Mindteck (India) Limited provides engineering and information technology (IT) services in the United States, India, and internationally. The company offers product development, software applications, cybersecurity, Internet of Things (IoT) solution deployment and commissioning, and IoT enablement consulting services. Additionally, it provides embedded design, verification and validation services, and system solutions; and product lifecycle management consulting, advisory, system implementation, administration, system validation/testing, program management, and system integration/data migration services.
The company was incorporated in 1991 and is based in Bengaluru, India. Mindteck (India) Limited is a subsidiary of Embtech Holdings Limited. It was formerly known as Hinditron Informatics Limited and changed its name to Mindteck (India) Limited in September 1999.
Mindteck is a CMMI Level 5 and ISO 9001:2015, ISO 13485:2016, and ISO 27001 certified engineering and technology solutions company. It specializes in embedded systems, enterprise applications, testing, and professional services, serving Fortune 1000 companies, start-ups, universities, and government entities worldwide.
The company's core offerings include Product Engineering, Application Software, Electronic Design, Testing, and Enterprise Business Services. It also provides offshore-based employee resourcing, marketing and pre-sales support, and other services to its subsidiaries.
Mindteck serves diverse industries, including medical device and healthcare, life science and analytical instrument, semiconductor, and data storage industries, as well as government. Geographically, the group has a business presence in the US, India, and other countries, with key revenue derived from the US.
Mindteck (India) Ltd has a market capitalisation of ₹713 Crore as on 08-Jul-2025. As per Value Research classification, it is a Small Cap company.
For the financial year 2024-25, the Company's consolidated revenue stood at Rs. 424.42 crore compared to Rs. 385.53 crore for the previous year ended March 31, 2023, representing a year-over-year (YoY) growth of 14.5%.
For the quarter ended December 2024, Mindteck (India) Ltd's net profit jumped 10.29% since the same period last year, reaching ₹7.93 crore in Q3 FY2024-25. On a quarterly growth basis, Mindteck (India) Ltd has generated a 4.76% jump in its net profits since the last three months.
• Market Capitalization: ₹713 Crore (as of 08-Jul-2025)
• Consolidated Revenue FY2024-25: ₹424.42 Crore (14.5% YoY growth)
• Net Profit Q3 FY2024-25: ₹7.93 Crore (10.29% YoY increase)
• TTM Profit After Tax: ₹29 Crore
• P/E Ratio: 24.87 times (as of 08-Jul-2025, 41% discount to peers' median)
• P/B Ratio: 2.74 times (as of 08-Jul-2025, 61% discount to peers' median)
• Return on Equity (3 years): 12.4%
• Debt-to-Equity Ratio: 0.00
• Promoter Holding: 64.36% (as of Mar 2025)
The company has delivered good profit growth of 48.7% CAGR over the last 5 years. However, sales growth has been modest at 8.98% over the past five years.
The promoter of Mindteck (India) Ltd is Embtech Holdings Limited, which owns 64.36% of the total equity. Promoter holding in Mindteck (India) Ltd decreased to 64.36% as of March 2025 from 64.49% as of September 2024.
The chairman of the company is Yusuf Lanewala. Mr. Santosh Nandiyath, who has been serving as Interim CFO, will take over as Chief Financial Officer with effect from May 24, 2025.
- Debt-free status: The company is almost debt-free, indicating strong financial health.
- Asset-light business model: Operates a great asset-light business with a high Asset Turnover Ratio of 12.13, which is a significant driver of RoE and can improve shareholder returns.
- Niche industry expertise: Strong presence in niche industries with specialized expertise, providing a competitive edge.
- Cyclical business: The company operates an extremely cyclical business with unpredictable earnings and cash flows, which can result in very high stock price volatility and negatively impact shareholder returns.
- Low pricing power: The business has extremely low pricing power and is vulnerable to competitive pressure, which can significantly impact shareholder returns.
Mindteck recently approved a 10% dividend, appointed a new CFO, secretarial auditor, and reappointed its internal auditor. The company also granted 70,000 ESOPs, and its CEO will be leaving on May 26. While the quarterly net profit reflects some normalization following an exceptionally strong prior quarter, the overall annual performance underscores the resilience of the business model and the value delivered to stakeholders.
In the quarter ending March 2024, Mindteck (India) Ltd declared a dividend of ₹1.00, translating to a dividend yield of 0.88% at that time. The current dividend yield of Mindteck (India) Ltd (MINDTECK) is 0.33%.
Mindteck (India) Limited represents a specialized technology services company with strong expertise in embedded systems and enterprise applications. It serves global clients across critical industries, maintains a debt-free balance sheet, and demonstrates consistent profitability growth, positioning itself as a key player in the engineering and IT solutions sector.
