Ivalue Infosolutions Ltd

Rating Action

• ICRA upgrades long-term cash credit to A+ (Stable) and short-term to A1+.
• Previous ratings: A (Stable) and A2+; current ratings effective Aug 24, 2026.

Instruments & Ratings

• Long-term fund-based cash credit Rs 118 crore; rating A+ (Stable).
• Short-term non-fund based interchangeable Rs (62.50) crore; rating A1+.

Rationale – Key Drivers

• Scale-up in operations; GOI Rs 2,912 crore in FY2026; 18.9% growth.
• OPM 4.7% in FY2026; margins typical for IT distributors.
• Net debt negative since 2020; minimal capex; IPO OFS Rs 560.3 crore.
• Working capital intensity reduced to 10.8% in FY2026.
• Liquidity strong; unencumbered cash Rs 267.4 crore.

Credit Challenges

• Working capital-intensive; margins 4.5-5.5%; scale moderate.
• Competition; acquisitions evaluated case-by-case.

Liquidity & Coverage

• Unencumbered cash Rs 267.4 crore; WC limits over Rs 70 crore.
• Cash flow generation Rs 30-50 crore annually.
• TOL/TNW 1.5x; Debt/OPBDIT 0.5x; Interest coverage 10.9x.

Outlook & Sensitivities

• Outlook: Stable.
• Upgrade if scale and margins improve; liquidity remains strong.
• Downgrade risk with material decline in scale or large capex.

Material Change

• Upgrade from A (Stable)/A2+ to A+ (Stable)/A1+ on Aug 24, 2026.

Financial Highlights

• FY2026 GOI Rs 2,912 crore; YoY growth 18.9%.
• OPBDIT/GOI 4.7%; PAT Rs 98.4 crore.
• TOL/TNW 1.5x; Debt/OPBDIT 0.5x; Interest coverage 10.9x.
• Unencumbered cash Rs 267.4 crore; WC limits over Rs 70 crore.

AGM details

• Date, time, and mode: Aug 19, 2026 at 03:00 PM IST via VC/OAVM.
• Record date: Aug 12, 2026.

Resolutions considered

• Resolution 1 (Ordinary): Adopt audited financial statements and reports.
• Resolution 2 (Ordinary): Re-appoint Krish Narayan Sharma as Executive Director.
• Resolution 3 (Special): Re-appoint Nagendra Venkaswamy as Independent Director.
• Resolution 4 (Special): Re-appoint Sumith Kamath as Independent Director.
• Resolution 5 (Special): Re-appoint Kalpana Rangamani as Independent Director.
• Resolution 6 (Ordinary): Re-appoint Kabir Kishin Thakur as Non-Executive Director.

Voting results

• Resolution 1: Passed; 100% in favour.
• Resolution 2: Passed; 99.999% in favour; 0.001% against.
• Resolution 3: Passed; 90.081% in favour; 9.919% against.
• Resolution 4: Passed; 99.999% in favour; 0.001% against.
• Resolution 5: Passed; 90.081% in favour; 9.919% against.
• Resolution 6: Passed; 99.999% in favour; 0.001% against.

Dividend

• No dividend proposed or declared.

Director changes

• Krish Narayan Sharma re-appointed as Executive Director.
• Nagendra Venkaswamy re-appointed as Independent Director.
• Sumith Kamath re-appointed as Independent Director.
• Kalpana Rangamani re-appointed as Independent Director.
• Kabir Kishin Thakur re-appointed as Non-Executive Director.

Auditors

• No auditor appointments or changes disclosed.

Material related party transactions

• No material related party transactions approved.

Other material approvals

• No ESOPs or other significant approvals disclosed.

AGM details

• AGM held on August 19, 2026 at 3:00 PM IST via VC/OAVM.
• Deemed venue: Company registered office, Bangalore.
• Remote e-voting from Aug 16 to Aug 18, 2026.
• Meeting commenced at 3:05 PM IST; quorum declared.
• Live webcast available to non-members; recording uploaded.
• Notice and annual report circulated July 25, 2026.

Resolutions put to vote

• Adopt audited standalone and consolidated financial statements for FY ended March 31, 2026.
• Re-appoint Krishna Raj Sharma as Director liable to retire by rotation.
• Re-appoint Nagendra Venkaswamy as Independent Director.
• Re-appoint Sumith Ramrao Kamath as Independent Director.
• Re-appoint Kalpana Rangamani as Independent Director.
• Re-appoint Kabir Kishin Thakur as Non-Executive Non-Independent Director.

Voting results

• Voting results will be submitted separately to stock exchanges.

Governance notes

• No new director appointments; existing directors up for re-appointment.
• Auditors' report had no qualifications or adverse remarks.
• Notice circulated July 25, 2026.

Closure

• Meeting concluded at 4:27 PM IST.

Meeting Details

• Date: 12 August 2026; Time: 10:00 AM to 4:00 PM IST.
• Type: group investor meeting; Mode: in-person.
• Event/organiser: Emkay Confluence 2026.
• Venue: Mumbai, India.

Participants

• Management Representatives from iValue Infosolutions to participate.

Purpose

• Analyst/investor meeting; discussion based on publicly available information.

Additional Notes

• Discussion will be based on publicly available information; no price-sensitive information will be shared.

Resignation details

• Shrikant Manohar Shitole resigns as CEO; tendered voluntary resignation.
• Effective from close of business hours on July 31, 2026.
• Reason: personal reasons.
• Resignation is voluntary; no other material reasons reported.
• No interim arrangements or successor named in filing.
• Ceases to be Key Managerial Personnel (KMP) on resignation.
• Disclosure confirms no further material reasons beyond those stated.

Meeting Details

• Date and time: July 29, 2026, 06:30 PM IST.
• Type: earnings conference call and investor meet.
• Mode: audio conference call.
• Organizer: iValue Infosolutions Limited.
• Concluded at 07:45 PM IST.

Participants

• Management participants: company executives (speakers not named).

Purpose

• Purpose: discuss unaudited standalone and consolidated results for quarter ended 30 June 2026.

Additional Notes

• Audio recording of the earnings call has been uploaded on the company website.

Meeting Details

• Date: August 03, 2026; Time: 10:00 AM to 06:00 PM IST.
• Type and mode: Non-Deal Roadshow, in-person.
• Event/organiser: Non-Deal Roadshow.
• Participants: Company management representatives.
• Purpose: Analyst/investor interaction based on publicly available information.