Infollion Research Services LimitedQ2 FY27 Results & Financial Update
Infollion Research Services Limited: Q2 FY27 consolidated results and company financials – revenue ₹59.04 Cr, PAT ₹6.74 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Infollion Research Services Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Infollion Research Services Limited reported consolidated revenue from operations of INR 59.04 crore for the half-year period ended September 30, 2026.
Total consolidated income for the period stood at INR 60.21 crore, inclusive of INR 1.17 crore in other income.
Profit before tax (PBT) for the half-year came in at INR 8.76 crore, while profit after tax (PAT) was recorded at INR 6.74 crore, reflecting a PAT margin of approximately 11.41%.
Basic and diluted earnings per share (EPS) for the period were reported at INR 6.94 and INR 6.93 respectively.
Cost of sales formed the largest expense category at INR 34.90 crore, followed by employee benefit expenses of INR 12.83 crore and other expenses amounting to INR 3.61 crore.
The company maintained a conservative balance sheet structure with zero long-term or short-term borrowings, backed by cash and cash equivalents of INR 43.12 crore as at September 30, 2026.
01 · Business model
What does Infollion Research Services do?
Infollion Research Services Limited operates as an expert network and premium-tier B2B human cloud platform, connecting institutional clients with vetted subject matter experts for specialized knowledge and project-based assignments.
The company serves institutional clients including global management consulting firms, private equity funds, hedge funds, and mid-to-large corporations seeking targeted practitioner insights across domains such as commercial due diligence, investment research, and strategy development.
Infollion's operational model relies on an invitation-only expert panel supported by proprietary in-house technology, automated workflows, and value-chain mapping tools designed to shorten search and shortlisting times for clients.
Revenue is generated primarily through expert engagement formats including one-hour expert calls, syndicated sessions, knowledge tours, and specialized validation services.
02 · Historical context
What shaped the business before this quarter
Established in 2009, the company subsequently completed its initial public offering and listed on the National Stock Exchange (NSE) in June 2023.
The company has operated with zero debt since its inception, funding its capital requirements and expansion entirely through internal accruals.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹59.04 Cr |
| Total income | ₹60.21 Cr |
| Profit before tax | ₹8.76 Cr |
| Profit after tax | ₹6.74 Cr |
| EPS | ₹6.94 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue is driven by transactional volume across expert calls and structured engagements, supported by an expanding expert panel that reached 1,54,861 members across nine sectors.
Over one-third of total business delivery is fulfilled through experts based outside India, supported by active engagement channels in the US, Europe, and Dubai.
What drove margins
Cost of sales, representing direct expert remuneration and related delivery expenses, stood at INR 34.90 crore for the half-year period.
Employee benefit expenses reached INR 12.83 crore, reflecting the workforce required to manage research operations, while other expenses stood at INR 3.61 crore.
05 · Demand, customers & order book
Where demand is coming from
The client base consists of institutional entities including global consulting firms, private equity investors, hedge funds, and large corporations using invitation-based empanelment networks.
More than 80% of revenue is generated through pre-paneled experts, contributing to shorter wait times and higher operational efficiency per engagement.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In accordance with AS 17, the company operates within a single primary business segment focused on on-demand contingent hiring and expert advisory services.
Geography and market mix
The expert panel comprises approximately 70% India-based experts (1,07,725) and 30% international experts (47,136), with international markets contributing significantly to delivery volume.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The total subject matter expert panel expanded to 1,54,861 members as of September 30, 2026, marking a 13.5% increase over six months from 1,36,461 members at March 31, 2026.
Projects, capex and execution
The company reported INR 6.35 crore in intangible assets under development as of September 30, 2026, reflecting ongoing capitalization of its proprietary in-house technology platform.
08 · Strategy & new businesses
How the company is trying to change its growth mix
During the half-year ended September 30, 2026, the company made its first strategic investment of INR 0.60 crore in the equity shares of Thermium Private Limited, classified as a non-current investment.
Management continued development of its corporate learning and development initiative (Huksa), transitioning toward a full-stack Managed Training Services model.
09 · Reported developments
What changed operationally
Cash and cash equivalents remained robust at INR 43.12 crore, providing ample liquidity for organic and inorganic growth initiatives.
10 · Items worth noticing
The line items that can distort a quick read
An outlay of INR 0.60 crore was deployed toward acquiring equity shares in Thermium Private Limited during the period.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from operating activities for the half-year ended September 30, 2026, stood at INR 1.30 crore, after accounting for income tax payments of INR 2.10 crore.
Trade receivables increased to INR 25.45 crore as of September 30, 2026, compared to INR 18.38 crore at the end of FY26.
Capital allocation & funding
The company maintained a completely debt-free balance sheet with zero long-term or short-term borrowings, supported by cash and cash equivalents of INR 43.12 crore.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary Consolidation
Accounts of the wholly-owned US subsidiary, Infollion Research Services Corp., were consolidated in accordance with AS 21 using RBI reference rates.
13 · Key Q&A
The quarter, answered directly
What does Infollion Research Services do?
Infollion Research Services Limited operates as an expert network and premium-tier B2B human cloud platform, connecting institutional clients with vetted subject matter experts for specialized knowledge and project-based assignments.
What is the clearest takeaway from Q2 FY27?
Infollion Research Services Limited reported consolidated revenue from operations of INR 59.04 crore for the half-year period ended September 30, 2026.
What drove revenue or demand?
Revenue is driven by transactional volume across expert calls and structured engagements, supported by an expanding expert panel that reached 1,54,861 members across nine sectors.
What mattered most for margins or profitability?
Cost of sales, representing direct expert remuneration and related delivery expenses, stood at INR 34.90 crore for the half-year period.
What changed operationally beyond the headline numbers?
The total subject matter expert panel expanded to 1,54,861 members as of September 30, 2026, marking a 13.5% increase over six months from 1,36,461 members at March 31, 2026.
What should the next disclosure help confirm?
Monitor the commercialization progress of proprietary technology initiatives, including API integrations and conversational Value Chains tools.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Technology Platform Rollout: Monitor the commercialization progress of proprietary technology initiatives, including API integrations and conversational Value Chains tools.
- 02
Inorganic Investments: Track further developments regarding the integration and performance of strategic investments such as Thermium Private Limited.
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