AAATECH - AAA Technologies
📢 Recent Corporate Announcements
Shareholders of Aaa Technologies Limited have overwhelmingly approved the re-designation of Mr. Venugopal Madanlal Dhoot as the Managing Director through a postal ballot. The special resolution received 7,443,365 votes in favor, representing nearly 100% of the total valid votes cast. Mr. Dhoot, who previously served as the Chief Financial Officer, will hold the Managing Director position until September 25, 2030. This transition, effective from March 06, 2026, indicates strong shareholder confidence in the current leadership team.
- Special resolution for re-designating Venugopal Madanlal Dhoot as Managing Director passed with 99.9999% majority.
- A total of 7,443,365 votes were cast in favor, with only 10 votes recorded against the resolution.
- The appointment is effective from March 06, 2026, and valid for the balance tenure up to September 25, 2030.
- Mr. Dhoot resigned from his role as Chief Financial Officer to take up the Managing Director position.
- The voting process involved 10,330 shareholders as of the record date of March 13, 2026.
Aaa Technologies has secured a significant empanelment with National Informatics Centre Services Inc. (NICSI) for the Comprehensive Security Audit (CSA) of critical government applications. The empanelment is valid until March 31, 2029, and covers a tentative volume of 80 applications (with a 50% variance). Revenue per audit is fixed based on application size, ranging from ₹10.80 lakh for small applications to ₹17.82 lakh for large applications with Aadhaar integration. This agreement provides the company with long-term revenue visibility and a strong foothold in the government cybersecurity sector.
- Empanelment valid until March 31, 2029, with a potential 2-year extension based on mutual agreement.
- Tentative workload involves auditing approximately 80 critical government applications.
- Fixed unit rates established: ₹16.20 lakh (Large), ₹13.50 lakh (Medium), and ₹10.80 lakh (Small) per audit.
- A 10% premium is applicable for applications requiring UIDAI/Aadhaar compliance testing.
- Scope includes VAPT, source code assessment, and cloud security audits for Central and State Government entities.
Aaa Technologies Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited, covers the quarter ended March 31, 2026. It confirms that all share certificates received for dematerialization were processed, mutilated, and cancelled as per regulatory requirements. This is a standard procedural filing required for all listed companies in India to ensure the integrity of the shareholding records.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- Registrar MUFG Intime India Private Limited confirmed all dematerialization requests were handled within timelines.
- Securities involved in the demat process are already listed on the BSE and NSE.
- Physical certificates were mutilated and cancelled after due verification by the depository participant.
AAA Technologies Limited has received a significant work order worth ₹56.64 lakhs from National Informatics Centre Services Incorporated (NICSI). The contract involves providing Application Security Audit and Compliance Services for the Municipal Corporation of Delhi. The project is scheduled for a duration of six months, running from April 1, 2026, to September 30, 2026. This win highlights the company's continued strength in the government-sector IT security auditing space.
- Total work order value is ₹56,64,000, which includes a base amount of ₹48,00,000 and 18% IGST.
- The contract is for providing specialized Application Security Audit services to the Municipal Corporation of Delhi.
- The engagement requires the deployment of four Senior Auditors for a period of six months.
- The order was issued by NICSI, a Government of India Enterprise under the Ministry of Electronics and Information Technology.
Aaa Technologies Limited has been awarded a work order worth ₹56.64 lakhs by National Informatics Centre Services Incorporated (NICSI). The contract involves providing Application Security Audit and Compliance Services for the Ministry of Home Affairs (MHA) under the ICJS Project. The engagement is scheduled for a duration of six months and involves deploying four Senior Auditors. This contract win highlights the company's continued empanelment and trust with government-linked IT infrastructure projects.
- Total work order value is ₹56,64,000 inclusive of taxes.
- Project involves providing 4 Senior Auditors for a period of six months.
- Services are specifically for the Ministry of Home Affairs' ICJS Project.
- Company must furnish a Performance Bank Guarantee (PBG) equivalent to 3% of the order value.
- The order reinforces the company's status as a CERT-In empanelled IT security auditor.
Aaa Technologies Limited has informed the stock exchanges that its trading window will be closed starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of audited financial results for the fiscal year ending March 31, 2026. The window will remain closed for all designated persons and their immediate relatives. It is scheduled to reopen 48 hours after the board meeting results are officially announced to the exchanges.
- Trading window closure effective from Wednesday, April 1, 2026
- Closure pertains to the Audited Financial Results for the year ended March 31, 2026
- Window to reopen 48 hours after the conclusion of the upcoming Board Meeting
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
AAA Technologies Limited has issued a postal ballot notice to seek shareholder approval for the re-designation of Mr. Venugopal Madanlal Dhoot as Managing Director. Mr. Dhoot, who previously served as the Chief Financial Officer, was appointed as MD effective March 6, 2026, following his resignation from the CFO post. The company is seeking a Special Resolution to confirm his tenure through September 25, 2030. Shareholders can participate in the remote e-voting process from March 19 to April 18, 2026.
- Re-designation of Mr. Venugopal Madanlal Dhoot from CFO to Managing Director effective March 6, 2026.
- Proposed appointment tenure for the Managing Director role extends until September 25, 2030.
- Remote e-voting period is scheduled from March 19, 2026, to April 18, 2026, with results by April 21, 2026.
- The cut-off date for determining shareholder eligibility for voting was March 13, 2026.
- The transition requires approval via a Special Resolution as per SEBI and Companies Act regulations.
AAA Technologies Limited has announced a significant leadership restructuring effective March 06, 2026. Mr. Venugopal Madanalal Dhoot, who has been with the company for 17 years and holds 11,02,500 equity shares, has transitioned from CFO to Managing Director. To fill the CFO vacancy, the company has appointed Mr. Deepak Sharma, a Chartered Accountant with over 30 years of experience across telecom and healthcare sectors. This move appears to be a strategic effort to professionalize the management tier while maintaining leadership continuity.
- Mr. Venugopal Madanalal Dhoot redesignated as Managing Director for a tenure ending September 25, 2030.
- Mr. Deepak Sharma appointed as the new Chief Financial Officer (CFO) with 30+ years of professional experience.
- Mr. Dhoot maintains a significant personal stake in the company with 11,02,500 equity shares.
- The new CFO, Mr. Sharma, brings extensive expertise in financial management, budgeting, and strategic planning from various sectors.
- The board approved these changes on March 06, 2026, following recommendations from the Nomination and Remuneration Committee.
AAA Technologies Limited has announced a significant leadership restructuring effective March 06, 2026. Mr. Venugopal Madanalal Dhoot, who has been with the company for 17 years and holds 11,02,500 shares, has transitioned from the role of CFO to Managing Director. To fill the CFO vacancy, the company has appointed Mr. Deepak Sharma, a Chartered Accountant with over 30 years of experience across telecom and financial services. This move separates the MD and CFO roles, potentially strengthening corporate governance and strategic oversight.
- Mr. Venugopal Dhoot redesignated as Managing Director with a tenure through September 25, 2030.
- Mr. Deepak Sharma appointed as the new Chief Financial Officer, bringing 30+ years of professional expertise.
- Mr. Dhoot maintains a significant skin-in-the-game with a personal holding of 11,02,500 equity shares.
- The transition was approved by the Board on March 06, 2026, following NRC recommendations.
AAA Technologies has announced a significant leadership restructuring effective March 06, 2026. Mr. Venugopal Madanalal Dhoot, who has been with the company for over 17 years and holds 11,02,500 equity shares, has transitioned from the CFO role to become the Managing Director. To fill the CFO vacancy, the company has appointed Mr. Deepak Sharma, a Chartered Accountant with over 30 years of experience across sectors like telecom and healthcare. This move appears to be a strategic realignment to leverage internal expertise while bringing in seasoned external financial leadership.
- Mr. Venugopal Madanalal Dhoot redesignated as Managing Director for a tenure ending September 25, 2030.
- Mr. Deepak Sharma appointed as the new Chief Financial Officer (CFO) effective March 06, 2026.
- Incoming CFO Deepak Sharma brings over 30 years of experience in financial management and strategic planning.
- Mr. Dhoot maintains a significant personal stake in the company with 11,02,500 equity shares.
- The changes were approved by the Board following recommendations from the Nomination and Remuneration Committee.
AAA Technologies Limited has successfully passed three special resolutions via postal ballot for the appointment of new Independent Directors. Shareholders overwhelmingly supported the appointments of Mr. Prateek Bhansali, Ms. Jyoti Torani, and Mr. Kamal Kishor Sharma for five-year terms. Approximately 68.84% of the total outstanding shares were polled, with 99.99% of votes cast in favor of each resolution. This move strengthens the company's board governance and ensures regulatory compliance.
- Shareholders approved the appointment of three Non-Executive Independent Directors for 5-year terms.
- A total of 8,829,678 votes were polled, representing 68.84% of the company's 12,826,800 total shares.
- All three resolutions received 99.9994% approval, with only 54 votes cast against each.
- The voting process was conducted via remote e-voting from January 29 to March 2, 2026.
Aaa Technologies reported a weak set of numbers for Q3 FY26, with revenue from operations declining 31% YoY to ₹478.61 lakhs. Net profit for the quarter fell to ₹44.44 lakhs from ₹55.35 lakhs in the previous year's corresponding quarter, representing a 19.7% decline. Sequentially, the performance was even more subdued, with profit dropping 61.6% from ₹115.76 lakhs in Q2 FY26. Adding to the uncertainty, the company announced the resignation of its Chairman & Managing Director, Mr. Anjay Agarwal, and Director Ms. Ruchi Anjay Agarwal.
- Revenue from operations fell 31% YoY to ₹478.61 lakhs from ₹693.74 lakhs in Q3 FY25.
- Net Profit for the quarter stood at ₹44.44 lakhs, down 19.7% YoY and 61.6% QoQ.
- Earnings Per Share (EPS) declined to ₹0.35 from ₹0.43 in the same quarter last year.
- Chairman & Managing Director Mr. Anjay Agarwal and Director Ms. Ruchi Anjay Agarwal resigned citing personal reasons.
- Auditors highlighted an emphasis of matter regarding ₹282.36 lakhs in unbilled revenue recognized based on management estimates.
Aaa Technologies reported a weak performance for the quarter ended December 31, 2025, with revenue from operations falling 31% year-on-year to ₹478.61 lakhs. Net profit declined by 19.7% YoY to ₹44.44 lakhs, while the sequential (QoQ) drop was even sharper at 61.6%. The company also announced a significant leadership change with the resignation of its Chairman and Managing Director, Mr. Anjay Agarwal. Auditors highlighted an emphasis of matter regarding ₹282.36 lakhs in unbilled revenue recognized based on management estimates.
- Revenue from operations fell to ₹478.61 lakhs in Q3 FY26 compared to ₹693.74 lakhs in Q3 FY25.
- Net profit for the quarter stood at ₹44.44 lakhs, down from ₹55.35 lakhs in the same period last year.
- Sequential performance saw a steep decline from Q2 FY26 revenue of ₹797.14 lakhs and PAT of ₹115.76 lakhs.
- Chairman & Managing Director Mr. Anjay Agarwal and Director Ms. Ruchi Anjay Agarwal resigned for personal reasons.
- Auditors flagged ₹282.36 lakhs of unbilled revenue which relies on management's assessment of service completion.
AAA Technologies Limited has issued a postal ballot notice to seek shareholder approval for the appointment of three Non-Executive Independent Directors. The proposed appointees are Mr. Prateek Bhansali, Ms. Jyoti Torani, and Mr. Kamal Kishor Sharma, each for a five-year tenure starting from December 2025. The e-voting period for shareholders is scheduled from January 29, 2026, to March 2, 2026. This move is part of the company's efforts to comply with SEBI governance regulations and strengthen its board composition.
- Proposed appointment of Mr. Prateek Bhansali as Independent Director for a 5-year term ending December 5, 2030.
- Proposed appointment of Ms. Jyoti Torani as Independent Director for a 5-year term ending December 5, 2030.
- Proposed appointment of Mr. Kamal Kishor Sharma as Independent Director for a 5-year term ending December 9, 2030.
- E-voting period set from January 29, 2026, to March 2, 2026, with a cut-off date of January 23, 2026.
- Final results of the postal ballot to be announced on or before March 3, 2026.
Aaa Technologies Limited (AAATECH) has responded to a clarification request from the National Stock Exchange regarding recent significant price movements in its scrip. The company maintains that it has disclosed all material information and price-sensitive events in accordance with SEBI (LODR) Regulations, 2015. Management stated that no undisclosed information exists that would impact the stock's price behavior. Consequently, the company attributes the recent volatility entirely to market-driven factors and prevailing market conditions.
- NSE requested clarification on January 19, 2026, regarding recent price volatility in AAATECH shares.
- Company confirms all material disclosures under SEBI Regulation 30 have been made to both BSE and NSE.
- Management denies withholding any price-sensitive information or events from the exchanges.
- Price movement is described as purely market-driven with no management involvement or control.
Financial Performance
Revenue Growth by Segment
Total revenue from operations reached INR 2,545.55 lakhs in FY 2024–25, representing a year-on-year growth of 6.98% from INR 2,379.46 lakhs. The company maintains a strong 3-year CAGR of 20.91%, driven by strategic client acquisition in the IT auditing and cyber security space.
Geographic Revenue Split
Not specifically disclosed in available documents, though the company primarily serves the domestic Indian market including government departments, PSUs, and the BFSI sector.
Profitability Margins
Net Profit (PAT) margin stood at approximately 13.79% for FY 2024–25, with PAT rising 9.29% to INR 351.03 lakhs from INR 321.20 lakhs. Return on Equity (ROE) improved to 27.37% from 25.04% YoY, indicating enhanced efficiency in generating profits from shareholder capital.
EBITDA Margin
EBITDA increased by 0.21% YoY, while EBIT (Profit before Depreciation and Interest) grew by 9.43%. This growth reflects higher core operational efficiency and cost discipline despite a 1.71% increase in operational expenses due to scaled-up activities.
Capital Expenditure
Not disclosed in absolute INR Cr; however, the company significantly increased its fixed deposits by INR 382.59 lakhs to a total of INR 2,185.04 lakhs, prioritizing treasury management over heavy physical CAPEX.
Credit Rating & Borrowing
The company is debt-free with zero finance costs for FY 2024–25. It maintains a conservative financial approach, enabling self-funded growth without external interest rate sensitivity.
Operational Drivers
Raw Materials
As a service-based IT audit firm, primary costs are professional and technical fees (which increased 1.71% YoY) and employee-related expenses rather than physical raw materials.
Key Suppliers
Not applicable; the company relies on human capital and specialized software tools for auditing services.
Capacity Expansion
Current capacity is defined by its empanelments, such as with CERT-In and NICSI. The company expands capacity by acquiring new certifications and empanelments with government bodies and banks to enable direct procurement of services.
Raw Material Costs
Not applicable; however, operational costs are managed through cost discipline in professional fees, which grew only 1.71% despite higher business volumes.
Manufacturing Efficiency
Asset turnover ratio remained stable at 0.83x in FY 2024–25, indicating consistent efficiency in utilizing its asset base to generate revenue.
Logistics & Distribution
Not applicable; services are delivered digitally or on-site at client locations (BFSI, Government offices).
Strategic Growth
Expected Growth Rate
20.91%
Growth Strategy
Growth is targeted through high-margin engagements and leveraging empanelments with NICSI and CERT-In to bypass lengthy tender processes for government contracts. The company focuses on specialized domains like digital forensics, cybercrime investigations, and core banking audits to maintain a competitive edge.
Products & Services
Information Systems Audit, Cyber Security, IT Assurance & Compliance, Information Security, IT Governance, Digital Forensics, and Cybercrime Investigations.
Brand Portfolio
AAA Technologies.
New Products/Services
Capabilities in Operating Systems, Network Infrastructure, Web Applications, ERP, and ATM systems auditing. Revenue contribution from specific new launches not disclosed.
Market Expansion
Targeting increased penetration in the BFSI sector and government bodies through empanelment with regulatory agencies like SEBI and CIDCO.
Market Share & Ranking
The company claims to be the only listed company focused exclusively on providing IT and Cyber Security Audit services in India.
Strategic Alliances
Empanelled with NICSI under the Ministry of Electronics and Information Technology (MeitY) and CERT-In for IT Security Auditing Services.
External Factors
Industry Trends
The cyber security auditing industry is growing due to increased digital threats and regulatory mandates. The industry is shifting toward continuous monitoring and digital forensics, positioning the company to benefit from mandatory compliance requirements for banks and government agencies.
Competitive Landscape
Competes with unlisted specialized firms and larger IT consultancies, but maintains an edge through specific government empanelments and niche focus.
Competitive Moat
The moat is built on specialized empanelments (CERT-In) and a 24-year track record. Being the only listed pure-play IT audit firm provides a visibility advantage. Sustainability is high due to the technical expertise required (39+ years management experience) and the high cost of switching for regulated entities like banks.
Macro Economic Sensitivity
Highly sensitive to IT spending patterns which fluctuate with GDP growth and economic stability; however, government and PSU contracts provide a defensive buffer.
Consumer Behavior
Increasing organizational focus on corporate governance in digital environments is driving demand for third-party IT assurance.
Geopolitical Risks
Global economic conditions impact the demand for IT services, though the company's focus on domestic government and regulatory bodies mitigates international trade barrier risks.
Regulatory & Governance
Industry Regulations
Strict adherence to CERT-In guidelines and MeitY regulations is required to maintain empanelment. Compliance with ISO 9001:2015 and ISO 27001:2013 is mandatory for their service delivery standards.
Taxation Policy Impact
Effective tax rate not explicitly stated, but the company complies with standard Indian corporate tax laws; PAT grew 9.29% after all tax provisions.
Legal Contingencies
Pending litigation impact is disclosed in financial statements as being 'duly disclosed' with no material foreseeable losses from long-term or derivative contracts reported.
Risk Analysis
Key Uncertainties
Regulatory Compliance Risk: Failure to renew certifications could halt new business. Performance Guarantee Risk: Inability to secure bank guarantees could impact tender participation by an estimated 10-20% of potential contract value.
Geographic Concentration Risk
High concentration in India, specifically serving Maharashtra-based entities like CIDCO and national bodies like SEBI.
Third Party Dependencies
Dependency on multiple banks for issuing performance guarantees to secure public sector contracts.
Technology Obsolescence Risk
Risk of audit tools becoming outdated; mitigated by routine upgrades to align with emerging technologies and industry trends.
Credit & Counterparty Risk
Receivables turnover of 3.73x indicates healthy collection cycles, though reliance on government/PSU payments can sometimes lead to extended working capital cycles.