IRIS Business Services Limited was incorporated on October 3, 2000, in Mumbai, Maharashtra, as a Private Limited Company under the name "IRISBusiness.com (India) Private Limited". The company's name was changed to "IRISBusiness Services (India) Private Limited" on October 27, 2003, and subsequently to "IRIS Business Services Private Limited" on July 13, 2009. It was converted into a Public Limited Company, adopting its current name, "IRIS Business Services Limited," on June 29, 2010.
The company is a global provider of software products and solutions focused on compliance, data, and analytics, encompassing various aspects of the information supply chain and data reporting standards like XBRL and SDMX. IRIS Business Services has successfully transitioned from a service-oriented model to a product-suite-driven revenue stream, establishing itself as a dedicated RegTech solution provider and the only listed SaaS player in India's RegTech space. It has gained prominence as a significant global name in the RegTech domain.
IRIS BSL operates as a RegTech SaaS company, empowering enterprises, business registers, regulators, central banks, stock exchanges, BFSI institutions, and other organizations to meet their regulatory compliance requirements. It achieves this through technology-driven solutions leveraging Artificial Intelligence, Machine Learning, and Robotic Process Automation. These solutions are built around data standards that enhance transparency via cleaner, verifiable, and consistent reporting and data sharing. IRIS BSL is recognized for its expertise in regulatory reporting, innovation in building new solutions, and its nurturing approach to providing client services.
The company's operations span multiple segments, focusing on regulatory compliance, data management, and analytics. Key offerings include:
- IRIS iFILE: An XBRL-based reporting platform supporting both XBRL and non-XBRL data formats for regulators.
- IRIS iConnect: An XBRL analytics tool designed for financial professionals to derive insights from XBRL-formatted financial data.
- IRIS Credixo: A product for banks and fintech companies to build credit analysis models using public and consented financial data of corporations.
- IRIS Peridot: An application for Indian taxpayers to track their own compliance and monitor the compliance status of their vendors.
The company's flagship product, IRISCARBON, gained traction in 2022 with its entry into the newly introduced FERC filing mandate for utility companies in the US. Notably, Gap Inc., a major American specialty apparel company, was among the first to release its 2021 sustainability report digitally using the SASB XBRL taxonomy, leveraging IRIS CARBON for its inline XBRL creation in 2022. IRIS CARBON's O365-based Disclosure Management solution was launched in 2023.
In addition to its core products, IRIS Business Services offers services such as XBRL conversion, website development and maintenance, taxonomy development and testing, and consulting and training. Its clientele includes regulators (central banks, business registries, capital market regulators, stock exchanges), corporates, banks, mutual funds, and governments worldwide.
As of July 2025, IRIS Business Services holds a Market Capitalization of ₹811 Cr, positioning it as a significant player within India's RegTech sector.
Key Valuation Metrics (as of July 2025):
- Current Price: ₹393.00
- High / Low: ₹577 / ₹225
- Stock P/E: 62.3
- Book Value: ₹36.8
- Dividend Yield: 0.00%
- ROCE: 30.2%
- ROE: 22.3%
- Face Value: ₹10.0
Stock Performance:
- Last 6 Months: Decreased by 21.44%
- Last 1 Year: Increased by 54.65%
- Last 12 Months (BSE): Increased by 187.52%
- Last 3 Years (BSE): Increased by 239.94%
For the full financial year ended March 2025, the company reported a net profit of ₹13.03 crore, an increase of 49.94% compared to ₹8.69 crore in the previous year ended March 2024. Sales rose by 23.14% to ₹125.97 crore for FY 2025, up from ₹102.30 crore in FY 2024.
In the quarter ended March 2025, net profit declined by 40.13% to ₹2.82 crore, from ₹4.71 crore in the corresponding quarter of the previous year ended March 2024. Sales increased by 14.14% to ₹34.64 crore in Q1 FY 2025, compared to ₹30.35 crore in Q1 FY 2024.
- Operating Revenue: ₹125.97 Cr
- Revenue Growth: An annual revenue growth of 25% is outstanding.
- Profitability: Pre-tax margin of 15% is great; ROE of 17% is exceptional.
- Financial Health: The company is debt-free and possesses a strong balance sheet, enabling it to report stable earnings growth across business cycles.
IRIS Business Services has demonstrated robust growth, delivering a profit growth of 94.3% CAGR over the last 5 years. This reflects consistent performance in the competitive RegTech sector. Over the same period, revenue has grown at a yearly rate of 20.24%, significantly outperforming the industry average of 11.48%.
The promoter holding in IRIS Business Services Ltd has seen a slight reduction, standing at 34.68% as of January 2025, down from 36.09% as of July 2024. This marginal dilution is often observed during growth phases when companies might issue equity for expansion purposes.
- Vendor Selection for Qatar Central Bank: IRIS was selected by Accenture as the successful vendor for a significant regulatory technology engagement – the XBRL Project (Tender No. M/39/2024 - Data Collection Project for Data Management 2024) – undertaken for the Qatar Central Bank.
- GST ASP Business Slump Sale: An Extraordinary General Meeting (EGM) is scheduled for July 26 to approve the slump sale of the GST ASP Business to its subsidiary, IRIS Logix, for ₹140.57 Cr. This was announced under Regulation 30 of LODR.
IRIS Business Services continues to fortify its position as a premier RegTech SaaS company, supported by a solid financial foundation, an expanding international footprint, and innovative product offerings that cater to the dynamic regulatory compliance needs of global enterprises and regulators.
