Infinity InfowayShare price, financial results, shareholding and management
- Market cap
- ₹398 cr
- Stock P/E
- 56.8peers 11.4
- Book value
- ₹76.7
- Price to book
- 9.52
- EV / operating profit
- -
- Market cap to sales
- 16.75
- ROCE · FY26
- 34.9%
- ROE · FY26
- 25.5%
- ROE, 3-year average
- 59.7%
- Operating margin · FY26
- 41.5%peers 8.2%
- Sales growth, 3 years
- 66.3%
- Profit growth, 3 years
- 95.4%
- Debt to equity
- 0.01peers 0.20
- Borrowings
- ₹0.5 cr
- Interest cover
- 161.8×
- Cash from business / op. profit
- 30%
- Debtor days
- 140
- Pledged
- 0.00%
- Promoter holding
- 68.49%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 339
- 52-week high / low
- ₹730 / ₹315
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Infinity Infoway share price chart
Close on 6 Nov 2026 · +0.01% on the day · Vol 1,600
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +31.9%
- 3 months
- +82.5%
- 6 months
- +92.1%
- 1 year
- +97.0%
- Traded a day, 20 days
- ₹0.36 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +80% | +60% |
| 3 years, a year | +66% | +95% |
About Infinity Infoway: business, products and customers
Infinity Infoway sells cloud software that runs colleges, universities and factories, from admissions and exams to accounts, and has built a machine that prints exam papers at the exam centre so they cannot leak. Its shares trade on BSE SME.
The company, formed in 2008 in Gujarat, sells ERP software on a subscription basis in two main lines: education ERP for universities, colleges, schools and state higher education departments, and industrial ERP for manufacturing and corporate customers. It also runs an online examination system, a small self-learning platform called Brainzorg, and ZeroTouch, a patented process in which question papers are delivered digitally and printed and packed at the exam centre just before the exam.
The business model shapes the numbers. Most costs are salaries, so extra orders on the same team lift margins, while software and machine development is recorded as an intangible asset and reaches the profit and loss account later as amortisation. Government work is won through tenders and paid slowly, so receivables run high, and some turnkey tenders include computers and servers bought and passed on at a thin margin. ZeroTouch machines are not sold: the company keeps them and charges per question paper printed and delivered.
Read more about the business
On the May 2026 call an analyst named TCS iON and Zoho as larger rivals in education and business ERP; the managing director said the company has competed against bigger players in a few places and focuses on education first. Since listing the company has won a large AI-based order from the Gujarat higher education department, launched its first ZeroTouch machine in Jaipur in May 2026 and spread its sales team to more states.
From the investor presentations of May 2026 and August 2026 and the earnings call transcripts of May 2026 and August 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 66% a year over three years.
- It earns a high return on the money it uses: ROCE 35% in FY26.
- It has little debt for its size: debt to equity 0.01.
- The promoters own a large part of the company: 68.49%.
To watch
- Confirmed ZeroTouch orders from tenders already bid, after only pilot orders so far (Transcript, August 2026, p.5 and p.7).
- Beta launch of the company's own AI model in the December 2026 quarter and first revenue before 31 March 2027 (Transcript, August 2026, p.9).
- Use of the ₹10.9 cr of IPO money still unspent at March 2026 (Investor presentation, May 2026, p.39).
- Any acquisition in technology, education, fintech, AI or data centres (Investor presentation, August 2026, p.6).
- Customers take longer to pay than before: 140 days in FY26, against 90 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Infinity Infoway revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months.
Infinity Infoway half-yearly results
SME companies report every six months · ₹ crore
| H1FY26 | H2FY26 | |
|---|---|---|
| Sales | 8.15 | 15.62 |
| Expenses | 4.26 | · |
| Operating profit | 3.90 | · |
| OPM | 47.8% | · |
| Interest | 0.02 | · |
| Depreciation | 0.28 | · |
| Profit before tax | 3.77 | 5.88 |
| Net profit | 2.80 | 4.21 |
Infinity Infoway profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 5.17 | 10.17 | 13.19 | 23.77 |
| Expenses | 3.70 | 5.24 | 7.02 | 13.89 |
| Operating profit | 1.47 | 4.93 | 6.17 | 9.88 |
| OPM | 28.4% | 48.5% | 46.8% | 41.5% |
| Other income | 0.21 | 0.17 | 0.29 | 0.69 |
| Interest | 0.08 | 0.06 | 0.04 | 0.06 |
| Depreciation | 0.33 | 0.40 | 0.78 | 0.86 |
| Profit before tax | 1.27 | 4.64 | 5.64 | 9.65 |
| Tax rate | 26.0% | 25.2% | 22.3% | 27.4% |
| Net profit | 0.94 | 3.47 | 4.38 | 7.01 |
| EPS ₹ | 940 | 3,470 | 11.30 | · |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share is left blank where the source shows zero against a profit.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Infinity Infoway profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 28.4% | 48.5% | 46.8% | 41.5% |
| Tax rate | 26.0% | 25.2% | 22.3% | 27.4% |
| ROCE | · | 120.7% | 60.5% | 34.9% |
| ROE | · | 105.0% | 48.5% | 25.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Infinity Infoway debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Infinity Infoway balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 3.88 | 5.45 |
| Reserves | 1.57 | 5.02 | 9.16 | 36.40 |
| Net worth | 1.58 | 5.03 | 13.04 | 41.85 |
| Borrowings | 0.70 | 0.48 | 0.23 | 0.53 |
| Other liabilities | 1.31 | 2.59 | 1.66 | 1.74 |
| Total liabilities | 3.59 | 8.10 | 14.93 | 44.12 |
| Fixed assets | 1.06 | 1.34 | 3.11 | 4.66 |
| Capital work in progress | 0 | 0 | 0.01 | 8.16 |
| Investments | 0 | 0.10 | 0.20 | 0.33 |
| Other assets | 2.53 | 6.66 | 11.61 | 30.97 |
Infinity Infoway cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 1.40 | 2.22 | 2.40 | 2.92 |
| Cash from investing | -0.80 | -1.16 | -2.84 | -16.43 |
| Cash from financing | -0.38 | -0.27 | 3.19 | 21.39 |
| Net cash flow | 0.22 | 0.79 | 2.75 | 7.88 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 90 | 144 | 157 | 140 |
| Inventory days | · | · | · | 0 |
| Cash conversion cycle | 90 | 144 | 157 | 140 |
| Working capital days | 13 | 72 | 142 | 167 |
Infinity Infoway peers and competitors
Listed SME companies in the same industryBy sales, Infinity Infoway is number 25 of the 33 listed SME companies in it - services.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Matrix Geo Solutions | 84 | 8.3 | 40.1 | 10.1 | 33.0% | 0.03 |
| Icodex Publishing Solutions | 61 | 8.6 | 25.9 | 7.1 | 41.4% | 0.13 |
| Infinity Infoway | 398 | 56.8 | 23.8 | 7 | 41.5% | 0.01 |
| Infonative Solutions | 40 | 14.2 | 23 | 2.9 | 14.5% | 0.13 |
| Vertexplus Technologies | 40 | - | 22.7 | -4.6 | -14.8% | 0.64 |
| Globesecure Technologies | 18 | - | 20.7 | -0.3 | 6.0% | 0.15 |
| Octaware Technologies | 21 | - | 17.5 | -5 | -10.2% | 0.45 |
| Sancode Technologies | 485 | 1011.2 | 15.8 | 0.5 | 3.1% | 0.24 |
| Euphoria Infotech (India) | 9 | 5.7 | 15.2 | 1.6 | 18.4% | 0.29 |
| Quadpro Ites | 20 | 98.3 | 6.4 | 0.2 | 10.3% | 0.05 |
| Ekennis Software Service | 5 | - | 1.6 | -1 | -25.8% | 1.52 |
| Median of the 10 others | 31 | 11.4 | 19.1 | 0.3 | 8.2% | 0.20 |
Infinity Infoway shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Infinity Infoway shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|
| Promoters | 68.49% | 68.49% | 68.49% |
| Foreign investors (FIIs) | 0.63% | 0.03% | - |
| Indian institutions (DIIs) | 15.14% | 15.55% | - |
| Number of shareholders | 308 | 316 | 339 |
Infinity Infoway study: the business from its own documents
Read from 6 of the company's own documentsInfinity Infoway key facts from the filings
Each figure with the document it comes from
- Education ERP
- 53.60%
- Share of FY26 revenue; industrial ERP gave 36.25% and online exams 10.02%.Investor presentation, May 2026, p.21
- Gujarat
- 71.02%
- Share of FY26 revenue from customers in Gujarat; Madhya Pradesh gave 20.39%.Investor presentation, May 2026, p.20
- Gujarat government order
- ₹11.0 cr
- AI-based data analysis order from the state's higher education department, being delivered from the June 2026 quarter.Investor presentation, May 2026, p.7; Transcript, August 2026, p.2
- Order book
- ₹75 cr
- Stated by the managing director as at 30 May 2026, covering new orders and long-term government contracts over two years.Transcript, August 2026, p.7 and p.8
- ZeroTouch machines
- 150
- Built so far; only pilot orders are in hand and confirmed orders depend on tenders already bid.Transcript, August 2026, p.4 and p.5
Show 5 more facts
- ZeroTouch patent
- 20 years
- Indian process patent covering question paper generation, printing, packing and delivery, held by the company.Transcript, May 2026, p.8; Transcript, August 2026, p.2
- Software under development
- ₹8.2 cr
- Intangible assets under development at March 2026, up from almost nil a year earlier, for ZeroTouch software and the company's own AI models.Investor presentation, May 2026, p.33; Transcript, May 2026, p.10 and p.11
- Trade receivables
- ₹9.1 cr
- Owed by customers at March 2026, against ₹5.7 cr a year earlier.Investor presentation, May 2026, p.33
- IPO money used
- ₹11.1 cr
- Of ₹22.0 cr planned, by March 2026; tender deposits, working capital and general purposes were still to be spent.Investor presentation, May 2026, p.39
- Team
- 156
- People across six states, with 55 or more university projects and seven tenders won during the year.Investor presentation, August 2026, p.8
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it expects FY27 revenue to grow by about 60% to 70%, and ZeroTouch to give 20% to 22% of revenue within about two years, at a higher margin than its ERP work; it aims to keep the EBITDA margin in the 42% to 46% range. The managing director said in August 2026 that ZeroTouch has only pilot orders so far, with tenders bid and orders of ₹5 cr to ₹6 cr expected this year. It plans a beta of its own AI language model for existing customers in the December 2026 quarter, with revenue to start before 31 March 2027, and says it is looking at acquisitions in technology, education, fintech, AI and data centres.
| What management said | When | What happened |
|---|---|---|
| Good revenue from ZeroTouch within the June 2026 quarter | May 2026 call | Only pilot orders by the August 2026 call |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns licence, implementation and yearly support fees for software that runs colleges, universities and factories, with salaries as the main cost, so margins are high.
Its weak spots are reliance on government tenders in one home state, slow payment, and a new exam-paper machine that has yet to win full orders.
AverageCan it set its own prices?Partly. Most government work is priced in tenders, but the company says it picks products for margin over size and has kept margins high for three years.
AverageHow strong is it against rivals?Its software is built around the national education policy and it holds a process patent for ZeroTouch, but much larger firms offer education and business ERP.
WatchWho are its customers?Mostly state education departments, universities and colleges, heavily in Gujarat, plus factory customers; one large state order matters a lot.
WatchDoes it need a lot of money?More than before. Development spending on ZeroTouch and AI is being capitalised and government customers pay slowly.
AverageCan it keep finding new work?It wins tenders regularly and has a stated order book, but its new products are still at pilot or development stage.
AverageDo good and bad years swing a lot?Quarters swing with the academic and tender calendar, and a single large order can move a year's sales.
Who runs Infinity Infoway?
Promoters, directors and officers; tap a name for the background
BDBhaveshkumar Dhirajlal GadhethariyaPromoter and Managing Director
Founder of the company with over 16 years of experience; leads product and technology, and describes the ZeroTouch patent as the result of about three years of research by the team.
Investor presentation, August 2026, p.9; Transcript, May 2026, p.4 and p.8DBDhirajlal Bhanjibhai GadhethariyaPromoter, Chairman and Whole-Time Director
Over 31 years of experience, as stated in the company's presentation.
Investor presentation, August 2026, p.9RBRinaben Bhaveshkumar GadhethariyaPromoter and Non-Executive Director
Over nine years of experience, as stated in the company's presentation.
Investor presentation, August 2026, p.9NVNikunj Vrajlal GajeraWhole-Time Director
Over 15 years of experience; presented the company's history and scale on the May 2026 results call.
Investor presentation, August 2026, p.9; Transcript, May 2026, p.3SNSriharsha NarasimhanIndependent Director
Over 37 years of experience, as stated in the company's presentation.
Investor presentation, August 2026, p.9HHHitesh Haribhai AtkotiyaIndependent Director
Over 19 years of experience, as stated in the company's presentation.
Investor presentation, August 2026, p.9BABharti AjudiyaCompany Secretary and Compliance Officer
Company secretary, membership number A40194, who filed the August 2026 call transcript.
Transcript, August 2026, p.1Infinity Infoway latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 June 2026: promoters unchanged at 68.49%.
Infinity Infoway announcements
1 on record, latest first; each opens the filing on the exchange
Infinity Infoway annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- 31 Aug 2026 ↗read
- 31 May 2026 ↗read
- 31 Aug 2026 ↗read
- 31 May 2026 ↗read
Infinity Infoway share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Infinity Infoway's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (54,53,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹3,470.00) and FY25 (₹11.30) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Infinity Infoway
What does Infinity Infoway do?
Infinity Infoway sells cloud software that runs colleges, universities and factories, from admissions and exams to accounts, and has built a machine that prints exam papers at the exam centre so they cannot leak. Its shares trade on BSE SME.
What is the share price of Infinity Infoway?
₹730 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Infinity Infoway?
₹398 cr at the close on 6 Nov 2026, on 54,53,000 shares.
What is the P/E of Infinity Infoway?
56.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Infinity Infoway's revenue and profit?
Revenue ₹24 cr and profit after tax ₹7 cr in FY26.
Who are the promoters of Infinity Infoway?
Bhaveshkumar Dhirajlal Gadhethariya, Dhirajlal Bhanjibhai Gadhethariya, Rinaben Bhaveshkumar Gadhethariya; promoters held 68.49% at 30 June 2026.
What is Infinity Infoway's website?
www.infinityinfoway.com
More SME companies like Infinity Infoway
Other listed SME companies in it - services, the closest in size first, each read from its own documents.
- TechD CybersecurityTECHD · NSE Emerge · IT - Services · listed 2025Market cap ₹413 cr
- Sattrix Information SecuritySATTRIX · BSE SME · IT - ServicesMarket cap ₹341 cr
- Optivalue Tek ConsultingOPTIVALUE · NSE Emerge · IT - Services · listed 2025Market cap ₹479 cr
- Exato TechnologiesEXATO · BSE SME · IT - ServicesMarket cap ₹586 cr
- Veefin SolutionsVEEFIN · BSE SME · IT - ServicesMarket cap ₹588 cr
- Sancode TechnologiesSANCODE · BSE SME · IT - ServicesMarket cap ₹638 cr
Built from 2 earnings call transcripts, 2 investor presentations, 2 annual reports, 1 exchange announcements, 3 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.