💰 Financial Performance

Revenue Growth by Segment

The company operates in a single reportable segment (AI design, software development, and maintenance) which recorded Revenue from Operations of INR 3,222.59 lakhs in FY 2024-2025, compared to nil in the previous year. In Q2 FY 2025-2026, revenue reached INR 1,371.95 lakhs, representing a 119.52% QoQ growth.

Geographic Revenue Split

The company maintains a national footprint with significant state-wide AI rollouts in regions including Andhra Pradesh, Telangana, and Goa; however, the specific percentage contribution from each region is not disclosed.

Profitability Margins

Net Profit Margin stood at 23.7% in Q2 FY 2025-2026, an increase of 1040 bps QoQ. Profit After Tax (PAT) for FY 2024-2025 was INR 720.94 lakhs, compared to a net loss in the preceding year.

EBITDA Margin

Core profitability improved significantly with PAT growing 294% QoQ to INR 325.16 lakhs in Q2 FY 2025-2026; specific EBITDA margin percentages were not explicitly disclosed.

Capital Expenditure

Historical and planned capital expenditure figures in INR Cr are not disclosed in the available documents.

Credit Rating & Borrowing

Specific credit ratings and interest rate percentages are not disclosed, though the company reported a 9% reduction in debt during Q2 FY 2025-2026.

⚙️ Operational Drivers

Raw Materials

As a technology enterprise, primary operational inputs include cloud computing infrastructure and specialized AI/ML engineering talent; specific percentage of total cost for each is not disclosed.

Capacity Expansion

Current capacity allows for the processing of over 15 million facial identifications daily, with a cumulative total exceeding 3 billion identifications. Expansion is driven by state-wide AI rollouts and empanelment with national entities like RailTel.

Raw Material Costs

Total operational expenses for FY 2024-2025 were INR 2,497.74 lakhs, representing approximately 77.5% of revenue.

Manufacturing Efficiency

The company is CMMi Level 3 certified and demonstrates high efficiency through the daily processing of 15 million+ facial identifications with human-like dialogue capabilities in its AI products.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth will be achieved through expansion into new regions and territories, continuous innovation in AI-driven solutions such as the Nia conversational assistant, and scaling flagship SaaS platforms like Siksha Setu and Naipunyam across government and private sectors.

Products & Services

Facial Recognition Systems (FRS), Conversational AI (Nia), IoT and Industry 4.0 digital transformation frameworks, and Digital Governance SaaS platforms including Siksha Setu, Naipunyam, HealthFRS, and APFRS.

Brand Portfolio

RNIT, Nia, Siksha Setu, Naipunyam, HealthFRS, APFRS.

New Products/Services

New launches include Nia, a generative AI-based assistant for learning and interviews, and advanced IoT-based digital transformation frameworks for smart surveillance.

Market Expansion

Plans include expanding the footprint into new states and regions beyond current strongholds in AP and Telangana, leveraging empanelment with national partners.

Market Share & Ranking

The company identifies as India’s largest SaaS FRS provider with a national-scale footprint.

Strategic Alliances

Strategic empanelment with RailTel Corporation, UPDESCO, APCFSS, APTS, Digital India Corporation, and TSTS.

🌍 External Factors

Industry Trends

The industry is seeing accelerated adoption of AI/ML and IoT for e-governance and enterprise automation, with a significant shift toward open-source ERP and cloud-based architectures.

Competitive Landscape

Competition arises from established IT service providers, specialized SaaS platforms, and emerging AI technology companies.

Competitive Moat

Durable advantages include prestigious national awards (PM Excellence Award 2024), empanelment with key government agencies (RailTel, UPDESCO), and a massive data scale of 3 billion+ facial identifications which creates high switching costs and entry barriers.

Consumer Behavior

Organizations are increasingly prioritizing operational efficiency, transparency, and data-driven decision-making through AI-powered automation.

⚖️ Regulatory & Governance

Industry Regulations

Operations are affected by evolving data privacy laws, cybersecurity standards, AI ethics frameworks, and SEBI (LODR) Regulations.

Legal Contingencies

The company successfully navigated the Corporate Insolvency Resolution Process (CIRP) with the NCLT Jaipur Bench approving the Resolution Plan and Scheme of Amalgamation on September 23, 2024.

⚠️ Risk Analysis

Key Uncertainties

Key risks include rapid technological evolution (high impact) and intensifying market competition (medium impact) which could exert pressure on pricing and market positioning.

Geographic Concentration Risk

Revenue is primarily concentrated in India, with specific focus on states like Andhra Pradesh, Telangana, and Goa.

Third Party Dependencies

High dependency on government empanelment and partnerships with entities like RailTel and UPDESCO for national-level project acquisition.

Technology Obsolescence Risk

High risk due to the fast-paced nature of AI development; requires continuous investment in innovation and talent retention.