Infollion Research Services Ltd(INFOLLION)

NSE: INFOLLION

₹ 140.5-4.71%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 136 crUpdated: 24 Oct 2026

About

Infollion Research Services is an expert network that arranges short-term access to senior managers and specialists for top tier corporates, management consulting firms and investment firms, from short calls to multi-month projects. It reported revenue of 100.32 in FY26 and ran 20,736 expert calls that year. Its expert panel reached 1,54,861 in H1 FY27. Management believes it is now much larger than the second, third and probably fourth players in India.^[1][2][3][4]

Services

Services as of FY26: On-Demand Experts, Knowledge Tours, One-on-One Sit-ins, HUKSA L&D Services, Pex-Panel, and Flexi-Staffing/SOW employees.^[1]
The company says it pioneered pex-panel arrangements, which are temporary pools of former CXOs and specialists set up for clients (FY26 annual report).^[1]
The company reported a single segment, On-demand Contingent Hiring, in its FY25 annual report.^[5]
Huksa, the L&D business, is moving to a full-stack Managed Training Services model and has two content libraries in development (FY26).^[1]
Huksa revenue more than doubled year on year in H1 FY27. It works with around 55 client organisations across 22 sectors, and nearly 60% of its business is repeat.^[4]
Third Eye uses verified domain experts to evaluate AI outputs and build RLHF datasets. It was being commercialised in Q1 FY27 and still had little revenue in H1 FY27.^[3][4]
Seven AI initiatives were underway as of Q1 FY27, including MCP/API integrations, bot interviews, Value Chains, an AI marketplace and Syndicated Sessions.^[3][1]

Key operating numbers

Expert calls: about 10,426 in H1 FY27, similar to the year before. Growth came from higher revenue per call.^[4]
Total expert calls: 20,736 in FY26 vs 16,695 in FY25.^[6]
Expert panel: 1,54,861 in H1 FY27, up 13.5% in six months, vs 1,36,461 in FY26 and 1,04,094 in FY25.^[4][6]
More than 80% of revenue came from pre-paneled experts in H1 FY27, the same as in FY26.^[4][3]
Gross margin was 40.89% in H1 FY27, down 29 bps.^[4]
Receivable days were about 79 in H1 FY27, vs about 67 at March 2026 and 83 in FY25.^[4][6]
Projects handled per month: 800+ in H1 FY26 vs 400+ in H1 FY25.^[7]

People

Headcount was 280 in H1 FY27, vs 271 at 31 March 2026 and about 200 a year earlier.^[4][6]
Most FY26 hires went to US-timezone teams, MENA, Huksa (a team of about 50) and the technology platform team.^[6]

Clients and geography

International revenue: 6.52% in FY26, vs 4.76% in FY25. Non-India revenue was still in single digits in H1 FY27, though US and MENA grew significantly faster than India.^[6][4]
More than one-third of the business was delivered through experts based outside India in FY26. About 15% of the expert base is in North America.^[6]
In H1 FY26, about 60% of revenue came from consulting clients and about 25% from private equity and buy-side clients.^[7]
Huksa added 40 new client logos across 20 sectors and delivered 100+ L&D projects in FY26.^[6]
The FY26 annual report says revenue may depend on a limited number of clients.^[1]
The company served 200+ global clients as of H1 FY25.^[8]

New verticals and expansion

Huksa, US operations and MENA each passed ₹1 Cr in annual revenue in FY26.^[6]
The company moved to a semi-permanent presence in the US, Europe and Dubai ahead of plan, with South-East and East Asia next. The EU business started by H1 FY27.^[1][4]
Local hiring in the US will be considered once North America revenue reaches about ₹8-10 Cr. Until then, staff travel to the US for about one month each quarter.^[6]
Management expects the share of international revenue to rise in H2 FY27. Its long-term aim is for the international business to exceed the India business.^[4]
The priority acquisition target is an expert network in a complementary geography, followed by broader HR services.^[3]
Next phases of Value Chains and the MCP server are planned: access through LLMs and expert discovery inside client AI assistants.^[3]

Technology platform

As of FY26, core development of the in-house platform is substantially complete and clients are testing it. The company offers open APIs and 72-hour open calendars.^[6]
Bot-moderated expert calls had been running for over a year as of Q4 FY26.^[6]

Recent developments

The company committed ₹1.20 Cr for a 19% stake in the engineering consultancy Thermium, payable over four quarters. Of this, ₹0.60 Cr was invested in H1 FY27.^[4]
As of H1 FY27, management expected the company to qualify for migration to the mainboard during FY27.^[4]
On April 1, 2025, the company incorporated Infollion Research Services Corp., a wholly owned subsidiary in Delaware, USA.^[1]
The company has filed an M&A policy. As of Q4 FY26 it was evaluating 2-3 acquisition targets.^[6]

Market Cap

₹136 Cr

High / Low

₹436 / 140

Stock P/E

12.0

Price / Book

2.2

Book Value

₹69

EPS

₹13.1

No. of Shares

0.97 Cr

ROCE

28.6%

ROE

21.0%

OPM

16.9%

Debt / Equity

0.00

Sales

₹100 Cr

Net Profit

₹13 Cr

Promoter holding

51.7%

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