Globesecure Technologies Limited (GSTL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Globesecure Technologies' revenue was ₹12.8 Cr (+100.9% year on year, +62.7% on the previous half-year), and net profit ₹0.6 Cr (against a loss a year earlier); the operating margin was 10.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹12.8 | +100.9% | +62.7% |
| Operating profit | ₹1.4 | from loss | from loss |
| Net profit | ₹0.6 | from loss | from loss |
| EPS (₹) | 0.39 | from loss | from loss |
| Operating margin | 10.6% | — | — |
📢 Recent Corporate Announcements
Globesecure Technologies Limited has submitted the Scrutinizer's Report for its 11th Annual General Meeting held on September 30, 2026. All 8 resolutions were passed with 100% of the valid polled votes (63,55,571 votes) cast in favor, representing about 41.29% of total outstanding shares. Key approvals included the adoption of FY26 financial statements, the appointment of M/s. A.R. Sodha & Company as statutory auditors, approval of a loan to the Managing Director, and an increase in the authorized share capital. For resolution 2, votes totaling 40,02,738 from interested promoter directors were marked invalid.
- All 8 resolutions passed with 100% of valid votes (63,55,571 votes) cast in favor
- Total voting participation stood at 41.29% of the 1,59,39,349 total outstanding shares
- 40,02,738 votes cast by interested persons were invalidated for Resolution 2 (director re-appointment)
- Approved key corporate actions including an increase in authorized share capital and a loan to the Managing Director
- Only 15 shareholders attended the meeting in person or via proxy (3 promoter, 12 public)
Globesecure Technologies has appointed Ms. Ranjana Malpani and Mr. Shravan Talwar as Additional Directors in the capacity of Non-Executive Independent Directors, effective October 1, 2026. The appointments were approved via circular resolution and remain subject to shareholder approval via special resolution. Ms. Malpani brings over 30 years of experience in auditing and governance, while Mr. Talwar brings more than 25 years in corporate legal and compliance. The company currently operates with a market cap of ₹17 Cr and TTM revenue of ₹38 Cr.
- Appointment of Ms. Ranjana Malpani and Mr. Shravan Talwar as Independent Directors effective October 1, 2026
- Ms. Ranjana Malpani brings over 30 years (three decades) of audit, tax, and governance experience
- Mr. Shravan Talwar brings over 25 years of corporate legal, regulatory, and secretarial experience
- Appointments are subject to approval by shareholders via Special Resolution under SEBI LODR regulations
Globesecure Technologies Limited held its 11th Annual General Meeting (AGM) on September 30, 2026, with 15 members present. Shareholders voted on 8 resolutions, including the adoption of FY26 financial statements, appointment of statutory auditors M/s. A.R. Sodha & Company, and the reappointment of directors. Notably, special resolutions were tabled for approving a loan provided to the Managing Director and increasing the company's authorized share capital. Voting results are scheduled to be submitted by the scrutinizer within 48 hours.
- 11th AGM held on September 30, 2026, attended by 15 members
- 8 total resolutions tabled, including 3 special resolutions
- Special resolution presented for approval of a loan provided to the Managing Director
- Special resolution presented to increase Authorised Share Capital and alter the Capital Clause
- Scrutinizer report on voting results expected within 48 hours of meeting conclusion
Globesecure Technologies has refiled its audited financial results for the half year and year ended March 31, 2026, following a clarification sought by the NSE Listing Investigation Team. The revision is limited to Note 5 regarding a proposed property sale at Taloja for ₹1,200.00 lakhs (₹12 crore), correcting the stated net book value of the asset from ₹308.02 lakhs to ₹211.11 lakhs. The company clarified that ₹308.02 lakhs represented the entire company's net block of Property, Plant, and Equipment, rather than just the property being sold. Reported financial figures remain unchanged, including FY26 revenue of ₹2,070.04 lakhs and a net loss of ₹27.77 lakhs.
- Note 5 corrected: Net book value of Taloja property to be sold revised from ₹308.02 lakhs to ₹211.11 lakhs
- Proposed property sale consideration under MOU with Ilios Digital is ₹1,200.00 lakhs
- Clarified that ₹308.02 lakhs is the total PPE net block as of March 31, 2026
- No changes to reported FY26 financial figures (Full year revenue: ₹2,070.04 lakhs; PAT loss: ₹27.77 lakhs)
- Contingent tax demands disclosed: GST demand of ₹979.91 lakhs and Income Tax demand of ₹1,139.39 lakhs
Globesecure Technologies has appointed Ms. Ranjana Malpani as an Additional Non-Executive Independent Director, effective September 18, 2026, subject to shareholder approval. Ms. Malpani brings over 30 years of experience as a Chartered Accountant across auditing, taxation, and corporate governance. Concurrently, she has been inducted into the reconstituted Nomination and Remuneration Committee. This appointment strengthens the board composition of the micro-cap cyber security firm (market cap of ₹17 Cr), which reported TTM revenue of ₹38 Cr and a net loss of ₹3 Cr.
- Appointment of Ms. Ranjana Malpani as Additional Non-Executive Independent Director effective September 18, 2026
- Appointee has over 30 years (3 decades) of professional experience in auditing, taxation, and governance
- Reconstitution of the 3-member Nomination and Remuneration Committee to include Ms. Malpani
- Board meeting concluded at 11:25 a.m. on September 18, 2026
Globesecure Technologies has appointed Ms. Ranjana Malpani as an Additional Director (Non-Executive and Independent Director) effective September 18, 2026, subject to shareholder approval. Ms. Malpani brings over 30 years of experience in auditing, taxation, and corporate governance. Concurrently, the Board reconstituted its Nomination and Remuneration Committee to include Ms. Malpani alongside Mr. Sushilkumar Agrawal (Chairman) and Mr. Gopala Ramaratnam. This governance update is routine and carries no immediate financial impact on the company's Rs 38 Cr TTM revenue base.
- Appointment of Ms. Ranjana Malpani as Additional Independent Director effective September 18, 2026
- Over 30 years of professional experience in auditing, taxation, and financial consultancy added to the board
- Board meeting commenced at 10:30 a.m. and concluded at 11:25 a.m. on September 18, 2026
- Nomination and Remuneration Committee reconstituted with 3 Non-Executive Independent Directors
Globesecure Technologies has announced three acquisition deals totaling ₹28.95 crore in cash consideration, representing ~152% of its current market cap of ₹19 crore and ~76% of TTM revenue (₹38 crore). The transactions include subscribing to a 75% stake in ANA Cyber Forensic for ₹6.00 crore, acquiring a 51% stake in Optimistic Technology Solutions for ₹7.65 crore, and signing an MoU to acquire 51% of Crescent Technologies for ₹15.30 crore. Combined FY25 turnover of the three target entities stands at ₹42.21 crore, which exceeds GSTL's standalone TTM revenue. All three transactions are contingent upon GSTL successfully completing a proposed Rights Issue to fund the cash payouts.
- Agreed to acquire 75% of ANA Cyber Forensic for ₹6.00 crore cash via fresh equity subscription (FY25 turnover: ₹1.19 crore)
- Executed SPA to buy 51% of Optimistic Technology Solutions for ₹7.65 crore (FY25 turnover: ₹18.20 crore)
- Signed MoU to acquire 51% partnership interest in Crescent Technologies for ₹15.30 crore (FY25 turnover: ₹22.83 crore)
- Total deal consideration of ₹28.95 crore is entirely dependent on proceeds from a proposed Rights Issue
- Targets represent combined FY25 revenue of ₹42.21 crore compared to GSTL's TTM revenue of ₹38 crore
Globesecure Technologies has entered into agreements to acquire majority stakes in three entities for a combined cash consideration of ₹28.95 crore. This includes acquiring 75% of ANA Cyber Forensic for ₹6.00 crore, 51% of Optimistic Technology Solutions for ₹7.65 crore, and a 51% partnership interest in Crescent Technologies for ₹15.30 crore. The targets generated combined FY25 revenues of over ₹42 crore, compared to GSTL's TTM revenue of ₹38 crore. All acquisitions are explicitly contingent on the successful completion of GSTL's proposed Rights Issue to fund the cash payouts.
- Agreed to acquire 75% stake in ANA Cyber Forensic Private Limited for ₹6.00 crore (FY25 turnover: ₹118.67 lakh)
- Agreed to acquire 51% of Optimistic Technology Solutions Private Limited for ₹7.65 crore (FY25 turnover: ₹1,819.98 lakh)
- Executed MOU to acquire 51% partnership interest in Crescent Technologies for ₹15.30 crore (FY25 turnover: ₹2,282.57 lakh)
- Total deal consideration of ₹28.95 crore significantly exceeds GSTL's current market cap of ₹19 crore and represents ~76% of TTM revenue
- All three transactions are strictly subject to raising net proceeds via a proposed Rights Issue
Globesecure Technologies Limited has issued the notice for its 11th Annual General Meeting scheduled for September 30, 2026. Key agenda items include the appointment of M/s. A.R. Sodha & Company as Statutory Auditors for a 5-year term, succeeding M/s. Kumbhat & Company LLP. The company is also seeking shareholder approval under Section 185 for a loan/advance of ₹307.16 Lakhs (₹3.07 Cr) granted to Managing Director Mr. Ragavan Rajkumar. Additionally, the AGM will vote on the re-appointment of Independent Director Mr. Gopala Ramaratnam and an increase in authorized share capital.
- 11th Annual General Meeting scheduled for September 30, 2026, at 9:00 AM in Mumbai.
- Shareholder approval sought for ₹307.16 Lakhs (₹3.07 Cr) loan/advance provided to Managing Director Mr. Ragavan Rajkumar.
- Proposed appointment of M/s. A.R. Sodha & Company as Statutory Auditors for a 5-year tenure from 11th to 16th AGM.
- Re-appointment of Independent Director Mr. Gopala Ramaratnam for a second 5-year term from Nov 6, 2026 to Nov 5, 2031.
Globesecure Technologies Limited's board approved a fundraise of up to ₹49.00 crore via a Rights Issue, representing ~258% of its current market capitalization of ₹19 crore. The proceeds will fund acquisitions, including a 51% stake in Optimistic Technology Solutions for ₹7.65 crore (FY25 turnover: ₹18.20 crore) and a 51% partnership interest in Crescent Technologies for ₹15.30 crore (FY25 turnover: ₹22.83 crore), alongside a 75% stake in ANA Cyber Forensic. The board also approved increasing authorized share capital from ₹25 crore to ₹65 crore and scheduled its AGM for September 30, 2026.
- Approved Rights Issue to raise up to ₹49.00 crore (compared to current market cap of ₹19 crore).
- Agreed to acquire 51% of Optimistic Technology Solutions for ₹765.00 lakh in cash.
- Agreed to acquire 51% partnership interest in Crescent Technologies for ₹1,530.00 lakh in cash.
- Approved increase in authorized capital from ₹25.00 crore to ₹65.00 crore.
- Approved loan to Managing Director Mr. Ragavan Rajkumar, subject to shareholder approval at the AGM.
Globesecure Technologies Limited (GSTL) has announced a change in its registered office address within Mumbai, effective August 12, 2026. The office is moving from Sagar Tech Plaza to Crescent Business Square, both located in the Sakinaka area of Andheri East. The company stated the move is for administrative and operational convenience. This is a procedural update and does not impact the company's financial standing or core business operations.
- Relocation effective from August 12, 2026
- New address is Unit No. 607, Crescent Business Square, Sakinaka, Andheri East, Mumbai
- Board approval obtained via resolution passed through circulation
- Move is subject to completion of statutory and regulatory requirements
Globesecure Technologies Limited (GSTL) has announced a change in its registered office address within the Sakinaka area of Andheri East, Mumbai. The relocation from Sagar Tech Plaza to Crescent Business Square was approved by the Board via circular resolution and became effective on August 12, 2026. The company cited administrative and operational convenience as the primary reason for the move. Given the move is within the same locality, there is no material impact on business operations or financial performance.
- Registered office shifted effective August 12, 2026
- Relocation from Unit 902/903, Sagar Tech Plaza to Unit 607, Crescent Business Square
- Both locations are situated within the same pin code area (Mumbai - 400072)
- Change approved by the Board of Directors via a resolution passed through circulation
Globesecure Technologies Limited (GSTL) has announced the closure of its Ahmedabad branch office, approved via a board circular resolution on July 30, 2026. The closure is part of an operational restructuring aimed at resource optimization and is expected to be completed within one month. Management has stated that this move will not have a material impact on the company's financial position or core business activities. This administrative rationalization comes as the company manages a small-cap profile with a market capitalization of ₹25 Cr and a TTM net loss of ₹3 Cr.
- Board approved the closure of the Ahmedabad branch office via circular resolution on July 30, 2026.
- The closure is scheduled to be effective within 1 month from the approval date.
- Company reports TTM revenue of ₹38 Cr against a current market capitalization of ₹25 Cr.
- Management confirms the closure will not affect core business activities or financial performance.
- Promoter holding was last reported at 27.83% as of March 2026.
Financial Performance
Revenue Growth by Segment
Total revenue from operations decreased by 32.34% YoY, falling from INR 2,501.00 Lakhs in FY24 to INR 1,690.85 Lakhs in FY25. While specific segment percentages are not disclosed, the company operates in Cyber Security Solutions, Hardware, Software, and Services, with Hardware being the largest industry segment and Services the fastest growing.
Geographic Revenue Split
The company focuses on India and other emerging economies. India accounted for 2.8% of the global cyber security market in 2024 and is projected to be the fastest-growing regional market in Asia Pacific through 2030.
Profitability Margins
The company shifted from a profit of INR 29.44 Lakhs in FY24 to a net loss before tax of INR 296.48 Lakhs in FY25. Operating profit before working capital changes was a negative INR 114.92 Lakhs, representing a -6.79% margin on total revenue of INR 1,692.12 Lakhs.
EBITDA Margin
EBITDA is negative for FY25, with an operating loss of INR 114.92 Lakhs compared to a positive operating profit in the prior year. This decline is driven by a 32.34% drop in revenue while fixed costs like employee benefits (INR 308.92 Lakhs) and finance costs (INR 94.70 Lakhs) remained substantial.
Capital Expenditure
The company recorded a purchase of fixed assets amounting to INR 14.82 Lakhs in FY25, compared to INR 3.10 Lakhs in the previous period. Total tangible assets stood at INR 367.38 Lakhs as of March 31, 2025.
Credit Rating & Borrowing
Total borrowings include long-term borrowings of INR 58.65 Lakhs and short-term borrowings of INR 639.63 Lakhs. Finance costs of INR 94.70 Lakhs on total debt of approximately INR 698.28 Lakhs suggest an effective borrowing cost of roughly 13.5%.
Operational Drivers
Raw Materials
Cost of materials consumed represents the largest operational expense at INR 1,263.49 Lakhs, which is 74.7% of the total revenue of INR 1,690.85 Lakhs.
Import Sources
Not disclosed in available documents; however, the company operates in domestic and international markets for cyber security hardware and software.
Capacity Expansion
The company is focusing on increasing its network strength and launching new products to capture the 20% CAGR growth in the Indian cyber security market, which is projected to reach USD 20,482.6 million by 2030.
Raw Material Costs
Raw material costs (cost of materials consumed) were INR 1,263.49 Lakhs in FY25. The company faces fluctuations in operating costs and must manage inventory effectively to mitigate price volatility in hardware components.
Manufacturing Efficiency
As a service and solution provider, efficiency is measured by employee productivity; employee benefit expenses were INR 308.92 Lakhs (18.2% of revenue) during a period of declining sales, suggesting underutilization of personnel.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
The company plans to achieve the 20% industry CAGR by focusing on emerging economies, increasing network strength, launching new products, and targeting higher profitability in mature markets. It has also utilized INR 2,154.42 Lakhs as advances for business purposes to secure future deliverables through March 2026.
Products & Services
Cyber Security Solutions, IT/ITES related support and services, including hardware, software, and professional services.
Brand Portfolio
Globesecure Technologies Limited (GSTL).
New Products/Services
The company is focusing on 'new launches' and 'increasing network strength' to capture market share in the growing Indian IT & BPM industry, though specific revenue contributions for new products are not quantified.
Market Expansion
Targeting growth in India (projected to lead Asia Pacific by 2030) and mature economies where market trends are changing favorably.
Market Share & Ranking
India accounted for 2.8% of the global cyber security market in 2024; the company's specific rank is not disclosed.
Strategic Alliances
The company entered into an MOU with Zeroth Ventures International Private Limited, though the board has deferred further review as of November 2025.
External Factors
Industry Trends
The Indian cyber security market is evolving from a USD 6,870.9 million market in 2024 to a projected USD 20,482.6 million by 2030, driven by hardware and services. GSTL is positioning itself as a well-established player in emerging economies to capture this 20% CAGR.
Competitive Landscape
The industry is characterized by 'increased competition' and 'rapid changes in technology,' requiring constant innovation to maintain market position.
Competitive Moat
The company's moat is based on being 'well-established' in emerging economies and its ability to attract and retain key professional talent. However, this is challenged by intense competition and rapid technological shifts.
Macro Economic Sensitivity
Highly sensitive to Indian GDP growth and government regulations. The IT & BPM sector has a considerable impact on India's GDP, and changes in tax laws or economic developments directly affect GSTL's operations.
Consumer Behavior
Increasing urbanization and disposable income in emerging economies are driving sustainable long-term demand for cyber security solutions.
Geopolitical Risks
The company faces risks from changes in political and social conditions in India and other countries it may enter, as well as changes in monetary and interest rate policies.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI regulations. The company reported delays in filing Form C under SEBI (PIT) Regulations and disclosures under Regulation 29 of SEBI (SAST) Regulations.
Taxation Policy Impact
The company faces significant tax-related exposures, including an Income Tax demand of INR 1,139.39 Lakhs for various assessment years and a TDS liability of INR 49.23 Lakhs that was not deposited between April and September 2025.
Legal Contingencies
The company has a total GST exposure of INR 1,893.38 Lakhs as of March 31, 2025. This includes a specific demand of INR 979.91 Lakhs (excluding interest and penalty) for which the company is filing an appeal. There is also an Income Tax demand of INR 1,139.39 Lakhs for disallowances, penalties, and interest.
Risk Analysis
Key Uncertainties
The primary uncertainty is the realization of contingent liabilities totaling over INR 3,000 Lakhs (GST and Income Tax), which exceeds the company's current cash reserves of INR 31.57 Lakhs.
Geographic Concentration Risk
The company notes 'limited geographical reach' as a key risk factor, though specific regional revenue percentages are not provided.
Third Party Dependencies
Significant dependency on few customers and potential risks associated with the INR 2,154.42 Lakhs advance given for business purposes for which no deliverables have yet been received.
Technology Obsolescence Risk
High risk due to 'rapid changes in technology' in the cyber security sector; failure to innovate could lead to a loss of market share.
Credit & Counterparty Risk
The auditor highlighted the recoverability of long-term loans and advances amounting to INR 953.02 Lakhs as a Key Audit Matter. Additionally, there is an outstanding loan to directors of INR 307.16 Lakhs.
