Standalone Financial Performance

Quarter Ended September 30, 2026:

  • Total Income: ₹8,074.14 lakhs (Q2 2025: ₹5,577.35 lakhs)
  • Profit before Exceptional Items: ₹2,975.88 lakhs (Q2 2025: ₹1,128.47 lakhs)
  • Exceptional Items: ₹(1,500.00) lakhs (investment in subsidiary written off)
  • Profit before Tax: ₹1,475.88 lakhs (Q2 2025: ₹505.18 lakhs)
  • Tax Expense: ₹275.60 lakhs
  • Net Profit: ₹1,200.28 lakhs (₹2.60 per share) (Q2 2025: ₹229.19 lakhs)

Six Months Ended September 30, 2026:

  • Total Income: ₹15,187.12 lakhs (H1 2025: ₹12,362.99 lakhs)
  • Profit before Exceptional Items: ₹4,876.50 lakhs (H1 2025: ₹3,687.41 lakhs)
  • Exceptional Items: ₹(3,000.00) lakhs
  • Profit before Tax: ₹1,876.50 lakhs (H1 2025: ₹2,314.12 lakhs)
  • Tax Expense: ₹361.34 lakhs
  • Net Profit: ₹1,515.16 lakhs (₹3.29 per share) (H1 2025: ₹1,960.20 lakhs)

Standalone Other Income Breakdown (Q2 2026):

  • Change in fair valuation of Investments: ₹222.52 lakhs
  • Interest Income: ₹4,055.30 lakhs
  • Others (net): ₹339.76 lakhs

Standalone Exceptional Items:

  • Investment in subsidiary written off/ECL: ₹(1,500.00) lakhs (Q2 2026)

Consolidated Financial Performance

Quarter Ended September 30, 2026:

  • Total Income: ₹20,997.64 lakhs (Q2 2025: ₹7,402.01 lakhs)
  • Loss before Exceptional Items: ₹(4,118.88) lakhs (Q2 2025: ₹(4,185.93) lakhs)
  • Profit before Tax: ₹(4,118.88) lakhs (Q2 2025: ₹(4,059.22) lakhs)
  • Tax Credit: ₹(75.64) lakhs
  • Net Loss: ₹(2,873.25) lakhs (₹(6.24) per share) (Q2 2025: ₹(2,826.40) lakhs)

Six Months Ended September 30, 2026:

  • Total Income: ₹38,204.83 lakhs (H1 2025: ₹16,864.18 lakhs)
  • Loss before Exceptional Items: ₹(8,747.75) lakhs (H1 2025: ₹(4,048.38) lakhs)
  • Profit before Tax: ₹(8,747.75) lakhs (H1 2025: ₹(3,921.67) lakhs)
  • Tax Expense: ₹51.47 lakhs
  • Net Loss: ₹(6,841.44) lakhs (₹(14.85) per share) (H1 2025: ₹(2,518.45) lakhs)

Consolidated Segment Performance (Q2 2026):

  • Software services/IT Solutions Revenue: ₹15,147.01 lakhs
  • Software services/IT Solutions Segment Loss: ₹(2,640.89) lakhs
  • Others Revenue: ₹203.89 lakhs
  • Others Segment Loss: ₹(3,296.80) lakhs

Key Legal and Regulatory Matters

Yes Bank AT-1 Bonds:

  • Company invested ₹30,000 lakhs in Yes Bank Perpetual Additional Tier I Bonds
  • ₹10,000 lakhs written off in earlier years as exceptional item
  • Bombay High Court quashed Administrator's decision to write off AT-1 bonds
  • Supreme Court upheld Bombay HC order on October 15, 2026
  • Yes Bank assessing options; Company has not reversed write-off or recognized interest income

NSEL Settlement Scheme:

  • Board approved Scheme of Arrangement between NSEL and Specified Creditors on February 18, 2025
  • Settlement Amount: ₹1,950 crore for claims of approximately ₹4,610 crore from 5,682 creditors
  • Scheme sanctioned by NCLT on November 28, 2025
  • NCLAT and Supreme Court dismissed challenges against the Scheme
  • ₹25,255.66 lakhs from attached assets realized and transferred to Settlement Account
  • Interest of ₹1,544.05 lakhs recognized in Q2 2026 interest income

IL&FS Investment:

  • Investment of ₹20,000 lakhs in IL&FS Transportation Networks Ltd NCDs
  • ₹13,557.10 lakhs impaired till March 31, 2025
  • Received interim distribution of ₹1,050.49 lakhs in previous quarter
  • Total interim distribution received: ₹7,228.49 lakhs
  • Carrying amount: ₹870.06 lakhs expected to be recovered

Dividend Restriction:

  • Bombay High Court order restraining dividend distribution due to NSEL-related civil suit
  • Final dividends for FY 2014-15, 2016-17 to 2020-21, 2022-23 to 2025-26 aggregating ₹10,229.44 lakhs not distributed
  • Civil suit withdrawn with liberty for restoration in terms of Scheme

Other Legal Proceedings:

  • Multiple civil suits, FIRs, charge-sheets, and investigations related to NSEL payment default
  • Matters pending with EOW, CBI, ED, SFIO, and various courts
  • Assets attached under MPID Act and PMLA
  • Applications filed for release of assets pursuant to Scheme

Capital Structure

  • Paid-up equity share capital: ₹921.57 lakhs (Face value ₹2 per share)
  • Standalone reserves: ₹3,03,212.38 lakhs (as of March 31, 2026)
  • Consolidated reserves: ₹3,54,261.85 lakhs (as of March 31, 2026)

Subsidiary Investments

  • Additional investment of ₹1,500.00 lakhs in National Spot Exchange Ltd (NSEL) during Q2 2026, written off during the quarter
  • Consolidated results include 3 domestic subsidiaries reviewed by their auditors and 4 domestic/4 foreign subsidiaries certified by management

Audit Qualifications

Standalone and Consolidated:

  • Qualified conclusion due to uncertainty around legal matters and investigations related to NSEL
  • Outcome of ongoing adjudications and investigations unknown and uncertain
  • Unable to comment on consequential impact on financial results

NSEL Subsidiary Additional Qualifications:

  • Other receivables, loans, advances and deposits subject to confirmation and reconciliation
  • Unable to form opinion on recoverability of outstanding balances

Cash Flow Highlights

Standalone (Six Months Ended September 30, 2026):

  • Net cash from operating activities: ₹(1,120.36) lakhs
  • Net cash from investing activities: ₹50,295.80 lakhs
  • Net cash used in financing activities: ₹(51.39) lakhs
  • Net increase in cash: ₹4,823.59 lakhs

Consolidated (Six Months Ended September 30, 2026):

  • Net cash used in operating activities: ₹(14,549.14) lakhs
  • Net cash from investing activities: ₹61,870.11 lakhs
  • Net cash from financing activities: ₹3,223.49 lakhs
  • Net increase in cash: ₹50,544.46 lakhs

Notes

  • Previous year figures regrouped/reclassified where necessary
  • Financial results reviewed by Audit Committee and approved by Board
  • Meeting commenced at 3:00 p.m. and concluded at 4:45 p.m. on November 4, 2026