About Incedo Technology Solutions Limited
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Incedo Technology Solutions Limited is a public limited company based in New Delhi, Delhi, India, a subsidiary of Incedo Inc. It operates in the application development and software solutions segment of the technology and IT services sector. It was incorporated on 31 May 2011 and has been in existence for over 15 years.
The company is registered with the Registrar of Companies (ROC), Delhi, under CIN U72200DL2011PLC220071. Its GSTIN is 06AACCI6243C1ZZ (Haryana). The company holds 7 GST registrations, of which 6 are active.
The company has an authorised share capital of ₹55 Lakh and a paid-up capital of ₹10.21 Lakh. It was formerly known as Indiabulls Technology Solutions Limited. It is led by directors including Ritu Govil and Puneet Kumar Baghla.
Its last annual general meeting (AGM) was held on 30 June 2025, and its latest financial statements are for the year ended 31 December 2024. The registered office is at A – 47 Lower Ground Floor Hauz Khas, New Delhi, Delhi, India – 110016.
As per the financials filed for FY 2023, the company reported a revenue of ₹693.69 Cr, a growth of 7% compared to the previous year. For the same year it recorded a net profit of ₹29.07 Cr (net margin 4.2%) and EBITDA of ₹78.31 Cr (EBITDA margin 11.3%). Revenue has grown at a compounded annual rate (CAGR) of 48% over three years and 37% over five years.
The company has about 2,956 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Incedo. As per MCA filings, the company has open charges of ₹52,000 and satisfied charges of ₹10.56 Cr on record. Court records list 25 cases involving the company, including 22 filed by the company and 3 filed against it; 6 cases are pending. The company has 3 deals on record (1 rights issue, 1 secondary share transfer, 1 acquisition); the latest was in October 2016. Its 10 peer companies in the same principal business activity (other professional, scientific and technical activities) are compared by revenue, 5 larger and 5 smaller; the largest is Xlsure India Private Limited with revenue of ₹235.15 Cr. The company has 1 MSME Form 1 return on record for the period ending Mar 2024, listing 26 overdue payments to 14 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website incedoinc.com.
Company details
Contact details
Incedo Technology Solutions Limited's registered office is in New Delhi, Delhi. Its website is incedoinc.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressA – 47 Lower Ground Floor Hauz Khas, New Delhi, Delhi, India – 110016
- IndustryInformation Technology, Application Development & Software Solutions, IT Products Retail & Distribution
To see the full contact details of Incedo Technology Solutions Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Incedo Technology Solutions operates one associated brand: Incedo. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Digital transformation services are provided by Incedo for enterprises. | incedoinc.com |
Business activity
The main business activity of Incedo Technology Solutions is professional, scientific and technical. In detail, this covers other professional, scientific and technical activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| M | Professional, Scientific and Technical | M9 | Other professional, scientific and technical activities |
To see the full business activity and turnover split of Incedo Technology Solutions Limited, buy the company report.
Financials of Incedo Technology Solutions Limited
FY 2024 filings availableIncedo Technology Solutions Limited reported revenue of ₹693.69 Cr (up 7% YoY) for FY 2023.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 37% over five years, including 7% growth in the latest year. EBITDA rose 36% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹693.69 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹78.31 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹29.07 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
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| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
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| Total Assets | |||||
Financial Ratios
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 11.3% | ||||
| Net Profit Margin | 4.2% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
| Quick Ratio | |||||
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| Efficiency and Growth | |||||
| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
| Inventory Days | |||||
| Revenue Growth | |||||
| Net Profit Growth | |||||
To see the full financial statements and ratios of Incedo Technology Solutions Limited, buy the company report.
Board of directors of Incedo Technology Solutions Limited
Incedo Technology Solutions has 3 current directors and 15 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ritu Govil Also directs: Digital Vikas Foundation | Additional Director | 29 Aug 2024 | 2 Years 1 Months | Current |
| Puneet Kumar Baghla Also directs: Digital Vikas Foundation | Additional Director | 22 Jul 2024 | 2 Years 3 Months | Current |
| Kumar Ashish | Additional Director | 29 Aug 2024 | 2 Years 1 Months | Current |
Peer comparison
Incedo Technology Solutions Limited is compared with the 10 companies closest to it by revenue in the same principal business activity (other professional, scientific and technical activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Incedo Technology Solutions Limitedthis company | ₹693.69 Cr (FY 2023) | ₹29.07 Cr | 4.2% | 7.0% | 2,956 | New Delhi, Delhi, India |
| Xlsure India Private Limited | ₹235.15 Cr (FY 2025) | 16.0% | Hyderabad, Telangana, India | |||
| Steelman Telecom Limited | ₹232.73 Cr (FY 2025) | 5.0% | Kolkata, West Bengal, India | |||
| Tide Platform Technology and Servicing Private Limited | ₹231.75 Cr (FY 2025) | 40.0% | Hyderabad, Telangana, India | |||
| Consulting Engineers Group Limited . | ₹231.57 Cr (FY 2025) | 8.0% | Jaipur, Rajasthan, India | |||
| Elastic Technologies (India) Private Limited | ₹230.98 Cr (FY 2025) | 32.0% | Bangalore, Karnataka, India | |||
| I R Technology Services Private Limited | ₹228.96 Cr (FY 2025) | 30.0% | Navi Mumbai, Maharashtra, India | |||
| Leapus Technologies Private Limited | ₹226.97 Cr (FY 2024) | 41.0% | Bangalore, Karnataka, India | |||
| Analog Legalhub Technology Solutions Private Limited | ₹226.06 Cr (FY 2025) | 41.0% | New Delhi, Delhi, India | |||
| Divo TV Private Limited | ₹225 Cr (FY 2025) | 59.0% | Chennai, Tamil Nadu, India | |||
| Arthmatetech Private Limited | ₹221.06 Cr (FY 2024) | 40.0% | Kolkata, West Bengal, India |
To see the full peer comparison of Incedo Technology Solutions Limited, buy the company report.
Auditor
Incedo Technology Solutions Limited is audited by Suresh Surana & Associates , LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Suresh Surana & Associates , LLP | FY 2023 | 121750W/W-100010 |
Shareholding
The shareholding of Incedo Technology Solutions Limited is on record for 5 financial years, the latest being FY 2022, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Incedo Technology Solutions Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 19 Aug 2014 | 10536131 | Hdfc Bank Limited | ₹52,000 | Open | |
| 29 Oct 2015 | 100031147 | Hdfc Bank Limited | ₹56.12 Lakh | Satisfied | |
| 26 Mar 2014 | 10490574 | The Ratnakar Bank Limited | ₹10 Cr | Satisfied |
To see the full charge records of Incedo Technology Solutions Limited, buy the company report.
Total charge records: 3 View all charges
Deals & funding
Incedo Technology Solutions Limited has 3 deals on record (1 rights issue, 1 secondary share transfer, 1 acquisition); the latest was in October 2016.
Deals on record (3 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Oct 2016 | Rights issue | ₹13.3 Cr | Investors: Incedo Inc. |
| Nov 2014 | Secondary share transfer | Undisclosed | Buyer: Incedo Inc. Seller: Nomos Properties Private Limited |
| Jul 2014 | Acquisition | Undisclosed | Buyer: Nomos Properties Private Limited Seller: India Bulls Wholesales Services Limited |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Incedo Technology Solutions Limited has 25 court cases on record: 22 filed by Incedo Technology Solutions, 3 filed against it. 6 cases are pending and 19 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 21 | 3 | 6 |
| High courts | 4 | 0 | 0 |
Cases on record (5 of 25)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Delhi | Court case (CO.PET.) | Filed by the company against Getit Infoservices Private Limited | Disposed |
| High Court of Delhi | Court case (CO.PET.) | Filed by the company against Getit Grocery Private Limited | Disposed |
| District court, South, Delhi | Civil suit | Filed by the company against an individual | Pending |
| District court, Gurugram, Haryana | Court case (CS37) | Filed by the company against an individual | Pending |
| District court, Gurugram, Haryana | Court case (CS37) | Filed by the company against an individual | Pending |
To see the full case history of Incedo Technology Solutions Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
Incedo Technology Solutions Limited has 1 MSME Form 1 return on record for the period ending Mar 2024, listing 26 overdue payments to 14 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 14)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Manning Consulting | |||
| an individual supplier | |||
| Hiyamee Private Limited | |||
| an individual supplier | |||
| Bright Star Hospitality Services Private Limited |
To see the full MSME payment records of Incedo Technology Solutions Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Incedo Technology Solutions Limited has a workforce of 2,956 employees on its EPFO records as of Apr 06, 2024, across 1 active EPFO establishment.
GST
Incedo Technology Solutions has 7 GST registrations: 6 active and 1 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 06AACCI6243C1ZZ | Haryana | Active | 01 Jul 2017 |
| 27AACCI6243C1ZV | Maharashtra | Active | 01 Jul 2017 |
| 29AACCI6243C1ZR | Karnataka | Active | 01 Jul 2017 |
| 33AACCI6243C1Z2 | Tamil Nadu | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Incedo Technology Solutions Limited, buy the company report.
Recent activity
Incedo Technology Solutions Limited has 18 board changes on record since 2012: 3 appointments and 15 cessations. The latest: Sanjay Gupta ceased to be Additional Director on 13 Sep 2024.
14 earlier events are in the company report.
News
Frequently asked questions
Incedo Technology Solutions is an active public limited company based in New Delhi, Delhi, India. The company works in application development and software solutions, within the information technology industry. It was incorporated on 31 May 2011 (15+ years old) and is registered under CIN U72200DL2011PLC220071.
Incedo Technology Solutions has 3 current directors:
- Ritu Govil - Additional Director
- Puneet Kumar Baghla - Additional Director
- Kumar Ashish - Additional Director
The latest financial statements of Incedo Technology Solutions on record with the MCA are for the year ended 31 December 2024. Its last annual general meeting was held on 30 June 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Incedo Technology Solutions is 06AACCI6243C1ZZ, registered in Haryana. The company has 7 GST registrations in all, of which 6 are active and 1 is cancelled or inactive. Other active GSTINs include 27AACCI6243C1ZV (Maharashtra), 29AACCI6243C1ZR (Karnataka), 33AACCI6243C1Z2 (Tamil Nadu).
The CIN (Corporate Identification Number) of Incedo Technology Solutions is U72200DL2011PLC220071. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Incedo Technology Solutions has 25 court cases on record: 22 filed by the company and 3 filed against it. 6 are pending. Most are in the district courts.
Incedo Technology Solutions was incorporated on 31 May 2011, making it 15+ years old. It is registered with the Registrar of Companies, Delhi.
Incedo Technology Solutions has 3 deals on record (1 rights issue, 1 secondary share transfer, 1 acquisition); the latest was in October 2016.
The peers of Incedo Technology Solutions by revenue are Xlsure India Private Limited, Steelman Telecom Limited, Tide Platform Technology and Servicing Private Limited, Consulting Engineers Group Limited , Elastic Technologies (India) Private Limited and 5 more, all in the same principal business activity (other professional, scientific and technical activities).
Sanjay Gupta ceased to be Additional Director on 13 Sep 2024. Kumar Ashish was appointed as Additional Director on 29 Aug 2024. Ritu Govil was appointed as Additional Director on 29 Aug 2024. Incedo Technology Solutions has 18 board changes on record in total.
Incedo Technology Solutions has 1 MSME Form 1 return on record for the period ending Mar 2024, listing 26 overdue payments to 14 micro and small suppliers. The latest return was filed on 30 Apr 2024.
Incedo Technology Solutions can be reached through the website incedoinc.com. Its registered office is in New Delhi, Delhi, India.