Quick Heal Technologies (QHTL) is a dominant player in the growing Retail IT Security software market in India with a market share of 30% and an active license user base of 7.13mn. ~87% of its customers are retail clients while the balance is made up of enterprises and government institutions. The company has laid the foundation in terms of product development, creating infrastructure for distribution and built a brand to further grow its overall business. Leadership position in growing Retail IT Security market: The Indian IT Security software market is estimated to be at Rs1,500-1,800cr in 2015, of which, the retail market accounts for ~Rs600-800cr. The retail market has grown from ~Rs400-600cr in 2013 and is expected to post a CAGR of 20-25% over 2015-17E on the back of growing number of internet users. QHTL is best placed to benefit from the growing industry on the back of its brand visibility along with its wide distribution reach. Strong distribution network with good brand equity: Despite facing competition from international as well as domestic players in India, QHTL has been able to successfully grow its business and establish a strong position across India on the back of its 19,000 retail channel...