XELPMOC

Xelpmoc Design and Tech Limited reported consolidated operating revenue of INR 10.8 million for Q4 FY26, a significant increase from INR 7.1 million in Q4 FY25, but a slight decrease from INR 11.2 million in Q3 FY26. The adjusted operating EBITDA remained negative at INR 15.6 million, compared to negative INR 15.3 million in Q4 FY25 and negative INR 14.9 million in Q3 FY26. The net loss for the quarter was INR 17.8 million, an improvement from INR 18.4 million in Q4 FY25 and INR 20 million in Q3 FY26, partially influenced by INR 2.4 million in ESOP expenditure.

Amidst ongoing challenges and volatility in funding within the start-up sector, Xelpmoc is maintaining its focus on the corporate segment and developing in-house products and solutions. The company's revenues are now 100% derived from the corporate segment. Key in-house developments include DocuXray, a new AI platform for document processing and analytics, and RELY, an Agetech platform. Management expects these products to unlock new revenue streams in the enterprise segment and contribute to achieving EBITDA profitability as soon as possible.

The fair value of Xelpmoc's investments in portfolio companies stood at INR 726.8 million as of March 31, 2026, up from INR 631.8 million a year prior. Mihup, a conversation AI platform, has a contracted ARR of INR 1 billion and recently signed a multimillion-dollar contract with Tata Motors and onboarded HDFC. Woovly's Live2.ai platform achieved USD 4.1 million ARR with 245 brands and is EBITDA positive. Pencil secured a USD 950,000 service deal for 36 months, with its Jan-Mar '26 revenue at INR 3.2 crores. TSIM recorded INR 3.4 crores in revenue for FY26, and KSP recorded INR 2.01 crores in FY26.

Biome, Xelpmoc's venture studio, increased its investment commitment in OsteoForge to INR 4 crores, up from an initially planned INR 2 crores, for a 10% combined stake. This investment has seen significant returns, with OsteoForge's valuation increasing 2.5x to INR 100 crores within just five months. Biome also signed an MoU with Manipal Group for clinical trials and is evaluating strategic investment in SuprAgent, an agentic UI layer.

DocuXray, a new avatar of Xtract, is gaining market adoption, though the sales cycle is long due to market confusion around AI. The platform emphasizes local compute and private knowledge for security and data integrity. RELY, the Agetech platform, has come out of stealth and is onboarding operators in senior living, assisted living, and home care, with a couple of hundred residents under management across six centers. The business model for RELY is SaaS-based, with per-apartment or per-bed monthly subscriptions, typically on annual or two-year contracts.

The company reported that some smaller proof-of-concept (POC) projects in its data science and AI business have converted to monetization, and extensions on earlier projects are underway. While POC to full adoption takes time, management noted that the approach of focusing on edge computing, privacy, and local intelligence is proving viable. They acknowledge past mistakes in government projects but are now finding their 'mojo' with a balanced risk approach aligned with core strengths.

Xelpmoc currently has an operational runway of 10 to 12 months. The company is not actively hiring an in-house sales team for its nascent products but is leveraging contractual agreements with GTM (Go-To-Market) companies for business development. Management reiterated its commitment to continuous investment in product development over the next 2-3 years, believing that profitability and growth will follow as their products mature and gain market share, despite the long gestation periods inherent in their solutions.