Financial Performance (Standalone)

Quarter Ended September 30, 2026:

  • Revenue from Operations: ₹189.75 lakhs (compared to ₹753.80 lakhs in Q2 FY26)
  • Other Income: ₹145.72 lakhs (compared to ₹2.51 lakhs in Q2 FY26)
  • Total Income: ₹335.47 lakhs (compared to ₹756.31 lakhs in Q2 FY26)
  • Employee Benefit Expenses: ₹263.53 lakhs (compared to ₹697.32 lakhs in Q2 FY26)
  • Profit Before Tax: ₹30.74 lakhs (compared to ₹30.50 lakhs in Q2 FY26)
  • Net Profit: ₹30.60 lakhs (compared to ₹20.77 lakhs in Q2 FY26)
  • Basic and Diluted EPS: ₹0.01 (compared to ₹0.01 in Q2 FY26)

Half Year Ended September 30, 2026:

  • Revenue from Operations: ₹398.12 lakhs (compared to ₹1,528.99 lakhs in H1 FY26)
  • Other Income: ₹209.13 lakhs (compared to ₹5.03 lakhs in H1 FY26)
  • Total Income: ₹607.25 lakhs (compared to ₹1,534.02 lakhs in H1 FY26)
  • Net Profit: ₹58.59 lakhs (compared to ₹74.99 lakhs in H1 FY26)
  • Basic and Diluted EPS: ₹0.02 (compared to ₹0.02 in H1 FY26)

Capital Structure

  • Paid-up Equity Share Capital (face value ₹2 per share): ₹6,928.51 lakhs
  • Other Equity (Reserves): ₹5,310.93 lakhs as of September 30, 2026 (₹5,252.33 lakhs as of March 31, 2026)

Cash Flow (Standalone, Half Year)

  • Net Cash from Operating Activities: (₹220.30) lakhs
  • Net Cash from Investing Activities: ₹201.94 lakhs
  • Net Cash from Financing Activities: ₹12.19 lakhs
  • Net Decrease in Cash: (₹6.17) lakhs
  • Cash & Cash Equivalents at period end: ₹25.20 lakhs

Auditor's Qualified Opinion

JMT & Associates issued a qualified review report citing three main concerns:

1. Investment Impairment Risk: Carrying value of investments worth ₹6,825 lakhs in Portuguese subsidiary Cybermate International, Unipessoal, LDA, which remained non-operational for over six years and received cancellation notice from Portuguese authorities due to non-compliance with statutory filing requirements. The company transferred investments to new US subsidiary "Orchasp Inc" but auditors lacked sufficient information to assess impairment needs.

2. Statutory Dues Default: Company has not paid Tax Deducted at Source (TDS) and other statutory dues up to September 30, 2026.

3. Aging Receivables/Payables: Trade payables and trade receivables due for more than 6 months without confirmations, preventing auditors from commenting on recoverability/payability.

Management Response

Management provided clarifications on the qualified points:

  • Regarding Portuguese subsidiary: Portuguese authority issued cancellation notice due to non-filing. Investment transferred to "Orchasp Inc" to rectify compliance. Process ongoing to complete compliance as per accounting principles.
  • Regarding overdue receivables: Delays caused by adverse business and financial market conditions. Hopeful of realizing substantial portion in ensuing quarter, otherwise will provision for bad debts.
  • Regarding statutory dues: Delay due to temporary liquidity constraints. Taking steps to regularize outstanding dues.

Subsidiary Updates

  • Cybermate Infotek Limited Inc, USA: No operations for period ended September 30, 2026
  • Orchasp Inc, USA: Newly incorporated subsidiary, awaiting RBI approvals to commence operations
  • Cybermate International Unipessoal, LDA, Portugal: Business discontinued due to cancellation of incorporation certificate

Segment Reporting

Company operates in single business segment: computer programming consultancy and related services.

Consolidated Results

Consolidated financial results mirror standalone results exactly with same revenue, profit, and EPS figures, indicating no operational contribution from subsidiaries.

Assets and Liabilities (Standalone as of September 30, 2026)

  • Total Assets: ₹23,962.35 lakhs
  • Non-Current Assets: ₹6,847.31 lakhs (including Investments: ₹6,827.18 lakhs)
  • Current Assets: ₹17,115.04 lakhs (including Trade Receivables: ₹16,777.77 lakhs)
  • Total Equity: ₹12,239.43 lakhs
  • Current Liabilities: ₹11,722.91 lakhs (including Trade Payables: ₹9,485.44 lakhs)