Key Financial Figures (Standalone)

  • Total Income: ₹100.34 million for Q1 FY27 (vs ₹98.21 million in Q4 FY26 and ₹165.51 million in Q1 FY26)
  • Total Expenses: ₹89.12 million for Q1 FY27 (vs ₹96.12 million in Q4 FY26 and ₹104.49 million in Q1 FY26)
  • Profit Before Tax from Continuing Operations: ₹11.22 million before exceptional items
  • Exceptional Items: ₹127.19 million impairment loss on investment in ETPL
  • Net Profit After Tax: Loss of ₹119.62 million for Q1 FY27 (vs loss of ₹17.78 million in Q4 FY26 and profit of ₹45.14 million in Q1 FY26)
  • Earnings Per Share: (₹0.49) basic and diluted for Q1 FY27
  • Paid-up Equity Share Capital: ₹490.54 million (Face Value ₹2 per share)
  • Other Equity: ₹2,789.65 million as of March 31, 2026

Key Financial Figures (Consolidated)

  • Total Income: ₹671.01 million for Q1 FY27 (vs ₹791.63 million in Q4 FY26)
  • Total Expenses: ₹678.48 million for Q1 FY27 (vs ₹768.29 million in Q4 FY26)
  • Profit Before Tax from Continuing Operations: Loss of ₹7.47 million before exceptional items
  • Exceptional Items: ₹294.22 million goodwill impairment in ETPL
  • Net Profit After Tax: Loss of ₹306.29 million for Q1 FY27 (vs loss of ₹18.60 million in Q4 FY26)
  • Earnings Per Share: (₹0.52) basic and diluted for Q1 FY27
  • Net Profit Attributable to: Owners of Holding Company: loss of ₹128.34 million; Non-Controlling Interest: loss of ₹177.95 million
  • Paid-up Equity Share Capital: ₹490.54 million (Face Value ₹2 per share)
  • Other Equity: ₹2,774.94 million as of March 31, 2026

Auditor Review and Qualifications

Independent auditor T R Chadha & Co LLP issued a qualified review report citing two main issues:

1. PMLA Proceedings: Directorate of Enforcement (ED), Raipur Zonal Office, issued Provisional Attachment Order No. 16/2026 dated June 05, 2026, attaching 74.86% of Ebix Limited's investment in Ebix Inc., USA (amounting to ₹8,930.30 million). The order contains restrictions on alienation, sale, transfer, modification or creation of any lien or charge over assets and investments of Ebix Inc. and its subsidiaries, including Delphi World Money Limited and ETPL, to the extent of ₹8,930.30 million. ED's complaint for confirmation is pending before Adjudicating Authority.

2. Inter-Corporate Deposits by ETPL: During the quarter, ETPL extended ICDs to Advik Capital Limited (a related party named in the PMLA order) with maximum outstanding of ₹463.69 million and closing balance of ₹448.69 million as of June 30, 2026. These transactions exceeded materiality threshold of 10% of annual consolidated turnover but lacked required Audit Committee and shareholder approvals under Regulation 23 of Listing Regulations.

The auditor concluded that except for these matters, nothing has come to their attention causing belief that the financial results contain material misstatement.

Legal and Regulatory Proceedings

FEMA Penalties

  • Enforcement Directorate levied monetary penalty of ₹329.07 million on company and ₹35.20 million on Principal Officer for alleged FEMA non-compliance
  • Matters relate to period prior to acquisition by EbixCash World Money Limited (December 31, 2018)
  • Company has filed appeals before Appellate Tribunal and made pre-deposit of 15% of penalty amount
  • Management believes no financial impact due to indemnities from erstwhile promoters

Bull Value Litigation

  • Commercial suit filed November 14, 2025 by Bull Value Incorporated VCC Sub-Fund challenging:
  • Change in shareholding and management control of ETPL
  • Rights Issue undertaken by company
  • Order dated June 01, 2026 returned plaint for want of territorial jurisdiction and vacated interim status-quo directions
  • Court did not adjudicate substantive allegations on merits
  • Company considers it contingent legal matter with no ascertainable financial impact

ETPL Auditor Intimation

  • Previous statutory auditors M/s K G Somani & Co LLP issued intimation dated September 29, 2026 under Section 143(12) of Companies Act, 2013
  • Raised concerns regarding PMLA order and rationale for inter-company fund movements
  • ETPL management prepared detailed response disputing concerns and denying wrongdoing

Investment in ETPL and Impairment

  • Company holds 45,033,749 equity shares (43.23%) of ETPL with aggregate investment cost of ₹2,521.89 million
  • During quarter, ETPL wrote off goodwill of ₹294.22 million relating to businesses acquired in 2018
  • Company recognized impairment loss of ₹127.19 million (proportionate share) presented as exceptional item
  • No deferred tax asset recognized on impairment

Segment Reporting

  • Standalone: Single operating segment - Foreign Exchange services
  • Consolidated: Two operating segments:
  • Foreign Exchange, Money Transfer and Payment services: Revenue ₹96.77 million, segment result ₹26.19 million
  • Travel Services: Revenue ₹416.02 million, segment result (₹18.51) million

Corporate Actions

  • Rights issue completed on November 7, 2025
  • Sub-division of equity shares from ₹10 to ₹2 each effective February 13, 2026
  • Bonus issue in ratio 2:1 effective February 14, 2026
  • Weighted average number of shares adjusted retrospectively for all periods

Other Matters

  • ETPL has outstanding ICD receivables: ₹26.56 million with Ebix Limited (fully settled post-quarter) and ₹448.69 million with Advik Capital Limited
  • ETPL received notice dated September 30, 2026 from Collector of Stamps (HQ), Government of NCT of Delhi for adjudication of stamp duty on scheme of merger/amalgamation (amount not quantified)
  • Board meeting held on November 11, 2026 from 5:30 PM to 6:30 PM
  • Results to be published in newspapers and on company website www.indiaforexonline.com

Management Response to Audit Qualifications

Management believes:

1. PMLA provisional attachment order does not name company as party and will not impact financial position

2. ICDs given by ETPL to Advik Capital are recoverable and no adjustments required

3. Company is process of procuring shareholder approval for material related party transactions