1. At a Glance – The Antivirus Company That Needs a Balance Sheet Scan
Market cap of ₹891 crore.
Current price ₹431.
Stock P/E 19.1 vs industry median ~23.
ROCE 25.6%. ROE 22.9%.
OPM a juicy 45.5%.
Q3 Sales ₹34.89 crore (+20.6% YoY).
Q3 PAT ₹8.97 crore (-18.2% YoY).
Return over 3 months: -9.09%.
This is Innovana Thinklabs Ltd — a software company selling antivirus, astrology apps, browser security tools, and apparently… controversy.
On paper, margins look like Silicon Valley. On the ground, debtor days jumped to 103. Promoter holding slipped to 72.65%. And yes, there is a CBI case alleging malware installation under the name of antivirus protection.
So what exactly is going on here?
A high-margin global SaaS exporter?
Or a growth story with pop-up warning signs?
Buckle up. We are scanning the system.
2. Introduction – Software, Stars & Suspense
Incorporated in 2015, Innovana Thinklabs operates in software development. Sounds boring? Wait.
They are CMMI Level 3 and ISO certified. They claim 100+ products, 1.5 million downloads, and 10 million monthly unique visitors across 126 countries in 13 languages.
That’s not small-town coding.
Their product basket includes:
- Antivirus software
- Phone cleaners
- Browser security tools
- Astrology apps like Anytime Astro and Tarot Life
- Even a VR Tarot app
From malware protection to horoscope predictions — they literally protect your laptop and your future.
FY23 revenue split:
- 87% from services
- 5% from products
- 78% exports
So most money comes from overseas services. Not just antivirus subscriptions.
But here’s the twist: CBI booked a case alleging malware installed via bogus security pop-ups.
Antivirus company accused of malware? That’s like a fire extinguisher company accused of arson.
Is this operational noise or systemic risk?
Let’s decode.
3. Business Model – WTF Do They Even Do?
Imagine a digital Swiss Army knife.
They:
- Develop software products (security, utilities)
- Offer digital marketing & development services
- Run astrology apps
- Have subsidiaries in gaming, fitness, construction, and infrastructure
Yes. Construction.
Subsidiaries include:
- Innovana Techlabs (software)
- Innovana Fitness Labs (gym)
- Innovana Infrastructure (construction)
- Innovana Astro Services (astrology)
- Innovana Games Studio (gaming)
This is not diversification. This is buffet strategy.
Segment revenue FY23:
- Software Products – 74%
- Gym & Fitness – 11%
- Construction – 5%
- Game Studio & Astro – 10%
Question for you:
Why does a cybersecurity company need a gym subsidiary?
Is it synergy… or side hustle?
Most revenue (87%) is services-based. That means recurring contracts, digital solutions, and offshore billing.
Margins? 45% OPM TTM.
That’s elite.
But margins
