Unlisted Equity Research Report | Updated September 2026
Category: IT Services / Intelligent Automation / AI / Digital Transformation
Status: Active & Unlisted Public Company
CIN: U74999TG2018PLC127147
ISIN: INE0ZD001015
Incorporated: 26 September 2018
Registered Office: Hyderabad, Telangana
Managing Director & CEO: Rajesh Sanakkayala
Face Value: ₹10 per share
Website: Machint Solutions
About the Company
Machint Solutions Limited is a Hyderabad-based technology company focused on digital transformation, intelligent automation, AI/ML, robotic process automation (RPA), business process management (BPM), digital engineering, data science and quality assurance.
The company works with enterprises looking to automate business processes and modernise technology infrastructure. Its offering combines technology consulting and implementation services with a portfolio of proprietary software products.
Machint has evolved from a conventional IT-services/consulting business into a more diversified automation + software + AI platform.
The company is currently active and unlisted. It is not traded on NSE or BSE. MCA-linked databases report the latest balance sheet as of March 2025 and the company held its AGM in September 2025.
Key Highlights
| Particular | Details |
|---|---|
| Incorporated | 2018 |
| Headquarters | Hyderabad |
| Status | Unlisted Public Company |
| FY24 Revenue | ₹86.9 Cr |
| FY25 Revenue | ₹92.3 Cr |
| FY24 EBITDA | ₹21 Cr |
| FY25 EBITDA | ₹30 Cr |
| FY24 PAT | ₹13 Cr |
| FY25 PAT | ₹17 Cr |
| FY25 EBITDA Margin | ~32.6% |
| FY25 PAT Margin | ~18.5% |
| FY25 Revenue Growth | ~7.2% |
| FY25 EBITDA Growth | ~43% |
| FY25 PAT Growth | ~31% |
| Current Indicative Price | ~₹78/share |
| Current Status | Unlisted |
| IPO / DRHP | No verified DRHP found |
FY24–FY25 operating and profitability figures are reported by multiple current unlisted-market databases; the company itself maintains financial-results and annual-report sections on its investor-relations page.
Business Model
Machint operates through two complementary engines:
1. Technology Services
The services business focuses on enterprise digital transformation.
Major capabilities include:
- Business Process Management
- Robotic Process Automation
- AI/ML
- Digital Engineering
- Mobile & Customer Experience
- Quality Assurance
- Data Science
- Business Consulting
The company says its BPM practice uses low-code technologies to streamline complex processes, while its RPA practice combines human and AI capabilities to automate workflows.
2. Proprietary Software Products
Machint has developed several products targeting specific enterprise and consumer use cases.
Its current product portfolio includes:
- vGro — lead-management platform
- Banqify — neo-banking / financial-services automation
- M Smart Compute — scalable computing and data-processing platform
- mVidya.ai — GenAI platform
- M Health — healthcare technology
- M Wallet — digital wallet
- Patashala — education technology
- TransInd — transport/logistics technology
- Mita — testing and automation
- AI-Powered Help Desk — AI-driven case management
This combination is important because a pure IT-services company generally receives a lower valuation than a business that can gradually build repeatable IP and software revenue.
Intelligent Automation Opportunity
Machint is positioned in one of the fastest-changing areas of enterprise technology:
AI + Automation + Low-Code + Data
Companies are increasingly looking to automate:
- Customer service
- Claims processing
- Banking workflows
- Document processing
- Testing
- Compliance
- Internal operations
- Data analysis
- Enterprise support
Machint’s service portfolio is aligned with this transition.
AI Opportunity
One of the company’s newer initiatives is mVidya.ai, a SaaS-based GenAI platform.
The platform includes tools for:
- Document summarisation
- Data analytics
- Image/video summarisation
- Application documentation
- Text-to-video generation
- Image generation
- Document creation
- Synthetic data
- Meeting documentation
Machint claims that the platform can reduce the cost of using multiple LLM systems and improve inference speed, although these should be treated as company-reported product claims rather than independently verified investment metrics.
The development of proprietary AI products provides an additional long-term optionality beyond traditional manpower-led IT services.
Technology Partnerships
Machint has developed relationships with major enterprise technology ecosystems.
Its website highlights experience with technologies including Appian, Pega, React and TensorFlow, while Appian independently identifies Machint as a digital transformation and intelligent-automation partner.
This is strategically useful because implementation partners can benefit from increasing adoption of enterprise automation platforms without having to develop every underlying platform themselves.
Case Studies
Machint reports work across financial services and enterprise technology.
One case study involving FE Credit, a large Vietnamese lending organisation, describes automation of decisioning and customer-service processes. Machint reports a 30% reduction in operating costs and a $400,000 revenue gain within the first 60 days for that engagement. These are company-reported case-study outcomes, not independently audited financial results.
The company also reports projects for organisations including EXL and other financial-services/enterprise customers.
Geographic Opportunity
Machint describes itself as a global digital-transformation company rather than a purely domestic IT provider.
Its capabilities are particularly relevant to:
- BFSI
- Healthcare
- Government
- Enterprise services
- Customer experience
- Digital operations
The company has also highlighted international engagements, including projects in Vietnam and other markets.
Financial Performance
Revenue & Profit Trend
| ₹ Crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 48.5 | 86.9 | 92.3 |
| EBITDA | — | 21 | 30 |
| EBITDA Margin | — | 24.4% | 32.6% |
| PBT | — | 17 | 24 |
| PAT | — | 13 | 17 |
| PAT Margin | — | 15.1% | 18.5% |
FY23 revenue of ₹48.48 Cr is also independently referenced in Sahana Systems’ disclosure when it announced its investment in Machint. Current financial databases report FY24 revenue around ₹86.9 Cr and FY25 revenue around ₹92.3 Cr.
FY24 → FY25
Revenue increased approximately:
₹86.9 Cr → ₹92.3 Cr
Growth: ~7.2%
But EBITDA increased:
₹21 Cr → ₹30 Cr
Growth: ~43%
PAT increased:
₹13 Cr → ₹17 Cr
Growth: ~31%
This is an interesting feature of the business.
Revenue growth moderated, but profitability improved materially.
That suggests operating leverage / business-mix improvement may be developing.
However, investors should monitor whether the higher margins are sustainable.
Margin Profile
FY25:
EBITDA Margin: ~32.6%
PAT Margin: ~18.5%
For a relatively small IT/automation company, this is a strong margin profile.
The important question going forward is whether Machint can simultaneously achieve:
Higher revenue growth + maintain high margins + generate cash.
That will determine whether the business deserves a premium valuation.
Strategic Investment by Sahana Systems
A major validation point came in January 2024 when Sahana Systems announced a ₹16.8 Cr investment in Machint.
The transaction involved:
2,18,750 fresh equity shares
representing approximately 10.5% of the fully diluted shareholding at the time.
This implies an investment price of:
₹768/share
at the time of the transaction.
This historical transaction should not be treated as today’s fair value because Machint subsequently underwent capital changes and additional fund-raising. However, it provides a useful institutional/strategic transaction benchmark.
Subsequent Capital Raise
Machint also completed another private placement in September 2025.
Unlisted-market records report approximately:
₹25.3 Cr
raised at approximately:
₹136/share
with ₹10 face value and ₹126 premium.
This is an important reference because it demonstrates that investors were willing to subscribe to the company at a significantly higher price than the current ~₹78 OTC reference.
Again, the transaction price should not automatically be considered today’s intrinsic value.
Share Capital — Important Valuation Issue
This is one of the most important points in analysing Machint today.
Current MCA-linked databases report:
Authorised capital: ₹70 Cr
Paid-up capital: ₹62.01 Cr
as of the latest available filings.
At ₹10 face value, ₹62.01 Cr paid-up capital would imply approximately:
6.20 Cr equity shares
However, several unlisted platforms continue to display substantially lower share counts, such as 1.36 Cr or 1.55 Cr shares, and calculate market cap/P-E using those older figures.
This creates a major valuation-data inconsistency.
Therefore, we do NOT recommend publishing a definitive current P/E or market cap until the latest post-FY25 capital structure is reconciled with the company’s depository/MCA records.
This is particularly important for an UnlistedCart report because using the wrong share count could make the company appear dramatically cheaper or more expensive than it actually is.
Current Unlisted Price
As of September 2026, multiple unlisted-market platforms show Machint around:
₹74–₹78/share
Recent references include:
- Planify: ~₹77.76
- UnlistedZone: ~₹78
- ShareSaathi: ~₹78
- Moneycontrol: ~₹68.31
- Neoma: ~₹77.22
The difference between platforms highlights the normal liquidity/price-discovery limitations of unlisted securities.
Indicative Working Range
~₹75–₹80/share
should be considered a reasonable OTC reference range, not an executable exchange price.
Valuation
Using the commonly displayed FY25 EPS of approximately ₹12.46, the ₹78 price implies roughly:
6.3x FY25 earnings
However, this calculation should be treated with caution because the EPS/share count data appears to relate to an earlier capital structure, while current MCA-linked databases report much higher paid-up capital.
This is the key investment-research issue.
There is a significant difference between:
“Machint trades at ~6x earnings”
and
“Machint’s current valuation cannot be reliably calculated until post-FY25 capital changes are reconciled.”
The second statement is more appropriate for professional research.
Investment Positives
1. Strong Profitability
FY25 EBITDA of approximately ₹30 Cr on ₹92 Cr revenue represents an EBITDA margin of ~32.6%.
2. PAT Growth
PAT increased approximately 31% in FY25 according to current financial-data sources.
3. Intelligent Automation Exposure
Machint operates across RPA, BPM, AI/ML, digital engineering and data science — areas benefiting from enterprise digital transformation.
4. Proprietary Product Portfolio
Products such as Banqify, Mita, mVidya.ai, M Health and the AI Help Desk provide the company with potential IP-led growth beyond traditional services.
5. Strategic Investor Validation
Sahana Systems invested ₹16.8 Cr for a 10.5% fully diluted stake in 2024.
6. Strong Margin Expansion
EBITDA margin increased from ~24.4% in FY24 to ~32.6% in FY25 according to current financial datasets.
7. Enterprise Technology Partnerships
Machint’s Appian relationship and exposure to enterprise automation platforms provide a potential pipeline for implementation and transformation projects.
8. AI Optionality
mVidya.ai and the AI-powered Help Desk provide exposure to the rapidly expanding enterprise GenAI market.
Key Concerns & Risks
1. Small Scale
At roughly ₹90+ Cr revenue, Machint remains a relatively small IT-services company compared with established listed players.
Scaling will be critical.
2. Revenue Growth Has Moderated
FY25 revenue growth was approximately 7%.
The company needs to demonstrate that the recent margin expansion can be combined with stronger top-line growth.
3. Margin Sustainability
The jump to ~32.6% EBITDA margin is encouraging, but investors should monitor whether this remains sustainable as the company scales.
4. Customer / Project Concentration
Small IT companies can be vulnerable to the loss or delay of large enterprise contracts.
5. Product Monetisation Risk
Having AI/software products is positive, but the investment case ultimately depends on:
Users → Revenue → Recurring revenue → Cash flow
rather than the existence of product names alone.
6. Capital Structure Complexity
The company has undergone significant capital changes, private placements and bonus/capital actions.
This makes historical EPS and market-cap calculations difficult to compare without normalising the share count.
7. Unlisted Liquidity
The shares are not traded on NSE/BSE.
An investor may not be able to exit at the desired price or within the desired time.
8. IPO Uncertainty
Although some private-market platforms describe Machint as “pre-IPO,” I did not find a verified SEBI DRHP or confirmed IPO timetable in the current public record.
The company’s investor-relations page contains an IPO section, but no verified DRHP/listing timetable was found in the publicly indexed material.
Therefore:
IPO should currently be treated as optionality, not a confirmed event.
Shareholding
A current public shareholding figure should be used cautiously because the company’s capital structure has changed.
One current unlisted database reports FY25 ownership approximately as:
| Shareholder | Approx. Holding |
|---|---|
| Rajesh Sanakkayala | 15.34% |
| Kalyan Chakravarthy Sanakkayala | 13.77% |
| Unistone Capital | 10.49% |
| Ambarish Desai | 5.80% |
| Others | 54.60% |
The company also has a formal investor-relations framework with independent directors, audit, nomination/remuneration, stakeholder and risk-management committees.
Management
Rajesh Sanakkayala
Managing Director & CEO
The company identifies Rajesh Sanakkayala as its founder and CEO.
Sanakkayala Chinna Kalyana Chakravarthy
Whole-Time Director
Pratap Kumar Sanakkayala
Whole-Time Director
The current board also includes independent directors, while Udaya Lakshmi Davuluri is CFO.
Investment Thesis
The Bull Case
Machint can become an attractive small-cap technology compounder if it successfully moves from:
IT Services → Automation → Proprietary IP → AI Products → Recurring Software Revenue
The combination of:
High margins + automation exposure + proprietary products + AI + enterprise partnerships
could support substantial earnings growth if execution remains strong.
The Bear Case
The main risk is that Machint remains a small project/consulting-led IT company where:
- Revenue growth remains modest
- Product revenue remains limited
- Margins normalise
- Working capital rises
- Customer concentration increases
- IPO plans remain uncertain
In that scenario, the current unlisted valuation may not deserve a technology-company premium.
Investment Scorecard
| Parameter | View |
|---|---|
| Business Model | ⭐⭐⭐⭐☆ |
| Technology Opportunity | ⭐⭐⭐⭐☆ |
| Revenue Growth | ⭐⭐⭐☆☆ |
| Profitability | ⭐⭐⭐⭐☆ |
| Margin Profile | ⭐⭐⭐⭐☆ |
| Product/IP Potential | ⭐⭐⭐⭐☆ |
| Balance Sheet Visibility | ⭐⭐⭐☆☆ |
| IPO Visibility | ⭐⭐☆☆☆ |
| Valuation Visibility | ⭐⭐⭐☆☆ |
| Liquidity | ⭐⭐☆☆☆ |
| Overall Risk | High |
Investment Category
Intelligent Automation / AI / Digital Transformation — Small-Cap Unlisted Opportunity
Investment View
Machint Solutions is an interesting technology business with improving profitability and exposure to intelligent automation, AI and enterprise digital transformation.
The strongest part of the story is not simply its revenue growth.
It is the combination of:
Automation + enterprise technology + proprietary products + AI + high margins.
FY25 showed a particularly interesting development: revenue grew moderately, while EBITDA and PAT grew substantially faster, indicating potential operating leverage and/or improved business mix.
However, investors should not overlook the company’s relatively small scale.
More importantly, the current capital structure needs to be reconciled before publishing a precise market cap or valuation multiple. Current MCA-linked data shows ₹62.01 Cr paid-up capital, while several unlisted platforms continue to calculate valuation using older share counts.
What we would monitor next
1. FY26 revenue growth
2. EBITDA margin sustainability
3. Operating cash flow
4. Recurring/software revenue contribution
5. AI-product monetisation
6. Customer concentration
7. Post-FY25 capital structure
8. Any DRHP / IPO announcement
Overall View
Promising technology platform, but requires valuation and capital-structure diligence before taking a strong investment call.
For investors who can tolerate unlisted liquidity risk, Machint can be considered a high-risk technology growth opportunity, particularly if future earnings continue to compound and the company’s proprietary products begin contributing meaningfully to recurring revenue.
How to Invest
Machint Solutions shares are currently available only through the unlisted/private market.
Recent indicative references are around ₹75–₹80/share, although quotes vary by intermediary.
Before any transaction, investors should verify:
- ISIN: INE0ZD001015
- Exact number of shares being transferred
- Latest capital structure
- Seller ownership
- Demat availability
- Transfer restrictions
- Current negotiated price
- Applicable taxes
- Any future IPO-related lock-in
- Latest audited financial statements
Final Takeaway
Machint Solutions is not simply another small IT-services company.
Its positioning around intelligent automation, RPA, BPM, AI/ML, digital engineering and proprietary software products gives it exposure to a structural enterprise technology trend.
The company has also demonstrated:
₹48 Cr revenue in FY23 → ₹87 Cr in FY24 → ₹92 Cr in FY25
while EBITDA increased to approximately ₹30 Cr and PAT to approximately ₹17 Cr.
The biggest opportunity is the possibility of converting this growth into a larger, IP-led and recurring-revenue technology business.
The biggest concern is that current unlisted valuation data is inconsistent because of major changes in the company’s share capital, so headline P/E and market-cap figures published by various platforms should not be accepted without reconciliation.
Investment View: Selective / High-Risk Growth Opportunity
Business looks interesting. Valuation needs deeper verification. IPO remains optionality rather than a confirmed catalyst.
Disclaimer
This report is prepared for informational and research purposes only and should not be considered investment advice, an offer to buy or sell securities, or a guarantee of future returns.
Unlisted-share prices are indicative private-market references and can vary significantly between buyers and sellers. Financial databases may also show different share counts and valuation metrics because of corporate actions, private placements, bonus issues and changes in capital structure.
Investors should independently verify the latest MCA/depository records, audited financial statements, shareholding, ISIN, capital structure, transferability, valuation, IPO status and applicable tax/regulatory requirements before investing.
For more such unlisited stocks visit https://unlistedcart.com/unlisted-shares/
