.30 | 67.48 | 104.3 | 163.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Management EBITDA (reported; includes operating income and FX)) / 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): Management net debt including disclosed liquidity adjustments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Management EBITDA (reported; includes operating income and FX)).
- 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 (Statutory diluted EPS).
- 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 15 Oct 2026); market data at the close of 15 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.
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Report history
Reports on Inventurus Knowledge Solutions Pvt.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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