Outcome of the Board Meeting held on 11 February 2026
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The Board approved unaudited financial results for Q3 and nine months ended December 31, 2025. Consolidated revenue from operations jumped sharply to Rs. 4,214.59 lakhs in Q3 FY26 (vs Rs. 459.11 lakhs in Q3 FY25) and Rs. 10,435.05 lakhs for 9M FY26 (vs Rs. 1,111.14 lakhs in 9M FY25), driven mainly by newly acquired subsidiaries Itarium, Alpharithm, and CRG Solutions. Despite the revenue surge, the company reported a consolidated net loss of Rs. 182.60 lakhs in Q3 and Rs. 703.08 lakhs for 9M FY26. The Board also approved a Rights Issue of up to Rs. 125 Crores to eligible shareholders, and a Letter of Intent from Bijoy Hans Limited for technology platform development worth up to Rs. 5 Crore. The auditor flagged three Emphasis of Matter items covering pending IP acquisition advances (Rs. 354 lakhs to O2 Breathing Brains, Rs. 177 lakhs to Ujjvilas Technologies) and a corporate guarantee given for a subsidiary without charging any commission, which has been disclosed as a contingent liability.
For shareholders: While top-line growth is impressive (largely inorganic from acquisitions), the company continues to post losses, raising questions about profitability and the integration of recent buys. The Rs. 125 Crore Rights Issue will dilute existing shareholders but could fund further expansion. The contingent liability from the subsidiary guarantee adds off-balance-sheet risk worth monitoring.