Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
NIIT Limited (NSE: NIITLTD) Q4 2026 Earnings Call dated May. 14, 2026
Corporate Participants:
Vijay Kumar Thadani — Vice Chairman and Managing Director
Pankaj Jathar — Chief Executive Officer
Unidentified Speaker
Analysts:
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to NIIT Limited Q4FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Start then zero on Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Vijay Tharani, Vice Chairman and Managing Director.
Thank you. And over to you sir.
Vijay Kumar Thadani — Vice Chairman and Managing Director
Thank you and welcome everyone for joining us this afternoon in a busy earnings season. Truly appreciate your joining us this afternoon. So first of all, I thank you for your interest in NIT Limited and today’s agenda is quarter four and financial year 2526 performance highlights. I think it’s important for us to talk a little bit about what shaped this year and what are we doing as we enter FY27. These are exciting times to say the least. Exciting in some sense and with a lot of uncertainty and also want to discuss in that context our priorities and outlook.
So just to set the context, we entered this year with a very deliberate choice to invest ahead of curve in the artificial intelligence AI space and building in number one. Number two, building go to market capacity. Number three, focusing on work segment. We could see that the fresh hire pressure was there over the years and we could see that it has become worse this year. So we tried to become fresh, higher agnostic, if I may use the word. And therefore found other revenues and work pro segment.
And it also therefore meant it was a year of compressed margins as it is. As we have said, we are in an investment cycle. Looking back, it seems that was the right call because in the first quarter it didn’t appear so. In the first quarter we had a rough time but I think we clawed our way back. Quarter two was good. Quarter three a bit muted but quarter four we again had a strong quarter in terms of growth. So revenue approached or exceeded one billion rupees or 100 crores in three out of four quarters.
104 crores in quarter two. 101 in quarter three and nearly 100 crores in quarter four. 99.7 a full year revenue of 390.2 crores grew 9%. Let me stay with million if that’s okay with you all. It’s 3,902 million rupees which grew 9% which look very difficult in quarter three. But I think we worked very hard on building a strong Pipeline and I think better than the revenue growth is visible. We can see a strong order intake which has happened during the year which is ahead of the revenue which tells us that we are in good state as we start the next year on guidance delivery for the full year in January.
This year we have Talked guided to a 7 to 8% revenue growth with breakeven to low single digit negative EBITDA. I think we have delivered 9% revenue growth ahead of guidance and EBITDA of negative 40 odd billion or approximately minus 1% which is I could argue within the guidance range. Our order intake grew 17% to 4.2 billion rupees or 4200 million rupees which is above our full year revenue. As we mentioned before, the go to market engine and AIM momentum we built this year is what will drive us as we target FY27.
I could talk to you more about many of these parameters but I would now hand you over to Pankaj, our CEO to take you through quarter four and FY26 performance in detail.
Pankaj Jathar — Chief Executive Officer
Thank you Vijay. Thank you Vijay and good afternoon everyone. I’ll cover the Q4 performance first which will be revenue order intake and some business trends and then step back to the full year picture and our priorities going into FY27 for Q4. FY26 let’s look at the revenue and order intake. Revenue for Q4 was 997 million which is up 16% year on year. Excluding our acquisition imeo, the organic revenue for Q4 was 875 million which is a marginal increase year on year reflecting gradual recovery in the core business order intake was 869 million up 18% year on year and 6% quarter on quarter.
This is encouraging momentum heading into FY27 in terms of our go to market mix, Enterprise revenue was at 630 million rupees up 13% and the consumer revenue was 367 million up 21% year on year. The enterprises to consumer revenue mix came in at 63. 37 versus 6535 last year. Consumer went up a little bit in the mix in terms of product mix. Revenue from technology programs was at 699 million which is up 22% year on year. And revenue from BFSI and other programs was at 298 million which is up 4% year on year.
The technology BFSI ratio comes in at 70:30 versus 67:33 last year. Now let’s look at what drove this quarter. Our enterprise go to market continued to hold up supported by working professional programs and lateral upskilling in tech. Despite a continuing slowdown in consumption by large private sector banks, the enterprise market grew 13% year on year in Q4. Let’s add some color to that. Enterprise tech grew 20% year on year to Rs 489 million excluding IM New organic enterprise tech grew 9% year on year reflecting an underlying improvement in the core business.
Our strategy is to increase penetration across natural job roles through upskilling and reskilling. This has created a healthier balance between early careers and grocery professionals in enterprise tech. This has also made enterprise tech structurally more resilient. Even as pressure hiring and onboarding remained volatile through the year. Our consumer go to market also saw strong growth. Consumer GPM grew 21% year on year in Q4 to rupees 367 billion. This was driven by consumer trek which grew 8% year on year to 210 billion reflecting continued demand for tech skilling from job seekers and working professionals.
Our direct to college strategy is creating a pipeline of job ready talent which university clients are increasingly valuing. Do note that Q4 is a seasonally strong quarter for imeo while Q1 is the weakest. Q4 saw early signs of onboarding demand returning in banking with hiring activity picking up at partner banks. The pickup in hiring activity seems to have continued into Q1 supporting our onboarding pipeline in terms of product mix. Technology now represents 70% of revenue with BFSI and others at 30% versus 6733 last year.
Technology programs continue to perform well despite compressed hiring driven by GTM expansion. The pivot to working professionals and and news contribution both have helped in the same the pressure remains concentrated on the enterprise, BFSI and other space where learning spend for upskilling at large private banks remains under pressure. I now invite Sanjeev, the Chief Financial Officer for NIIT limited to provide an update on the financials. Over to you Sanjeev.
Operator
Thanks Pankaj. Good afternoon everyone. So I’ll take you through some financial numbers. EBITDA for Q4 was near weak even this quarter which is coming to at negative 0.2 million. This reflects continued investment in the business including GTM capacity and new AIO high below EBITDA. There was a depreciation of 74 million in Q4. Net other income was 58 million comprising primarily treasury income of 37 million and other middle income last year Q4 due to mark to market impact of volatility in interest rate during the quarter on six total investments.
Exceptional expense was Rupees 10 million in Q4 primarily legal and professional expenses. This resulted in a PAT loss of 44 million for the fund now coming to balance sheet and cash flows. Cash and cash equivalents remained strong at 7,102 million underpinning our ability to invest through the cycle. CapEx was 84 million for the quarter. We have passed the peak on capital investment in platform in the current investment cycle and we expect capital expenditure to moderate from here. Delisto was at 53 days in Q4FY26 versus 51 days in Q4 of last year, marginally higher due to change in mix.
Headcount standards 931 including IM new which is up 209 from 722 last year in E5 and down 8% at organic level headcount has been by 13. Back to Pankaj.
Pankaj Jathar — Chief Executive Officer
Thank you Sanjeev. Now let’s look at the full year performance. For the full year FY26 order intake was at rupees 4209 million. That’s up 17% year on year. This is our strongest order intake growth in recent years and it exceeded full year revenue giving us a positive book to bill as we enter. FY27 revenue was at 3902 million which is up 9% year on year. This is ahead of our 7 to 8% guidance that we gave in January. Imeo contributed rupees 413 million in revenue in its first full year as part of NIIT ahead of our expectations and validating the strategic rationale for the acquisition.
Let’s look at EBITDA for the full year. EBITDA for FY26 was negative 40 million, a negative margin of approximately 1% which is within our guided range. This reflects deliberate investments we made in gpm, marketing and people capacity to build the growth engine for FY27 and further annual contributed rupees 110 million of EBITDA partially cushioning these investments. Net other income was rupees 452 million versus 707 million last year. Treasury income for the full year at 399 million down year on year due to mark to market impact of interest rate movements even as the cash balance remained robust.
Other miscellaneous income of 177 million versus 158 million. Now this included finance cost of Rs. 13 million for its of 3 million and for the full year exceptional and non operational items were 110 million. The full year PAT got positive at rupees 53 million resulting in EPS of 0.39 per share. The business remained profitable at the PAT level through the investment cycle. What we built in FY26 and why it matters for FY27 we built GPM capacity. We added sales leaders across NIIT along with enterprise sales managers, expanding coverage across GCCs, banks, NBSCs, Indian enterprises and through IMEO into universities and colleges.
We are seeing early results. We added seven new enterprise logos in Q4 bringing the full year total to 64 new enterprise logos along with 20 new universities and colleges. Brand visibility, investments and influencer led campaigns have contributed to this expansion across technology companies, financial service firms, Indian enterprises and higher education institutes. Our YouTube channel crossed a million subscribers earlier this quarter. Currently we stand at 1.3 million with strong growth in views and traffic, building our brand reach with learners and enterprises in terms of platform and product.
We revamped the learning platform which is now fully AI enabled. We launched deep skilling programs in our New Age technology and integrated AI to enhance learner outcomes and internal productivity. Typically we pivoted focus towards advanced programs for working professionals as the demand has shifted towards working professionals giving significant role transitions driven by AI in terms of solutions and differentiation. We added generative and agentic AI programs, AI and digital coaching solutions for banks and enterprises and sector specific solutions through the year.
We were also certified as a great place to work through GPTW and we launched the first India Skills Gap Report 2026, the first of its kind in the country. Let me take a minute to talk about iamneo IM New launched Agent Smith, a unified AI assistant that consolidates intelligence across coding, practice, management, automation and hiring workflows within its edtech and hiring platform. In terms of simplification and agility, we announced a merger of two wholly owned subsidiaries, RPS Consulting and IFBI with NIIT limited To simplify the structure, reduce costs and improve agility.
The teams are unified and the reorganization is expected to increase our agility and improve offerings for customers while yielding meaningful cost savings. Additional expenses related to this reorganization Let me talk a little bit about AI. AI represents one of the most significant demand opportunities in front of us and
Unidentified Speaker
It’s
Pankaj Jathar — Chief Executive Officer
Happening now, not in the future. AI is embedded in a larger part of our portfolio. Revenue from AI programs have now grown to 8% of our total revenue in Q4. Our AI story is becoming sharply defined and nowhere is this clearer than in DSIS and GDP. AI augmented engineering teams are already running 40 to 70% smaller than their conventional equivalents. One engagement that we are aware of compressed a planned 150% team to 42 across every GSI model suggest more than half of current past content roles face displacement over the next 36 months in ways that have already started.
BSIs and GCCs are positioning themselves as a change agent for their clients. AI Transformation the transformation they are driving for their clients will need to be mirrored in their own organizations. A number of current roles are becoming redundant and need to transition into new AI era roles. This creates a three part talent opportunity reskilling existing employees whose roles are evolving, retooling staff displaced by productivity gains into the new AI era roles and finally onboarding new early career talent such as forward deployed engineers, architects and others into roles that require accelerated outcome based programs rather than just traditional induction.
We observe that inout L&D teams are likely to need a lot of support to scale and stay on pace with this kind of transformation and the existing response. Internal AI academy built around post completion and certifications are structurally inadequate. Training is moving from skilling to capability orchestration completion rates do not prove judgment under uncertainty, AI output verification or agentic workflow design. That is precisely the opportunity for NIIT. Stackroot now integrated with SparkPS addresses the reskilling and retooling agenda, deep transformative programs for existing clients.
IMU with its university partnerships and the College to Corporate Bridge addresses the onboarding capacity enabling early career talent to take on roles that previously required years of experience. Our synthetic work platform and the Architect on graduation products are purpose built for this transition. The same dynamic is playing out across BFSI and Indian enterprises as well. We are well positioned to serve it through our AI fluency programs. I’ll come briefly to the guidance for Q1FY27 we expect double digit revenue growth year on year in Q1FY27 on margins we expect breakevens to single digit negative ebitda margin in Q1 driven by continued investments in GTM capacity and creating new offerings for overall FY27 we expect stronger revenue growth, improving margin and continued order intake momentum for FY27 as compared to 26.
And we also long term the structural opportunity and skilling remains substantial and we are fully committed to our strategic objectives. With that Vijay and Bhatki.
Vijay Kumar Thadani — Vice Chairman and Managing Director
I think we’ll open this for questions if there are any. While we are waiting for questions I think while Pankaj already spoke about it, just wanted to give an update on the inorganic actions we had mentioned in Q1FY26 and this other year we completed the acquisition of IM Neo, a young fast growing profitable AI led deep skilling SaaS platform integration is on track. Business has scaled well and in fact they are ahead of the numbers that we had originally thought of. We continue to evaluate other such opportunities and we’ll update as and when there are some positive movements.
We approved the simplification of the entity structure through the merger of RPS Consulting and IFBI with niit. That merger is also getting in its final stages and we will soon have the right set of actions in place once the court pronounces the order. So overall I think Pankaj has already talked about that. In a difficult year, I think we managed to stay not just above water but also have a strong growth and rebound with a strong order intake and also conversion of lots of it in revenue. Our aifast offerings I think will keep us in good stead as we go forward.
Looking forward to the opportunity of taking advantage of this momentum in times to come. Having said that, we do have economic uncertainty and other headwinds and I guess these will have to be taken in this ride as we go forward. I’ll stop now and hopefully by now some people have questions.
Operator
Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the text on telephone. If you wish to withdraw yourself from the question queue, you may press star and two participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Participants to join the question queue, you may press star n1 first question is from the line of Rahul Jain from Dollar Capital.
Please go ahead.
Pankaj Jathar — Chief Executive Officer
Thanks for the opportunity.
Questions and Answers:
Operator
Yeah, hope I’m audible now.
Vijay Kumar Thadani
Yes, you are.
Operator
Yes. So you know if I. If I see the business X of im new, it looks like the organic business was slightly down despite a decent order intake to start with. Of course that number has further improved. But what brings us, you know, what confidence we add up which we could not do last execute last year but may be able to do it this time for us to have a positive thought process on the path.
Vijay Kumar Thadani
Okay, I’ll say my bit and then I’ll ask Pankaj to explain. I think the important issue is first of all last year there were headwinds and we were in a negative growth period. We clawed our way back from there. I think the BFSI sector was challenged right through the year and in fact at the sector level, I mean at these two businesses levels, BFSI and others have had minus 12% over the previous year. On the other hand, technology has had a plus 20 so the technology momentum is coming from AI adoption and higher level skills.
As you know, fresher hiring will remain choppy and we decided that we’ll build our solutions which are agnostic to that and start addressing the industry. I think that strategy worked out. Our AI offerings are getting accepted well and obviously Ironneo is part of us and to that extent I think that growth is contributing to the momentum. I think the opening order book will contribute to our going forward. BFSI’s green shoots that we saw in this quarter continue and looks like they are at least in the coming in the coming quarter we should be in a position to be back on high growth path very, very soon.
I think that’s all I would like to say at this point of time. Hold on. I think.
Operator
Sure. Yeah, just. It’s just like a double click on the same thing. What I could hear you saying is that for 27 we are expecting a stronger revenue with a better margin. Is there a so when you say stronger you’re comparing the full year growth that we have reported overall basis a better growth number than that number. Is that what we are trying to tell
Vijay Kumar Thadani
If the environment was to remain stable? Yes. The question is the economic uncertainty and the overall environment uncertainty actually does not allow us to say that we can stand on top of the roof and say we will do better than last year. All our efforts are in that direction. This quarter does appear we will have a double digit growth, but we’ll have to cross this bridge quarter at a time in this year. Normally we guide for the whole year which we are doing now. But we’ll have to keep revisiting this every quarter.
It depends on how the rest of the world plays out. The AI opportunity is strong. I guess you are as aware of it and even more perhaps than I am. The adoption of AI has moved from a pilot to production stage. NIIT by itself are now use cases which have actually created value for our customers. That should give us a positive momentum. Our own teams and our go to market strategy is well in place. We are past the investment cycle, the peak of the investment cycle as it came to platform and products.
So I think to that extent our expense on that part will be less and even in go to market we will become much more concentrated and focused on what’s working and I think to that extent we should. And obviously right now there is a clarion call to cut expenses all over the place. We will also be doing the same or we are doing the same in any case.
Operator
Sure. That is all. And just on the Last bit since you mentioned about this cost measures what I could see during the year we have seen headcount addition even after IMU integration in Q1. So can we indicate where this which area this hiring is happening and why? Despite not so good organic growth, why the hiring continues? Is it more like replacement of the third party versus in house or is there any other area where we’re investing more?
Vijay Kumar Thadani
Yeah, so I think IMDR is specific because they saw a great opportunity in building a higher curriculum. Given the fact that you would have heard this before that now programmers will not be required the way they were required, more architects will be required. They have come up with a very strong curriculum and some very good offerings to help learners build those skills. I think that investment as well as balancing certain expenses which used to be in a variable form, they took a call to build a small fixed capacity for that which in my opinion is a very good idea.
Why? Because capacity gets blocked in a university system for the whole year and that has resulted in some positive momentum for them. I think those will be some contributors but looking at it in isolation perhaps will not be a good idea. Nit on the other hand, the organic business actually reduced its headcount by 30 over the year if you look at the numbers IMNEO added despite actually more than their growth as we were discussing this morning. But that’s an opportunistic, very, very targeted investment to contribute to the improved growth and IMNEO was ahead of their goals.
Operator
Got it. Thank you. That’s from my side.
Vijay Kumar Thadani
One moment. Ankit, you want to add
Pankaj Jathar
I think you’ve covered everything. Vijay and Rahul, I’m sure we’ll meet at some point during move to investor meetings. We can discuss more at that time.
Unidentified Participant
Sure. Thanks.
Operator
Thank you. Participants to ask a question you may press star and one next question is from the line of Ganesh Shetty, an individual investor. Please go ahead.
Unidentified Participant
Thank you for the opportunity. Looking at the job market and challenging macro, do you think that this quarter, you know we may have we grow the consumer facing business and are we in a position to fine tune our investment directing towards enterprise business mode than a consumer facing industry? Can you throw some light on this?
Pankaj Jathar
Let me rephrase that and then you can respond. I just want to phrase it so I’m sure I understand your question. Thanks for asking and thanks for joining the call. It’s good to always have you on this call. I think what you’re asking is if given the uncertainty etc in this quarter this environment whether we can move our focus from consumer to More of enterprise business.
Vijay Kumar Thadani
Yeah, I think the question is addressed to you. I would agree with you, Desh. At this time, I think we have 6 million technology folks to be reskilled. We should put all and more energy behind doing that. We have 1 million university graduates graduating every year. We should put more and enough energy on that to reskill them and upskill them to get ready for the workplace. So I wouldn’t agree with that.
Pankaj Jathar
So in fact that is part of what we’ve done as well in Q4. Some of the programs we’ve launched, even in our direct to consumer space are programs targeted to working professionals. So there are working professionals who are being upskilled or reskilled by their organizations. But a lot of working professionals don’t want to wait for their organizations to upskill them. They are happy to come to someone like niit, join one of our courses where they can upskill themselves. Especially where things like agentic AI or using AI tools is concerned.
And those are the programs that we launched in Q4, in Q3 actually. And we’ve seen good traction for those programs. And you are right, the opportunity is there and we are pivoting our resources to focus more on working professional opportunity. It need not necessarily be on the enterprise, but it is working professionals over undergraduates or early career professionals. So that is the opportunity and we are pivoting towards that.
Unidentified Participant
Thank you, sir. My second question is regarding the acquisition or inorganic initiatives. Now, as we already mentioned and as we know that the job market is in a very constrained condition. Along with that, there is a fast change in demand in technology. Also, the value for acquiring any assets may be also difficult at this point of time. So considering all these factors, are you fine tuning or inorganic initiative strategy? Because of it, we are not seeing any inorganic acquisition for the last one year or so.
So can you please throw some light on this for our understanding?
Pankaj Jathar
Sure. So you are right. The environment is such that it is harder to find good inorganic opportunities. Having said which, we are continuously on the lookout and in conversations with potential acquisitions. Having said which, we haven’t yet found one that worked for us. We have certain guidelines that we use in terms of what makes a good opportunity for us. And while there were two or three that we looked at very closely, we haven’t found anything that we liked enough to bring in and we are still on the lookout.
We continue to look at opportunities that exist. And as you have seen in the whole education and technology space, there has been consolidation, there has been some movements, but we haven’t seen enough of good opportunities that we would like to bring forward, which is why you have not heard any activities in the last one year. But it is an ongoing process and hopefully we’ll find something good soon. Hijay, do you want to add some color to that?
Vijay Kumar Thadani
Yes, I think we continue to have an active pipeline and I think the NIO acquisition was a very good addition to the family. The right point of the strategy set and the timing is also very good. So I think we are giving full attention to make sure that that grows. At the same time there is pipeline and there are always active discussions on but obviously we can only talk when something fructifies, otherwise it tends to become speculative.
Unidentified Participant
My third question is regarding the EBITDA margins. You have been in a very long cycle of investment and you are already guiding first quarter to be slightly EBITDA negative. So can you expect a good improvement in EBITDA margin Q2 and Q3 considering the slowing of investment cycle and the growth initiative? Can you please throw some light on this? And that’s all from me. Thank you very much.
Vijay Kumar Thadani
Thank you.
Pankaj Jathar
So there’s a couple of things on the investment cycle or the long investment cycle. So one, we built out our LMS platform and through last year we also enabled it with AI. That part of investment is behind us. We have a platform that our customers can use for their learning and delivery. Having said which there is still with all the fast paced innovation that’s happening in AI, we have to keep pace with creating content, creating curriculum which reflects these changes. So that side of investment will continue.
And we are also recalibrating all our existing courses with AI. So everything that we are doing is getting updated with AI as well and which is why you are seeing to continue a little more. But yes, you should be able to see some improvements towards the tail end of the year as some of these investments come to fruition. But right now we will continue to remain in an investment cycle because there is a lot of opportunity to be created by investing in creating tools and products that we can take to customers.
Vijay Kumar Thadani
No, I think this is perfect.
Unidentified Participant
Thank you sir. All the best.
Operator
Thank you. Participants, if you wish to join the question queue, you may press Star and one.
Vijay Kumar Thadani
So while you are waiting for a question queue, I just thought I’ll use this opportunity to invite our Director on the board, Mr. Sapnesh Lala to talk about how elsewhere in the world AI is getting used in improving the effectiveness and productivity in organizations and some of the strategies that are coming out of the Anita. Thanks Sujay.
Pankaj Jathar
Something that we are starting to use a lot of now. We have six or seven enterprise wide use cases at NLSL where as you might know, simulations and coaching are known to be the best ways to train. Example for most important or more most critical jobs such as flying an airplane, airlines often use a flight simulator along with a coach to help pilots train better. We are starting to use that paradigm, coupling that paradigm with an enterprise level performance sensing engine to keep a tab on performance of people and then identify the right simulations and coaching to send to them in the flow of work.
So that rather than focusing on training and creating courses that result into training, we focus on improving performance and our enterprise customers are starting to see the benefit. For example, one client who used to take more than a year to build up capability on a certain task is now able to shrink that time to proficiency by over six months. Another client who used this model to build sales capability was able to see significant improvements in pipeline build. So you’re starting to see these new models scale up and actually move the needle on capability and I think that’s where the market is going to go and I’m really heartened to see how NIIT limited in India is starting to bring such models to its enterprise clients in India, whether it’s GSI’s or GCCS and even banks.
Vijay Kumar Thadani
Are there any more questions?
Operator
No sir, there are no questions. Participants to join the question queue you may press star and one. Next question is from the line of Kunal Tokas from fvc. Please go ahead.
Vijay Kumar Thadani
Yes please.
Unidentified Participant
Okay,
Pankaj Jathar
So my question is about the.
Operator
The question is it the market for course providers and service providers promising reskilling for AI? Is that market getting cluttered so that NIIT may be having trouble standing out and selling attracting customers? Is that the concern?
Vijay Kumar Thadani
Okay, that’s a very good question by the way because if you see just about anybody and everybody has an AI skills offering but I think our experience and our early mover advantage comes in the way comes to our benefit given the fact that we are past creating just AI literacy, we are into now creating AI fluency and creating outcome based training and I think there we have a unique spot and organizations who are discerning enough to take advantage of AI in a more directed and focused way would pick us up as is visible from the contracts that we are getting.
And I think there these are engagements where we have to demonstrate value and to that extent we take higher accountability there our strong brand name, our past experience as well as having done it elsewhere in the world. I think all comes to our benefit. So we think we will have an advantage. But yes, you are absolutely right. AI literacy courses are coming through the woodwork and everybody and everywhere you have lots of these courses, but specific courses which are personalized to your situation and yourself.
I think there are few and far between. I think that’s where we differentiate ourselves.
Pankaj Jathar
Thank you very much. That was
Unidentified Participant
My only question.
Vijay Kumar Thadani
All right,
Operator
Thank you. Next question is from the line of Aman Prakash, who is an individual investor. Please proceed.
Unidentified Participant
Thank you for giving me this opportunity.
Operator
So I know that you know these are still early days and the company is in investment phase, but I just wanted to ask if do you have any like idea of the total addressable market or the size of the opportunity that lies ahead for us and where we are now versus where we can be in the next couple of years?
Vijay Kumar Thadani
Okay. I think where we can be, if everything remains the same, which it is not going to be, the opportunity is high. AI is going to make a very significant difference to the way people work and most certainly how people learn. We think we are at a very, very strong point as far as that is concerned. Now in terms of if you look at last year, last year AI projects were in pilot stage. This year serious investments went in at least later part of the year. And in the coming year I think there is much more appetite.
That appetite has to result in its outcomes. Those who will be able to realize outcomes will actually invest more because they can see we have elsewhere in the world and SAPNE just shared instances, specific instances where people have seen benefits coming. I think those are the cases which we continue to invest. I have a feeling the market size at this point of time to constrain it will perhaps not be the most productive thing. There are some established domains where I think AI’s applicability will be very high.
And we are focusing on some of those domains to take advantage of the growing market. If you really want to know what is the size of the market and stuff like that, there are reports and there are more reports and you could refer to any market.
Operator
Thanks. Thank you. Participants, if you wish to join the question queue, you may press star and one. As there are no further questions from the participants, I now hand the conference over to the management for their closing comments.
Vijay Kumar Thadani
Okay, thank you very much. As usual, very interesting questions and thank you for joining the call. I think your questions create the right amount of inquiry in our own minds and help us sharpen our strategy. We thank you for all the interest. If there is any question which is unaddressed Kapil Saurabh. And our teams will be very happy to answer them. Or organize meetings or calls for you as you would like to. So with that I would now like to close the call and wish you the very best.
Operator
Thank you, sir. On behalf of NIIT Limited, that concludes this conference. Thank you all for joining us. And you may now disconnect your lines.