Infibeam Avenues Ltd

Financial Performance

• Gross revenue from operations: INR 2,680 crores, up 109% YoY.
• Net revenue: INR 147 crores, down 3% YoY.
• EBITDA (excl. other income): INR 100 crores, up 41%.
• PAT: INR 85 crores, up 45% YoY.
• Q1 FY27 transaction processing volume: INR 1,479 billion, up 74% YoY.
• FY26 gross revenue: INR 8,116 crores, up 103% YoY.
• FY26 net revenue: INR 603 crores, up 15%.
• FY26 PAT: INR 295 crores, up 25%.

Operations & Platform Update

• Strategy pillars: Payments, Consumer, Intelligence, Credit.
• PayCentral + AI to deepen merchant workflows and volume.
• In-principle UAE license for Retail Payments (Cat III).
• RBI approval for prepaid instrument issuance/operations in India.
• Neuromind merger into AvenuesAI; reverse split INR1 → INR10.
• RatnaFin Capital investment up to 2.5%; PSB Loans up to 7%.
• PayCentral: 22% of transactions on UPI; monetization potential.
• RediffPay to go live post-CUG; RediffOne expanding to commerce.
• AI on enterprise: on-prem models 1B–10B parameters.

Guidance & Outlook

• FY27 consolidated revenue guidance: INR 11,000–13,000 crores.
• FY27 EPS guidance: INR 8.75–9.50; based on INR10 face value.
• Guardrails for EBITDA margin around 15% as a threshold.
• RediffPay contribution not assumed in FY27 guidance.

Q&A Highlights

• MDR monetization: early stage; potential positive; specifics not quantified.
• Rediff IPO timing: corporate action and merger do not affect Rediff filing.
• PayCentral onboarding: early days; international faster than India; AI aids productivity.
• AI infrastructure: focus on application layers and SLMs; not large data-center scale.

Meeting Details

• Date/Call: August 11, 2026; investor/analyst conference call for quarter ended June 30, 2026.
• Type/Mode: Group investor conference call; audio recording available.
• Purpose: Discuss unaudited standalone and consolidated financial results.
• Organizer: AvenuesAI Limited.
• Recording availability: Audio recording released; accessible on the company website.

Issue Overview

• Rights issue of equity shares; no revision or undersubscription reported.
• Main objectives: fund acquisitions, growth initiatives, and general corporate purposes.

Utilisation of Proceeds

• Utilisation broadly as disclosed; no material deviations observed.
• Object one fully utilised; completed in prior period.
• Object two partially utilised; ongoing.
• Object three partially utilised; ongoing.
• Object four largely unutilised; ongoing.
• Object five expenses allocated; utilised.
• Unutilised proceeds parked in fixed deposits and bank accounts.

Governance and Compliance

• All approvals not required; no pending statutory approvals.
• No material events affecting viability reported.
• MA report relies on issuer-provided information; not an audit.

General Corporate Purpose

• GCP usage within permitted cap; management cites cumulative utilisation.
• Board approval for GCP allocations not explicitly reported.

Forfeiture notice on unpaid partly paid-up shares

• Board approved Last & Final Reminder cum Forfeiture Notice on Aug 11, 2026.
• Due amount is ₹5 per partly paid share, comprising ₹0.50 face value and ₹4.50 securities premium.
• Payment window is 17–31 August 2026 via NEFT/RTGS, net banking, or DD.
• Non-payment will result in forfeiture of unpaid shares and accrued payments.
• Specimen Last & Final Notice enclosed; details available on avenuesai.com and Alankit rights portal.
• Start date Aug 17, 2026; Last date Aug 31, 2026.

Fund utilisation status

• Mode of fund raising: Rights Issue.
• Monitoring agency involved: Yes.
• There is no deviation in use of funds raised.
• Audit Committee comments: No comments.
• Board approval: Deviation statement approved.
• Status: Funds utilised as per original allocations; no deviation.
• Original allocations and utilisation align with proceeds; no modification.

Business Overview

• Core segments: payments, enterprise platforms, and lending solutions.
• Strategic shift toward AI-native transaction infrastructure with embedded lending.
• International expansion focused on UAE; operations to be managed from UAE.
• Formerly Infibeam Avenues; rebranded to AvenuesAI.

Operational Highlights

• UAE CB UAE in-principle license for Retail Payment Services Category III.
• RBI authorization to issue prepaid payment instruments in India.
• Strategic investment: up to 2.5% stake in Ratnaafin Capital.
• Strategic investment: 7% minority stake in Online PSB Loans (OPL).
• On-premise AI platform via PhroneticAI and PrivateGPT planned.
• Q1 FY27: Over 10 million merchants onboard; TPV ₹1,479 billion.
• Q1 FY27: NR ₹1,475 million; EBITDA ₹1,000 million; PAT ₹848 million.
• EBITDA margin 68% of NR; PAT margin 57% of NR.
• International expansion to be driven from UAE; multi-country plan in 3–5 years.

Financial Performance

• FY26 gross revenue: ₹81,158 million.
• Q1 FY27 NR: ₹1,475 million; gross revenue: ₹26,804 million; YoY NR -3%.
• Q1 FY27 EBITDA: ₹1,000 million; EBITDA margin 68% of NR.
• Q1 FY27 PAT: ₹848 million; PAT margin 57% of NR.
• FY27 gross revenue guidance: ₹110,000–₹130,000 million.
• FY26 EPS: ₹9.42; FY27 EPS guidance: ₹8.75–₹9.50.

Capital Structure & Liquidity

• Strategic minority investments indicate capital deployment across partnerships.
• No debt details disclosed in this update; licenses and partnerships expand liquidity capacity.

Strategic Priorities & Outlook

• Move toward AI-led embedded lending ecosystem via Ratnaafin and OPL.
• Develop on-premise AI for enterprise with PhroneticAI and PrivateGPT.
• Enter turnkey AI solutions market with PrivateGPT for corporates.
• All international businesses outside India to be managed from UAE; multi-country growth plan.

Governance & Leadership

• Corporate name change to AvenuesAI Limited (formerly Infibeam Avenues).

Financial results

• Unaudited standalone and consolidated results for quarter ended June 30, 2026 approved.
• Limited Review Report from Statutory Auditors attached.
• Q1 FY27 consolidated revenue: 26,804 million; PAT: 847.6 million.

Capital and corporate actions

• Approved increase in Ratnaafin investment limit to Rs 70 crore for up to 2.5% stake.
• Not a related-party transaction; to be completed by Mar 31, 2027.
• Consolidation of equity shares: 10 old for 1 new Rs10; subject to approvals.
• Face value change to Rs 10 per share approved; capital-structure rationalisation.

Mergers and structural changes

• Scheme of Amalgamation approved for Nueromind Technologies merger into AvenuesAI; subject to approvals.

Subsidiaries & shareholding

• Nueromind Technologies became a wholly owned subsidiary during the quarter after 9.90% stake acquisition.

Governance & meetings

• 16th AGM convened for Sept 29, 2026, via VC/OVM.

Regulatory & disclosures

• Statutory impact of new Labour Codes disclosed as exceptional items; standalone gratuity ₹2.0m.
• Consolidated Labour Codes impact with gratuity ₹33.5m in FY26; ongoing monitoring.
• Rights issue proceeds: net ₹6,959.8m; unutilised ₹3,671.9m; invested temporarily.

Consolidated results

• Consolidated revenue from operations ₹26,804.0m; YoY growth 109%.
• EBITDA excluding other income ₹1,000.2m; up 41%.
• PAT ₹847.6m; up 45% YoY.
• PBT ₹866.5m; up 10% YoY.
• Segment revenue: Payment ₹26,259.4m; E-commerce ₹544.6m.
• EPS (diluted) ₹0.24 for Q1 FY27.

Guidance & outlook

• FY27 revenue guidance ₹110,000–₹130,000m (₹11–13k cr).
• FY27 EPS guidance ₹8.75–₹9.50 per share.

Strategic priorities

• Unlock Rediff value; expand CC Avenue payments in US; build TISco.

Capital actions & corporate actions

• Ratnaafin Capital investment limit raised to ₹70 crore for up to 2.5% stake.
• Merger: Nueromind Technologies into AvenuesAI; approvals required.
• Consolidation: 10 old Re1 shares into 1 Rs10 share; approvals required.
• Rights issue variation approved; AGM notice to be circulated.
• AGM date: 29 September 2026 at 11:00 IST.
• UAE: In-Principle Approval for Retail Payment Services license for Avenues World.
• RBI: GoWallet authorized to issue prepaid instruments.
• OPL: plan to acquire up to 7% secondary stake.
• RatnaFin Capital: plan to acquire up to 2.5% stake.

Business model & segments

• Two primary segments: Payment Business and E-commerce Platform (Ind AS 108).
• CC Avenue powers payment gateway with 200+ options in 27 currencies.

Risks & approvals

• Scheme of Amalgamation requires NCLT approvals and regulatory clearances.
• Rights issue variation and mergers require shareholder approvals.

Dematerialisation processing and listing status

• Securities received for dematerialisation were mutilated and cancelled after due verification.
• Name of the depository has been substituted as registered owner in the records.
• Securities dematerialised are listed on the stock exchange(s) where the earlier issued securities are listed.