IRIS RegTech Solutions Limited (IRIS)
₹212.27 +0.25% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, IRIS RegTech's revenue was ₹32.8 Cr (+9.7% year on year, -16.3% on the previous quarter), and net profit ₹-1.0 Cr (against a profit a year earlier); the operating margin was -5.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹32.8 | +9.7% | -16.3% |
| Operating profit | ₹-1.7 | to loss | to loss |
| Net profit | ₹-1.0 | to loss | to loss |
| EPS (₹) | -0.47 | to loss | to loss |
| Operating margin | -5.1% | — | — |
IRIS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.34% of the IRIS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.52%. That is close to its usual level. Turnover was only ₹7 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 65.1% · 69.5% · 61.8% · 62.9% · 54.3%
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
IRIS RegTech Solutions Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed and confirmed within mandated timelines. The RTA also confirmed that zero requests for rematerialisation were received during the period. This is an ordinary administrative filing and carries no operational or financial impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Registrar MUFG Intime India confirmed zero rematerialisation requests received during the quarter
IRIS RegTech Solutions Limited has scheduled a one-on-one, in-person meeting with institutional investor Jupiter Financial on September 8, 2026, in Navi Mumbai. The company confirmed that no unpublished price-sensitive information (UPSI) will be discussed during the interaction. This is a standard regulatory intimation pursuant to Regulation 30 of SEBI LODR Regulations.
- One-on-one in-person meeting scheduled with Jupiter Financial
- Meeting date set for September 8, 2026, at Navi Mumbai
- No unpublished price-sensitive information (UPSI) to be shared
IRIS RegTech Solutions Limited has received approval from the Department of Economic Development, Government of Dubai, to incorporate a Wholly Owned Subsidiary named IRIS Gulf Regulatory Technology L.L.C on August 20, 2026. The entity has an authorised and proposed initial paid-up share capital of AED 2,00,000 (subscribed 100% in cash at AED 10 per share). The subsidiary will focus on RegTech, Financial Reporting Solutions, and Supervisory Technology (SupTech) to target opportunities across the GCC and Middle East markets. Financially, the initial capital commitment is nominal relative to the company's Rs 201 Cr net worth.
- Incorporation of 100% Wholly Owned Subsidiary approved in Dubai on August 20, 2026
- Authorised and proposed initial paid-up share capital of AED 2,00,000
- Acquisition consideration of 100% cash at face value of AED 10 per share
- Focus area: RegTech, Financial Reporting Solutions, and Supervisory Technology Solutions in the GCC region
IRIS RegTech Solutions Limited has announced a scheduled one-on-one virtual analyst/investor meeting with Club Millionaire on August 26, 2026. The company stated that no unpublished price-sensitive information (UPSI) will be shared during the interaction. This is a standard regulatory filing under Regulation 30 of SEBI LODR Regulations.
- One-on-one virtual meeting scheduled with Club Millionaire
- Meeting date set for August 26, 2026
- Company confirmed no unpublished price-sensitive information (UPSI) will be discussed
IRIS RegTech Solutions Limited concluded its 26th Annual General Meeting on August 14, 2026, with shareholders approving all 4 tabled resolutions with near-unanimous 99.9996% approval. Key approvals included the adoption of FY26 audited financial statements and the re-appointment of Whole Time Directors Mr. Balachandran Krishnan and Ms. Deepta Rangarajan. Total voter turnout stood at 39.02% with 80,26,154 votes polled out of 2,05,68,247 total outstanding equity shares across a base of 10,552 shareholders.
- All 4 resolutions passed with 99.9996% votes in favour (80,26,124 votes in favour vs 30 against)
- Overall voter turnout was 39.0221% of total share capital (80,26,154 votes polled from 2,05,68,247 shares)
- Re-appointment of Mr. Balachandran Krishnan and Ms. Deepta Rangarajan as Whole Time Directors approved as Special Resolutions
- Shareholder base stood at 10,552 as of the record date of August 8, 2026
IRIS RegTech Solutions Limited held its 26th Annual General Meeting on August 14, 2026, focusing on leadership continuity and its strategic pivot to a pure-play RegTech model. Shareholders considered the re-appointment of Mr. Balachandran Krishnan (CEO) and Ms. Deepta Rangarajan as Whole Time Directors for five-year terms with revised remuneration. The company highlighted the successful divestment of its TaxTech business for ₹151.2 Cr, which significantly strengthened its balance sheet for future inorganic growth. Management emphasized scaling the IRIS CARBON SaaS platform to capture opportunities in the global ESG reporting market.
- Re-appointment of Mr. Balachandran Krishnan as Whole Time Director & CEO for a 5-year term
- Strategic divestment of TaxTech business completed, providing ₹151.2 Cr in cash proceeds
- Company officially rebranded to IRIS RegTech Solutions Limited to align with its focus on the $7 billion global RegTech market
- AGM attended by 63 shareholders via video conferencing, concluding in 45 minutes
- Management confirmed focus on ESG reporting (BRSR, CSRD) as a primary growth driver
IRIS RegTech Solutions has received a credit rating upgrade from ICRA for its short-term bank facilities, moving from [ICRA]A3+ to [ICRA]A2. The long-term rating has been re-affirmed at [ICRA]BBB with a Stable outlook. The total rated facilities amount to Rs 18.08 crores, which is approximately 13.6% of the company's TTM revenue of Rs 133.17 crores. This upgrade reflects a strengthening credit profile, likely bolstered by the company's minimal debt of Rs 2 crore and significant cash reserves following its recent divestment.
- Short-term rating upgraded to [ICRA]A2 from [ICRA]A3+ for non-fund based limits.
- Long-term rating re-affirmed at [ICRA]BBB with a Stable outlook for Rs 8.18 crore Cash Credit.
- Total bank facilities covered under the rating rationale amount to Rs 18.08 crores.
- Non-fund based limits include a Rs 7.40 crore Bank Guarantee and a Rs 2.50 crore Forward Contract.
- Company maintains a very low Debt-to-Equity ratio of 0.01 as per latest financials.
IRIS RegTech reported a strong Q1FY27 with total revenue reaching ₹35.2 Cr, a 33% YoY increase. While the top line grew robustly, EBITDA moderated to ₹0.8 Cr from ₹1.4 Cr in the previous year, reflecting a deliberate increase in sales and marketing investments for international expansion. The RegTech segment was the standout performer with 51% YoY growth, and the company's new disclosure management solution's Annual Recurring Revenue (ARR) surpassed the US$1 million milestone. Management also strengthened the leadership team with the appointment of Shailesh Gupta to drive the SupTech and Banking RegTech verticals.
- Total revenue grew 33% YoY to ₹35.2 Cr, contributing approximately 26.5% of the TTM revenue.
- RegTech segment revenue increased by 51% YoY, driven by the IRIS CARBON platform.
- Annual Recurring Revenue (ARR) grew 11% between March 31, 2026, and July 31, 2026.
- New disclosure management solution ARR surpassed the US$1 million milestone.
- EBITDA stood at ₹0.8 Cr, down from ₹1.4 Cr YoY due to planned investments in global sales and marketing.
IRIS RegTech Solutions Limited has approved the grant of 1,21,000 stock options to eligible employees under its ESOP 2023 plan. The exercise price is set at ₹10 per share, which is the face value and significantly lower than the current market price of ₹257.4. These options represent approximately 0.59% of the company's total equity base. Vesting is performance-linked and scheduled only after the disclosure of FY2028-29 financial results, indicating a long-term retention strategy.
- Grant of 1,21,000 stock options, each convertible into one equity share of ₹10 face value
- Exercise price fixed at ₹10 per share, representing a deep discount to the current market price
- Vesting is deferred until after the FY2028-29 results, subject to specific performance criteria
- Total options vested under the 2023 scheme to date stand at 2,24,500
- Cumulative money realized from 20,130 exercised options amounts to ₹39,12,160
IRIS RegTech reported a consolidated net loss of ₹0.97 Cr for Q1 FY27, a sharp reversal from the ₹4.15 Cr profit in the previous quarter. Revenue from operations declined 16.3% sequentially to ₹32.75 Cr, although it grew 30% on a year-on-year basis. The company also announced the appointment of Shailesh Gupta as Business Head for SupTech and Bank-RegTech, effective August 20, 2026, to lead its core growth verticals. Despite the quarterly loss, the company maintains a healthy balance sheet with a debt of only ₹2 Cr and a net worth of ₹201 Cr.
- Revenue from operations stood at ₹32.75 Cr in Q1 FY27, down from ₹39.15 Cr in Q4 FY26.
- Consolidated net loss of ₹0.97 Cr for the quarter, compared to a profit of ₹4.15 Cr in the preceding quarter.
- SupTech segment remains the primary driver with ₹18.92 Cr in revenue and ₹6.62 Cr in segment profit.
- RegTech segment reported a loss of ₹1.85 Cr at the segment level, contributing to the overall bottom-line pressure.
- Appointment of Shailesh Gupta as Senior Management Personnel effective August 20, 2026, bringing 25 years of domain experience.
IRIS RegTech Solutions reported a 30% YoY increase in consolidated revenue to ₹32.75 Cr for Q1 FY27. Despite the top-line growth, the company swung to a net loss of ₹0.97 Cr from a profit of ₹0.22 Cr in the year-ago period. This was driven by a 42% surge in employee benefit expenses (₹20.52 Cr) and a nearly 3x increase in depreciation costs. Segmentally, while SupTech revenue grew 20%, the RegTech segment reported a loss of ₹1.85 Cr despite a 51% revenue jump.
- Consolidated revenue from operations increased 30% YoY to ₹32.75 Cr.
- Employee benefit expenses rose 42% YoY to ₹20.52 Cr, representing 62% of revenue.
- Net loss for the quarter stood at ₹0.97 Cr compared to a profit of ₹0.22 Cr in Q1 FY26.
- RegTech segment revenue grew to ₹10.22 Cr but incurred a segment loss of ₹1.85 Cr.
- Appointment of Shailesh Gupta as Business Head – SupTech & Bank-RegTech effective August 20, 2026.
IRIS RegTech Solutions has received formal confirmation for the extension of its engagement with South African partner Xpert Decisions Systems (Pty) Ltd (XDS). The contract involves technology development, implementation, and support for Phase 4 of the CODI deposit insurance solution. While the specific commercial value is confidential, this represents a continuation of a long-term project previously disclosed in 2023 and 2025. This extension aligns with the company's strategy to scale its international RegTech footprint, which currently contributes to a TTM revenue of ₹133 Cr.
- Extension of existing engagement with Xpert Decisions Systems (Pty) Ltd, South Africa.
- Project involves Phase 4 of the CODI deposit insurance solution.
- Follows previous project-related disclosures dated March 03, 2023, and December 11, 2025.
- Services include technology development, implementation, and support services.
- Company maintains a low debt-to-equity ratio of 0.01, supporting international project execution.
IRIS RegTech Solutions Limited has submitted its FY 2025-26 Annual Report, reporting a total revenue of ₹138.21 Cr, a 23% increase year-on-year. The company's net worth stands at ₹200.73 Cr, significantly bolstered by the ₹151.2 Cr proceeds from the strategic disinvestment of its TaxTech business. The 26th Annual General Meeting (AGM) is scheduled for August 14, 2026, via video conferencing. Management is focusing on scaling its SaaS-based IRIS CARBON platform and expanding into the global RegTech market, projected to reach $7 billion.
- Total Revenue for FY26 reached ₹138.21 Cr, marking a 23% Y-o-Y growth
- Net Worth as of March 31, 2026, reported at ₹200.73 Cr
- Strategic disinvestment of TaxTech business yielded ₹151.2 Cr in proceeds
- AGM scheduled for August 14, 2026, with a book closure period from August 8 to August 14
- Remote e-voting period set for August 11, 2026, to August 13, 2026
IRIS RegTech Solutions has scheduled its 26th Annual General Meeting (AGM) for August 14, 2026. The company reported a total revenue of ₹138.21 Cr for FY26, marking a 23% year-on-year growth. Following the strategic divestment of its TaxTech business for ₹151.2 Cr, the company is focusing on its RegTech, SupTech, and DataTech segments. The net worth as of March 31, 2026, stands at ₹200.73 Cr.
- FY26 Total Revenue reached ₹13,821 Lakh (₹138.21 Cr), representing a 23% Y-o-Y growth
- Net Worth as of March 31, 2026, reported at ₹20,073 Lakh (₹200.73 Cr)
- Strategic divestment of TaxTech business generated ₹151.2 Cr in proceeds to fuel future growth
- The 26th AGM is scheduled for August 14, 2026, with a cut-off date of August 8, 2026, for e-voting
- Company is targeting a global RegTech market projected to reach $7 billion over the next 5-6 years
IRIS RegTech Solutions Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms that the Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, has processed dematerialization requests for the quarter ended June 30, 2026. This is a standard procedural filing required by SEBI to ensure the integrity of the company's shareholding records. There are no financial or operational updates contained in this announcement.
- Compliance certificate submitted for the quarter ended June 30, 2026
- Issued by Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited
- Filing adheres to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Confirms the processing and cancellation of share certificates for dematerialization
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.
