Orient Technologies Limited Announces Postal Ballot for Extension of IPO Proceeds Utilization Timeline

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. Parameter: Details E-voting Start: February 25, 2026, 09:00 a.m. (IST) E-voting End: March 26, 2026, 05:00 p.m. (IST) Cut-off Date: February 20, 2026 Service Provider: National Securities Depository Limited (NSDL) Resolution Type: Special Resolution 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. Objects of Issue: Allocated Amount (₹ crore) Utilized Amount (₹ crore) Balance Amount (₹ crore) Office Premise Acquisition (Navi Mumbai): 10.35 10.35 Nil NOC and SOC Equipment Purchase: 10.08 4.88 5.20 DaaS Equipment and Devices: 69.57 23.41 46.16 General Corporate Purpose: 17.93 17.93 Nil Total: 107.93 56.57 51.36 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: Metric: Q3FY26 Q2FY26 Q3FY25 Change (YoY) Revenue from Operations: Rs. 19,823.03 crore Rs. 27,280.46 crore Rs. 20,685.63 crore -4.17% Net Loss: Rs. 1,495.60 crore Rs. 1,417.37 crore profit Rs. 1,265.61 crore profit Loss Basic EPS: Rs. (3.27) Rs. 3.09 Rs. 3.01 Negative 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: Parameter: Details Date and Time: Thursday, February 19, 2026 at 05:00 PM IST Primary Dial-in: +91 22 6280 1341/ +91 22 7115 8242 USA Toll Free: 18667462133 UK Toll Free: 08081011573 Singapore Toll Free: 8001012045 Hong Kong Toll Free: 800964448 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: Component: Amount (Rs. Crore) Reason Customer Loss Impact: Rs. 1,515.09 Unamortized cloud marketplace costs Labour Code Compliance: Rs. 334.97 Gratuity impact Compensated Absences: Rs. 73.47 Long-term benefit changes 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: Development: Details CEO Resignation: Mr. Shrihari Kishor Bhat resigns effective April 29, 2026 Interim Appointment: Ms. Renuka Patel appointed as Company Secretary IPO Extension: Postal ballot notice for proceeds utilization extension to March 31, 2027 Bonus Shares: 1:10 bonus share ratio approved for January 5, 2026 record date IPO Proceeds Utilization Status The company's IPO proceeds utilization shows significant pending deployment: Object: Allocated (Rs. Crore) Utilized (Rs. Crore) Remaining (Rs. Crore) Capital Expenditure: 79.65 18.41 61.24 Office Premise Acquisition: 10.35 10.35 0.00 General Corporate Purposes: 17.93 17.93 0.00 Issue Expenses: 12.07 7.73 4.34 Total: 120.00 54.42 65.58 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. We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better. Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians. As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation. We plan to change that - a technology-led platform built for super traders and long term investors.