IZMO Limited (IZMO)
₹820.70 -0.86% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, IZMO's revenue was ₹65.4 Cr (+15.7% year on year, -40.0% on the previous quarter), and net profit ₹12.2 Cr (+103.1% year on year); the operating margin was 25.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹65.4 | +15.7% | -40.0% |
| Operating profit | ₹16.4 | +69.6% | +9.3% |
| Net profit | ₹12.2 | +103.1% | -28.3% |
| EPS (₹) | 8.15 | +102.2% | -29.5% |
| Operating margin | 25.1% | — | — |
IZMO delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.73% of the IZMO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.37%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 50.9% · 50.3% · 43.7% · 49.2% · 49.7%
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
IZMO Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its Registrar and Share Transfer Agent, Cameo Corporate Services Limited, pertains to the quarter ended September 30, 2026. It confirms that securities received for dematerialisation during the period were duly verified, mutilated, cancelled, and listed on stock exchanges within prescribed timelines. This is a recurring administrative filing and involves no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI regulations
- Pertains to the quarter ended September 30, 2026
- Issued by RTA Cameo Corporate Services Limited dated October 1, 2026
- Confirmed timely processing, mutilation, and cancellation of physical certificates
IZMO Limited's semiconductor subsidiary, izmo Microsystems, signed an MoU with IIT Madras for Phase II of the Centre for Programmable Photonic Integrated Circuits and Systems (CPPICS). The project outlay is ₹99.94 crore over five years, sanctioned by MeitY with ₹97.54 crore government funding and ₹2.40 crore committed by izmo Microsystems. The project targets the development and industrial packaging of 1.6 Tbps optical transceivers, co-packaged optics, and photonic AI systems. While the program represents ~34% of IZMO's TTM revenue of ₹293 crore, izmo Microsystems' direct financial contribution is limited to ₹2.40 crore.
- Total project outlay of ₹99.94 crore sanctioned by MeitY over a 5-year timeline
- MeitY contributes ₹97.54 crore, while izmo Microsystems commits ₹2.40 crore in cash and in-kind
- Aims to develop 1.6 Tbps optical engines, microwave photonics (>50 GHz), and a Process Design Kit with >100 IP blocks
- Targets commercial-grade packaging, fiber alignment, and co-packaged optics (CPO) manufacturing
Dinanath Soni, a member of the promoter group of IZMO Limited, has acquired 7,48,128 equity shares representing 4.99% of the company's paid-up capital. The acquisition was executed on September 29, 2026, via an off-market inter-se transfer as a gift from promoter Mrs. Shashi Soni. The transaction involved no financial consideration and is exempt from open offer requirements under Regulation 10(1)(a)(i) of SEBI (SAST) Regulations, 2011. Overall promoter group holding remains unchanged as this is an internal family reallocation.
- Acquisition of 7,48,128 equity shares representing 4.99% of paid-up capital
- Off-market inter-se transfer by way of gift from promoter Mrs. Shashi Soni to Dinanath Soni
- Transaction completed on September 29, 2026, without financial consideration
- Prior disclosure under Regulation 10(5) submitted on September 11, 2026
Dinanath Soni, a member of the promoter group of IZMO Limited, has acquired 7,48,128 equity shares representing 4.99% of the company's paid-up capital. The acquisition was executed on September 29, 2026, via an off-market inter-se transfer as a gift from promoter Mrs. Shashi Soni. The transaction involved no financial consideration and is exempt from open offer requirements under Regulation 10(1)(a)(i) of SEBI (SAST) Regulations, 2011. Overall promoter group holding remains unchanged as this is an internal family reallocation.
- Acquisition of 7,48,128 equity shares representing 4.99% of paid-up capital
- Off-market inter-se transfer by way of gift from promoter Mrs. Shashi Soni to Dinanath Soni
- Transaction completed on September 29, 2026, without financial consideration
- Prior disclosure under Regulation 10(5) submitted on September 11, 2026
IZMO Limited announced the voting results and scrutinizer's report for its 31st Annual General Meeting held on September 25, 2026. All four resolutions were passed with over 99.9% majority of votes polled. Key approvals include adopting FY26 financial statements, re-appointing Managing Director Sanjay Soni and Whole Time Director Kiran Soni, and the voluntary delisting of equity shares from the Calcutta Stock Exchange Limited. Total turnout represented 37.13% of outstanding shares (55,61,675 votes polled out of 1,49,80,321 total shares).
- All 4 resolutions passed with >= 99.99% votes polled in favour
- Special resolution approved for voluntary delisting from Calcutta Stock Exchange Limited
- Total voter turnout stood at 37.13% (55,61,675 votes polled on 1,49,80,321 shares)
- Re-appointment of Sanjay Soni (MD) and Kiran Soni (Whole Time Director) approved
IZMO Limited conducted its 31st Annual General Meeting on September 25, 2026, with 69 members in attendance via video conference. Ordinary business included adopting the FY26 audited financial statements and the reappointment of Managing Director Sanjay Soni. Special business resolutions voted upon included the reappointment of Whole-Time Director Kiran Soni and the voluntary delisting of equity shares from the Calcutta Stock Exchange Limited. Official e-voting results scrutinised by CS Syed Shahabuddin will be submitted separately.
- 31st Annual General Meeting held on September 25, 2026, attended by 69 members
- Special resolution proposed for voluntary delisting of equity shares from Calcutta Stock Exchange Limited
- Re-appointment of Sanjay Soni (Managing Director) and Kiran Soni (Whole-Time Director) placed before shareholders
- Remote e-voting was active from September 22 to September 24, 2026, based on the September 18, 2026 cut-off date
Promoter group member Dinanath Soni disclosed that the proposed inter-se transfer of 7,48,128 equity shares (4.99% of total paid-up equity) from his mother Shashi Soni via gift could not be completed by the September 23, 2026 deadline. The transfer instruction was rejected by the Depository Participant, Anand Rathi Share and Stock Brokers Limited, citing lack of documentary proof of relationship. The transaction involves no financial consideration and represents an internal reallocation within the promoter group.
- Proposed inter-se transfer involves 7,48,128 equity shares, representing 4.99% of total paid-up share capital
- Transfer was structured as an off-market gift from mother (Shashi Soni) to son (Dinanath Soni) with zero financial consideration
- Scheduled completion deadline of September 23, 2026 was missed due to DP rejection over relationship documentation
- Prior intimation was filed under SEBI SAST Regulation 10(5) on September 11, 2026
Tej Soni, belonging to the promoter group of IZMO Limited, reported the non-completion of a planned inter-se promoter share transfer within the required timeline ending September 23, 2026. The proposed off-market gift transaction comprised 14,96,257 equity shares, or 9.9% of the company's total paid-up share capital. The transferors were Shashi Soni (32,991 shares) and Kiran Soni (14,63,266 shares). The transfer was halted due to Depository Participant Anand Rathi Share and Stock Brokers Limited rejecting the instruction for non-submission of proof establishing the familial relationship.
- Proposed inter-se transfer involves 14,96,257 equity shares representing 9.9% of total paid-up capital
- Shares to be received as gift: 32,991 shares from Shashi Soni and 14,63,266 shares from Kiran Soni
- Scheduled completion deadline of September 23, 2026 was missed
- DP Anand Rathi Share and Stock Brokers rejected the transfer citing lack of documentary proof of relationship
IZMO Limited's subsidiary, izmo Microsystems, announced it will showcase production-stage silicon photonics products and advanced packaging technologies at SEMICON India 2026. The showcase includes functional modules currently in production such as a Quantum Random Number Generator and Quantum Key Distribution module, alongside previewing optical transceivers slated for commercial launch in 2027. While no new financial contracts were announced in the filing, the subsidiary targets the global optical transceiver market projected to exceed US$30 billion by 2030. This supports IZMO's broader strategy to expand izmo Microsystems to ₹200 Cr in revenue over the next 2-3 years against TTM revenue of ₹293 Cr.
- Unveiled production-stage silicon photonics packaging capabilities at SEMICON India 2026
- Showcasing functional products currently in production, including Quantum Key Distribution modules packaged for Pramatra and modulators for CCRAFT
- Previewed next-generation optical transceiver portfolio scheduled for commercial launch in 2027
- Targeting a global optical transceiver market projected to cross US$30 billion by 2030
IZMO Limited has issued the notice for its 31st Annual General Meeting (AGM) scheduled for Friday, September 25, 2026, at 12:30 PM IST via Video Conferencing. The record/cut-off date to determine shareholder eligibility for e-voting has been fixed for Friday, September 18, 2026. Remote e-voting will commence on September 22, 2026 (9:00 AM IST) and conclude on September 24, 2026 (5:00 PM IST). Additionally, the Register of Members and Share Transfer Books will remain closed from September 18 to September 25, 2026.
- 31st Annual General Meeting scheduled for September 25, 2026, at 12:30 PM IST via VC/OAVM
- Cut-off date for remote e-voting eligibility set for September 18, 2026
- E-voting window open from September 22, 2026 (9:00 AM IST) to September 24, 2026 (5:00 PM IST)
- Book closure period scheduled from September 18, 2026, to September 25, 2026 (both days inclusive)
IZMO Limited's semiconductor subsidiary, izmo Microsystems Pvt. Ltd., has developed and commenced commercial production shipments of an indigenous RF Quad Flat No-Lead (QFN) package capable of operating at up to 40 GHz. The packaging solution was designed and manufactured in India for a customer developing RF modules for defence and secure wireless communication applications. The proprietary design achieves wire bond lengths of approximately 0.3 mm with a precision air cavity to minimize parasitic interference. Although specific commercial contract values were not disclosed, this marks an important operational milestone in IZMO's high-reliability semiconductor packaging roadmap.
- Developed indigenous RF QFN packaging operating at frequencies up to 40 GHz
- Commenced commercial production shipments following assembly and electrical validation
- Proprietary package architecture achieves wire bond lengths of approximately 0.3 mm
- Operates in alignment with the ₹1,27,500 crore Semicon 2.0 national policy push
IZMO Limited released its Q1 FY27 business update and investor presentation, reporting consolidated revenue growth of 15.7% YoY to ₹65.38 Cr. Operating EBITDA surged 69.6% YoY to ₹16.39 Cr, expanding margins by 796 bps to 25.1%, while net profit rose 103.1% YoY to ₹12.20 Cr. The newly scaled izmo Microsystems (semiconductor packaging) sustained its higher quarterly run-rate at ₹9.24 Cr (vs ₹9.23 Cr in Q4 FY26). The digital intelligence segment added 170 new clients during the quarter while maintaining a 98.5% Gross Revenue Retention Rate.
- Revenue from operations grew 15.7% YoY to ₹65.38 Cr in Q1 FY27
- Operating EBITDA expanded 69.6% YoY to ₹16.39 Cr with margins at 25.1% (+796 bps YoY)
- PAT surged 103.1% YoY to ₹12.20 Cr with basic EPS doubling to ₹8.15
- izmo Microsystems maintained elevated revenue at ₹9.24 Cr (~2.5x compared to Q2/Q3 FY26 levels)
- Added 170 new international clients (117 in US, 53 in Europe/UK) with 98.5% revenue retention
IZMO Limited reported a strong Q1 FY27 performance with consolidated revenue from operations rising 15.7% YoY to ₹65.38 crore. Operating EBITDA surged 69.6% YoY to ₹16.39 crore, expanding margins by 796 bps to 25.1%. Profit After Tax (PAT) doubled (+103.1% YoY) to ₹12.20 crore, with basic EPS rising to ₹8.15. The high-margin semiconductor packaging division, izmo Microsystems, sustained its elevated revenue run-rate at ₹9.24 crore.
- Revenue from operations increased 15.7% YoY to ₹65.38 crore compared to ₹56.51 crore in Q1 FY26
- Operating EBITDA grew 69.6% YoY to ₹16.39 crore with margin expanding 796 bps to 25.1%
- PAT surged 103.1% YoY to ₹12.20 crore (PAT margin at 18.7%)
- izmo Microsystems maintained its higher quarterly revenue level at ₹9.24 crore (vs ₹3.7-3.8 crore in Q2-Q3 FY26)
- Added 170 new clients during the quarter (117 US, 53 Europe/UK) with Gross Revenue Retention at 98.5%
IZMO Limited has approved a fresh application for voluntary delisting from the Calcutta Stock Exchange (CSE). The company stated that while it was effectively delisted from the CSE nearly 20 years ago during an industry-wide shift, the exchange's records still reflect it as listed. This move is a measure of commercial prudence to eliminate administrative costs and avoid potential litigation with the CSE. Crucially, the company's equity shares will continue to be listed and traded on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
- Voluntary delisting application specifically for the Calcutta Stock Exchange (CSE)
- Original delisting from CSE occurred nearly 20 years ago but was not reflected in CSE records
- Company will maintain its primary listings on nationwide exchanges BSE and NSE
- Action taken to avoid administrative costs, distraction, and potential litigation with CSE
- No impact on the company's market capitalization of Rs 1,416 Cr or trading liquidity
IZMO Limited has informed the exchanges regarding its upcoming book closure dates in connection with its Annual General Meeting (AGM). The Register of Members and Share Transfer Books will remain closed from Friday, September 18, 2026, to Friday, September 25, 2026 (both days inclusive). The AGM is scheduled to take place on Friday, September 25, 2026. This is a standard regulatory intimation under Section 91 of the Companies Act, 2013, and SEBI Listing Regulations.
- Book closure period set from September 18, 2026 to September 25, 2026 (both days inclusive)
- Annual General Meeting (AGM) scheduled to be held on September 25, 2026
- Intimation filed pursuant to Section 91 of the Companies Act, 2013 and Regulation 42 of SEBI LODR
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 9.88% YoY to INR 116.62 Cr in H1 FY26. Segmental performance for Q2 FY26 vs Q1 FY26 shows: Izmo Studio grew 9.08% to INR 24.38 Cr, Frog Data grew 4.68% to INR 15.89 Cr, and Izmo Micro grew 58.09% to INR 3.81 Cr. Izmo Cars saw a marginal dip of 3.26% to INR 16.03 Cr due to customer shutdowns in the U.S.
Geographic Revenue Split
The revenue is heavily concentrated in North America at 71%, followed by Europe at 17%, and India at 12% as of H1 FY26.
Profitability Margins
EBITDA margin (excluding other income) for H1 FY26 improved to 19.88% from 17.70% YoY, a gain of 218 bps. Q2 FY26 EBITDA margin reached 22.5%. PAT margin for H1 FY26 was 15.92%, down from 33.86% YoY, primarily because H1 FY25 included a high 'Other Income' of INR 32.19 Cr compared to INR 5.41 Cr in H1 FY26.
EBITDA Margin
EBITDA (excluding other income) grew 23.38% YoY to INR 23.18 Cr in H1 FY26. The margin expansion to 19.88% is attributed to internal cost efficiencies and the adoption of AI-based automation.
Capital Expenditure
Not explicitly disclosed in absolute INR Cr for future periods, though significant investments are ongoing in the Izmo Micro segment to scale operations from breakeven to a projected INR 200 Cr revenue in 2-3 years.
Credit Rating & Borrowing
Interest costs increased to INR 0.83 Cr in H1 FY26 from INR 0.33 Cr YoY, representing a 151% increase, though absolute debt levels and specific credit ratings were not disclosed.
Operational Drivers
Raw Materials
Raw material expenses accounted for INR 3.33 Cr in H1 FY26, representing 2.86% of total revenue, primarily related to the Izmo Micro semiconductor/SiP business.
Capacity Expansion
Izmo Micro is currently scaling up with an order book of INR 50 Cr. The company aims to reach INR 25 Cr total revenue for Izmo Micro in FY26 and INR 200 Cr within 2-3 years as it moves from 'crawling' to 'running' in the SiP (System-in-Package) space.
Raw Material Costs
Raw material costs increased 81.97% YoY from INR 1.83 Cr to INR 3.33 Cr in H1 FY26, reflecting the ramp-up of the hardware-centric Izmo Micro segment.
Strategic Growth
Expected Growth Rate
20-30%
Growth Strategy
Growth will be driven by the Izmo Micro segment, which is targeting a 50-50 revenue contribution split with the rest of the business within 3 years. Strategy includes focusing on high-end SiP offerings for defense, space, and telecom, and leveraging synergies from the Geronimo acquisition. Cost optimization via AI is expected to sustain EBITDA margins above 20%.
Products & Services
Automotive e-retailing software (Izmo Cars), visual content and CGI (Izmo Studio), data analytics (Frog Data), and System-in-Package (SiP) semiconductor solutions (Izmo Micro).
Brand Portfolio
Izmo Cars, Izmo Studio, Frog Data, Izmo Micro, Geronimo.
New Products/Services
SiP (System-in-Package) offerings for defense and space sectors via Izmo Micro, expected to contribute INR 200 Cr in revenue in 2-3 years.
Market Expansion
Expansion into high-end technology sectors including defense, space, automotive, and telecom with SiP offerings.
Strategic Alliances
The company mentioned good OEM engagements in the Izmo Cars segment to drive future steady growth.
External Factors
Industry Trends
The industry is shifting toward AI-driven automation and high-end specialized semiconductor packaging (SiP). IZMO is positioning itself by pivoting from pure software/content to high-margin hardware-tech components for specialized sectors.
Competitive Landscape
The company faces competition in the U.S. automotive software market, which led to some client shutdowns and a marginal revenue dip in the Izmo Cars segment.
Competitive Moat
IZMO's moat is built on a 98.5% revenue retention rate and specialized visual content libraries (Izmo Studio). The sustainability of the new Micro segment depends on technical execution in high-entry-barrier fields like defense and space.
Macro Economic Sensitivity
The legacy business is sensitive to the global automotive market, which is currently described as 'sluggish,' limiting growth in that specific vertical.
Consumer Behavior
Shift toward online automotive retail and data-driven decision-making in dealerships supports demand for Izmo Studio and Frog Data.
Geopolitical Risks
Exposure to defense and space sectors through Izmo Micro introduces sensitivity to government spending and international trade regulations for high-end technology.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (Prohibition of Insider Trading) Regulations 2015 and Regulation 26(3) regarding Code of Conduct affirmation.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 3.18% (INR 0.61 Cr tax on INR 19.17 Cr PBT), significantly lower than the 11.1% rate in H1 FY25.
Legal Contingencies
The company confirmed there are no significant frauds or significant changes in internal control systems as of the March 31, 2025 audit.
Risk Analysis
Key Uncertainties
Execution risk in the Izmo Micro segment; if the company fails to scale from the current INR 6 Cr H1 revenue to the INR 200 Cr target, overall valuation may be impacted.
Geographic Concentration Risk
High risk with 71% of revenue derived from North America.
Third Party Dependencies
Dependency on U.S. auto dealers and OEMs for the legacy business; competitive issues at the client level directly impacted Izmo Cars revenue this quarter.
Technology Obsolescence Risk
Risk of legacy software becoming obsolete, mitigated by the pivot to AI and SiP semiconductor technology.
