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Dolat Capital Report
NIIT Learning Systems Ltd. reported revenue growth of 2.3% QoQ in Rs terms (our estimate: 2.5%), led by ramp up of new customers and expanding current wallet share. Ebitda margin declined 76 QoQ at 23.6% (our estimate: 23.2%).
Management retained its revenue growth guidance of 12%-14% constant currency growth (organic), with a large part of the growth coming in H2 and expects Ebitda in the range of 22-24% (aiming at upper end).
Factoring in confident commentary on growth and upward bias on margins, we scale our EPS estimate by 2.5% for FY26E (FY25E unchanged). We maintain our ‘Accumulate’ rating with a revised target price of Rs 530 per share (valued at 25 times of FY26E earnings).
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