IRIS - IRIS Business
📢 Recent Corporate Announcements
IRIS RegTech Solutions Limited has successfully incorporated a new wholly owned subsidiary named IRIS Data Solutions Private Limited. The Certificate of Incorporation was issued by the Ministry of Corporate Affairs on March 05, 2026. This development follows the Board of Directors' initial approval for the new entity on February 14, 2026. The subsidiary is incorporated in India and will be 100% owned by the parent company.
- Incorporation of IRIS Data Solutions Private Limited as a 100% subsidiary
- Certificate of Incorporation issued by MCA on March 05, 2026
- Follows Board approval previously granted on February 14, 2026
- Subsidiary registered in Maharashtra with CIN U62099MH2026PTC474090
IRIS RegTech Solutions Limited has informed the exchanges about a scheduled one-on-one meeting with institutional investor Club Millionaire. The meeting is set to take place in person on March 2, 2026, in Navi Mumbai. This disclosure is a routine compliance requirement under Regulation 30 of SEBI (LODR) Regulations, 2015. The company has clarified that no unpublished price-sensitive information will be shared during the interaction.
- One-on-one meeting scheduled with Club Millionaire for March 2, 2026
- The meeting will be conducted in person at Navi Mumbai
- Disclosure made in compliance with SEBI Regulation 30 of 2015
- Company confirms no unpublished price-sensitive information (UPSI) will be disclosed
IRIS RegTech reported a robust Q3FY26 with total revenue growing 31% YoY and 23% QoQ, driven by strong performance in the SupTech segment. Profitability improved significantly with EBITDA growing 194% QoQ to ₹788 lakhs, resulting in a 21% margin and a PAT margin of 14%. The company's IRIS Carbon net ARR grew by 23% in the first nine months, while the SupTech division saw 20% YoY growth. With a strong cash position of ₹16,493 lakhs following a business divestment, the company is well-positioned for its next growth phase, including a planned subsidiary for its Datatech business.
- Total revenue increased by 31% YoY and 23% QoQ in Q3FY26.
- EBITDA surged 194% QoQ to ₹788 lakhs with a healthy 21% margin.
- IRIS Carbon net ARR grew 23% in 9MFY26, supported by new ESG customer wins.
- Cash and investments stood at ₹16,493 lakhs, bolstered by TaxTech business divestment.
- Added 3 new regulators to the SupTech business this financial year, including IFSCA at GIFT City.
IRIS RegTech Solutions Limited has updated its internal governance frameworks, specifically the Code for Fair Disclosure of Unpublished Price Sensitive Information (UPSI) and the Policy for Determination of Materiality. Approved by the Board on February 14, 2026, these amendments align the company's practices with the latest SEBI (Prohibition of Insider Trading) and SEBI (LODR) regulations. The updated policies establish a structured digital database to track recipients of sensitive information and define 'legitimate purpose' for data sharing. This move is intended to enhance transparency and ensure uniform dissemination of price-sensitive information to all stakeholders.
- Board approved amendments to the Code of Practices and Procedures for Fair Disclosure of UPSI on February 14, 2026.
- Updated the Policy for Determination of Materiality of Events/Information under Regulation 30 of SEBI LODR.
- Designated the Compliance Officer as the Chief Investor Relations Officer (CIO) to oversee all UPSI dissemination.
- Mandated the maintenance of a structured digital database for all UPSI recipients, including PAN and contact details.
- Defined 'legitimate purpose' for sharing information with partners, auditors, and consultants to prevent misuse.
IRIS RegTech Solutions has reported a violation of SEBI Insider Trading regulations by a Project Manager, Aaron Michael. The individual purchased 425 shares worth approximately ₹1.20 lakhs across two transactions in February 2026 while the trading window was closed. The company's Audit Committee determined the violation was unintentional and occurred because the employee was unaware that window restrictions applied to purchases. As no price-sensitive information was held by the employee, the company has issued a warning letter and initiated sensitization training.
- Violation involved the purchase of 425 shares during a closed trading window in February 2026.
- Total transaction value amounted to ₹1,20,482.80 across two separate trade dates.
- Audit Committee confirmed that no Unpublished Price Sensitive Information (UPSI) was available to the employee at the time.
- Company has issued a formal warning letter and initiated corrective training to prevent recurrence.
IRIS RegTech reported a strong performance for Q3 FY26, with revenue from continuing operations growing 24.6% sequentially to ₹35.59 crore. Net profit from continuing operations saw a significant jump to ₹5.31 crore, compared to ₹1.84 crore in the previous quarter. The company is undergoing a strategic shift, having completed divestments of its tax technology business and now incorporating a new wholly-owned subsidiary to scale its DataTech division. Additionally, the board has appointed Independent Director Bhaswar Mukherjee as Chairman and Dixit Jasani as Chief Revenue Officer to lead the Enterprise Division.
- Revenue from continuing operations rose to ₹3,558.83 lakhs in Q3 FY26 from ₹2,856.35 lakhs in Q2 FY26.
- Net profit from continuing operations increased to ₹531.36 lakhs, a substantial growth from ₹183.88 lakhs in the previous quarter.
- Board approved the incorporation of a new wholly-owned subsidiary dedicated to the DataTech business segment.
- Mr. Bhaswar Mukherjee appointed as Chairman of the Board effective February 14, 2026.
- Strategic divestment of Tax technology and e-invoicing businesses completed, resulting in a focus on core RegTech operations.
IRIS RegTech Solutions reported a strong performance for Q3 FY26, with revenue from continuing operations rising 24.6% QoQ to ₹3,558.83 Lakhs. Net profit from continuing operations saw a significant jump to ₹531.36 Lakhs, up from ₹183.88 Lakhs in the previous quarter. The company is undergoing a strategic transition, incorporating a new subsidiary for its DataTech business and completing divestments in its tax technology segment. Leadership has been strengthened with the appointment of Mr. Bhaswar Mukherjee as Chairman and Mr. Dixit Jasani as Chief Revenue Officer for the Enterprise Division.
- Revenue from continuing operations grew 24.6% QoQ to ₹3,558.83 Lakhs in Q3 FY26.
- Net profit from continuing operations increased by 188.9% QoQ to ₹531.36 Lakhs.
- Board approved the incorporation of a new wholly owned subsidiary to scale the DataTech business.
- Mr. Bhaswar Mukherjee appointed as Chairman of the Board effective February 14, 2026.
- Strategic divestment of Tax technology and e-invoicing businesses completed to focus on core RegTech and DataTech.
IRIS RegTech reported a strong performance for Q3 FY26, with revenue from continuing operations growing 23% YoY to ₹35.59 crore. Net profit for continuing operations increased to ₹5.31 crore, up from ₹3.71 crore in the previous year's corresponding quarter. The company is strategically pivoting by incorporating a new wholly-owned subsidiary to scale its DataTech business following recent divestments. Management changes include the appointment of Bhaswar Mukherjee as Chairman and Dixit Jasani as Chief Revenue Officer for the Enterprise Division.
- Revenue from continuing operations grew 23.3% YoY to ₹35.59 crore in Q3 FY26.
- Net profit from continuing operations increased 43% YoY to ₹5.31 crore.
- Board approved the incorporation of a Wholly Owned Subsidiary to house and scale the DataTech business.
- Bhaswar Mukherjee appointed as Chairman of the Board effective February 14, 2026.
- Nine-month (9M FY26) revenue from continuing operations stands at ₹89.34 crore with a profit of ₹7.52 crore.
IRIS RegTech reported a strong sequential performance for Q3 FY26, with revenue from continuing operations growing 24.6% QoQ to ₹35.59 crore. Net profit from continuing operations surged to ₹5.31 crore from ₹1.84 crore in the previous quarter, driven by improved margins and operational scale. The company has completed the divestment of its non-core TaxTech and e-Way bill businesses, focusing now on its core RegTech and a newly approved DataTech subsidiary. Leadership changes, including a new Chairman and Chief Revenue Officer, signal a transition toward a more aggressive growth phase.
- Revenue from continuing operations increased 24.6% QoQ to ₹35.59 crore in the quarter ended December 31, 2025.
- Net profit from continuing operations rose significantly to ₹5.31 crore compared to ₹1.84 crore in the preceding quarter.
- The company realized a massive one-time exceptional gain of ₹135.99 crore during the nine-month period from strategic divestments.
- Board approved the incorporation of a new wholly-owned subsidiary specifically to scale the DataTech business segment.
- Basic EPS for continuing operations improved to ₹2.58 for the quarter, up from ₹0.89 in Q2 FY26.
IRIS RegTech Solutions has secured a contract from NEC Corporation India to develop and maintain the Digital Regulatory Reporting (DRR) solution for the International Financial Services Centres Authority (IFSCA). The project focuses on a core Supervisory Technology (SupTech) system, highlighting the company's specialized expertise in regulatory reporting. This engagement is scheduled for a duration of approximately seven years, ensuring a steady long-term revenue stream for the company. Although the specific contract value is confidential, the partnership with a global entity like NEC for a key regulator like IFSCA is a significant validation of IRIS's technology.
- Awarded contract by NEC Corporation India for IFSCA's Digital Regulatory Reporting (DRR) solution.
- Scope includes design, development, and maintenance of a core Supervisory Technology (SupTech) system.
- The project has a long-term execution period of approximately 7 years.
- Strengthens IRIS's position as a specialized provider in the global regulatory technology space.
IRIS RegTech Solutions Limited has successfully passed a special resolution to appoint Mr. Madhavan Hariharan as an Independent Director. The resolution was conducted via a postal ballot through electronic voting, which concluded on January 17, 2026. The appointment received overwhelming support, with 99.9997% of the total votes cast in favor of the resolution. This move is aimed at strengthening the company's board governance and ensuring independent oversight.
- Special resolution for the appointment of Mr. Madhavan Hariharan passed with 99.9997% majority.
- A total of 8,016,356 valid votes were cast, with 8,016,331 in favor and only 25 against.
- Promoter and Promoter Group cast 6,923,520 votes, representing 97.19% of their holding, all in favor.
- Public institutional and non-institutional investors also showed strong support, with near-unanimous approval.
- The resolution was officially passed on January 17, 2026, the final date of the e-voting period.
IRIS RegTech Solutions Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended December 31, 2025. The certificate, issued by its Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirms that share certificates received for dematerialization were processed within prescribed timelines. It further verifies that the securities have been listed on the stock exchanges where previous shares were listed and physical certificates were duly mutilated. This is a standard procedural filing to ensure the integrity of the company's share registry.
- Compliance certificate issued for the quarter ended December 31, 2025.
- Confirmation provided by RTA MUFG Intime India Private Limited (formerly Link Intime).
- Verification that dematerialized securities are listed on both BSE and NSE.
- Confirmation of mutilation and cancellation of physical certificates after due verification.
- Adherence to SEBI timelines for substituting depository names in the register of members.
IRIS RegTech Solutions has initiated a pilot program on its IRIS Peridot platform to facilitate business loans for MSMEs. The company is currently collaborating with two lending partners and has signed MoUs with multiple State Governments to support this digital credit initiative. While IRIS acts as a digital facilitator rather than a direct lender, this move leverages its existing GST-compliance user base to create a new fintech service vertical. The pilot will test system readiness and user adoption before a planned broader rollout.
- Commenced pilot for business loan facilitation on the IRIS Peridot MSME-facing platform.
- Currently working with 2 lending partners with plans to onboard more institutions.
- Leverages existing MoUs with multiple State Governments to strengthen MSME access to finance.
- The IRIS Peridot app already supports GSTIN verification, digital invoicing, and government scheme discovery.
- Pilot phase will evaluate operational workflows and user adoption before a full-scale commercial launch.
IRIS RegTech Solutions Limited has announced the resignation of Ms. Nisha Rai, who served as Senior Management Personnel and Senior Manager of Human Resources. The resignation was tendered on December 29, 2025, and became effective at the close of business hours on December 31, 2025. The company stated the departure was due to personal reasons. This transition is part of routine management changes and has been disclosed as per SEBI (LODR) Regulations.
- Ms. Nisha Rai resigned from her role as Senior Manager Human Resources effective December 31, 2025
- The resignation was formally submitted via email on December 29, 2025
- Departure is attributed to personal reasons with no other material concerns cited
- Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations
IRIS RegTech Solutions Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is a standard procedure ahead of the declaration of the company's un-audited financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and insiders until 48 hours after the results are officially declared. The specific date for the board meeting to approve these results will be communicated in due course.
- Trading window closure to commence from Thursday, January 1, 2026.
- Closure is related to the un-audited financial results for the quarter and 9 months ended December 31, 2025.
- Window will reopen 48 hours after the financial results are declared to the exchanges.
- Applies to all designated persons, their immediate relatives, and insiders as per SEBI PIT Regulations.
Financial Performance
Revenue Growth by Segment
The company reported a 23% YoY revenue growth in FY2025, supported by a 4-year CAGR of 22%. Within segments, IRIS CARBON (RegTech) saw its Annual Recurring Revenue (ARR) grow by 14% in H1 FY2026 compared to March 2025. The SupTech segment provided a significant revenue boost, while the TaxTech business was divested for INR 151.2 Cr to refocus on core segments.
Geographic Revenue Split
IRIS has a global footprint spanning 55+ countries and 30+ regulators. Key regions include India (GST, RBI, SEBI, MCA), USA (SEC mandates), Qatar (General Tax Authority), South Africa (CIPC, SARB), and Southeast Asia (Thailand, Malaysia, Philippines, Singapore). Specific percentage splits per region were not disclosed.
Profitability Margins
Operating margins for Q2 FY2026 were reported at 8%, representing a sharp downtick from previous periods. This decline is attributed to aggressive investments in sales, marketing, and product development for the SaaS business, where the company aims to spend significantly to build ARR, noting a global benchmark of $1.5 to $2 in S&M for every $1 of net new ARR.
EBITDA Margin
Core profitability is currently impacted by the transition to a SaaS model; while specific EBITDA % for the full year was not explicitly stated, the company reported a 'healthy' increase in cash accrual generation and expects profitability to lift once SaaS scale crosses threshold levels.
Capital Expenditure
The company maintains a comfortable capital structure with a gearing of 0.1 times as of March 31, 2025. It raised INR 20 Cr through preference shares and warrants in July 2024 and holds INR 95 Cr in fixed deposits (non-current assets) to fund organic growth and potential prudent inorganic opportunities.
Credit Rating & Borrowing
Ratings were upgraded by ICRA to [ICRA]BBB (Stable) and [ICRA]A3+ on July 1, 2025. This upgrade reflects improved financial risk profiles, low reliance on debt, and adequate liquidity following the TaxTech divestment.
Operational Drivers
Raw Materials
As a SaaS/RegTech provider, the primary 'raw materials' are Human Capital (Software Engineering and Domain Expertise) representing the bulk of operational costs, and Cloud Infrastructure (SaaS architecture).
Import Sources
Not applicable for a software company; however, the company utilizes global cloud infrastructure and employs 503 permanent employees as of March 31, 2025, primarily based in India to serve 50+ global markets.
Key Suppliers
Not disclosed, but typically includes cloud service providers (e.g., AWS, Microsoft Azure) and specialized data standard bodies for XBRL/iXBRL compliance.
Capacity Expansion
Current capacity is defined by its 503-member workforce and cloud-native infrastructure. Expansion is focused on 'ramping up sales, marketing, and product development' to capture a share of the projected $7 billion RegTech market.
Raw Material Costs
Employee benefit expenses and software development costs are the primary drivers. The company is increasing S&M spend to drive ARR, targeting a 16-17% market growth rate.
Manufacturing Efficiency
Efficiency is measured by SaaS metrics; the company is transitioning IRIS IDEAL from a license/implementation model to a subscription model to reduce revenue 'lumpiness'.
Logistics & Distribution
Distribution is digital; however, sales and marketing investments are being scaled substantially to move to the 'next level' of global market penetration.
Strategic Growth
Expected Growth Rate
16-17%
Growth Strategy
Growth will be achieved by scaling the SaaS-based IRIS CARBON platform for ESG and financial reporting, expanding into 'non-mandate' areas of the enterprise reporting supply chain, and leveraging the divestment proceeds (INR 151.2 Cr) to fund organic expansion and potential inorganic acquisitions.
Products & Services
IRIS CARBON (Disclosure Management), IRIS IDEAL (Automated Bank Reporting), IRIS iFile (SupTech platform for regulators), and IRIS Peridot (Data-as-a-Service for MSME credit).
Brand Portfolio
IRIS CARBON, IRIS IDEAL, IRIS Peridot, IRIS iFile.
New Products/Services
Expansion into ESG reporting (BRSR, CSRD, IFRS S1/S2) is expected to be a major growth driver as sustainability disclosures become mandatory globally.
Market Expansion
Targeting the global RegTech market, which is projected to reach $7 billion over the next 5-6 years. The company recently rebranded to 'IRIS RegTech Solutions Limited' to align with this focus.
Market Share & Ranking
Not disclosed, but the company is a leading global provider of XBRL-based reporting software with a presence in 50+ countries.
Strategic Alliances
IRIS CARBON has entered into a partnership with Board International to enhance its disclosure management offerings.
External Factors
Industry Trends
The industry is seeing a convergence of RegTech advancement, ESG reporting mandates, and SaaS adoption. The Indian SaaS market alone is projected to reach $50 billion ARR by 2030, a 4x increase from 2023.
Competitive Landscape
Competes with global RegTech and disclosure management providers; IRIS differentiates through its 'dual-play' of serving both regulators (SupTech) and the regulated (RegTech).
Competitive Moat
Moat is built on deep domain expertise in XBRL/iXBRL, established relationships with 30+ global regulators (high switching costs), and a cloud-first taxonomy-compliant architecture that is difficult for new entrants to replicate quickly.
Macro Economic Sensitivity
Highly sensitive to global regulatory shifts; as regulators intensify focus on transparency and systemic stability, demand for IRIS's SupTech and RegTech solutions increases.
Consumer Behavior
Enterprises are shifting from manual compliance to automated, real-time, and cloud-based reporting to meet increasing transparency demands.
Geopolitical Risks
Operates across diverse regulatory regimes (USA, Qatar, South Africa, SE Asia); changes in international trade relations or data residency laws could impact service delivery.
Regulatory & Governance
Industry Regulations
Operations are governed by global data standards and financial reporting mandates set by bodies like the SEC, ESMA, and various central banks.
Environmental Compliance
The company is positioning itself to benefit from ESG regulations like India's BRSR and the EU's CSRD, which require structured, machine-readable sustainability reporting.
Taxation Policy Impact
The company recently divested its TaxTech business (GST ASP) to Sovos for INR 151.2 Cr, indicating a strategic exit from tax-filing services to focus on broader regulatory technology.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing of 'threshold' crossing for SaaS profitability, as high S&M investments (up to $2 per $1 of new ARR) currently suppress operating margins (8% in Q2 FY26).
Geographic Concentration Risk
While global, the company has significant exposure to the Indian market and specific international mandates like the US SEC.
Third Party Dependencies
Dependent on the continued global adoption of XBRL/iXBRL standards and the maintenance of mandates by regulatory bodies.
Technology Obsolescence Risk
Mitigated by continuous investment in 'product enhancement' and a 'cloud-first' architecture to keep up with fast-changing digital reporting requirements.
Credit & Counterparty Risk
Receivables quality is supported by a client base of regulators and large financial institutions; current ratio improved to 2.43 in March 2025.