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NIIT Learning Systems Limited (NIITMTS) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹31.5B

NL NIIT Learning Systems Limited NIITMTS · BSE
Price₹228.80
Fair Value₹362.30
Upside+58.4%
Quality59/100
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Strengths

Trades 58% below our fair value of ₹362.30
Healthy Growth
Solidly profitable · 12.4% net margin
Low debt · generates free cash flow

Risks

!Moderate moat 56/100
!Weak on dividend: 26 out of 100
Healthy Growth
Solidly profitable · 12.4% net margin
Low debt · generates free cash flow
Ranks above peers (9/14)
Moderate moat 56/100
Evidence: High Range ₹234.05 – ₹448.89 Share as image

Fair value as of: Aug 22, 2026

From 24 valuation models · updated today

Share price −0.5% over the past month.

A solid business, screening 58% undervalued on our models.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (₹234.05). The market is more pessimistic than our downside scenario.
  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (₹234.05 to ₹448.89) leaves room in how you read the outcome.
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Price vs Fair Value (3 years)

₹552.87 ₹203.86 Fair Value ₹362.30 Aug 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.

How to read this chart

36‑month range ₹203.86 – ₹552.87 · fair‑value band ₹234.05 – ₹448.89 · the ₹228.80 price screens below the ₹362.30 fair value. Dashed = 300-day average. As of Aug 22, 2026.

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Analysis

NIIT Learning Systems Limited (NIITMTS) currently trades at ₹228.80, while our model-based Fair Value estimate is ₹362.30, implying the stock looks roughly 58.4% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, NIIT Learning Systems Limited generated revenue of ₹20.7B at a net margin of 12.4%. Revenue grew 25.2% year over year. It earns a return on equity of 18.0%. The stock trades on a trailing P/E of 12.5. Fundamentals as of Aug 22, 2026

Our scenario range runs from ₹234.05 (bear case) to ₹448.89 (bull case); at ₹228.80, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 48% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 7% fair-value upside, at 58%, NIITMTS screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹250.31 ₹442.38 ₹778.21 80
Residual Income ₹118.98 ₹156.64 ₹470.42 76
Rev-Margin DCF ₹192.62 ₹320.72 ₹492.06 74
All 24 models by family
DCF Models
FCF DCF ₹254.05 ₹469.46 ₹860.60 38
Owner Earnings ₹288.89 ₹535.82 ₹984.19 31
5Y Revenue Exit ₹192.62 ₹323.82 ₹503.47 39
5Y EBITDA Exit ₹257.21 ₹461.26 ₹723.23 41
5Y P/E Exit ₹272.22 ₹493.19 ₹753.10 38
10Y Revenue Exit ₹205.72 ₹339.59 ₹549.33 36
10Y EBITDA Exit ₹254.41 ₹442.15 ₹739.09 37
10Y P/E Exit ₹264.49 ₹465.98 ₹764.88 35
Earnings-Based
Graham-Dodd ₹122.23 ₹629.91 ₹870.83 54
Lynch FV ₹172.00 ₹245.72 ₹319.44 50
PEG = 1.0 ₹172.00 ₹245.72 ₹319.44 46
EPV ₹174.69 ₹201.15 ₹224.31 59
Multiples
P/E Multiple ₹283.11 ₹377.48 ₹471.85 63
P/S Multiple ₹169.97 ₹226.62 ₹283.28 58
P/B Multiple ₹229.18 ₹305.58 ₹381.97 55
EV/EBIT ₹284.97 ₹374.65 ₹464.33 53
EV/EBITDA ₹275.71 ₹362.30 ₹448.89 54
EV/Revenue ₹164.65 ₹228.39 ₹292.13 43
Asset-Based
NCAV (Graham) ₹55.98 ₹75.01 ₹111.95 50
Growth DCF
Growth DCF ₹250.31 ₹442.38 ₹778.21 80
Rev-Margin DCF ₹192.62 ₹320.72 ₹492.06 74
Economic Profit
Residual Income ₹118.98 ₹156.64 ₹470.42 76
ROIC Compounder ₹198.90 ₹269.63 ₹365.85 72
Growth Earnings
Growth-Adj P/E ₹258.43 ₹369.19 ₹479.95 68

Widest divergence: DCF Models (₹461.26) versus Asset-Based (₹75.01). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹20.7B
Revenue growth (YoY) +25.2%
Net margin 12.4%
Return on equity 18.0%
Free cash flow ₹2.4B FY2026
P/E ratio 12.5
More key figures
Operating margin 12.7%
EPS (TTM) ₹18.26
EPS growth (YoY) +16.8%

Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 60 · Market factors (momentum, volatility) 32

Profitability 56
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 60
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 73
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

NIIT Learning Systems Limited offers managed training services in India, America, Europe, and internationally. Its managed training services include content and curriculum design, learning administration and delivery, strategic sourcing, learning technology, and learning and development consulting, services.

Full company description

NIIT Learning Systems Limited offers managed training services in India, America, Europe, and internationally. Its managed training services include content and curriculum design, learning administration and delivery, strategic sourcing, learning technology, and learning and development consulting, services. It also offers specialized learning solutions, such as immersive learning, customer education, talent pipeline as a service, DE&I training, and digital and IT training, as well as leadership and professional development training services. The company serves technology and telecom; consulting and professional services; life sciences and healthcare; energy and commodities; aerospace and aviation; banking and financial; manufacturing and industrial; consumer products and retail; insurance; humanitarian and NGO; real estate; and automotive industries. The company was formerly known as Mindchampion Learning Systems Limited in January 2022. NIIT Learning Systems Limited was founded in 1981 and is based in Gurugram, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2023 – FY2026 · reported fiscal years

NIIT Learning Systems Limited reported revenue of ₹19.5B in FY2026 versus ₹13.6B in FY2023, a compound +12.8%/yr. Reported net income was ₹2.5B in FY2026, compounding +8.8%/yr from FY2023.

Growth Quality 98/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹19.5B
Latest YoY
+18.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.8%
Revenue +12.8%/yr
FY23 ₹13.6B
FY24 ₹15.5B
FY25 ₹16.5B
FY26 ₹19.5B
Net income +8.8%/yr
FY23 ₹1.9B
FY24 ₹2.1B
FY25 ₹2.3B
FY26 ₹2.5B

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Cite: Fair Value Calculator (2026). "NIIT Learning Systems Limited Fair Value". https://www.fairvalue-calculator.com/stock/NIITMTS

Peer Group

Education & Training Services · 148 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 59 · Above median
Fair Value upside +58% · Top 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 12% · Above median
Operating margin (TTM) 13% · Above median
Revenue growth 25% · Top 25%
Dividend yield (TTM) 1.3% · Below median
Debt / equity 0.11× · Higher than median

Valuation Multiples vs Education & Training Services median · lower = cheaper

P/E (TTM) 12.5× · Cheaper than median
P/B 2.04× · Pricier than median
P/S (TTM) 1.53× · Pricier than median
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 7.7× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 33
FUTURE100 · sector 21
PAST72 · sector 18
HEALTH94 · sector 95
DIVIDEND26 · sector 67

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Education & Training Services stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).

Stock Price Fair Value vs Fair Value
New Oriental Education & Technology Group EDUN 966.48 MXN 875.84 MXN -9%
TAL Education Group TAL $11.87 $15.60 +31%
Laureate Education, Inc LAUR $36.99 $41.45 +12%
Physicswallah Limited PWL ₹123.90 ₹14.81 -88%
Grand Canyon Education, Inc LOPE $142.06 $152.01 +7%
Covista Inc CVSA $128.22 $135.45 +6%
Stride, Inc LRN $78.59 $139.45 +77%
Universal Technical Institute, Inc UTI $25.64 $20.98 -18%
Offcn Education Technology Co 002607 ¥2.03 ¥0.3300 -84%
JF SmartInvest Holdings 9636 HK$28.70 HK$39.96 +39%

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Frequently asked questions

Is NIIT Learning Systems Limited (NIITMTS) overvalued or undervalued?
As of Aug 22, 2026, our model estimates a fair value of ₹362.30 versus a price of ₹228.80, about +58% (undervalued).
What is the fair value of NIITMTS?
Our model-based fair value for NIIT Learning Systems Limited is ₹362.30 (as of Aug 22, 2026), built from audited fundamentals. The current price: ₹228.80.
What is the quality score of NIITMTS?
NIIT Learning Systems Limited has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of NIIT Learning Systems Limited (NIITMTS)?
NIIT Learning Systems Limited reported trailing-twelve-month revenue of about ₹20.7B (latest available figure, as of Aug 22, 2026).
What is the net profit margin of NIITMTS?
The net profit margin of NIIT Learning Systems Limited is about 12.4%, meaning it keeps roughly 12.4% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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