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1. At a Glance
Quarterly sales of ₹8.47 crore against ₹0.03 crore in the same quarter a year earlier — a base so small that Screener’s percentage-change column simply gave up and printed 28,133%. Operating profit was ₹4.91 crore on an OPM of 57.97%. PAT was ₹4.26 crore, against a loss of ₹1.84 crore in June 2025 and a loss of ₹7.99 crore in the immediately preceding March quarter. EPS: ₹0.17.
The company behind these figures was, until January 2026, called Sri Adhikari Brothers Television Network. It emerged from insolvency resolution, changed hands, changed name, and amended its objects clause from television content to AI/ML software, SaaS, technology consulting, licensing and computing infrastructure. Renaming yourself is easy; the objects clause is where a company legally commits to the new personality, and this one now reads like a conference agenda.
Alongside the numbers, the record for this period contains a two-year MoU with the Government of Telangana for a proposed 50 MW data-centre campus envisaging roughly ₹4,000 crore of investment, three separate acquisition proposals, one CFO resignation, one CFO appointment, one director appointment, one secretarial auditor resignation, one secretarial auditor appointment and one internal auditor appointment. The August 4 board meeting that handled five of those items commenced at 2:00 P.M. and concluded at 2:20 P.M.
Market cap stands at ₹640 crore. Book value per share is ₹-0.22.
2. Introduction
The company was incorporated on December 19, 1994 by Mr. Gautam Adhikari and Mr. Markand Adhikari, to take over the business of a partnership firm, Sri Adhikari Brothers. It produced and syndicated content for television and listed on both exchanges. For most of the last decade the P&L told a consistent story: sales of ₹137.72 crore in FY17 falling to ₹57.49 crore, then ₹15.24 crore, then to a figure that in FY20 was recorded as negative ₹1.14 crore. A negative revenue line is one of accounting’s quieter dramatic devices — the top line running backwards is the sort of thing that normally requires a time machine.
Then came the process. The NCLT-approved resolution plan was fully implemented in May 2025, and CIRP proceedings were closed in September 2025. A subsequent open offer resulted in a change of management and control in November 2025. The renaming to Aqylon Nexus Ltd followed in January 2026. In February 2026, shareholders approved a 10-for-1 split, capital alteration, convertible promoter loans, enhanced borrowing powers and a chairperson appointment — a postal ballot that got through more corporate architecture than most companies attempt in a decade.
Depreciation is a useful marker of what the old company was. It ran at ₹19.48 crore in FY17 and ₹20.42 crore as late as FY23. In FY25 it was ₹0.15 crore. Whatever was being depreciated has gone, and what replaced it fits comfortably on a smaller schedule.
The registered office is still at Adhikari Chambers, Andheri West. The corporate email address on filings remains info.sriadhikari@gmail.com — a Gmail address that has survived an insolvency, an open offer and a rebrand, and is now the official inbox of an artificial-intelligence company.
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3. Business Model: WTF Do They Even Do?
Officially: AI/ML software, SaaS, technology consulting, licensing and computing infrastructure. The amended objects clause covers essentially every noun in the sector.
Specifically, per its disclosures and website, the company has announced the Aqylon AI Code Platform for AI-skilling programmes, and presents LLM routing, AI coding, call-centre automation, farm-management tools, GPU-as-a-Service, edge-AI chips and data-centre technologies. That is a catalogue spanning silicon at one end and crop management at the other. Edge-AI chips and farm-management tools are not neighbours on any normal org chart; here they share a homepage.
The largest stated ambition is physical. Aqylon signed a two-year MoU with the Government of Telangana for a proposed 50 MW AI and hyperscale green data-centre campus, envisaging investment of approximately ₹4,000 crore over about 20 acres at Fab City, Tukkuguda. Set that ₹4,000 crore beside the FY26 balance sheet total of ₹13.67 crore and the arithmetic speaks for itself as arithmetic: the proposed campus is roughly 293 times the size of everything the company currently owns.
Other collaborations, per the record, include MoUs with MBuzz Technologies for AI-ready data centres and cloud services, DataDirect Networks for AI data platforms, and AITMC Ventures for AI-skilling centres. An MoU is corporate India’s engagement ring — real, signed, photographed, and not yet a wedding.
Reporting structure is thin. FY25 consolidated accounts included the 66.96%-owned Westwind Realtors, whose financial contribution was immaterial. The board has approved formation of a wholly owned UAE subsidiary, Aqylon Nexus Holding LLC; the approval filing stated it was yet to be incorporated. The auditor continued to highlight material uncertainty over going concern, noting that long-term IT projects and binding business arrangements were not yet established.
Employee count is the detail that lingers. The disclosed number of permanent employees was 1 in FY24 and 2 in FY25.
4. Financials Overview
Figures are standalone, in ₹
