IRIS
IRIS RegTech Solutions financials
- Market cap
- ₹505 Cr
- Sector
- Information Technology
- Calls analysed
- 3
IRIS Business Q4 FY26
What went well
- Total revenues grew 23% for the full year FY26.
- EBITDA margin at 14% for FY26.
- IRIS CARBON ARR grew 33% and IRIS IDEAL ARR grew 17%.
What to watch
- Faced delays in purchase decision-making for IRIS IDEAL in H1 FY26.
- Potential adverse impact on SupTech pipeline from Middle East crisis if prolonged beyond Q1 FY27.
What IRIS RegTech Solutions Limited does
IRIS RegTech Solutions operates three product lines built around structured regulatory data. SupTech (IRIS iFile) is a digital supervision platform sold to government regulators to collect, validate and analyse XBRL/SDMX filings. RegTech (IRIS CARBON for enterprise/ESG disclosure filings, and IRIS iDEAL for automated BFSI regulatory reporting) is licensed or subscribed to by corporates, banks and financial institutions. DataTech (IRIS Peridot) is a mobile-first platform giving MSMEs access to digital tools, government-scheme discovery and lender tie-ups, currently in a pre-revenue pilot phase.
Segments
- SupTech (IRIS iFile)
- RegTech (IRIS CARBON, IRIS iDEAL)
- DataTech (IRIS Peridot)
- Countries with regulatory/enterprise deployments
- 55+
- Regulators & exchanges served
- 30+
- Track record in regulatory technology
- 21 years
- Cumulative filings processed
- Millions
- Global offices/subsidiaries
- India (HQ) plus USA, Singapore, Malaysia, Italy subsidiaries
- Banks & financial institutions served (IRIS iDEAL)
- 120+
Guidance record · Q4 FY26
what the last two calls moved 9 tracked 1 delivered 2 missed 6 open- IRIS CARBON ARR Growth delivered, diluted said Q2 FY26 Promised: Grow ARR at 35% for this financial year. Q4 FY26: Achieved 33% ARR growth for IRIS CARBON in FY26, slightly below the 35% target but demonstrating strong performance and acceleration in H2.
- CEO Appointment went quiet said Q4 FY25 Promised: Formally appoint the CEO in the place of Mr. Swaminathan... in the month of May or perhaps by early June. Q4 FY26: No update provided on the formal CEO appointment. The original timeline of May/June 2025 has long passed.
- MSME Agreements Progress on track said Q4 FY25 Promised: Initiatives bearing fruit in a phased fashion (following 3 MoUs). Q4 FY26: The loan facilitation feature on the Peridot app was launched on a pilot basis in February with 3 lenders. Management is optimistic about monetization within the next couple of years.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 30.0%, net profit down 521.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27 | 33 | 30 | 25 | 29 +6% | 36 +8% | 39 +32% | 33 +30% |
| EBITDA | 5 | 5 | 6 | 0 | 0 −97% | 5 −12% | 5 −3% | -2 −768% |
| Net profit | 4 | 4 | 3 | 0 | 117 +2904% | 5 +48% | 4 +44% | -1 −522% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −23.9% 1Y
1Y: ₹322.45 on 10 Sept 2025 → ₹245.39. High ₹376.4 (13 Nov 2025), low ₹210.91 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −3.6%
- 18 May
- Q2 FY26
- −5.0%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 20.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹73 Cr | ₹102 Cr | ₹117 Cr | ₹128 Cr |
| Operating profit | ₹10 Cr | ₹15 Cr | ₹19 Cr | ₹10 Cr |
| Operating margin | 13.4% | 14.9% | 16.4% | 8.0% |
| Interest | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Depreciation | ₹5 Cr | ₹5 Cr | ₹2 Cr | ₹2 Cr |
| Net profit | ₹5 Cr | ₹9 Cr | ₹13 Cr | ₹127 Cr |
| Net margin | 6.5% | 8.6% | 11.3% | 98.5% |
| Cash from operations | ₹6 Cr | ₹12 Cr | ₹27 Cr | ₹105 Cr |
| Free cash flow | ₹3 Cr | ₹8 Cr | ₹20 Cr | ₹97 Cr |
| ROCE | 17.0% | 27.0% | 30.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹21 Cr | ₹21 Cr |
| Reserves | ₹7 Cr | ₹8 Cr | ₹12 Cr | ₹22 Cr | ₹169 Cr | ₹180 Cr |
| Borrowings | ₹6 Cr | ₹7 Cr | ₹6 Cr | ₹6 Cr | ₹2 Cr | ₹2 Cr |
| Other liabilities | ₹26 Cr | ₹26 Cr | ₹33 Cr | ₹29 Cr | ₹59 Cr | ₹50 Cr |
| Total liabilities | ₹58 Cr | ₹60 Cr | ₹70 Cr | ₹77 Cr | ₹250 Cr | ₹253 Cr |
| Fixed assets | ₹22 Cr | ₹17 Cr | ₹14 Cr | ₹13 Cr | ₹21 Cr | ₹19 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹3 Cr | ₹0 Cr | ₹5 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹39 Cr | ₹60 Cr |
| Other assets | ₹36 Cr | ₹43 Cr | ₹55 Cr | ₹61 Cr | ₹190 Cr | ₹169 Cr |
| Total assets | ₹58 Cr | ₹60 Cr | ₹70 Cr | ₹77 Cr | ₹250 Cr | ₹253 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −2.20 pp while FIIs added +1.26 pp. The shareholder count grew 3% to 10,263.
- Promoters
- 34.6%
- FIIs
- 1.8%
- DIIs
- 12.1%
- Public
- 51.5%
Since Jun 2025
- Public −2.20 pp
- FIIs +1.26 pp
- DIIs +1.00 pp
How it drifted, 12 quarters
Over this window DIIs went from 0.0% to 12.1% — +12.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 37.3%, Public 62.7%.Dec '23: Promoters 37.2%, FIIs 0.2%, Public 62.6%.Mar '24: Promoters 37.1%, FIIs 0.1%, Public 62.8%.Jun '24: Promoters 37.1%, FIIs 0.1%, Public 62.8%.Sep '24: Promoters 35.8%, DIIs 2.9%, Public 61.3%.Dec '24: Promoters 35.6%, FIIs 1.0%, DIIs 2.7%, Public 60.7%.Mar '25: Promoters 34.7%, FIIs 1.4%, DIIs 11.1%, Public 52.8%.Jun '25: Promoters 34.7%, FIIs 0.5%, DIIs 11.1%, Public 53.7%.Sep '25: Promoters 34.6%, FIIs 1.7%, DIIs 12.8%, Public 50.8%.Dec '25: Promoters 34.6%, FIIs 1.7%, DIIs 12.9%, Public 50.7%.Mar '26: Promoters 34.6%, FIIs 1.9%, DIIs 13.1%, Public 50.4%.Jun '26: Promoters 34.6%, FIIs 1.8%, DIIs 12.1%, Public 51.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Subhkam Ventures I Private Limited VC / PE +0.14 pp 7.91% held
- IRIS Regtech Sdn Bhd Malaysia newly disclosed 0.00% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of IRIS RegTech Solutions Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Deepta Rangarajan | 28.77% | unchanged |
| Subhkam Ventures I Private Limited VC / PE | 7.91% | +0.14 pp |
| Madhuri Madhusudan Kela | 5.21% | unchanged |
| Balachandran Krishnan | 4.89% | unchanged |
| Pratithi Growth Fund I AIF | 3.70% | unchanged |
| Khazana Tradelinks Pvt Ltd | 3.60% | unchanged |
| Catamaran Ventures Llp | 1.47% | unchanged |
| Discovery Global Opportunity (Mauritius) Ltd FPI fund | 1.30% | unchanged |
| IRIS Employee Wellness Llp | 1.21% | unchanged |
| Kamalanand Nithianandan . | 1.16% | unchanged |
| Valuable Infrastructure Pvt. Ltd. | 1.15% | unchanged |
| Shyama Balachandran | 0.97% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse IRIS RegTech Solutions Limited
Guides on how to read this kind of business and the numbers that matter.