Gravity (India) Limited shareholders approved a Qualified Institutions Placement (QIP) of up to ₹90 crore during the 39th Annual General Meeting held on Friday, September 25, 2026. The meeting also ratified the company's strategic pivot into emerging technology sectors.

The AGM was conducted via Video Conferencing or Other Audio-Visual Means, concluding at 4:20 pm. All directors, including Independent Directors, were present. The meeting commenced with the adoption of the audited financial statements for the year ended March 31, 2026, which showed a significant turnaround in performance.

Voting Results and Resolution Approval

According to the scrutinizer's report released on September 26, 2026, all nine resolutions proposed at the AGM were duly approved by shareholders through remote e-voting and electronic voting during the meeting. The resolutions received overwhelming support, with approximately 99.98% of the valid votes cast in favour across all items.

Key voting details include:

• Total Shareholders on Record Date: 7,019
• Shareholders Attending via VC: 25 (2 Promoters, 23 Public)
• Votes Polled: Approximately 16.60 lakh shares voted in favour for most resolutions.

The specific resolutions passed included:

1. Adoption of audited financial statements for FY26.
2. Re-appointment of Mrs. Dakshaben Rasiklal Thakkar.
3. Appointment of M/s AVKAS & Co. as Statutory Auditor.
4. Appointment of CS Arvind Sudra as Secretarial Auditor.
5. Regularization of Mukesh Mahendrabhai Parmar as MD & CEO.
6. Regularization of Kuldipsinh Rathod as Executive Director & CFO.
7. Regularization of Ankit Goel as Non-Executive Independent Director.
8. Approval of QIP up to ₹90 crore (Special Resolution).
9. Alteration of Object Clause for tech expansion (Special Resolution).

Strategic Capital Raise and Business Expansion

Shareholders approved the raising of funds through equity shares by way of QIP for an amount aggregating up to ₹90 crore. The proceeds will primarily support working capital requirements and general corporate purposes. The company may utilize up to 25% of the raised amount for general corporate purposes, as permitted by applicable laws.

Additionally, the Board secured 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 FY26 reflect a significant turnaround. 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 included the re-appointment of Ms. Dakshaben Rasiklal Thakkar, who retires by rotation. The Board also sought 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. These appointments were duly approved by the members.

M/s AVKAS & Co. was appointed as the Statutory Auditor for five years (FY27 to FY31), while CS Arvind Sudra was appointed 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.

Meeting Proceedings Overview

The meeting was chaired by Mr. Mukesh Mahendrabhai Parmar. A total of 23 public members and 2 promoter group members joined the virtual meeting, satisfying the requisite quorum. CS Arvind Sudra served as the scrutinizer for the remote e-voting process. No questions were raised by shareholders during the Q&A session. The results of the e-voting have been declared pursuant to Regulation 44(3) of SEBI (LODR) Regulations, 2015.

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.