Board Meeting Details

The Board meeting commenced at 12:00 p.m. IST and concluded at 03:45 p.m. IST on November 13, 2026.

Key Decisions Approved

1. Unaudited Half-Yearly Financial Results: Approved the unaudited financial results for the half year ended September 30, 2026, pursuant to Regulation 33 of SEBI Listing Regulations. The results were submitted along with a Limited Review Report from the auditor.

2. Variation in Objects of Fund Utilization: Approved the proposal for variation in the objects for utilization of funds raised through the Preferential Issue of Convertible Warrants. This is subject to approval by members of the company through a Special Resolution via postal ballot.

3. Postal Ballot Notice: Approved the draft Postal Ballot Notice for seeking shareholder approval on the variation of fund utilization objects.

4. Scrutinizer Appointment: Appointed Mr. Nishant Jain (Cop:27747), Practicing Company Secretary, as Scrutinizer for the e-voting process during the Postal Ballot.

5. Fund Utilization Confirmation: Confirmed that during the half year ended September 30, 2026, there was no deviation or variation in the utilization of proceeds from the issuance of Convertible Warrants from the objects stated in the notice of Postal Ballot Meeting, pursuant to Regulation 32 of SEBI LODR Regulations and SEBI circular CIR/CFD/CMD1/162/2019.

Proposal Not Approved

The proposal for appointment of Mr. Unni Krishnan Nair (PAN: *****5289M) as Manager and Whole-time Key Personnel of the Company was not considered/approved by the Board.

Financial Results Highlights (Half Year Ended September 30, 2026)

Income Statement:

  • Revenue From Operations: ₹0.00 lakhs
  • Other Income: ₹22.42 lakhs
  • Total Income: ₹22.42 lakhs
  • Total Expenses: ₹19.32 lakhs
  • Profit Before Exceptional Items and Tax: ₹3.10 lakhs
  • Exceptional Items: ₹0.00 lakhs
  • Profit Before Tax: ₹3.10 lakhs
  • Tax Expense: ₹9.57 lakhs (Deferred Tax)
  • Net Loss for the Period: ₹(6.47) lakhs
  • Total Comprehensive Income for the Period: ₹(6.47) lakhs

Per Share Data:

  • Paid-up Equity Share Capital: ₹599.29 lakhs (Face Value ₹10.00)
  • Basic EPS: ₹(0.11)
  • Diluted EPS: ₹(0.04)

Balance Sheet (as at September 30, 2026):

  • Total Assets: ₹3,473.85 lakhs
  • Non-current Assets: ₹2,123.45 lakhs (Property, Plant & Equipment: ₹559.00 lakhs; Capital Work in Progress: ₹1,184.05 lakhs; Deferred Tax Assets: ₹380.00 lakhs)
  • Current Assets: ₹1,280.40 lakhs (Trade Receivables: ₹341.11 lakhs; Cash and Cash Equivalents: ₹1,349.14 lakhs; Short Term Loans & Advances: ₹410.99 lakhs; Other Current Assets: ₹179.15 lakhs)
  • Total Equity and Liabilities: ₹3,473.85 lakhs
  • Shareholder's Funds: ₹3,438.37 lakhs (Share Capital: ₹599.29 lakhs; Reserves and Surplus: ₹177.48 lakhs; Share Warrant FV10/-: ₹739.35 lakhs; Share Warrant Premium: ₹1,922.25 lakhs)
  • Non-current Liabilities: ₹28.32 lakhs (Long Term Borrowings)
  • Current Liabilities: ₹7.16 lakhs (Other Current Liabilities: ₹1.23 lakhs; Short Term Provisions: ₹5.93 lakhs)

Cash Flow (Half Year Ended September 30, 2026):

  • Net Cash Used in Operating Activities: ₹(73.68) lakhs
  • Net Cash Used in Investing Activities: ₹(576.99) lakhs (Intangible Assets Under Development: ₹(599.34) lakhs; Purchase of Tangible Assets: ₹(0.07) lakhs; Interest Income: ₹22.42 lakhs)
  • Net Cash from Financing Activities: ₹0.00 lakhs
  • Net Decrease in Cash and Cash Equivalents: ₹(650.85) lakhs
  • Cash and Cash Equivalents at Beginning: ₹2,000.00 lakhs
  • Cash and Cash Equivalents at End: ₹1,349.14 lakhs

Fund Utilization Details

Preferential Issue Details:

  • Mode of Fund Raising: Preferential Issue
  • Date of Raising Funds: February 6, 2026 (allotment date)
  • Amount Raised: ₹35,48,88,000 (total issue size)
  • Amount Received: ₹26,61,60,000 (75% upfront consideration received as of February 6, 2025)
  • Balance 25% to be received upon conversion of warrants within 18 months

Utilization of Funds (as of September 30, 2026):

  • Working Capital for ADR and Related Services (Original Allocation: ₹6,11,60,000.00)
  • Utilized: ₹24,10,05,328.27 (₹21,46,80,864.27 from Oct 2025-Mar 2026; ₹2,63,24,464.00 from Apr-Sep 2026)
  • Sales and Marketing Activities (Original Allocation: ₹1,00,00,000.00)
  • Utilized: NIL
  • Investment/Capex in Technology Development Activities (Original Allocation: ₹19,50,00,000.00)
  • Utilized: ₹79,44,99,999.97 (₹75,43,15,349.97 from Oct 2025-Mar 2026; ₹4,01,84,650.00 from Apr-Sep 2026)

Deviation/Variation Status:

  • No deviation or variation in use of funds raised during the half year ended September 30, 2026.
  • The variation proposal is for future changes subject to shareholder approval.

Auditor's Review

K. Singh & Associates conducted a limited review of the unaudited financial results and issued an unmodified report. The review was performed in accordance with Standard on Review Engagement (SRE) 2410 issued by ICAI.