GTT Data Solutions FY26: Revenue Grew 727%, And The Loss Grew With It

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1 — At a Glance

Here is a number that stops you: revenue at GTT Data Solutions went from ₹16 crore to ₹133 crore in a single financial year — a 727% jump. Here is the number sitting right next to it: the net loss widened from ₹6.8 crore to ₹15.9 crore. Growth and loss walked into FY26 holding hands.

The revenue did not arrive by selling more; it arrived by buying companies. Four subsidiaries now roll up into the consolidated line, and the year’s biggest single expense on the standalone books was a ₹16.24 crore impairment against one of them. Operating margin for the full year came in at roughly -2%. The equity share capital more than doubled, from ₹23.95 crore to ₹41.78 crore, which is why the per-share loss of ₹4.17 looks tamer than a doubling deficit would otherwise suggest.

The company also spent the year losing directors the way some firms lose pens. A CFO in February, an interim CFO installed in May, independent directors exiting in December and again in June. Borrowings climbed from ₹19 crore to ₹34 crore. Debtor days went from 32 to 84.

A firm that was tiny two years ago is now a ₹153 crore holding structure with a lot of moving parts. The record of what those parts did this year is the rest of this entry.

Can revenue you acquired count as growth you earned? The next fourteen sections keep asking.

2 — Introduction

GTT Data Solutions was incorporated in 1986 as Cinerad Communications Limited — a name it wore for most of four decades before rebranding around an AI-and-digital-transformation identity. The About describes it now as an AI-focused firm offering technology consulting and outsourcing, guided by core values like integrity and excellence. Encyclopedias record what companies say about themselves; this is what this one says.

The substance of FY26 is an acquisition campaign. During the year the company took the remaining 45% of Itarium Technology for ₹9.90 crore, making it wholly owned; acquired Alpharithm Technologies for ₹15 crore through cash and a share swap; and moved on CRG Solutions, holding roughly 77.81% while advances sat parked against the remaining stake. Two larger deals were structured on non-cash terms: Antworks Solutions India for ₹101.52 crore and Insurant AI in the UK for ₹15.79 crore, both via preferential share issuance at ₹82.87 per share.

Funding this took the full toolkit. A rights issue of up to ₹125 crore was approved in February 2026. Authorised capital was lifted, and a July 2026 postal ballot sought five approvals, including raising share capital to ₹100 crore and converting promoter loans into equity. The building was being expanded and refinanced at the same time.

3 — Business Model: WTF Do They Even Do?

Strip the vocabulary and GTT Data sells IT services with a training sideline. The revenue mix is roughly 95% IT services and about 5% training — data engineering, analytics, artificial intelligence, DevOps, ERP and CRM implementation, and a corporate-training segment that is the smaller cousin at the family table.

That is the stated business. The operating business in FY26 was mergers-and-acquisitions with a services company attached. The ₹133 crore top line is a consolidation of entities bought during the year, not a product that scaled. When a company’s headline growth is 727% and its underlying activity is “we now own four more companies than we did,” the model being evaluated is a roll-up, and roll-ups are judged on whether the acquired revenue is profitable and the integration is real. On the first count, the group ran an operating loss. On the second, a ₹16.24 crore impairment against Global Talent Track — booked the same year the acquisitions were being celebrated — is the record’s own footnote.

The three permanent employees on the standalone books in an earlier year had become 56 by the FY25 disclosure, which tells you the headcount arrived pre-assembled, through the entities acquired, rather than being hired into a growing core.

If the top line is something you bought rather than something you built, which one is the business?

4 — Financials Overview

Figures are consolidated, in ₹ crore. Detection lands on Quarterly Results; latest period is the quarter ended March 2026 (Q4 FY26).

Revenue was up 477% against the year-ago quarter — again the arithmetic of a bigger consolidation, not organic