Company Overview

Axentra Corp Limited (formerly Dugar Housing Developments Limited, CIN: L62013TN1992PLC023689) has completed a fundamental transformation from a dormant real estate entity to an active AI/IT technology company, documented in its 34th Annual Report for FY 2025-26.

Financial Performance

Revenue & Profitability:

  • Revenue from operations surged to ₹1,033.62 lakhs (FY25: ₹30.00 lakhs), entirely from international IT solutions and consulting services
  • Net profit reached ₹104.11 lakhs (FY25: ₹3.50 lakhs), representing significant operational improvement
  • Other income of ₹41.45 lakhs primarily from interest on bank deposits

Capital Structure & Funding:

  • Raised ₹31.3 crore through two preferential issues in August 2025 and February 2026
  • Paid-up capital increased from ₹30 lakhs to ₹1,970 lakhs
  • Net worth transformed from negative ₹86.93 lakhs to positive ₹3,125.18 lakhs
  • Securities premium account generated ₹1,168 lakhs from share issuances

Asset Restructuring:

  • Bank deposits of ₹3,003.79 lakhs with maturities of 3-12 months
  • New trade receivables of ₹1,041.20 lakhs, all considered good and undisputed
  • Complete disposal of property, plant and equipment (₹16.80 lakhs)
  • Cash and cash equivalents of ₹59.00 lakhs

Strategic Developments

Business Transformation:

  • Changed company name and objects to information technology
  • Acquired 51% stake in Fore Solutions Private Limited, an NVIDIA Elite partner with ₹127 crore annual revenue and 80% repeat business
  • Established operations in Chennai with pan-India sales coverage
  • Post-year-end acquisition of Kerner7 Private Limited as wholly-owned subsidiary

Growth Strategy: Three-pronged approach focusing on organic expansion of Fore's model nationally, inorganic acquisitions of capable businesses, and partner-delivered services model with Axentra as client-facing accountable party.

Corporate Governance

Board Composition: Fully reconstituted with Vinoth Kumar Mohanadas as Whole-time Director, Senthil Kumar Bellan as Managing Director, and three independent directors including Ulhas Deosthale, Jankiben Brahmbhatt, and Nirmal De Soysa Cooke.

AGM Resolutions: The 34th Annual General Meeting scheduled for September 30, 2026 includes proposals to increase authorized capital to ₹70 crore, appoint new directors, approve ₹100 crore related party transactions, and potential acquisition of Emageia Pty Ltd for USD 3.9 million through share swap and cash consideration.

Operational Metrics

  • Geographic Revenue: 100% from outside India
  • Major Customers: Two customers contributing ₹375.86 lakhs and ₹657.76 lakhs respectively
  • Key Ratios: Current ratio of 4.59, net profit ratio of 10.86%, return on capital employed of 3.62%, and debt-equity ratio of 0.03
  • Foreign Exchange: Earnings of ₹1,033.62 lakhs in USD, expenditure of ₹862.09 lakhs in USD

Outlook

No dividend recommended for FY26 to conserve profits for future development and expansion. The company is positioned for continued growth through its established AI/IT capabilities, strategic acquisitions, and strengthened capital base, with several transformative resolutions pending shareholder approval at the upcoming AGM.