1. At a Glance – IT Company or Financial Thriller?
Market Cap: ₹116 Cr Current Price: ₹7.15 3-Month Return: -22% Book Value: ₹4.63 Price to Book: 1.54 ROCE: -1.44% ROE: -1.58% Debt: ₹0 Cr
Welcome to GVP Infotech Ltd, an IT services company whose latest quarterly sales are ₹0.14 Cr… yes, fourteen lakhs. Meanwhile, quarterly loss stands at ₹-1.31 Cr and operating margin has gone full Bollywood villain at -1,214%.
TTM revenue? ₹8 Cr. TTM loss? ₹-92 Cr.
And yet, the market cap is ₹116 Cr.
This is not just an IT company. This is a corporate plot twist factory. From insolvency under NCLT to rights issue, from ₹90 Cr write-off to RBI Payment Aggregator license — this story has more drama than a daily soap.
Question is simple: turnaround candidate… or accounting horror series?
Let’s investigate.
2. Introduction – From Insolvency to Infotech
Incorporated in 2011, GVP Infotech operates in IT services. Sounds normal.
But in 2020, the company went through Corporate Insolvency Resolution Process (CIRP) and a resolution plan was approved by NCLT New Delhi. Old management exited. New promoters entered. Capital reduction happened.
Basically: reboot.
Then came:
Bonus issue (1:1)
Subdivision (1:5)
Name change from Fourth Dimension Solutions to GVP Infotech
Migration from SME platform to Main Board (Sept 2022)
If companies had personality types, this one would be “identity crisis with ambition.”
It provides:
eGovernance
IT infrastructure
Financial inclusion
Network infra
Outsourcing
But here’s the catch.
FY25:
Sales: ₹6 Cr
Net Loss: ₹-3 Cr TTM:
Sales: ₹8 Cr
Net Loss: ₹-92 Cr
Wait… ₹92 Cr loss on ₹8 Cr revenue?
Yes. That happened.
And it gets better (or worse).
In July 2025, a ₹110 Cr claim settlement resulted in:
₹20 Cr recoverable
₹90 Cr written off
That single write-off explains the nuclear explosion in profitability.
But here’s the twist…
RBI granted Payment Aggregator authorisation effective Dec 16, 2025. Condition: Net worth ₹25 Cr by March 31, 2026.
Now things get interesting.
3. Business Model – WTF Do They Even Do?
GVP operates in 3 verticals:
Technology Solutions
IT Infrastructure Services
Operations Outsourcing
They partner with government & public sector institutions.
Services include:
eGovernance
Financial Inclusion
IT Security
Managed manpower
System integration
Digitisation
IoT & Surveillance
FY23 revenue breakup:
83% from IT & related products
17% from sundry balance written back
That last line is spicy.
When “sundry balance written back” becomes meaningful revenue, you know receivables management is an adventure sport.
