Key Board Approvals

The Board of Directors approved the following matters:

1. Standalone and Consolidated Unaudited Financial Results (with Limited Review Report) for the quarter and half year ended September 30, 2026.

2. Subscription of up to 2,00,00,000 Compulsorily Convertible Debentures (CCDs) of Mcray Xtend India Private Limited at an issue price of ₹10 per CCD, aggregating up to ₹20,00,00,000 (Twenty Crore).

The meeting commenced at 1:00 PM IST and concluded at 3:48 PM IST.

Standalone Financial Performance (Quarter Ended September 30, 2026)

  • Revenue from operations: ₹238.61 crore (vs ₹240.76 crore in Q1 FY27; ₹239.75 crore in Q2 FY26)
  • Other income: ₹6.90 crore
  • Total Revenue: ₹245.51 crore
  • Profit Before Tax (PBT): ₹41.08 crore (vs ₹64.84 crore in Q1 FY27; ₹66.31 crore in Q2 FY26)
  • Profit After Tax (PAT): ₹18.22 crore (vs ₹48.66 crore in Q1 FY27; ₹47.07 crore in Q2 FY26)
  • Basic EPS: ₹0.03 (vs ₹0.08 in Q1 FY27; ₹0.08 in Q2 FY26)

Standalone Financial Performance (Half Year Ended September 30, 2026)

  • Revenue from operations: ₹479.37 crore (vs ₹537.43 crore in H1 FY26)
  • Other income: ₹14.30 crore
  • Total Revenue: ₹493.66 crore
  • Profit Before Tax (PBT): ₹105.91 crore (vs ₹137.35 crore in H1 FY26)
  • Profit After Tax (PAT): ₹66.88 crore (vs ₹98.89 crore in H1 FY26)
  • Basic EPS: ₹0.11 (vs ₹0.17 in H1 FY26)

Consolidated Financial Performance (Quarter Ended September 30, 2026)

  • Revenue from operations: ₹2,129.24 crore (vs ₹1,802.76 crore in Q1 FY27; ₹1,644.42 crore in Q2 FY26)
  • Other income: ₹16.01 crore
  • Total Revenue: ₹2,145.25 crore
  • Profit Before Tax (PBT): ₹359.10 crore (vs ₹311.67 crore in Q1 FY27; ₹375.88 crore in Q2 FY26)
  • Profit After Tax (PAT): ₹267.32 crore (vs ₹237.08 crore in Q1 FY27; ₹278.25 crore in Q2 FY26)
  • Non-Controlling Interest: ₹(1.33) crore
  • Basic EPS: ₹0.45 (vs ₹0.40 in Q1 FY27; ₹0.48 in Q2 FY26)

Consolidated Financial Performance (Half Year Ended September 30, 2026)

  • Revenue from operations: ₹3,932.00 crore (vs ₹3,283.99 crore in H1 FY26)
  • Other income: ₹33.76 crore
  • Total Revenue: ₹3,965.76 crore
  • Profit Before Tax (PBT): ₹670.77 crore (vs ₹776.67 crore in H1 FY26)
  • Profit After Tax (PAT): ₹504.40 crore (vs ₹555.79 crore in H1 FY26)
  • Basic EPS: ₹0.86 (vs ₹0.95 in H1 FY26)

Segment Reporting (Consolidated)

The company operates in three reportable segments as per Ind AS 108:

1. IT-Surveillance: Revenue of ₹563.27 crore in Q2 FY27 (Segment result: ₹191.15 crore)

2. IT/ITES Services: Revenue of ₹1,561.80 crore in Q2 FY27 (Segment result: ₹379.97 crore)

3. Drone: Revenue of ₹4.17 crore in Q2 FY27 (Segment result: ₹(14.60) crore)

Key Corporate Developments

1. Investment in Joint Venture: The company entered into a Strategic Investment and Collaboration Agreement with Rayonix Tech Private Limited on April 25, 2026, establishing a Joint Venture named MCray Xtend India Private Limited. The company has a total commitment of $16 million for Capex and Opex.

2. Rights Issue in Subsidiary: On March 24, 2026, Scandron Private Limited (SPL), a subsidiary, made a rights issue of equity shares at ₹100 per share (face value ₹10). The company participated for an aggregate amount of ₹56 crore, increasing its shareholding in SPL from 70.00% to 92.11%.

3. CCD Subscription: The board approved subscription of up to 2 crore CCDs in MCray Xtend India Private Limited at ₹10 per CCD, aggregating ₹20 crore. The CCDs have a maximum tenure of 5 years and will be converted into equity shares upon completion of the tenure.

Financial Position (Standalone as of September 30, 2026)

  • Total Assets: ₹5,861.09 crore (vs ₹5,641.64 crore as of March 31, 2026)
  • Equity Share Capital: ₹117.81 crore
  • Other Equity: ₹1,499.78 crore
  • Total Equity: ₹2,677.91 crore
  • Borrowings (Non-current): ₹2,517.52 crore
  • Borrowings (Current): ₹448.91 crore

Financial Position (Consolidated as of September 30, 2026)

  • Total Assets: ₹13,380.30 crore (vs ₹11,531.90 crore as of March 31, 2026)
  • Equity Share Capital: ₹117.81 crore
  • Other Equity: ₹6,209.20 crore
  • Total Equity: ₹7,387.20 crore
  • Borrowings (Non-current): ₹1,441.87 crore
  • Borrowings (Current): ₹2,240.71 crore

Auditor's Review

S G C O & Co. LLP, Chartered Accountants, conducted a limited review of both standalone and consolidated financial results. Their review did not identify any material misstatements, and the results are prepared in accordance with Ind AS 34 and other applicable accounting principles.