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Winny Immigration & Education Services Limited (WINNY)

📊 NSE: WINNY 🏢 Tour, Travel Related Services 📢 Latest filing: 16 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (H2 FY26)

In its latest reported quarter, H2 FY26, Winny Immigration's revenue was ₹0.5 Cr (-88.3% year on year, -74.3% on the previous half-year), and net profit ₹-4.6 Cr (a bigger loss than a year earlier); the operating margin was -573.9%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹0.5	-88.3%	-74.3%
Operating profit	₹-2.6	loss narrowed	loss widened
Net profit	₹-4.6	loss widened	loss widened
EPS (₹)	-21.34	loss widened	loss widened
Operating margin	-573.9%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

WINNY Issues Postal Ballot to Vary IPO Proceeds Utilization and Extend Timelines

🔵 WATCH ⭐ 5/10

ROUTINE 📅 16 Sep 2026, 04:13 PM

Winny Immigration & Education Services has issued a postal ballot notice seeking shareholder approval via special resolution to alter the objects and terms of utilization of its IPO proceeds, as well as extend the deployment timeline. The company noted that funds are being reallocated towards working capital, reducing planned high-impact advertising and marketing expenditures. If approval falls below 90% (even if meeting the 75% threshold), promoters will be obligated to provide an exit offer to dissenting shareholders under SEBI ICDR regulations. Remote e-voting runs from September 18, 2026 to October 17, 2026, with results declared on or before October 19, 2026.

Seeking shareholder approval to vary IPO proceeds utilization and extend timelines
Promoter exit offer triggered under SEBI ICDR Regulation 59 if dissenting votes exceed 10%
Remote e-voting opens on September 18, 2026, and closes on October 17, 2026
Scrutinizer voting results to be announced on or before October 19, 2026
Cut-off date for eligibility to vote was September 11, 2026

💡 Watch for the voting results declared by October 19, 2026, and check if dissent exceeds 10%, which would mandate a promoter exit offer for dissenting shareholders.

Winny Immigration Seeks Shareholder Nod to Alter IPO Proceeds Object and Extend Timeline

🔵 WATCH ⭐ 4/10

ROUTINE 📅 16 Sep 2026, 12:47 PM

Winny Immigration & Education Services announced that its Board has approved seeking shareholder approval via postal ballot for a variation in the objects/terms of utilisation of IPO proceeds and an extension of the time limit. This marks another modification following an earlier variation approved on November 11, 2025. The cut-off date for remote e-voting is September 11, 2026, with the voting window open from September 18 to October 17, 2026.

Board approved a special resolution via postal ballot to vary IPO proceeds utilisation terms and extend the timeline
Earlier variation was previously approved by shareholders on November 11, 2025
E-voting period runs from 9:00 am on September 18, 2026, to 5:00 pm on October 17, 2026
Cut-off date for entitlement to vote was fixed as September 11, 2026

💡 Track the upcoming postal ballot notice and explanatory statement to assess the exact re-allocation of funds and revised deployment timeline against the original IPO objectives.

Winny Seeks Shareholder Nod to Alter IPO Proceeds Utilisation and Extend Timeline

🔴 NEGATIVE ⭐ 5/10

BOARD_MEETING 📅 16 Sep 2026, 12:44 PM

Winny Immigration & Education Services announced that its Board has approved seeking shareholder approval via postal ballot to vary the objects and terms of its IPO proceeds and extend their utilisation timeline. The company originally issued its prospectus on June 12, 2024, followed by a first variation on November 11, 2025. The cut-off date for e-voting was fixed as September 11, 2026, with remote voting open from September 18 to October 17, 2026. This comes amid severe business distress, with TTM revenue dropping to Rs 10 Cr and TTM net loss widening to Rs -11 Cr.

Board approved variation in objects/terms and timeline extension for IPO proceeds utilisation.
Follows a prior variation previously approved via postal ballot on November 11, 2025.
Cut-off date for voting entitlement set as Friday, September 11, 2026.
E-voting period scheduled from September 18, 2026 to October 17, 2026.

💡 Track the upcoming postal ballot notice and explanatory statement to review the exact re-allocation amounts, reasons for deployment delays, and the new targeted utilisation schedule.

Winny Immigration Schedules 18th AGM on September 23, 2026; Negative Net Worth Reported

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 06:32 PM

Winny Immigration & Education Services Limited has issued notice for its 18th Annual General Meeting (AGM) scheduled for September 23, 2026. The filing includes the FY26 annual report details, noting a severe deterioration in balance sheet metrics with current ratio dropping 78% YoY to 0.79. The company also disclosed that shareholders' equity turned negative during the year due to accumulated losses. Remote e-voting for shareholders is open from September 20 to September 22, 2026.

18th Annual General Meeting scheduled for September 23, 2026 at 11:30 AM IST
Remote e-voting window active from September 20, 2026 (9:00 AM) to September 22, 2026 (5:00 PM)
Cut-off date for dispatch of electronic notices set as August 28, 2026
Current ratio declined 78% YoY from 3.54 to 0.79 as of March 31, 2026
Debt-to-equity ratio not meaningful as net worth turned negative from accumulated losses

💡 Track the outcome of resolutions at the upcoming AGM on September 23, 2026, and monitor subsequent quarterly operational recoveries given the negative net worth.

Winny Immigration Approves Revision in Remuneration for Whole-Time Director Hirenkumar Patel

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Aug 2026, 01:01 PM

Winny Immigration & Education Services Limited's Board approved a revision in the remuneration terms for Mr. Hirenkumar Khodidas Patel, Whole-Time Director, for the period January 1, 2027 to December 31, 2028. The revision includes terms for minimum remuneration in case of loss or inadequacy of profits pursuant to Schedule V of the Companies Act, 2013. The exact revised compensation amount was not disclosed in the filing. The revision is subject to shareholder approval at the upcoming Annual General Meeting.

Board approved revision in remuneration terms for Whole-Time Director Mr. Hirenkumar Khodidas Patel on August 27, 2026.
The revised terms apply for the remaining appointment term effective January 01, 2027 up to December 31, 2028.
Includes provision for minimum remuneration in the event of loss or inadequacy of profits under Schedule V of the Companies Act, 2013.
The proposed change is subject to approval by shareholders at the upcoming Annual General Meeting.

💡 Track the AGM notice and voting results to review the quantified revision in executive compensation and minimum payout terms.

Winny Immigration Revises Terms of Remuneration for Whole-Time Director Hirenkumar Patel

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Aug 2026, 12:58 PM

Winny Immigration & Education Services Limited announced that its Board of Directors approved a revision in the remuneration terms for Mr. Hirenkumar Khodidas Patel, Whole-Time Director. The revised terms will apply from January 01, 2027, through December 31, 2028, subject to shareholder approval at the upcoming AGM. The revision incorporates provisions for minimum remuneration in case of loss or inadequacy of profits under Schedule V of the Companies Act, 2013, following recent net losses (TTM PAT of Rs -11 Cr).

Board approved revision in terms of remuneration for Whole-Time Director on August 27, 2026.
Revised tenure terms will take effect from January 01, 2027, to December 31, 2028.
Includes minimum remuneration provision pursuant to Schedule V of the Companies Act, 2013, in the event of loss or inadequacy of profits.
Proposed change is subject to approval by shareholders at the upcoming Annual General Meeting.

💡 Track shareholder voting results at the upcoming Annual General Meeting and look for exact compensation figures disclosed in the AGM notice.

Winny Schedules 18th AGM for Sept 23, 2026; Approves Director Remuneration Revision

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 27 Aug 2026, 12:45 PM

Winny Immigration & Education Services announced the outcome of its Board Meeting held on August 27, 2026. The Board approved the convening of the 18th Annual General Meeting (AGM) on September 23, 2026, and set September 16, 2026, as the record date for e-voting. Additionally, the Board recommended the re-appointment and revised remuneration terms for Whole-Time Director Mr. Hirenkumar Khodidas Patel for the period January 1, 2027, to December 31, 2028, subject to shareholder approval.

18th AGM scheduled for Wednesday, September 23, 2026, at 11:30 AM
Record/Cut-off date for e-voting eligibility fixed as September 16, 2026
Remote e-voting window set from September 20, 2026, to September 22, 2026
Approved revision in remuneration terms for Whole-Time Director Mr. Hirenkumar Khodidas Patel effective January 01, 2027, to December 31, 2028

💡 Shareholders should note the record date of September 16, 2026, to participate in the e-voting process for the AGM resolutions.

Winny Immigration Updates Registered Office Address Description

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 31 Jul 2026, 03:12 PM

Winny Immigration & Education Services Limited announced a minor update to its registered office address description following a board meeting on July 31, 2026. The change is purely administrative, removing a landmark reference ("Above Mr Bean's Coffee Shop") while maintaining the same location at Atp Arcade, Ahmedabad. This update has no impact on the company's business operations or its financial position, which remains under significant pressure with a TTM loss of ₹11 Cr on a ₹10 Cr revenue base.

Board of Directors approved the address description change on July 31, 2026.
The registered office remains at units 103-104, Atp Arcade, Law Garden, Ahmedabad.
Company currently operates with a micro-cap valuation of ₹7 Cr and a TTM loss of ₹11 Cr.

💡 Focus on the company's upcoming financial results to monitor if the planned ₹0.96 Cr expansion into new offices can improve the current -104.5% operating margin.

Winny Immigration Appoints Kiran Kishorbhai Joisher as CS and Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Jul 2026, 12:55 PM

Winny Immigration & Education Services has appointed Ms. Kiran Kishorbhai Joisher as Company Secretary and Compliance Officer, effective August 1, 2026. This is a mandatory regulatory appointment for the micro-cap company, which currently has a market capitalization of just ₹7 Cr. The appointment comes at a time when the company is reporting significant losses, with a TTM PAT of -₹11 Cr and an operating margin of -104.5%. The new officer will oversee compliance as the company attempts to deploy ₹2.87 Cr into software development and ₹0.96 Cr into new office expansions.

Appointment of Ms. Kiran Kishorbhai Joisher effective from August 1, 2026
Appointee is an Associate member of ICSI (A80689) who passed the course in December 2024
Company reports TTM revenue of ₹10 Cr against a net loss of ₹11 Cr
Market capitalization stands at a low ₹7 Cr with a negative net worth
Management is focusing on a ₹2.87 Cr software development plan to enhance digital processing

💡 Investors should focus on the company's ability to reverse its operational losses and the execution of its ₹3.83 Cr total planned investment in software and branding rather than this routine administrative appointment.

Resignation of Company Secretary and Compliance Officer Effective July 31, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 31 Jul 2026, 12:48 PM

Ms. Ishita Nayankumar Shah has resigned from her position as Company Secretary and Compliance Officer of Winny Immigration & Education Services Limited, effective July 31, 2026. The resignation is attributed to personal reasons. This management change occurs as the company navigates significant financial challenges, including a TTM loss of ₹11 Cr and a negative net worth. The Board has formally noted the resignation and is expected to initiate the process for a replacement.

Resignation of Ms. Ishita Nayankumar Shah effective from closing of business hours on July 31, 2026
Company reported a TTM net loss of ₹11 Cr against a revenue of ₹10 Cr
Operating profit margin (OPM) stands at -104.5% for the trailing twelve months
Market capitalization is currently at a micro-cap level of ₹7 Cr

💡 Monitor the company's next filing for the appointment of a new Compliance Officer to ensure regulatory continuity, especially given the company's current financial distress.

Winny Immigration Appoints New Company Secretary and Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Jul 2026, 12:35 PM

Winny Immigration & Education Services Limited has announced a change in its Key Managerial Personnel (KMP). Ms. Ishita Nayankumar Shah resigned as Company Secretary and Compliance Officer effective July 31, 2026, citing personal reasons. The Board has appointed CS Kiran Kishorbhai Joisher to the position effective August 1, 2026. This administrative change occurs as the company faces significant financial stress, with a TTM net loss of ₹11 Cr against a market cap of just ₹7 Cr.

Resignation of Ms. Ishita Nayankumar Shah effective from the close of business on July 31, 2026.
Appointment of CS Kiran Kishorbhai Joisher (ICSI M. No. A80689) effective August 1, 2026.
Minor update to the registered office address description in Ahmedabad approved.
Company reports a TTM revenue of ₹10 Cr with a significant operating margin of -104.5%.
Market capitalization remains low at approximately ₹7 Cr with a negative net worth.

💡 Investors should focus on the company's upcoming quarterly results to see if the planned ₹2.87 Cr software investment and ₹0.96 Cr office expansion can reverse the current trend of heavy losses.

View All WINNY Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income declined by 23.1% YoY to INR 847.94 lakhs for FY 2024–25. The company operates in a single reportable segment of Visa and Immigration Consultancy Services, which contributed 100% of revenue.

Profitability Margins

Net Profit Ratio deteriorated significantly from 3.63% in FY 2023-24 to (56.57%) in FY 2024-25 due to a sharp fall in revenue and rising operational costs.

EBITDA Margin

Not explicitly stated, but Profit Before Tax margin fell from 4.76% to (73.08%) YoY, reflecting a core profitability collapse of over 7,700 basis points.

Capital Expenditure

The company has allocated INR 2.87 Cr for software development and INR 0.96 Cr for opening new offices in India from its IPO proceeds. As of September 30, 2025, INR 5.05 Cr of the total INR 9.12 Cr IPO funds have been utilized.

Credit Rating & Borrowing

Not disclosed. However, the Debt-Equity ratio decreased from 0.9 to 0.05 following the repayment of INR 1.59 Cr in debt using IPO proceeds.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company is a service provider. The primary operational cost is human capital, with employee benefits expense totaling INR 767.67 lakhs in FY 2024-25.

Key Suppliers

The company depends on third-party associates and vendors for certain ancillary services, though specific company names are not disclosed.

Capacity Expansion

Current capacity is service-based; planned expansion includes opening new offices in India with an allocated budget of INR 96.96 lakhs from IPO proceeds.

Raw Material Costs

Not applicable. Employee costs represent approximately 90.5% of total income, increasing YoY due to inflationary wage hikes and actuarial provisions for gratuity.

Manufacturing Efficiency

Not applicable for service sector. Operational efficiency is managed through digital infrastructure and cost controls.

📈 Strategic Growth

Growth Strategy

Growth will be achieved by deploying INR 2.87 Cr into software development to enhance digital processing and INR 0.96 Cr to open new offices in India. Management is also focusing on branding (INR 1.00 Cr budget) and operational efficiencies to restore profitability.

Products & Services

Visa processing, immigration consultancy, and education services.

Brand Portfolio

Winny Immigration and Education Services Limited.

New Products/Services

Enhanced digital consultancy services through software development (INR 2.87 Cr investment).

Market Expansion

Expansion of physical presence through new offices in India (INR 96.96 lakhs budget).

🌍 External Factors

Industry Trends

The industry is shifting towards digital infrastructure. Winny is positioning itself by investing INR 2.87 Cr in software to improve efficiency and adapt to reduced processing volumes and price pressures.

Competitive Landscape

The market is characterized by price pressures and reduced processing volumes, though specific competitors are not named.

Competitive Moat

The moat consists of an established brand and digital infrastructure. This is sustainable as it creates higher switching costs and better digital integration for clients compared to non-digital competitors.

Macro Economic Sensitivity

Highly sensitive to global mobility trends and host country economic needs for immigrants.

Consumer Behavior

Shift towards digital consultancy and online visa processing services.

Geopolitical Risks

Host country immigration policy shifts and trade barriers are the primary geopolitical risks.

⚖️ Regulatory & Governance

Industry Regulations

Immigration rules and policy frameworks of host countries (e.g., Canada, UK, USA) directly regulate the company's operational volume.

Taxation Policy Impact

The company recorded a deferred tax income of INR 156.56 lakhs for FY 2024-25.

Legal Contingencies

Pending litigations as of March 31, 2025, are disclosed in Note 24 of the financial statements and are stated to impact the company's financial position; specific case values are not provided.