Net Avenue Technologies reports H1 FY26 loss, revises business model

Net Avenue Technologies reported a consolidated net loss of ₹11,790 thousand for the half year ended September 30, 2025, narrowing from a loss of ₹22,153 thousand in the corresponding period of the previous year. Revenue from operations for the period stood at ₹1,16,869 thousand. The company's Board of Directors approved the unaudited standalone and consolidated financial results for the half year ended September 30, 2025, at a meeting held on November 13, 2025.

The Board appointed RONAK JAIN & CO, Chartered Accountants, as the internal auditors of the company effective November 13, 2025. The firm consists of two partners, Ronak Jain and Rajni Jain, with expertise in audit, assurance, and taxation. The disclosure regarding the appointment was made in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015.

Financial Performance

The standalone financial results showed a net loss of ₹6,341 thousand for the half year ended September 30, 2025, compared to a loss of ₹14,733 thousand in the year-ago period. Total income decreased to ₹1,15,567 thousand from ₹1,48,627 thousand in the previous corresponding period. The company reported a basic and diluted earnings per share (EPS) of (₹0.30) for the standalone half year.

Particulars	Half Year Ended Sep 30, 2025 (Unaudited)	Half Year Ended Sep 30, 2024 (Unaudited)
Revenue from Operations	₹1,13,321 thousand	₹1,43,859 thousand
Total Income	₹1,15,567 thousand	₹1,48,627 thousand
Total Expenses	₹1,21,908 thousand	₹1,63,250 thousand
Net Profit / (Loss)	(₹6,341) thousand	(₹14,733) thousand

On a consolidated basis, total income stood at ₹1,19,076 thousand for the half year ended September 30, 2025, against ₹1,48,627 thousand in the same period last year. Total expenses were reported at ₹1,30,866 thousand. The consolidated basic and diluted EPS for the period was (₹0.55).

Business Model Revision

During the period under review, the company revised its business model effective September 01, 2025. Under the new arrangement, the company licenses its platform to its wholly-owned subsidiary, Cbazaar.com INC., located in the USA. The subsidiary will execute customer contracts on behalf of the company. Net revenue is shared in a 25:75 ratio between the company and the subsidiary, respectively. Additionally, the subsidiary pays a platform fee of 20% on net order value from the USA region and reimburses logistics costs incurred by the company.

The company noted that while this change reduces standalone reported revenue, the consolidated level remains unaffected. Approximately 85% of the company's revenue is derived from customers located in the USA. The company also incorporated a foreign subsidiary, Ethnovog International Inc., in the USA during the period, though capital infusion and other approvals were pending as of September 30, 2025.

Auditor's Review

PKF Sridhar & Santhanam LLP, the statutory auditors, reviewed the interim standalone and consolidated financial results. The auditors stated that based on their review, nothing came to their attention that caused them to believe the unaudited financial results contained any material misstatement or failed to disclose required information under Regulation 33 of the SEBI (LODR) Regulations, 2015. The auditors also noted that the comparative financial information for the half year ended March 31, 2025, represents derived figures between audited full-year figures and the half-year ended September 30, 2024.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	+13.95%	+15.29%	+24.05%	-14.78%	-87.72%

Net Avenue Technologies Limited has reported its audited standalone and consolidated financial results for the financial year ended March 31, 2026. The company recorded a net loss of ₹15,178 thousand for the year, narrowing from a loss of ₹34,496 thousand in the previous fiscal year. Revenue from operations stood at ₹2,07,068 thousand, a decline from ₹2,71,149 thousand in FY25.

Financial Performance

The company's total income for the year decreased to ₹2,22,624 thousand from ₹2,77,420 thousand in the prior year. Total expenses were reported at ₹2,36,003 thousand, compared to ₹3,11,916 thousand in FY25. The basic earnings per share (EPS) for the year was a loss of ₹0.71, an improvement over the loss of ₹1.61 per share in the previous year.

Key Financial Metrics (Standalone)

Particulars	FY26 (₹ in thousands)	FY25 (₹ in thousands)
Revenue from Operations	2,07,068	2,71,149
Total Income	2,22,624	2,77,420
Total Expenses	2,36,003	3,11,916
Net Profit / (Loss)	(15,178)	(34,496)
Basic EPS (₹)	(0.71)	(1.61)

On a consolidated basis, the company reported a net loss of ₹20,247 thousand for FY26, compared to a loss of ₹41,641 thousand in the previous year. Consolidated revenue from operations was ₹2,50,818 thousand, down from ₹2,71,149 thousand in FY25.

Board Decisions and Appointments

The Board of Directors, in its meeting held on May 21, 2026, approved the audited standalone and consolidated financial statements for the year ended March 31, 2026. Additionally, the board appointed M/s. A K JAIN & ASSOCIATES as Secretarial Auditors for the financial year ended March 31, 2026.

The board also noted the resignation of Ms. Bhumisha Dadwani as Company Secretary and Compliance Officer, effective from the closing hours of April 30, 2026. Mr. Rajesh Nahar has been designated as the Compliance Officer of the company.

Operational Updates

The company noted the closure of its subsidiary, ETHNOVOG INTERNATIONAL INC, USA, and associate company, ETHNOSERVE BESPOKE SERVICES PRIVATE LIMITED. The statutory auditors issued an unmodified opinion on the standalone and consolidated financial results. The company also received an independent auditor's certificate regarding the utilization of net issuance proceeds from its Initial Public Offer.