Any current/future new fundraising through debt or equity?

The company is open to raising funds and is in the market for money but will not sell at a low valuation. Rights issue is ruled out because promoters currently lack funds to subscribe; they haven't taken salaries for a long time. Preference is for private placement, preferential placement, or similar fundraising methods, and discussions with potential investors are ongoing. Increasing authorized capital ties into potential ESOP issuance and preparation for investor interest, but ESOP and capital increase decisions are deferred for now. Management emphasizes they are confident in growth but cau

Any current/future capex/capital investment/strategic investment?

Currently, the company is focused on increasing marketing expenditure and customer outreach, spending generated cash on marketing activities, conferences, and customer trips. There are plans to expand the technology and development teams, including establishing a new development center in Surat targeting skilled professionals, with about 50 people expected by year-end. The company is considering raising funds but not through rights issues due to promoter financial constraints; private or preferential placements are being explored. ESOP issuance is planned at market price without discounts to a

Future growth expectations in sales/revenue/volumes?

The company targets a consistent growth rate of 20%+ annually, achievable even without significant additional resources. Growth is expected to be driven by mandates; however, the company is increasingly focusing on non-mandate, non-replacement market activities, such as the Disclosure Management initiative. Expansion plans include strengthening sales and marketing infrastructure, especially for international markets like the U.S. and Europe, where CARBON product is focused. Marketing spend has increased significantly to improve customer outreach via conferences, digital marketing, and cu

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets a 20%+ annual growth trajectory going forward, driven by expanding both mandate-related and non-mandate activities. (Page 13) Limited by financial constraints currently, especially marketing and sales budget, implying growth could be faster with more funding. (Pages 8, 13) Growth of Collect segment was strong (~70% increase) and order book has improved, indicating recurring and implementation revenues supporting future earnings. (Pages 3, 10, 11) Create segment growth more modest (~10%) and dependent on mandates and discretionary spend but expected to improve with additiona

Current/ Expected Orderbook/ Pending Orders?

Current order book is around INR 120 crores as of the latest update (November 2023). This INR 120 crores includes both recurring revenue (INR 55-60 crores annually) and non-recurring implementation contracts. The order book spans a period of approximately 18 to 24 months, expected to be executed by December 2025. The large portion of the order book relates to the South African Reserve Bank deal and other Collect segment contracts. New orders alongside recurring revenues keep the overall order book steady despite ongoing execution. Additional elements of execution and potential further add-ons

IRIS Regtech Solutions LtdQ2 FY24IT - Software

IRIS Regtech Solutions Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹200.67P/E: 32.1Market Cap: ₹412 CrSector: IT - Software

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

The company targets a consistent growth rate of 20%+ annually, achievable even without significant additional resources.
Growth is expected to be driven by mandates; however, the company is increasingly focusing on non-mandate, non-replacement market activities, such as the Disclosure Management initiative.
Expansion plans include strengthening sales and marketing infrastructure, especially for international markets like the U.S. and Europe, where CARBON product is focused.
Marketing spend has increased significantly to improve customer outreach via conferences, digital marketing, and customer testimonials.
Ongoing hiring and team expansion, including a new development center in Surat, aim to support growth.
Execution of a strong order book (around INR120 crores) spread over 18-24 months supports short to medium-term revenue growth.
Challenges include limited funding for aggressive marketing and sales, which could accelerate growth if resolved.
Optimism exists for ESG-related opportunities, though regulatory urgency varies globally.

Margin guidance

Category 3

The company targets a 20%+ annual growth trajectory going forward, driven by expanding both mandate-related and non-mandate activities. (Page 13)
Limited by financial constraints currently, especially marketing and sales budget, implying growth could be faster with more funding. (Pages 8, 13)
Growth of Collect segment was strong (~70% increase) and order book has improved, indicating recurring and implementation revenues supporting future earnings. (Pages 3, 10, 11)
Create segment growth more modest (~10%) and dependent on mandates and discretionary spend but expected to improve with additional resources. (Pages 3, 15)
Market conditions (global slowdown, regulatory delays) could impact short-term growth pace but long-term optimism remains. (Pages 11, 15)
Profit after tax rose ~88% in recent half-year, EBITDA margin steady at 13%, showing operational improvements and profitable growth. (Page 3)
Company confident of growth despite resource constraints; raising capital through private/preferential placements to accelerate growth is under discussion. (Pages 8, 16)

See what IRIS Regtech Solutions Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company is open to raising funds and is in the market for money but will not sell at a low valuation.
Rights issue is ruled out because promoters currently lack funds to subscribe; they haven't taken salaries for a long time.
Preference is for private placement, preferential placement, or similar fundraising methods, and discussions with potential investors are ongoing.
Increasing authorized capital ties into potential ESOP issuance and preparation for investor interest, but ESOP and capital increase decisions are deferred for now.
Management emphasizes they are confident in growth but cautious on valuations and will not accept scrap value.
Marketing and sales expansion plans depend on securing additional funding; without financial support, growth may be limited.
Promoters do not have money for rights issue; thus, capital raising will likely be through selective equity placements rather than rights.

Order book

Yes

Current order book is around INR 120 crores as of the latest update (November 2023).
This INR 120 crores includes both recurring revenue (INR 55-60 crores annually) and non-recurring implementation contracts.
The order book spans a period of approximately 18 to 24 months, expected to be executed by December 2025.
The large portion of the order book relates to the South African Reserve Bank deal and other Collect segment contracts.
New orders alongside recurring revenues keep the overall order book steady despite ongoing execution.
Additional elements of execution and potential further add-ons are anticipated, especially from South Africa.
Recurring revenues add clarity to order visibility, but merging with implementation revenues can confuse timeframes.
The management is cautious in divulging detailed breakdowns to avoid compromising competitive positioning.

See what IRIS Regtech Solutions Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Currently, the company is focused on increasing marketing expenditure and customer outreach, spending generated cash on marketing activities, conferences, and customer trips.
There are plans to expand the technology and development teams, including establishing a new development center in Surat targeting skilled professionals, with about 50 people expected by year-end.
The company is considering raising funds but not through rights issues due to promoter financial constraints; private or preferential placements are being explored.
ESOP issuance is planned at market price without discounts to attract and retain talent.
No explicit mention of large-capex projects, but emphasis on scaling sales, marketing, and product development infrastructure suggests strategic investments in human capital and product enhancement.
Focus on upgrading product lines and incorporating new technologies aligned with global standards.
Capital raising intentions are aligned with growth ambitions but await better market valuations before proceeding.

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IRIS Regtech Solutions Ltd Q2 FY24 Earnings Call Analysis

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Fundraise plans

Capex plans

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What IRIS Regtech Solutions Ltd's management said in earlier quarters

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