Ksolves India Ltd(KSOLVES)

NSE: KSOLVESBSE: 543599

₹ 219.3-10.29%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 520 crWebsite: www.ksolves.comUpdated: 24 Oct 2026

About

Ksolves India is an IT services company offering ERP (Odoo, Frappe/ERPNext), Salesforce, big data, cloud and AI work, mainly to overseas clients. Its FY26 revenue was Rs 162.67 Cr, and it describes FY26 as its first year above Rs 150 Cr. North America made up 63% of revenue in Q1 FY27. IT services made up 98.3% of revenue in the same quarter.^[1][2][3]

Business segments

IT Services made up 98.3% of revenue in Q1 FY27, up from 97.8% in Q1 FY26. Management says the company is now focused only on services.^[3]
The Products segment made up 2.6% of revenue in 9M FY26, up from 1.7% in 9M FY25.^[4]
Segments were first reported separately in Q2 FY26. IT Services had revenue of Rs 38.64 Cr and IT Products Rs 1.03 Cr, with a -113% contribution margin for Products.^[5]

Services and products

Odoo practice revenue grew from Rs 10 Cr in FY23 to Rs 20+ Cr in FY24 and Rs 33+ Cr in FY25. Ksolves was named Best ERP Implementation Partner (Odoo) India 2025.^[5]
Ksolves became a Frappe Certified Partner in Q4 FY26, adding ERPNext alongside Odoo.^[2]
As of Q4 FY26, it reported 100+ AI-driven projects delivered and 50+ AI agents in production.^[2]
More than 80% of active engagements had an AI component in Q1 FY27, and 550+ employees were AI-certified.^[3]
Management stated in Q4 FY26 that the Data Flow Manager (DFM) product had sold to only 2 customers and that further investment would stop. About Rs 2 Cr was expensed on it in FY26.^[2]

Key operating numbers

Headcount was 566 in Q1 FY27, compared with 548 in Q1 FY26.^[3]
Last-twelve-month attrition was 15% in Q1 FY27, down from 17%.^[3]
The CTO stated that AI tools have improved developer efficiency by about 25% (Q1 FY27).^[3]
Repeat customers accounted for more than 80% of revenue in Q1 FY27. Recurring revenue was above 82% in FY26.^[3][2]

Customers and markets

Top 10 clients made up 55% of revenue in Q1 FY27, down from 58% in Q1 FY26.^[3]
Top 5 clients made up 40% of revenue in 9M FY26.^[4]
By region in Q1 FY27: North America 63% of revenue (vs 58% in Q1 FY26), Europe 6%, Australia 3%.^[3]
Overseas markets made up about 77% of revenue in FY26. The rest-of-world share rose to 8.4% from 5.8% in FY25.^[2]
In Q1 FY27 there were no new Middle East wins, though existing contracts there are renewing. Two large time-and-materials clients scaled down work late in the quarter.^[3]
Ksolves is the main vendor for an international bank's AI rollout covering 50+ use cases. The engagement is expected to last about a year (Q1 FY27).^[3]

Expansion and plans

New SAP ERP and cybersecurity practices are planned as additional sources of revenue (Q1 FY27).^[3]
In Q3 FY26 the board approved setting up a wholly owned subsidiary in Australia.^[4]
Ksolves opened a new office in Dubai and expanded its Noida and Pune offices (FY25).^[6]
In Q1 FY27 the FY27 revenue guidance of 18-20% growth was withdrawn. Management now expects revenue broadly flat with FY26, with possible growth of 4-5%.^[3][2]

Recent developments

On 28 Sep 2026, Ksolves won a USD 0.5 million order from Demerara Bank Limited to build an Agentic AI solution, to be delivered within 7 months.^[7]
In Q1 FY27, Eric Paul was appointed VP and Head of Global Sales, and Najib Saiyed was appointed Head of Sales, North America.^[3]
In Q4 FY26, Ksolves fully migrated a listed Indian power-transmission and green-energy company from SAP to Odoo.^[2]

Market Cap

₹520 Cr

High / Low

₹355 / 215

Stock P/E

14.0

Price / Book

17.7

Book Value

₹12

EPS

₹14.5

No. of Shares

2.37 Cr

ROCE

151.6%

ROE

136.9%

OPM

28.1%

Debt / Equity

0.05

Sales

₹163 Cr

Net Profit

₹34 Cr

Promoter holding

58.9%

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