Financial Results Overview

Standalone Results (in ₹ million):

  • Q4 FY26 Total Income: ₹98.21 vs ₹173.06 in Q4 FY25
  • Q4 FY26 Net Loss: ₹(17.77) vs Net Profit of ₹28.73 in Q4 FY25
  • FY26 Net Profit: ₹56.17 vs ₹19.56 in FY25
  • FY26 EPS: ₹0.31 vs ₹0.11 in FY25

Consolidated Results (in ₹ million):

  • Q4 FY26 Total Income: ₹791.63 vs ₹173.07 in Q4 FY25
  • Q4 FY26 Net Loss: ₹(18.60) vs Net Profit of ₹28.74 in Q4 FY25
  • FY26 Net Profit: ₹28.83 vs ₹19.55 in FY25
  • FY26 EPS: ₹0.16 vs ₹0.11 in FY25

Audit Qualification Details

The statutory auditors, TR Chadha & Co LLP, issued a qualified opinion primarily concerning:

1. Inter-Corporate Deposit (ICD) to Eraaya Lifespaces Limited: Ebix Travels Private Limited (subsidiary) extended ICD of ₹532.84 million to ultimate holding company Eraaya Lifespaces Limited, with ₹456.38 million outstanding as of March 31, 2026

2. Lack of Business Rationale Evidence: Auditors were not provided with sufficient appropriate evidence regarding business rationale of these deposits

3. Regulatory Non-compliance: Transaction classified as material related party transaction under Regulation 23 of SEBI LODR requiring prior shareholder approval, which was not obtained initially (approved subsequently via postal ballot on April 11, 2026)

Corporate Actions and Capital Changes

1. Rights Issue: Completed on October 14, 2025, issuing 52,23,295 equity shares of ₹10 each (pre-split) at ₹191 per share, raising ₹997.65 million

2. Share Subdivision: Face value reduced from ₹10 to ₹2 per share effective February 13, 2026

3. Bonus Issue: 2:1 bonus issue effective February 14, 2026

4. Investment in ETPL: Converted ₹1,711.89 million ICD into equity shares and subscribed to additional shares, total investment ₹810.00 million, resulting in 43.23% ownership

Legal and Regulatory Matters

1. ED Penalty: Directorate of Enforcement imposed penalty of ₹329.07 million on company and ₹35.20 million on principal officer for FEMA non-compliance matters prior to December 31, 2018 acquisition

2. Commercial Suit: Bull Value Incorporated VCC Sub-Fund filed suit in Commercial Court, Dwarka, Delhi challenging shareholding transfer and rights issue, with status quo order dated November 27, 2025

3. Appeals Filed: Company has appealed ED penalties before SAFEMA Appellate Tribunal and made 15% pre-deposit as directed

Segment Reporting

Consolidated Segment Revenue (FY26 in ₹ million):

  • Foreign Exchange, Money Transfer and Payment services: ₹447.48
  • Travel Services: ₹1,492.97
  • Total: ₹1,940.46

Cash Flow Highlights

Standalone (FY26 in ₹ million):

  • Operating Activities: ₹(126.81)
  • Investing Activities: ₹(768.15)
  • Financing Activities: ₹719.10
  • Net Cash Flow: ₹(175.86)

Consolidated (FY26 in ₹ million):

  • Operating Activities: ₹629.55
  • Investing Activities: ₹(343.59)
  • Financing Activities: ₹41.67
  • Net Cash Flow: ₹327.62

Management Response to Audit Qualification

Management believes no adjustments are required to financial results as:

  • ICD represents substantiated and commercially tenable transaction
  • Shareholder approval obtained subsequently via postal ballot on April 11, 2026
  • Transaction was undertaken based on bona fide interpretation of prevailing regulatory framework

Other Material Information

  • Board meeting held on May 27, 2026 from 9:00 PM to 10:00 PM
  • Results published in newspapers and available on company website www.indiaforexonline.com
  • Previous period figures regrouped/reclassified for comparability
  • ETPL consolidated from September 1, 2025 onward, making quarterly comparisons not directly comparable