Magellanic Cloud Ltd corrected discrepancies in its financial results for the year ended March 31, 2026, and filed a declaration confirming an unmodified auditor opinion. The company addressed errors in its XBRL filings submitted on May 26, 2026, revising figures for earnings per share (EPS), profit before tax (PBT), profit after tax (PAT), paid-up equity share capital, reserves, and cash flow statements.

The corrections involved both standalone and consolidated financial results. Specifically, the company rectified the non-annualised EPS figure that was inadvertently mentioned in the earlier filing. Additionally, adjustments were made to the PBT, PAT, paid-up equity share capital, and reserves excluding revaluation reserve figures. The cash flow statement was also updated to reflect accurate data.

In response to a query from the exchanges regarding the non-submission of a declaration for unmodified opinions, the company clarified that the audit report did not contain any qualified or modified opinions. The statutory auditors, SGCO & CO LLP, issued the audit report for the financial year ended March 31, 2026. The company attributed the absence of the declaration to an inadvertent oversight and subsequently filed the necessary document as required under Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The following table outlines the specific financial components that were corrected in the revised XBRL filings:

Joseph Sudheer Reddy Thumma, Chairman and Managing Director, signed the correspondence and the annexed declaration submitted to the Bombay Stock Exchange Limited and the National Stock Exchange of India Ltd. on July 03, 2026.

Magellanic Cloud Limited has published a newspaper advertisement on July 03, 2026, confirming its Extra Ordinary General Meeting (EGM) scheduled for July 24, 2026, via video conferencing. The advertisement, published in Business Standard (English) and Mana Telangana (regional language), seeks shareholder approval for a preferential allotment of equity shares and convertible warrants aggregating ₹492.39 crore. The issue involves 3,74,28,573 equity shares and 12,67,00,000 convertible warrants at an issue price of ₹30 each, comprising a face value of ₹2 and a premium of ₹28.

The Board of Directors approved the fund raise on June 25, 2026, pursuant to Section 42 and 62 of the Companies Act, 2013. The convertible warrants are exercisable within 18 months of allotment, and 25% of the warrant value is payable upfront, with the balance due upon conversion. The company has appointed Brickwork Ratings as the monitoring agency to oversee the utilization of proceeds exceeding ₹100 crore, in compliance with SEBI (ICDR) Regulations, 2018. The relevant date for pricing determination is June 24, 2026, based on the higher of the 10-trading day and 90-trading day volume weighted average prices on the National Stock Exchange of India Limited.

EGM Resolutions

The EGM will seek shareholder approval on three key resolutions. These include the preferential allotment of equity shares and convertible warrants, an increase in the aggregate ceiling for Non-Resident Indians (Repatriable) and Overseas Citizens of India from 10% to 24%, and approval for transactions under Section 185 of the Companies Act, 2013 with MCRAY Xtend India Private Limited, Scandron Private Limited, and Motivity Labs Private Limited.

Objects of the Issue

The company plans to deploy the funds across specific strategic initiatives. The allocation includes ₹150 crore for the Phase-1 Drone Project in Hyderabad, ₹150 crore for working capital and debt repayment, ₹75 crore for research and development of drone and Counter-UAV technologies, and ₹100 crore for general corporate purposes. An additional ₹17.39 crore is earmarked for strategic acquisitions and technology investments.

Scheme of Amalgamation

The merger scheme involves IVIS International Private Limited as the transferor company and Magellanic Cloud Limited as the transferee company. As the transferor is a wholly-owned subsidiary, no new shares will be issued, and the existing shareholding pattern remains unchanged. The appointed date for the scheme is April 1, 2026, pending necessary statutory and regulatory approvals, including sanction by the National Company Law Tribunal.

*Net worth as per Companies Act 2013. **Revenue from Operations.

EGM and Voting Details

The EGM will be held via video conferencing on July 24, 2026, at 12:00 noon IST. The cut-off date for determining eligibility to vote is July 17, 2026. Remote e-voting commences on July 21, 2026, at 09:00 a.m. IST and concludes on July 23, 2026, at 05:00 p.m. IST. Shareholders can vote through their depository accounts using CDSL or NSDL e-voting systems. The EGM notice has been sent to eligible members by email on June 19, 2026, and is also available on the company's website at www.magellanic-cloud.com .