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Genesys International Corporation Limited (GENESYS)

₹237.60 +1.76% last close, 16 Oct

📊 NSE: GENESYS 🏢 Computers - Software - Medium / Small 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Genesys International's revenue was ₹81.4 Cr (+14.8% year on year, -21.8% on the previous quarter), and net profit ₹5.3 Cr (-24.3% year on year); the operating margin was 34.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹81.4	+14.8%	-21.8%
Operating profit	₹28.1	-4.6%	-17.3%
Net profit	₹5.3	-24.3%	-59.4%
EPS (₹)	0.80	-54.3%	-73.0%
Operating margin	34.6%	—	—

Full quarterly financials → Results calendar →

GENESYS delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 33.34% of the GENESYS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 32.33%. That is close to its usual level. Volume was 0.4 times its average, well below normal.

33.34%Delivery, 16 Oct

32.33%Own 20-session average

0.4×Volume vs its average

₹237.60NSE close · +1.76%

Delivery in the last 5 sessions: 35.3% · 45.8% · 46.8% · 37.9% · 33.3%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Genesys Submits Demat Compliance Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 13 Oct 2026, 11:17 AM

Genesys International Corporation Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Bigshare Services Private Limited confirms that security certificates received for dematerialization were processed, mutilated, and cancelled as mandated. This is a standard quarterly administrative filing confirming depository reconciliation with no impact on operations or financials.

Compliance certificate filed under Regulation 74(5) of SEBI Depositories Regulations
Covers the quarter ended September 30, 2026
Issued by RTA Bigshare Services Private Limited on October 12, 2026
Confirms mutilation and cancellation of physical certificates upon demat verification

💡 No investor action required. Focus on the upcoming Q2 FY27 earnings release and core geospatial business performance.

Genesys AGM Approves All 6 Resolutions, Including ESOP Scheme 2026 and QIP Object Variations

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Oct 2026, 04:28 PM

Genesys International Corporation has announced the voting results of its 44th Annual General Meeting held on September 30, 2026. Shareholders approved all 6 resolutions with requisite majorities, including the adoption of accounts, appointment of statutory auditors, and implementation of the Genesys ESOP Scheme 2026. Crucially, a special resolution approving a variation in the objects of its previous May 17, 2025 Qualified Institutions Placement (QIP) was cleared with 99.80% votes in favor.

All 6 resolutions passed with over 99% assent across remote e-voting and AGM voting
Special resolution approving variation in the objects of the May 17, 2025 QIP approved with 99.7982% favor
Genesys ESOP Scheme 2026 approved by 99.2932% of votes cast
Total of 2,99,66,168 votes polled on Resolution 1 out of 6,68,64,603 total shares held (44.82% turnout)

💡 Investors should track the upcoming Q2 FY27 earnings and any detailed disclosures explaining how the altered QIP proceeds are being redeployed.

Genesys Concludes 44th AGM; Seeks Approval for New ESOP 2026 and QIP Object Variations

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Sep 2026, 06:03 PM

Genesys International held its 44th Annual General Meeting on September 30, 2026, conducting standard annual adoptions and seeking shareholder approval for key corporate actions. The resolutions included the implementation of the Genesys ESOP Scheme 2026 for company and subsidiary employees, as well as a variation in the objects of its May 17, 2025 Qualified Institutions Placement (QIP). The statutory and secretarial audit reports for FY26 contained no qualifications or adverse remarks. Final voting outcomes will be disclosed separately upon receipt of the Scrutinizer's Report.

Conducted 44th AGM via Video Conferencing on September 30, 2026
Special resolution presented for variation in the objects of the May 17, 2025 QIP issue
Proposed implementation of Genesys ESOP Scheme 2026 for company and subsidiary employees
Auditor reports for the year ended March 31, 2026 contained zero qualifications or adverse remarks

💡 Track the upcoming disclosure of voting results and scrutinizer report to confirm shareholder approval of the QIP object reallocations and the new ESOP scheme.

Wins ₹283 Cr Ahmedabad 3D Digital Twin Contract from AMC

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 24 Sep 2026, 05:12 PM

Genesys International has secured a major ₹283 crore contract from Ahmedabad Municipal Corporation (AMC) to build a GIS 3D digital twin platform. The project is World Bank-funded and spans an execution timeline of 2.5 years. Representing roughly 87% of its TTM revenue of ₹324 crore, this single order significantly bolsters the company's order book and forward revenue visibility. The scope covers mapping 625 sq. km and surveying approximately 25 lakh properties in Ahmedabad.

Contract value: ₹283 crore (inclusive of taxes)
Execution timeline: 2.5 years
Coverage: 625 sq. km area and ~25 lakh properties surveyed/geocoded
Awarding authority: Ahmedabad Municipal Corporation (World Bank-funded project)

💡 Track the project kickoff, milestone billings, and working capital impact in subsequent quarterly disclosures, particularly given the company's high debtor days.

₹283 Cr Win: Genesys Bags Ahmedabad 3D Digital Twin Contract

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 24 Sep 2026, 10:02 AM

Genesys International has secured a major ₹283 crore contract under the World Bank-funded Gujarat Resilient Cities Partnership program to build Ahmedabad's 3D Digital Twin and Spatial Intelligence Platform. This single order represents approximately 87.3% of the company's TTM revenue of ₹324 crore, marking a substantial expansion to its existing order pipeline. The project encompasses 625 sq km, surveying around 25 lakh properties with an execution timeline of 2.5 years, followed by 5 years of operation and maintenance.

Secured ₹283 crore World Bank-funded contract for Ahmedabad's 3D digital map platform
Scope covers approximately 625 sq km and around 25 lakh properties
Requires establishing 40 primary and 200 secondary survey control points
Project duration is 2.5 years for completion, followed by 5 years of operation and maintenance

💡 Track milestone delivery and revenue recognition across the 2.5-year implementation phase, along with cash collection cycles given historically high debtor days (257 days).

Genesys Int'l Schedules 44th AGM for Sept 30, 2026; E-Voting Cut-Off Sept 18

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 07:22 PM

Genesys International Corporation Limited has informed the exchanges that its 44th Annual General Meeting (AGM) for FY 2025-26 will be held on Wednesday, September 30, 2026, via Video Conferencing. The cut-off date to determine shareholder entitlement for e-voting has been fixed as Friday, September 18, 2026. The remote e-voting window will be open from September 23, 2026 (9:00 a.m. IST) to September 29, 2026 (5:00 p.m. IST). The company has also shared web-links for downloading the FY26 Annual Report and AGM Notice.

44th Annual General Meeting scheduled for Wednesday, September 30, 2026 at 3:30 p.m. IST via VC/OAVM
Record/Cut-off date for e-voting eligibility set as Friday, September 18, 2026
Remote e-voting period runs from September 23, 2026 (9:00 a.m. IST) to September 29, 2026 (5:00 p.m. IST)
Annual Report for FY 2025-26 and AGM Notice dispatched/made accessible via web-link

💡 Eligible shareholders holding shares as of September 18, 2026, can review the Annual Report and cast their votes via remote e-voting starting September 23, 2026.

Genesys AGM on Sep 30: Proposes ESOP 2026 & ₹40 Cr QIP Variation for Debt Repayment

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Sep 2026, 07:10 PM

Genesys International has issued the notice for its 44th Annual General Meeting scheduled for September 30, 2026. Key special resolutions include the implementation of the Genesys ESOP Scheme 2026 covering up to 30,00,000 equity shares (face value ₹5 each). The company also seeks approval to alter its QIP proceeds utilization by allocating ₹40.00 crore towards bank debt repayment in FY27, which is projected to save ₹3.20 crore annually in finance costs, alongside ₹24.39 crore for technology platform development.

44th AGM scheduled for September 30, 2026, with remote e-voting from September 23 to 29, 2026 (cut-off: September 18, 2026).
Approval sought for Genesys ESOP Scheme 2026 comprising up to 30,00,000 equity shares (₹1.50 crore total nominal value).
Proposed reallocation of ₹40.00 crore from QIP proceeds to repay bank borrowings, targeting annual interest savings of ₹3.20 crore.
Planned deployment of ₹24.39 crore towards tech platform and map content creation across FY27 (₹19.26 crore) and FY28 (₹5.13 crore).
Proposed appointment of M/s G. K. Choksi & Co. as statutory auditors for a 5-year term.

💡 Track shareholder voting results following the September 30, 2026 AGM and monitor subsequent reduction in debt and finance costs across FY27 quarterly results.

Genesys Approves 30 Lakh New ESOPs, Proposes New Statutory Auditor for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 02 Sep 2026, 07:34 PM

Genesys International Corporation's Board approved the 'Genesys ESOP Scheme – 2026' covering up to 30,00,000 equity shares (nominal value of ₹1.50 Cr), subject to shareholder approval. Consequent to its recent Rights Issue, the company granted 1,82,640 additional adjustment options under the 2022 ESOP scheme at an exercise price of ₹50 per share. The Board also recommended appointing M/s. G. K. Choksi & Co. as Statutory Auditors for 5 years, replacing M/s. MSKA & Associates upon the expiry of their term at the upcoming 44th AGM scheduled for September 30, 2026. Internal auditor M/s. H.C. Vora & Associates resigned due to auditor independence requirements, with M/s. XAG & Co. appointed as the new Internal Auditor.

Approved 'Genesys ESOP Scheme – 2026' with up to 30,00,000 stock options of ₹5 face value each.
Granted 1,82,640 additional ESOPs under the 2022 Scheme at an exercise price of ₹50 per share following Rights Issue adjustments.
Proposed appointment of M/s. G. K. Choksi & Co. as Statutory Auditors for a 5-year tenure from 44th AGM to 49th AGM.
44th Annual General Meeting scheduled to be held on September 30, 2026.

💡 Track voting outcomes for the new ESOP scheme and auditor appointment at the 44th AGM on September 30, 2026.

Genesys Proposes G.K. Choksi as Statutory Auditor for 5-Yr Term; Approves 30 Lakh ESOP Pool

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 02 Sep 2026, 07:30 PM

Genesys International has recommended the appointment of M/s. G. K. Choksi & Co. as Statutory Auditors for a 5-year term from the 44th to the 49th AGM, replacing M/s. MSKA & Associates upon term completion. The Board also approved the 'Genesys ESOP Scheme – 2026' for up to 30,00,000 stock options (nominal value Rs 1.50 Cr) and granted 1,82,640 additional options under the 2022 ESOP scheme at an exercise price of Rs 50 to adjust for a recent rights issue. In addition, M/s. XAG & Co. was appointed as Internal Auditor for FY2026-27 following the resignation of M/s. H.C. Vora & Associates. The 44th AGM is scheduled for September 30, 2026.

Proposed appointment of M/s. G. K. Choksi & Co. as Statutory Auditors for 5 consecutive years (44th AGM to 49th AGM).
Approval of Genesys ESOP Scheme 2026 for up to 30,00,000 equity shares of face value Rs 5 each.
Grant of 1,82,640 additional options under ESOP Scheme 2022 at an exercise price of Rs 50/share due to Rights Issue adjustment.
Appointment of M/s. XAG & Co. as Internal Auditor for FY2026-27 after H.C. Vora & Associates stepped down for auditor independence.
44th Annual General Meeting convened for September 30, 2026.

💡 Track shareholder voting outcomes on auditor appointment and the ESOP scheme at the AGM on September 30, 2026.

Genesys Board Approves 30 Lakh ESOP Scheme & New Statutory Auditor Appointment

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 02 Sep 2026, 07:27 PM

Genesys International's Board has approved the new 'Genesys ESOP Scheme – 2026' covering up to 30,00,000 stock options (face value ₹5 each), subject to shareholder approval. Additionally, the Board recommended the appointment of M/s. G. K. Choksi & Co. as Statutory Auditors for a 5-year term starting from the 44th AGM, replacing outgoing auditor M/s. MSKA & Associates. The Board also approved an adjustment of 1,82,640 additional options under the 2022 ESOP Scheme at ₹50 per share following a rights issue corporate action, and scheduled the 44th AGM for September 30, 2026.

Approved Genesys ESOP Scheme – 2026 with an aggregate cap of up to 30,00,000 equity stock options (nominal value ₹1.50 Cr)
Approved appointment of M/s. G. K. Choksi & Co. as Statutory Auditors for a 5-year term (44th AGM to 49th AGM)
Granted 1,82,640 additional stock options under the 2022 ESOP Scheme at ₹50 per option due to Rights Issue adjustment
Appointed M/s. XAG & Co. as Internal Auditor for FY2026-27 following resignation of M/s. H.C. Vora & Associates
44th Annual General Meeting convened for Friday, September 30, 2026 via Video Conferencing

💡 Track voting outcomes on the ESOP Scheme 2026 and Statutory Auditor appointment at the 44th AGM on September 30, 2026.

Genesys Clarifies on Media Reports of ₹240 Cr AMC Order; Formal Award Yet to Be Received

🔵 WATCH ⭐ 6/10

REGULATORY 📅 28 Aug 2026, 11:25 AM

Genesys International Corporation has responded to stock exchange queries regarding recent price movements and media reports. The company noted a Gujarat Samachar report dated August 24, 2026, stating that Ahmedabad Municipal Corporation (AMC) awarded it a 3D GIS survey contract worth approximately ₹240 crore. Genesys clarified that as of August 28, 2026, it has not received any formal communication or definitive order from AMC confirming the award. The company confirmed compliance with Regulation 30 disclosures and stated no other undisclosed material events exist.

Responded to BSE and NSE surveillance queries dated August 27, 2026 regarding significant price movement
Addressed media reports from August 24, 2026 claiming an AMC contract award valued at ~₹240 crore
Clarified that no formal communication or definitive award has been received from AMC as of August 28, 2026
Confirmed full compliance with SEBI Listing Regulations Regulation 30 disclosure requirements

💡 Track official exchange filings for any definitive order award communication from Ahmedabad Municipal Corporation and subsequent execution details.

Genesys Appoints Dhiman Basu Ray as CTO to Lead AI & Spatial Intelligence Push

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 27 Aug 2026, 10:45 AM

Genesys International has appointed Dhiman Basu Ray as Chief Technology Officer to lead its technology strategy and expansion into AI-powered Spatial Intelligence. Basu Ray brings approximately 26 years of experience, having previously served as Global CTO – Digital Engineering at Tech Mahindra. The appointment is aimed at scaling Genesys' proprietary geospatial 3D Digital Twin capabilities into an AI-native spatial data platform. The company currently employs over 2,000 professionals as it builds its nationwide mapping infrastructure.

Dhiman Basu Ray appointed as Chief Technology Officer effective August 27, 2026
Executive brings approximately 26 years of digital engineering and AI/ML leadership experience
Previously served as Global Chief Technology Officer – Digital Engineering at Tech Mahindra
Genesys currently operates with a workforce of over 2,000 professionals

💡 Track subsequent product commercialization updates in spatial AI and digital twin platforms, alongside upcoming quarterly execution and order intake.

Genesys Allots 2.51 Cr Rights Shares at ₹50/Share, Raising ₹125.37 Cr

🟡 NEUTRAL ⭐ 8/10

FUNDRAISE 📅 24 Aug 2026, 08:34 PM

Genesys International approved the allotment of 2,50,74,226 equity shares of face value ₹5 each at an issue price of ₹50 per share (including a premium of ₹45) via a Rights Issue. The total fundraise amounts to approximately ₹125.37 crore, expanding the company's paid-up equity share base by 60.0%. Post-allotment, the total outstanding shares increased from 4,17,90,377 to 6,68,64,603, expanding paid-up capital to ₹33.34 crore.

Allotted 2,50,74,226 equity shares of ₹5 face value on a rights basis
Issue price set at ₹50 per share (inclusive of ₹45 premium), raising ₹125.37 crore
Total paid-up share count expanded from 4,17,90,377 to 6,68,64,603 shares
Paid-up share capital increased from ₹20.89 crore to ₹33.34 crore

💡 Track the listing and trading dates of the newly allotted rights shares, and monitor deployment of proceeds toward tech platforms and GIS database expansion in upcoming quarterly reports.

Genesys Appoints Nikhil Alulkar, Former Tech Mahindra Senior VP, as Chief Executive Officer

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 17 Aug 2026, 09:05 AM

Genesys International has appointed Nikhil Alulkar as its new Chief Executive Officer on August 17, 2026. Alulkar previously served as Head – India Business and Senior Vice President at Tech Mahindra. In his new role, he will oversee company-wide operations, scale AI-native mapping and Digital Twin platforms, and drive enterprise and international expansion. This leadership shift comes as the company (TTM revenue of Rs 324 Cr) seeks to diversify beyond its traditional government contracts and reduce extreme client concentration.

Nikhil Alulkar appointed as Chief Executive Officer effective August 17, 2026
Alulkar previously served as Head – India Business and Senior VP at Tech Mahindra
Mandate focuses on scaling AI-native mapping and Digital Twin platforms across enterprise and international markets
Company currently operates with a team of over 2,000 professionals building geospatial content

💡 Track subsequent quarterly commentary and business updates to evaluate Alulkar's execution in winning enterprise B2B contracts and diversifying away from top-client dependence.

Genesys appoints Nikhil Alulkar as CEO and Dhiman Ray as CTO

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 14 Aug 2026, 08:18 PM

Genesys International has revamped its senior executive leadership effective August 14, 2026. Mr. Nikhil Alulkar, bringing over 25 years of technology experience and formerly Senior VP & Country Head – India Business at Tech Mahindra, has been appointed Chief Executive Officer (CEO). Mr. Dhiman Basu Ray, with ~26 years of experience at TCS, Tech Mahindra, and Wipro, joins as Chief Technology Officer (CTO). Meanwhile, Dr. Aniruddha Roy transitions from CTO to Chief Innovation Officer after more than a decade in the role.

Mr. Nikhil Alulkar appointed as Chief Executive Officer (CEO) and KMP effective August 14, 2026
New CEO brings over 25 years of experience from leadership roles at Tech Mahindra, Microsoft, and SAP
Mr. Dhiman Basu Ray appointed as Chief Technology Officer (CTO) with ~26 years of digital engineering and AI experience
Dr. Aniruddha Roy redesignated as Chief Innovation Officer after over 10 years serving as CTO

💡 Monitor how the new leadership executes on the existing ~Rs 350 Cr order pipeline and whether their enterprise IT background aids in client diversification and international expansion.

View All GENESYS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income (TOI) grew by approximately 57% YoY to INR 311.03 Cr in FY25, driven by the execution of sizeable orders in geospatial services. FY24 revenue was INR 198.93 Cr, an 8% increase from FY23's INR 184.27 Cr.

Geographic Revenue Split

The company is expanding its export orders, specifically targeting Saudi Arabia to boost performance. Domestic revenue is heavily driven by Indian government entities, which are major contributors to the revenue profile.

Profitability Margins

Consolidated cost of sales accounted for 31.95% of revenues in FY25, down from 34.98% in FY24, leading to improved operating profits. Net profit for Q4 FY24 was INR 21.60 Cr on sales of INR 69.73 Cr.

EBITDA Margin

PBILDT margin sustained above 40% in FY25, a significant improvement from the 33.53% recorded in FY23. Operating margin in Q1 FY25 stood at 36.60%.

Capital Expenditure

The company capitalized INR 40.49 Cr of GIS database intangibles in FY25, with INR 153.23 Cr currently under development. Planned capex of INR 30-50 Cr per annum is projected for FY26-FY27, funded largely by a INR 110 Cr QIP.

Credit Rating & Borrowing

CARE BBB; Stable (Long-term) and CARE A3+ (Short-term) reaffirmed as of October 2025. Fund-based working capital limit utilization was high at 87% for the 12 months ending June 30, 2025.

⚙️ Operational Drivers

Raw Materials

As an ITES company, primary 'raw' inputs are Project Expenses (31.95% of revenue) and Employee Benefit Expenses. Technical personnel and data acquisition are the core cost drivers.

Import Sources

Not disclosed in available documents; however, the company utilizes data centers and sensors which are likely sourced from global technology providers.

Key Suppliers

Not disclosed in available documents; the company relies on data center providers and specialized sensor manufacturers for 2D and 3D data collection.

Capacity Expansion

Expansion is focused on data content rather than physical units; the company is developing a massive GIS database with INR 153.23 Cr currently in the 'under development' phase as of March 31, 2025.

Raw Material Costs

Cost of sales (project-related expenses) decreased from 34.98% to 31.95% of revenue YoY in FY25, indicating better procurement and execution efficiency.

Manufacturing Efficiency

Efficiency is measured by the reduction in cost of sales to 31.95% of revenue and the ability to sustain PBILDT margins above 40% despite increasing scale.

Logistics & Distribution

Not disclosed; distribution is primarily digital via the 'Digital Twin Map Platform' and GIS-embedded services.

📈 Strategic Growth

Expected Growth Rate

57%

Growth Strategy

Growth will be achieved through a INR 110 Cr QIP investment in data centers, tech platforms, and sensor building. The company is also leveraging a sizeable order book of over INR 350 Cr (as of June 2025) and expanding into the automotive segment and Saudi Arabian market.

Products & Services

Photogrammetry, remote sensing, 2D/3D geo-content, location navigation mapping, and the 'Digital Twin Map Platform' (recently awarded for the Varanasi project).

Brand Portfolio

Genesys, Digital Twin Map Platform.

New Products/Services

Digital Twin Map Platform for urban planning (e.g., Varanasi) and specialized 3D mapping for the automotive navigation segment.

Market Expansion

Targeting international expansion in the Middle East (Saudi Arabia) and increasing penetration in the Indian automotive and infrastructure sectors.

Market Share & Ranking

Not disclosed; however, it is noted as an established player in the competitive ITES/GIS industry.

Strategic Alliances

The company works closely with government bodies (e.g., Varanasi municipal projects) and international organizations for geospatial services.

🌍 External Factors

Industry Trends

The industry is shifting toward 3D mapping and Digital Twins. Demand for geospatial services is increasing across telecom, logistics, and automotive industries, with the market growing at a steady pace.

Competitive Landscape

Highly competitive ITES industry with large established players; GICL competes on technical expertise and its established database.

Competitive Moat

Moat consists of a proprietary GIS database (INR 153.23 Cr in development) and a long track record that meets stringent government eligibility criteria. This is sustainable due to the high cost and time required to replicate large-scale 3D map data.

Macro Economic Sensitivity

Highly sensitive to government spending on infrastructure and 'Smart City' initiatives, as government entities are the major revenue contributors.

Consumer Behavior

Shift toward high-precision navigation and urban digital modeling is driving demand from both government and automotive clients.

Geopolitical Risks

Expansion into Saudi Arabia introduces regional geopolitical risks, though it currently serves as a growth driver for the order book.

⚖️ Regulatory & Governance

Industry Regulations

Subject to government tender regulations and data security norms related to geospatial data handling in India.

Environmental Compliance

Low direct environmental risk as a service-oriented tech business; not a significant carbon emitter.

Taxation Policy Impact

Effective tax rate was approximately 29.66% in Q4 FY24 and 23.18% in Q1 FY25.

Legal Contingencies

The company maintains provisions for doubtful debts; however, specific values for pending court cases were not disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the working capital cycle; negative cash flow from operations (INR -53 Cr in FY25) due to unbilled revenue (65% of TOI) could impact the ability to fund future projects.