Board Meeting Details

The Board of Directors meeting was held on Tuesday, August 11, 2026, commencing at 05:30 PM and concluding at 08:25 PM.

Key Approvals

1. Financial Results Approval

The Board considered and approved the Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026, as reviewed and recommended by the Audit Committee. The results were reviewed by statutory auditors V. Rohatgi & Co., Chartered Accountants, who issued Limited Review Reports.

2. Director Appointment

The Board approved the appointment of Mr. Narendra Bhandari (DIN: 07501370) as an Independent Director for a term of five consecutive years from August 11, 2026 to August 10, 2031, subject to shareholder approval at the ensuing 40th Annual General Meeting.

Mr. Bhandari is a technology and venture capital leader with over three decades of global experience across Intel, Microsoft, Persistent Systems and Soroco. He currently serves as General Partner at Seafund with expertise in enterprise technology, digital transformation, cloud, AI, SaaS and strategic partnerships. He holds a degree from IIT Madras and is a recipient of the Intel Achievement Award.

Financial Performance Summary

Consolidated Results (₹ in lakhs)

  • Revenue from operations: 25,275.74 (Q1 FY27) vs 22,449.99 (Q1 FY26)
  • Total income: 25,705.68 (Q1 FY27) vs 22,894.00 (Q1 FY26)
  • Net profit for the period: 348.75 (Q1 FY27) vs (460.87) (Q1 FY26)
  • Basic EPS from continued operations: ₹1.10 (Q1 FY27) vs (₹1.42) (Q1 FY26)
  • Basic EPS from discontinued operations: ₹0.03 (Q1 FY27) vs (₹0.08) (Q1 FY26)
  • Total comprehensive income: 2,807.59 (Q1 FY27) vs (403.50) (Q1 FY26)

Standalone Results (₹ in lakhs)

  • Revenue from operations: 3,799.38 (Q1 FY27) vs 3,541.02 (Q1 FY26)
  • Total income: 3,867.74 (Q1 FY27) vs 3,610.66 (Q1 FY26)
  • Net loss for the period: (247.98) (Q1 FY27) vs (499.02) (Q1 FY26)
  • Basic EPS from continued operations: (₹0.81) (Q1 FY27) vs (₹1.62) (Q1 FY26)
  • Total comprehensive income: 965.59 (Q1 FY27) vs (531.15) (Q1 FY26)

Auditor Emphasis Matters

The auditors highlighted several key matters in their limited review reports:

Consolidated Financials

  • Non-accounting of Quarterly Guaranteed Revenue totaling ₹80 crores from APSFL project due to collection uncertainty
  • Toll collection project issues in Nashik with unamortized capital cost of ₹3.30 crores
  • Multiple pending legal suits for recovery
  • Pending legal cases against subsidiaries
  • Preparation of financial statements of two subsidiaries on going concern basis
  • Pending RBI approvals under FEMA regulations for wound-up overseas subsidiaries
  • Management certified accounts of subsidiaries
  • GST demand of ₹9.08 crores for FY 2019-20 to 2022-23
  • Income tax search and assessment raising fresh demand of ₹3.14 crores

Standalone Financials

  • Pending RBI approvals for FEMA compliance regarding wound-up overseas subsidiaries
  • Non-accounting of ₹80 crores revenue from APSFL project
  • Nashik toll collection project issues
  • Multiple pending legal suits
  • GST demand of ₹9.08 crores
  • Income tax demand of ₹3.14 crores

Subsidiaries Included in Consolidation

The consolidated results include:

1. Trigyn Technologies Limited (Holding Company)

2. Trigyn Technologies (India) Private Limited (Subsidiary)

3. Leading Edge Infotech Limited (Subsidiary)

4. Trigyn Technologies Inc. (Subsidiary)

5. Trigyn Technologies Schweiz GmbH, Switzerland (Subsidiary under Liquidation)

6. Trigyn Fin-Tech Private Limited (Subsidiary)

7. Trigyn E-Governance Private Limited (Subsidiary)

8. Trigyn Eduexpert Private Limited (Subsidiary)

9. Trigyn Healthcare Private Limited (Subsidiary)

Major Contracts and Legal Disputes

APSFL Project (Andhra Pradesh)

  • Total contract value: ₹160 crores (₹80 crores supply, ₹80 crores O&M)
  • Revenue recognized: ₹79.90 crores for supply contract
  • Outstanding receivables: ₹61.50 crores (over 7 years old)
  • Inventory holding: ₹2.17 crores as of June 30, 2026
  • ₹80 crores O&M revenue not booked due to collection uncertainty
  • Full ECL provision of ₹61.50 crores made

Nashik Smart Parking Project

  • Termination notice received September 4, 2023
  • Arbitration proceedings initiated
  • Bank guarantee of ₹1.9 crores invoked on October 20, 2025
  • Unamortized capital cost: ₹3.30 crores
  • Expenditure charged: ₹25.78 lakhs in Q1 FY27
  • Amortization: ₹22.48 lakhs in Q1 FY27

BharatNet Phase III Project

  • Order value: ₹101.61 crores
  • Receivables: ₹25.01 crores
  • ECL provision: ₹1.08 crores for Q1 FY27, cumulative ₹1.57 crores

Significant Legal Cases

1. TTINC Loan Recovery: $4 million loan to Malaysian entity, fully reserved, lawsuit dropped but can refile before October 28, 2028

2. TTIPL Copyright Case: J. Kohli & Anr. v. Ram Bhagwat & Ors., suit filed May 2002 for ₹60.63 lakhs, next hearing December 10, 2026

3. Millennium Synergy Recovery: Special civil suit for damages, next hearing August 11, 2026

4. Iram Technologies Cheque Case: Section 138 NI Act case, next hearing September 28, 2026

5. Toshniwal Enterprises: NCLT Kolkata liquidation proceedings, matter pending

6. ESDS Software Solution: Arbitration award received, petition challenging award filed in Bombay High Court

7. ISYX Technologies: Claim of ₹5.09 crores principal + ₹2.42 crores interest, NCLT matter listed September 28, 2026

8. ESDS Software Nashik: Commercial suit, next hearing October 22, 2026

9. NMSCDCL Arbitration: Section 9 petition, next hearing August 14, 2026

10. TCIL Termination: Section 9 relief granted, arbitration proceedings ongoing, next hearing August 19, 2026

Regulatory and Tax Matters

GST Demand

  • Order received for FY 2019-20 to 2022-23: ₹9.08 crores
  • Appeal filed before GST (Appeals) on June 30, 2026
  • Company believes claim is assumptive based on favorable orders for previous years

Income Tax Demand

  • Search conducted u/s 132 on August 29, 2018
  • Block assessment for 2014-15 to 2019-20
  • Fresh demand of ₹3.14 crores raised
  • Appeals/rectifications filed

RBI Approvals

  • Pending FEMA approvals for writing off balances of wound-up overseas subsidiaries
  • Process ongoing for over 11 years
  • Investments, receivables, and loans fully provided for but carried in books

Financial Position Highlights

Working Capital Facilities

  • Sanctioned facilities: ₹100 crores (₹40 crores fund-based, ₹60 crores non-fund based)
  • Utilization: ₹17.07 crores fund-based, ₹11.58 crores non-fund based
  • Security: Company property (₹448.14 lakhs), promoter entity property (₹3,265 lakhs), personal and corporate guarantees

Investments

  • IIRM Holdings Limited: 29,15,554 shares valued at ₹134.55 per share
  • Unrealized gain: ₹1,619.15 lakhs shown under OCI

Related Party Transactions

  • Receivable from Promuk Hoffman International: ₹70.00 lakhs
  • Rental advance to United Telecoms Limited: ₹68.21 lakhs
  • Security deposit to United Telecoms Limited: ₹34.55 lakhs
  • Receivable from United Telecoms Limited: ₹500.00 lakhs (received August 10, 2026)
  • Receivable from Priyaraja Electronics Limited: ₹200.00 lakhs (received August 10, 2026)
  • Interest income recognized: ₹21 lakhs in Q1 FY27 (cumulative ₹231 lakhs)

Segment Information

  • Single reportable segment: "Communication and information technology staffing support services"

Employee Benefits

  • Gratuity and leave encashment provided as per actuarial valuation
  • Impact of Labour Codes considered effective April 1, 2026
  • Monitoring finalization of Central and State Rules

Going Concern Matters

  • Subsidiaries Leading Edge Infotech Limited and Trigyn Technologies India Private Limited have negative net worth
  • Dependent on holding company support
  • Management exploring revival options including merger/amalgamation/liquidation

Expected Credit Loss (ECL) Provisions

  • TTInc cumulative ECL: ₹3.19 crores
  • TTL cumulative ECL: ₹65.23 crores
  • Q1 FY27 ECL provision: ₹0.96 crores

Exceptional Items

  • Q1 FY27: Provision for loan to subsidiary ₹4.20 lakhs