Financial Performance Highlights

  • Revenue from Operations: ₹98.02 crore for FY26 vs ₹6.04 crore in FY25 (1,523% increase)
  • Net Profit: ₹4.96 crore for FY26 vs ₹0.24 crore in FY25
  • EBITDA: ₹5.45 crore for FY26 vs ₹0.24 crore in FY25
  • Total Income: ₹99.86 crore for FY26 vs ₹6.06 crore in FY25
  • Total Expenses: ₹94.41 crore for FY26 vs ₹5.81 crore in FY25
  • Interim Dividend: 10 paise per equity share (2.5%) declared for FY26

Capital Structure Changes

  • Preferential Allotment: 4,51,66,668 equity shares issued at ₹6 per share (₹4 face value + ₹2 premium)
  • Warrant Issuance: 9,31,66,667 warrants issued at ₹6 per warrant (25% premium received upfront)
  • Warrant Conversion: 29,50,001 warrants converted to equity shares during FY26
  • Authorized Share Capital: Increased from ₹20 crore to ₹80 crore
  • Current Share Capital: ₹27.77 crore as of March 31, 2026

Board and Management Changes

Appointments during FY26:

  • Mr. Shailesh Chitre as Independent Director (from November 13, 2025)
  • Mr. Harish Chander Khurana as Independent Director (from January 30, 2026)

Resignations during FY26:

  • Mr. Bhargeshwar Banerji (Independent Director, resigned March 07, 2026)
  • Ms. Khyati Nahar (resigned October 11, 2025)

Post-FY26 Changes:

  • Mr. Rakesh Rathi resigned as Managing Director (May 12, 2026)
  • Ms. Pratibha Ranka resigned as Company Secretary (August 14, 2026)
  • Mr. Uttam Dave's designation changed from Chairman & Whole Time Director to Chairman & Managing Director (effective May 29, 2026)

AGM Resolutions

The 39th AGM is scheduled for September 29, 2026, through video conferencing with the following agenda:

Ordinary Business:

1. Adoption of audited financial statements for FY26

2. Re-appointment of Mr. Yash Maheshwari who retires by rotation

Special Business:

3. Appointment of Mr. Shailesh Chitre as Independent Director

4. Appointment of Mr. Harish Chander Khurana as Independent Director

5. Change in designation of Mr. Uttam Dave to Chairman & Managing Director

6. Increase in remuneration of Mr. Uttam Dave to ₹5 lakh basic salary per month plus allowances

7. Approval of material related party transactions

Related Party Transactions

Shareholder approval sought for material RPTs with the following entities:

Entities where Mr. Uttam Dave is interested:

  • Nimit Global Foundation: ₹1 crore
  • TVAM Collective Private Limited: ₹1 crore
  • Thirty9 Studio Private Limited: ₹1 crore
  • CombatVerse Private Limited: ₹2 crore

Entities where Mr. Padmanabhan Desikachari is interested:

  • Indygen Labs Private Limited: ₹150 crore
  • Healtech Software Private Limited: ₹150 crore
  • IndyAstra Technologies Private Limited: ₹150 crore
  • IndyRX Solutions Private Limited: ₹150 crore
  • Indyfort Private Limited: ₹150 crore
  • Indyfint Private Limited: ₹150 crore
  • Appnomic Systems Private Limited: ₹150 crore

Remuneration Details

Mr. Uttam Dave's revised remuneration (effective February 01, 2026):

  • Basic Salary: ₹5,00,000 per month
  • Special Allowance: ₹2,02,350 per month
  • House Rent Allowance: ₹2,50,000 per month
  • Leave Travel Allowance: ₹6,000 per month
  • Statutory Bonus: ₹41,650 per month
  • Mediclaim Insurance: ₹5,00,000 (including spouse and 1 child)
  • Ex-gratia: As approved by Nomination and Remuneration Committee

Corporate Governance

  • Board met 14 times during FY26
  • Audit Committee met 6 times during FY26
  • Whistle Blower Policy implemented
  • Code of Conduct for Directors and Senior Management adopted
  • Secretarial Audit conducted by M/s. Jigar Darji & Associates

Subsidiary Information

  • 100% subsidiary incorporated in Dubai: "Istreet Network LLC FZ" with share capital of AED 1 Lac
  • Capital infusion pending from iStreet Network Limited
  • Subsidiary not yet functional

Penalties and Compliance Issues

  • SEBI penalties of ₹1,180 and ₹2,360 for non-compliance with prescribed compliance deadlines
  • Penalty of ₹4,66,100 for non-compliance with reclassification of Promoter and Promoter Group requirements (waiver application submitted)
  • Delay in filing Form DIR-12 with ROC for cessation of certain directors

Shareholding Pattern

Promoter Shareholding as of March 31, 2026:

  • Mr. Uttam Dave: 57,54,106 shares (8.29%)
  • Mr. Yash Maheshwari: 57,54,105 shares (8.29%)
  • Mr. Padmanabhan Desikachari: 15,00,000 shares (2.16%)
  • Ms. Rupashree Shrivastava: 2,08,333 shares (0.30%)

Auditor Information

  • Statutory Auditor: M/s. SMMP & Company, Chartered Accountants
  • Internal Auditor: RDJ and Associates LLP
  • Secretarial Auditor: M/s. Jigar Darji & Associates, Company Secretaries

Important Dates

  • Book Closure: September 18, 2026 to September 29, 2026
  • E-voting Period: September 25, 2026 (09:00 AM) to September 28, 2026 (05:00 PM)
  • Cut-off Date for E-voting: September 22, 2026
  • AGM Date: September 29, 2026 at 03:30 PM through video conferencing

Business Transformation

The company has transformed from a legacy business to an AI-focused technology company, describing itself as building "an ecosystem-led enterprise technology solutions business" focused on Artificial Intelligence, cybersecurity, cloud, data, infrastructure, observability, automation and digital transformation.