iDream Film Infrastructure Company reported a significantly widened standalone net loss of ₹282.12 lakh for the financial year ended March 31, 2026, compared to a net loss of ₹21.10 lakh in the previous year. The deterioration was primarily driven by a one-time increase in registration and filing fees related to an authorized share capital expansion.

Financial Performance

The company generated total income of ₹1.70 lakh in FY26, up from ₹0.53 lakh in FY25. This income consisted largely of interest income and a balance write-back. Total expenses surged to ₹288.82 lakh from ₹21.63 lakh, dominated by registration and filing fees of ₹265.82 lakh. Finance costs remained relatively stable at ₹10.17 lakh.

On a consolidated basis, which included subsidiary AHA Parks Limited until December 2025, the group recorded a net loss of ₹23.10 lakh, marginally higher than the ₹21.60 lakh loss in FY25. The consolidated result included an exceptional gain of ₹264.18 lakh from the disposal of the subsidiary.

Strategic Transformation

Subsequent to the fiscal year-end, iDream Film Infrastructure completed a change in control following a Share Purchase Agreement with Northvale Capital Partners Private Limited. The new management acquired a 100% equity stake in eTunnel Inc., a Seoul-based biometric security firm, through a share swap involving the issuance of over 266 million equity shares.

The Board has proposed altering the Memorandum of Association to expand the company's object clause into digital identity, biometric authentication, and technology-enabled products. Shareholders will vote on these resolutions, along with the regularization of new directors, at the 45th Annual General Meeting on September 29, 2026.

What the Numbers Show

The financial data reveals a stark divergence between operational costs and revenue generation. While registration fees accounted for 95% of total standalone expenses, they represent a non-recurring structural cost associated with the capital expansion required for the acquisition. The company’s accumulated losses now exceed its net worth, resulting in a negative equity position of ₹734.69 lakh, though auditors noted the accounts are prepared on a going concern basis due to the strategic pivot.

Governance Changes

The annual report reflects a complete overhaul of the Board of Directors and Key Managerial Personnel effective June 24, 2026. New appointments include Baljit Singh, Honey Baljit Singh, and Upveen Harpal as Non-Executive Directors, alongside Ross William Brierty and Prerana S Bokil as Independent Directors. The previous management, including Managing Director Kalpana Morakhia, ceased their roles on the same date.

iDream Film Infrastructure Company Limited appointed M/s. D C Parikh & Co., Chartered Accountants, as its statutory auditor. The appointment fills a casual vacancy caused by the resignation of the previous statutory auditors, M/s. Kanu Doshi Associates LLP.

The board of directors approved the resolution during a meeting held on September 2, 2026. The company must seek shareholder approval for this appointment.

Auditor Appointments

The board also finalized other key audit roles for the upcoming financial year:

• M/s. C. Mukharjee & Co. was appointed as the internal auditor for FY27.
• M/s. Ruchita Patel & Associates, Practicing Company Secretaries, was appointed as secretarial auditor for five years.

Corporate Governance Updates

Beyond audit appointments, the board authorized the company secretary to initiate the process for re-classification of promoter shareholding. The directors also approved alterations to the main objects clause of the memorandum of association.

Additionally, the board fixed the date, time, and cut-off date for the annual general meeting. They approved the draft notice and annual report for the upcoming AGM.