Orient Technologies Limited has announced a postal ballot notice seeking shareholder approval for extending the timeline to utilize unutilized proceeds from its Initial Public Offering (IPO). The company proposes to extend the utilization period from March 31, 2026 to March 31, 2027, allowing additional time for strategic deployment of remaining funds.

E-Voting Schedule and Process

The remote e-voting facility will be available from February 25, 2026 at 09:00 a.m. (IST) to March 26, 2026 at 05:00 p.m. (IST). National Securities Depository Limited (NSDL) has been engaged to provide the e-voting platform for all shareholders. The cut-off date for determining eligible voters is February 20, 2026.

IPO Proceeds Utilization Status

The company's IPO, conducted through a prospectus dated August 26, 2024, comprised 10,425,242 equity shares of face value ₹10 each. The fresh issue component raised ₹1,200.00 million through 5,825,242 equity shares. As of February 12, 2026, the company has unutilized proceeds of ₹51.36 crore from the total IPO amount of ₹107.93 crore.

Strategic Reallocation and Timeline Extension

The company plans to transfer the balance unutilized amount from NOC and SOC equipment purchases to the Device-as-a-Service (DaaS) business segment. This reallocation reflects cost optimization achieved in the original equipment procurement while maintaining operational capabilities. The DaaS model aligns with the company's strategy to expand recurring revenue streams and strengthen managed services offerings.

The proposed timeline extension to March 31, 2027 will enable calibrated deployment of funds in the DaaS segment. The company emphasizes a disciplined approach to customer onboarding, including comprehensive creditworthiness assessments and evaluation of long-term strategic engagement potential. This rigorous screening process aims to minimize credit risk and ensure timely recovery of investments.

Governance and Approval Process

CS Alwyn D'Souza of M/s Alwyn D'Souza & Co., Practicing Company Secretary (Membership No. FCS 5559 & Certificate of Practice No. 5137), has been appointed as the Scrutinizer for the e-voting process. The postal ballot notice has been approved by the Board of Directors on February 13, 2026, and is being sent electronically to shareholders whose email addresses are registered with the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited.

The resolution requires approval as a Special Resolution and will be deemed passed on March 26, 2026 if approved by the requisite majority. The company maintains that the proposed changes do not alter the overall objects of the IPO and are designed to improve capital efficiency while supporting sustainable long-term growth.

Orient Technologies Limited announced its unaudited financial results for the quarter ended December 31, 2025, alongside significant corporate developments including CEO resignation and plans for IPO proceeds extension timeline. The company has now scheduled a post-results conference call to discuss these developments with investors and analysts.

Q3FY26 Financial Performance

The company reported mixed financial performance for the quarter, with revenue declining compared to the previous quarter but showing growth year-over-year:

For the nine-month period ended December 31, 2025, the company achieved revenue of Rs. 68,359.76 crore with a net profit of Rs. 924.45 crore, compared to Rs. 57,884.75 crore revenue and Rs. 3,698.92 crore profit in the corresponding period last year.

Post-Results Conference Call Details

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company will host a post-results conference call to discuss the Q3FY26 financial performance:

The conference call will be represented by Mr. Ajay Sawant (Chairman & Managing Director), Mr. Shrihari Bhat (Chief Executive Officer), and Mr. Gaurav Modi (Chief Financial Officer).

Exceptional Items Impact

The company reported exceptional items totaling Rs. 1,923.53 crore during the quarter, comprising:

The customer loss relates to significant cloud-based marketplace support costs that were expected to be amortized over revenue cycles but became unrecoverable after relationship discontinuation.

Leadership Changes and Corporate Developments

The Board of Directors approved several key decisions during their meeting held on February 13, 2026:

IPO Proceeds Utilization Status

The company's IPO proceeds utilization shows significant pending deployment:

The unutilized funds of Rs. 65.58 crore are deployed in fixed deposits with Citi Bank (Rs. 35.00 crore at 4.00%) and ICICI Bank (Rs. 30.00 crore at 5.85%), with remaining amounts in monitoring accounts.