Financial Performance Highlights (FY 2025-26 vs FY 2024-25)

  • Total Income: ₹211.59 lakhs (decreased from ₹330.49 lakhs in FY25, down 35.98%)
  • Total Expenses: ₹831.23 lakhs (slightly increased from ₹830.14 lakhs in FY25)
  • Loss Before Tax: ₹619.64 lakhs (increased from ₹499.65 lakhs in FY25, up 24.01%)
  • Net Loss: ₹619.64 lakhs (increased from ₹499.65 lakhs in FY25)
  • Total Comprehensive Loss: ₹625.97 lakhs (increased from ₹501.31 lakhs in FY25)
  • EPS (Basic & Diluted): (₹12.39) per share (deteriorated from (₹9.99) per share in FY25)

Key Financial Ratios (Significant Changes >25%)

  • Debtors Turnover Ratio: 0.73 (from 1.06) - decreased 31.13%
  • Inventory Turnover Ratio: 10.36 (from 18.47) - decreased 43.91%
  • Current Ratio: 0.05 (from 0.08) - decreased 37.50%
  • Operating Profit Margin: (238.4%) (from (125.51%)) - deteriorated 89.95%
  • Net Profit Margin: (3.45%) (from (1.68%)) - deteriorated 105.36%
  • Return on Net Worth: (123.91%) (from (99.91%)) - deteriorated 24.02%

Segment-wise Performance

Test, Measurement & Embedded Solutions for Educational Sector:

  • Revenue: ₹176.02 lakhs
  • Segment Results: Loss of ₹31.77 lakhs

Data Quality, Statistical & Analytics Software:

  • Revenue: ₹3.83 lakhs
  • Segment Results: Profit of ₹2.27 lakhs

Capital Structure

  • Authorized Capital: ₹5.50 crore (55,00,000 equity shares of ₹10 each)
  • Paid-up Capital: ₹5.00 crore (50,00,600 equity shares of ₹10 each) - unchanged during FY26
  • Net Worth: Negative ₹35.04 crore (fully eroded)

Board of Directors & Key Management Personnel

Directors as on March 31, 2026:

1. Ziaulla Sheriff (DIN: 00002098) - Chairman and Managing Director

2. Maddur Gundurao Mohan Kumar (DIN: 00020029) - Independent Director

3. Hina Sayeeda (DIN: 03642269) - Non-Executive Director

4. Supriya Kumar Guha (DIN: 03202991) - Non-Executive Director

5. Akthar Begum (DIN: 07624256) - Independent Director

6. Kalyan Kumar Vattipalli (DIN: 08407618) - Independent Director (appointed February 13, 2026)

Changes during FY26:

  • Krishnendu Prasad Ray (Independent Director) resigned effective August 22, 2025
  • Maddur Gundurao Mohan Kumar completed tenure as Independent Director
  • Mukhtar Ahmad completed tenure as CFO on May 30, 2026
  • Mark Noronha appointed as CFO effective May 30, 2026
  • Joydeep Sarkar resigned as Company Secretary effective June 20, 2026

Special Business for AGM: Re-appointment of Mr. Ziaulla Sheriff as Managing Director & Chairman for 5 years from August 12, 2026 to August 11, 2031, with approval for continuation beyond age of 70 years (will attain 86 years during term).

Statutory Auditors' Qualified Opinion

M/s. CAS & Co. issued qualified opinion citing:

1. Overdue Statutory Dues: ₹16.29 crore outstanding as of March 31, 2026:

  • Sales Tax/Service Tax/GST: ₹248.30 lakhs (including interest ₹177.37 lakhs)
  • Provident Fund/ESIC/Professional Tax: ₹209.74 lakhs (including interest ₹137.78 lakhs)
  • Tax Deducted at Source: ₹1,171.04 lakhs (including interest ₹674.35 lakhs)

2. Unprovided Rent Expense: ₹607.15 lakhs for period April 1, 2019 to July 31, 2024 for office premises jointly owned by promoter

3. Intangible Assets Under Development: ₹2,431.02 lakhs carrying value for software development ongoing for long time

4. Unclassified Transaction: ₹1,000 lakhs received from 'City builder' shown as other current liability due to lack of documentation

5. Material Uncertainty Regarding Going Concern: Company incurred cash losses, net worth fully eroded, current liabilities exceed current assets

Secretarial Audit Observations

M/s. Mehul Jain & Associates reported multiple compliance issues including:

  • Delayed submissions of shareholding pattern, share capital audit reports, demat requests reports to BSE
  • Delayed intimations of board meetings and material events to stock exchanges
  • Non-obtainment of annual affirmation of compliance with Code of Conduct
  • Non-compliance with maintenance of Structured Digital Database for insider trading
  • Delayed filings of annual returns (MGT-7) and annual accounts (AOC-4) with ROC
  • Non-filing of FLA Return with RBI
  • Inadequate board composition and documentation deficiencies

Internal Financial Controls

Auditors reported material weakness in documentation of specific policies, procedures and IT controls pertaining to internal financial controls over financial reporting.

Employee Strength

  • Total employees: 28 (including KMP)
  • Gender-wise: Male: 25, Female: 3, Transgender: Nil
  • Median remuneration: ₹5.94 lakhs per annum

Subsequent Events

No material changes or commitments affecting financial position between March 31, 2026 and date of board report (September 7, 2026).

AGM Details

  • 31st Annual General Meeting: September 30, 2026 at 12:30 PM through Video Conferencing
  • Record Date: September 23, 2026
  • Remote e-Voting Period: September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)