One 97 Communications Limited convened its 26th Annual General Meeting on September 15, 2026, marking a pivotal transition as the company reported its first full year of profitability. The fintech major recorded a ₹1,215 crore swing in profit after tax (PAT), moving from a loss of ₹663 crore in FY25 to a profit of ₹552 crore in FY26. This turnaround was underpinned by a 22% YoY rise in revenue from operations to ₹8,437 crore.

The meeting, chaired by Chairman and CEO Vijay Shekhar Sharma, saw shareholders approve several key governance resolutions. These included the revision of remuneration for Sharma, the appointment of new independent directors Narasinganallore Venkatesh Srinivasan and Sachee Trivedi, and amendments to the ESOP Scheme 2019. Crucially, members approved a variation in the utilization of Initial Public Offering (IPO) proceeds, signaling strategic flexibility in capital deployment.

Financial Performance and Operational Metrics

The company’s financial results for FY26 reflect significant operational leverage and scale expansion. Revenue from operations grew to ₹8,437 crore from ₹6,900 crore in the prior year. This top-line growth coincided with the PAT turnaround, indicating improved cost discipline and monetization efficiency across its payments and financial services verticals.

Beyond statutory filings, management highlighted robust growth in operating metrics during the meeting. Gross Merchandise Value (GMV) for merchant payments rose 26% to ₹23.8 lakh crore. Concurrently, merchant subscriptions, including device holders, increased by 27 lakh to reach 1.51 crore users. On the consumer side, UPI Gross Transaction Value (GTV) expanded 46% to ₹5.5 lakh crore, while monthly transacting users grew by 50 lakh to 7.7 crore.

What the Numbers Show

The divergence between the 22% revenue growth and the massive ₹1,215 crore PAT swing suggests that the profitability achievement was driven significantly by operating leverage rather than just top-line expansion. With cash balances strengthening to ₹13,529 crore as of June 2026, the company has fortified its balance sheet, reducing reliance on external funding for its AI-led growth initiatives and market share gains in the competitive digital payments landscape.

Governance and Strategic Resolutions

The AGM addressed critical governance matters alongside financial disclosures. Key managerial personnel present included CFO Madhur Deora and Company Secretary Sunil Kumar Bansal. The board sought approval for:

• Revision of remuneration for Vijay Shekhar Sharma.
• Appointment of Narasinganallore Venkatesh Srinivasan and Sachee Trivedi as Non-Executive Independent Directors.
• Reappointment of Ravi Chandra Adusumalli as a Director liable to retire by rotation.
• Amendments to the One 97 Employees Stock Option Scheme 2019.

The company also disclosed that remote e-voting commenced on September 12, 2026, with the cut-off date for voting rights set at September 8, 2026. The proceedings were conducted via video conferencing in compliance with SEBI regulations and the Companies Act, 2013.

One 97 Communications has responded to media claims regarding its AI investments, confirming that work on AI skills to support revenue growth is ongoing.

Company's position on AI investments

One 97 Communications addressed media reports circulating about its AI investment activities. The company confirmed that it continues to work on AI skills with the objective of boosting revenue, indicating that such efforts are part of its operational activities.

No undisclosed major events

The company noted that no hidden or undisclosed major events are associated with the developments referenced in media coverage. The clarification appears aimed at providing transparency to stakeholders regarding the nature and scope of its AI-related work.