Wherrelz IT Solutions Board Approves FY26 Results and Preferential Issue Plan
Wherrelz IT Solutions Limited board meeting on April 17, 2026 approved audited financial results for FY26 demonstrating strong turnaround with revenue growth of 83.30% to Rs. 19.65 crore and return to profitability with Rs. 22.37 lakhs net profit. The board also approved a significant preferential issue of 4,67,70,300 shares to seven non-promoter entities for outstanding loan conversion and proposed increasing authorized capital from Rs. 50 lakhs to Rs. 48 crore.
*this image is generated using AI for illustrative purposes only.
Wherrelz IT Solutions Limited board of directors concluded their meeting on April 17, 2026, approving audited financial results for FY26 and several key corporate actions including a significant preferential issue for loan conversion.
Financial Performance FY26
The company reported strong operational performance with substantial revenue growth and return to profitability:
| Metric: | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from Operations: | Rs. 19.65 crore | Rs. 10.72 crore | +83.30% |
| Net Profit/(Loss): | Rs. 22.37 lakhs | Rs. (8.94) crore | Turnaround |
| Basic EPS: | Rs. 5.74 | Rs. (229.56) | Positive |
| Total Assets: | Rs. 45.85 crore | Rs. 45.56 crore | +0.60% |
Authorized Capital Enhancement
The board proposed a substantial increase in authorized share capital subject to shareholder approval:
| Parameter: | Current | Proposed | Increase |
|---|---|---|---|
| Authorized Capital: | Rs. 50.00 lakhs | Rs. 48.00 crore | 96x |
| Number of Shares: | 5.00 lakhs | 4.80 crore | 96x |
| Face Value per Share: | Rs. 10 | Rs. 10 | Unchanged |
Preferential Issue Details
The company approved issuance of up to 4,67,70,300 equity shares to seven non-promoter entities for conversion of outstanding unsecured loans:
| Investor Name: | Shares Allotted | Post-Issue Holding (%) |
|---|---|---|
| Integrated Proteins Ltd: | 94,65,100 | 20.24% |
| Morning Vinimay Pvt Ltd: | 82,24,200 | 17.58% |
| Matrix Life Care Pvt Ltd: | 73,24,200 | 15.66% |
| Comely Electrical Pvt Ltd: | 64,84,200 | 13.86% |
| Balaji Forex India Pvt Ltd: | 59,24,200 | 12.67% |
| Tripurari Dealtrade Pvt Ltd: | 54,24,200 | 11.60% |
| Blackberry Sarees Pvt Ltd: | 39,24,200 | 8.39% |
| Total Shares: | 4,67,70,300 | 100.00% |
The preferential issue is priced at Rs. 10 per share, complying with SEBI ICDR Regulations, with the relevant date set as April 18, 2026.
Corporate Governance Actions
The board scheduled an Extraordinary General Meeting for May 18, 2026, at 11:30 AM via video conferencing to seek shareholder approvals. Mr. Shashank P. Doshi, Practicing Chartered Accountant from Jamnagar, has been appointed as scrutinizer for the EGM proceedings.
The audited financial results received an unmodified opinion from statutory auditors B B Gusani & Associates, Chartered Accountants, confirming compliance with applicable accounting standards and regulatory requirements.
Historical Stock Returns for Wherrelz IT Solutions
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -100.00% | 0.0% | -100.00% | -100.00% | -100.00% | -100.00% |
How will the massive dilution from issuing 4.67 crore new shares impact existing shareholders' voting power and future dividend distributions?
What strategic initiatives does Wherrelz IT Solutions plan to pursue now that it has converted substantial debt into equity and improved its balance sheet?
Will the seven new major shareholders holding 100% post-issue stake seek board representation or influence the company's future direction?
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