Board Meeting Details

The Board of Directors meeting was held on Monday, November 02, 2026, commencing at 05:15 p.m. and concluding at 07:00 p.m.

Financial Results Overview

The Board approved the Unaudited Financial Results (Standalone & Consolidated) for Q2 and H1 FY27, reviewed by B S R & Co. LLP, Chartered Accountants.

Standalone Financial Performance (Amounts in INR Million)

Quarterly Performance:

  • Q2 FY27 (Sep 30, 2026): Revenue from operations: ₹912.85; Other Income: ₹61.96; Total Income: ₹974.81; Profit Before Tax: ₹78.72; Profit After Tax: ₹77.48
  • Q1 FY27 (Jun 30, 2026): Revenue from operations: ₹684.17; Other Income: ₹18.69; Total Income: ₹702.86; Loss Before Tax: (₹116.82); Loss After Tax: (₹23.07)
  • Q2 FY26 (Sep 30, 2025): Revenue from operations: ₹416.70; Other Income: ₹31.99; Total Income: ₹448.69; Loss Before Tax: (₹153.03); Loss After Tax: (₹150.59)

Half-Yearly Performance (H1 FY27):

  • Total Income: ₹1,677.67; Profit After Tax: ₹54.41
  • H1 FY26: Total Income: ₹615.03; Loss After Tax: (₹368.38)

Earnings Per Share (₹):

  • Q2 FY27: Basic & Diluted: ₹1.56
  • Q1 FY27: Basic & Diluted: (₹0.53)
  • Q2 FY26: Basic & Diluted: (₹3.45)

Key Balance Sheet Items (Standalone as of Sep 30, 2026)

  • Total Assets: ₹12,121.89 Million (Mar 31, 2026: ₹8,197.19 Million)
  • Equity: ₹11,176.95 Million (Mar 31, 2026: ₹6,205.28 Million)
  • Cash & Cash Equivalents: ₹819.73 Million (Mar 31, 2026: ₹263.71 Million)
  • Investments: ₹1,107.05 Million (Mar 31, 2026: ₹684.96 Million)

QIP Fundraising and Utilization

On July 10, 2026, the company allotted 6,289,308 Equity Shares (Face Value ₹10) at an issue price of ₹795 per share, aggregating to ₹5,000 Million.

  • Gross Proceeds: ₹5,000.00 Million
  • Issue Expenses: ₹150.00 Million (₹114.56 Million utilized in Q2)
  • Net Proceeds: ₹4,850.00 Million

Utilization as of Sep 30, 2026:

  • Repayment/prepayment of certain Loans: ₹1,200.00 Million (100% of allocated ₹1,200.00M)
  • Funding Working Capital gap: ₹654.19 Million (39.65% of allocated ₹1,650.00M; Unutilized: ₹995.81M)
  • Investment in Product Development: ₹100.00 Million (11.11% of allocated ₹900.00M; Unutilized: ₹800.00M)
  • General Corporate Purposes: ₹131.00 Million (11.91% of allocated ₹1,100.00M; Unutilized: ₹969.00M)
  • Total Utilized: ₹2,085.19 Million; Unutilized: ₹2,764.81 Million

Employee Stock Option Scheme (ESOS)

  • During Q2 FY27: Granted 113,256 new stock options; Allotted 31,735 equity shares upon exercise.
  • During H1 FY27: Granted 128,283 new stock options; Allotted 152,096 equity shares upon exercise.

Accounting Policy Change

During Q1 FY27, the company changed the depreciation method for Property, Plant and Equipment from Written Down Value to Straight Line Method. This reduced depreciation charge by ₹4.69 million in Q2 FY27 and ₹9.87 million in H1 FY27, increasing profit/lowering loss accordingly.

Tax Provision Review

In Q1 FY27, the company reversed an excess tax provision of ₹60.43 million for past years where assessment was completed.

Consolidated Financial Highlights

Quarterly Performance:

  • Q2 FY27: Total Income: ₹975.57; Profit After Tax: ₹64.56
  • Q1 FY27: Total Income: ₹705.40; Loss After Tax: (₹25.89)
  • Q2 FY26: Total Income: ₹440.53; Loss After Tax: (₹196.19)

Half-Yearly Performance (H1 FY27):

  • Total Income: ₹1,680.97; Profit After Tax: ₹38.67
  • H1 FY26: Total Income: ₹607.69; Loss After Tax: (₹431.77)

Cash Flow Statements

Standalone H1 FY27:

  • Net Cash Used in Operating Activities: (₹755.95) Million
  • Net Cash Used in Investing Activities: (₹2,783.59) Million
  • Net Cash from Financing Activities: ₹4,095.11 Million
  • Net Increase in Cash: ₹555.57 Million

Consolidated H1 FY27:

  • Net Cash Used in Operating Activities: (₹780.40) Million
  • Net Cash Used in Investing Activities: (₹2,783.13) Million
  • Net Cash from Financing Activities: ₹4,095.11 Million
  • Net Increase in Cash: ₹531.58 Million

Subsidiary Information

The consolidated results include the wholly-owned subsidiary ideaForge Technology Inc. (USA). Its financials for H1 FY27 show total assets of ₹169.26 million, revenue of ₹2.83 million, and a net loss of ₹5.20 million.