Ideaforge Technology Limited has informed the Exchange about change in Management pursuant to appointment of Mr. Vipul Joshi as the Whole - time Director and Promoter of the Company, subject to the approval of the Shareholders.
IDEAFORGE · price
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Ideaforge Technology's board on July 22, 2025 approved its Q1 FY26 (quarter ended June 30, 2025) standalone and consolidated results along with the limited review report from BSR & Co. LLP. Standalone revenue from operations fell sharply to about ₹167 million from ₹871 million in Q1 FY25, with a standalone loss after tax of ₹212 million (EPS of ₹(4.99)) and a consolidated loss after tax of ₹235 million (EPS of ₹(5.40)). The board also approved the appointment of Mr. Vipul Joshi, the company's current CFO since 2008, as Whole-Time Director for five years, and additionally identified him as a Promoter, granting special rights to Promoters and requiring an amendment to the Articles of Association. Following the earlier resignation of a Non-Executive Director (intimated on July 8, 2025), the Risk Management and CSR Committees were reconstituted, with Mr. Joshi added to the Risk Management Committee.
Q1 FY26 shows a steep year-on-year revenue decline of roughly 81% and a wider quarterly loss, signalling continued demand weakness for shareholders. The elevation of the CFO to Whole-Time Director and his identification as a Promoter with special rights is a material governance change that will require shareholder approval via postal ballot and could alter control dynamics at the company.