Meta Infotech FY26: Record ₹270 Cr Revenue, and a Profit Line That Walked Out the Back Door

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1. At a Glance

FY26 was the year Meta Infotech booked its highest-ever revenue and its lowest profit in three years, in the same breath. Sales landed at ₹270 crore, up 23% over FY25’s ₹219 crore. Net profit went the other direction: ₹10.9 crore against ₹14.5 crore a year earlier, a 24% fall. Operating profit slid from ₹25 crore to ₹18 crore. So the top line grew a quarter while the bottom line shrank a quarter — a rare bit of symmetry.

Two figures on the balance sheet moved harder than anything on the P&L. Trade receivables jumped from ₹22 crore to ₹56 crore. Inventory went from ₹4.7 crore to ₹21.8 crore. Operating cash flow stayed negative for the third straight year at minus ₹4.7 crore, even as the company reported profits every one of those years.

A company that grows sales 45% CAGR over five years but hasn’t produced positive operating cash in three of them is telling two stories at once. FY26 is where they got loud enough to notice.

The record revenue is real. So is everything sitting underneath it.

2. Introduction

Meta Infotech was incorporated in 1998 and, by its own account, shifted decisively into cybersecurity around 2010. It sells other people’s security software — it is an authorised reseller for global OEMs — and wraps that resale in its own implementation, support and managed services. FY26 was its first full year as a listed company; it debuted on the BSE SME platform on 11 July 2025.

The year came with a lot of moving furniture. A Chief Operating Officer, Ambrish Deshpande, joined in October 2025 and was re-designated COO/CRO in January 2026, alongside an ESOP scheme reserving up to 944,070 options for him — about 5% of paid-up capital. The Company Secretary, Komal Toshniwal, resigned on 31 March 2026; Mansi Sheth was appointed the very next day. A Delhi-NCR operational office was taken on rent in Noida. Management’s own label for the period was “Meta 2.0,” an investment year.

Investment years have a signature: the spending shows up before the returns do. FY26’s numbers carry that signature clearly.

3. Business Model: WTF Do They Even Do?

Meta buys cybersecurity licenses from global vendors and sells them onward to Indian enterprises, then charges separately to install and babysit them. That is the whole engine. Roughly 84% of FY25 revenue was “sale of products” — reselling licenses — and about 16% was services.

The product catalogue reads like a security-conference exhibitor list: SASE, database security, endpoint detection, cloud security, identity, API security, email security, SIEM. SASE alone was ~61% of FY24 revenue. Under each of those acronyms sits somebody else’s software — Zscaler, Imperva, CrowdStrike, Palo Alto — with Meta as the authorised middle layer.

The uncomfortable arithmetic of reselling is margin. Management put product gross margin at roughly 8–8.5% and services margin above 50%. Which is why the entire strategic pitch is a promise to sell less of what they mostly sell and more of what they barely sell: services were about 13% of revenue and the stated ambition is 20–30%. A reseller announcing it would rather not resell is either a pivot or a confession, and FY26 doesn’t yet resolve which.

Customer concentration finishes the picture. The largest customer was ~58.51% of revenue; the top ten, ~88%. Ninety-nine domestic customers on the books, and more than half the money comes from one of them.

Does a services pivot fix an 8% product margin, or just describe the problem more politely?

4. Financials Overview

Figures are consolidated, in ₹ crore. FY26 results are reported half-yearly; the latest period is H2 FY26 (ended March 2026).

The half-on-half collapse from ₹210 crore to ₹60 crore isn’t a business falling off a cliff — it’s the shape of the year. Management attributed the H1-heavy pattern to a single very large order tied to one vendor that books in the first half. H2 revenue still grew 72% over the prior H2. The profit, however, all but disappeared: H2 PAT of ₹0.4 crore against ₹3 crore a year earlier.