Gravity (India) Limited has corrected the remote e-voting end date for its 39th Annual General Meeting to Thursday, September 24, 2026, fixing a typographical error in the earlier notice. The meeting, scheduled for Friday, September 25, 2026, will be conducted via Video Conferencing or Other Audio-Visual Means.

The corrigendum was issued on September 21, 2026, replacing the previously stated end date of Monday, September 25, 2026. The remote e-voting period begins on Tuesday, September 22, 2026, at 9:00 am and closes on the corrected date at 5:00 pm.

Strategic Capital Raise and Business Expansion

Shareholders are being asked to approve a Qualified Institutions Placement (QIP) of up to ₹90 crore to fund working capital requirements and general corporate purposes. The proceeds from the QIP, after deducting issue-related expenses, will primarily support ongoing operational needs. The company may utilize up to 25% of the raised amount for general corporate purposes, as permitted by applicable laws.

Additionally, the Board seeks approval to alter the Main Objects Clause of the Memorandum of Association. This amendment aims to diversify business activities into emerging technology sectors, specifically:

• Data centres, data storage, processing, and cloud infrastructure.
• Semiconductor manufacturing, fabrication, testing, and related electronic products.
• Information technology, artificial intelligence, machine learning, and cybersecurity solutions.

FY26 Financial Performance

The financial results for the year ended March 31, 2026, reflect a significant turnaround for the company. Total revenue surged to ₹17,974.66 lakh from ₹196.90 lakh in the previous year. Turnover increased to ₹17,919.10 lakh from ₹122.30 lakh.

The company reported a net profit of ₹1,285.03 lakh after tax, compared to a net loss of ₹200.58 lakh in FY25. Profit before tax stood at ₹1,739.99 lakh, reversing a loss of ₹234.94 lakh in the prior year. No dividend was recommended for the year to conserve resources.

Corporate Governance and Appointments

The AGM agenda includes the re-appointment of Ms. Dakshaben Rasiklal Thakkar, who retires by rotation. The Board also seeks to regularize the appointments of Mukesh Mahendrabhai Parmar as Managing Director & CEO, Kuldipsinh Rathod as Executive Director & CFO, and Ankit Goel as Non-Executive Independent Director.

M/s AVKAS & Co. is proposed as the Statutory Auditor for five years, while CS Arvind Sudra is proposed as the Secretarial Auditor for the same period. The authorized share capital was increased to ₹100 crore during January 2026, though the paid-up capital remained unchanged at ₹9.00 crore as of March 31, 2026.

Gravity India Limited has scheduled its 39th Annual General Meeting (AGM) for September 25, 2026, to seek approval for a ₹90 crore Qualified Institutions Placement (QIP) and a strategic pivot into the technology sector. The Board of Directors approved these proposals in its meeting held on September 1, 2026.

The company will conduct the AGM via Video Conference or Other Audio-Visual Means (VC/OAVM). The register of members and share transfer books will remain closed from September 19, 2026, to September 25, 2026. Remote e-voting is open from September 22, 2026, at 9:00 am until September 24, 2026, at 5:00 pm. The cut-off date for determining eligible shareholders is September 18, 2026.

QIP and Strategic Expansion

The board approved raising up to ₹90 crore through a QIP in one or more tranches. Proceeds will primarily fund working capital requirements, with up to 25% allocated for general corporate purposes. The equity shares issued under the QIP will rank pari-passu with existing shares. The issue must be completed within the period permitted under SEBI ICDR Regulations.

Additionally, shareholders will vote on altering the Main Objects Clause of the MOA. This special resolution aims to enable Gravity India to undertake businesses in:

• Information Technology and related services
• Data centres, data storage, data processing, and cloud infrastructure
• Manufacturing and development of semiconductors and related components

Other Agenda Items

The AGM notice includes several other key resolutions:

• Adoption of Financial Statements: Approval of audited standalone financial statements for FY26.
• Director Re-appointment: Re-appointment of Ms. Dakshaben Rasiklal Thakkar, who retires by rotation.
• Auditor Appointments: Appointment of M/s AVKAS & Co. as Statutory Auditor and CS Arvind Sudra as Secretarial Auditor for five years, from FY27 to FY31.
• Regularization of Appointments: Regularization of Mukesh Parmar as Managing Director & CEO, Kuldipsinh Rathod as Executive Director & CFO, and Ankit Goel as Non-Executive Independent Director.

Financial Context and Audit Disclaimer

For the financial year ended March 31, 2026, Gravity India reported a significant turnaround. Turnover rose to ₹1,791.9 crore from ₹12.2 crore in the previous year. Net profit stood at ₹128.5 crore, compared to a net loss of ₹20.1 crore in FY25.

However, statutory auditors M/s AVKAS & Co. issued a disclaimer of opinion on the standalone financial results. The firm cited insufficient audit evidence due to missing supporting documents, reconciliations, and historical accounting records. Key observations included:

• Unfiled GST returns since December 2025.
• Outstanding TDS defaults and non-compliances.
• Missing basis and working for income tax provisions.
• Unresolved income tax demands from AY 2018.

The company had previously attempted a rights issue in April 2026 but did not proceed due to insufficient subscription. The authorized share capital was increased to ₹100 crore during January 2026.