Infibeam Avenues Ltd

AGM details

• Date/time: Sep 29, 2026 at 11:00 IST via VC/OAVM.
• Voting cut-off: Sep 22, 2026.

Key resolutions

• Resolution 1: Adoption of standalone and consolidated financial statements; passed.
• Resolution 2: Vishwas Ambalal Patel appointed director by rotation; passed.
• Resolution 3: Remuneration revision for Vishal Ajitbhai Mehta, MD; passed.
• Resolution 4: Remuneration revision for Vishwas Ambalal Patel, MD & CEO; passed.
• Resolution 5: Related party transaction for remuneration to Vivek Patel; passed.
• Resolution 6: Alteration of Rights Issue objects; passed.
• Resolution 7: Consolidation of face value of equity shares; passed.
• Resolution 8: Alteration to Capital Clause in MOA; passed.

Voting results (highlights)

• Res 1: ~99.99% in favour; near-unanimous.
• Res 2: ~99.94% in favour.
• Res 3: ~99.97% in favour.
• Res 4: ~99.96% in favour.
• Res 5: ~90.39% in favour; ~9.61% against.
• Res 6: ~99.98% in favour.
• Res 7: ~99.93% in favour; ~0.07% against.
• Res 8: ~99.98% in favour.

Director changes

• Resolution 2 results in director by rotation: Vishwas Ambalal Patel.

Material related party transactions

• Approval of remuneration to Vivek Patel (relative of a Director) for office of profit.

Capital and other corporate actions

• Alteration of Rights Issue objects; share capital consolidation; MOA capital clause changes.

AGM Details

• 16th AGM held 29 September 2026 via VC/OAVM; meeting started 11:00 a.m.
• Remote e-voting from Sep 25–28, 2026; on-meeting voting via VC/OAVM.

Resolutions

• Ordinary: Adopt standalone and consolidated financial statements for FY2026.
• Ordinary: Re-appoint Vishwas Ambalal Patel who retires by rotation.
• Special: Revise remuneration of MD Vishal Ajitbhai Mehta.
• Special: Revise remuneration of MD and CEO Vishwas Ambalal Patel.
• Ordinary: Approve related party remuneration for Vivek Patel.
• Special: Alteration in objects of the rights issue per LOI dated June 19, 2025.
• Ordinary: Consolidate face value of equity shares.
• Ordinary: Alteration to capital clause in Memorandum of Association.

Voting Status

• Voting results to be submitted separately; Scrutinizer’s report to be published on company and exchange sites.

Rights action details

• Conversion approved for 10,68,411 partly paid shares to fully paid shares on receipt of First and Final Call.
• Total Partly Paid Shares with in-principle approval from stock exchanges: 69,99,85,723.
• Total partly paid shares allotted: 69,99,85,723.
• Converted on December 16, 2025: 68,21,82,616.
• Converted on February 10, 2026 (First Reminder): 79,41,270.
• Converted on March 13, 2026 (Second Reminder): 18,50,287.
• Converted on September 11, 2026 (Last & Final Reminder): 10,68,411.
• Total converted (c+d+e+f): 69,30,42,584.
• Total shares forfeited due to non-payment as on Aug 31, 2026: 69,43,139.
• Forfeiture window: Aug 17-31, 2026; First and Final Call Rs 5 per share.
• Call amount comprises Rs 0.50 face value and Rs 4.50 securities premium.
• Process: listing and trading approvals to be completed.
• Meeting timing: Sep 11, 2026, 05:00–05:50 PM.

Key disclosures

• BRSR for FY2025-26 submitted to BSE/NSE; standalone basis; assurance not applicable.
• Core business is 100% digital payments and checkout services.
• Domestic footprint spans 28 states and 8 union territories; international markets include UAE.
• Group includes AvenuesAI Limited as holding company with multiple wholly-owned and step-down subsidiaries.
• Turnover Rs 75,846.8 million; net worth Rs 42,032.0 million; export share 1.54%.
• Board comprises 7 directors; 2 are women (28.6%); KMPs total 4 with zero female KMPs.
• Shareholder complaints: 40 filed in FY2026; 11 filed in FY2025.
• Energy usage: non-renewable electricity 4,105.87 units; energy intensity 0.05 GJ per Rs million turnover.
• Headquarters located in GIFT City, Gandhinagar in a green building with IGBC Gold certification.

Financial performance & geography

• Revenue from operations: ₹81,158.51 million for FY26.
• Profit after tax: ₹2,948.95 million for FY26.
• Basic EPS: ₹0.93 for FY26.
• Net debt: -₹5,990.6 million; gearing negative.
• Rights issue proceeds: ₹6,959.8 million.
• Rights issue shares issued: 69,99,85,723.
• Geographic revenue (India): ₹76,424.05 million.
• Geographic revenue UAE: ₹3,509.25 million.
• Geographic revenue Rest of World: ₹1,225.20 million.
• Cash and cash equivalents: ₹9,132.33 million.

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.