Group Intelligence · Cadmaxx

Ventures Group

Intelligence Dashboard · FY 2025–26

CMPL ₹155.56 Cr Actevia ₹26.58 Cr CAPL ₹6.45 Cr CMET ₹30.98 Cr Xenithra ₹9.72 Cr Group ₹233 Cr

FY 2025–26

CMPL

Actevia

CAPL

CMET

Group

Xenithra

Hyka

LLC UAE

Coreworx

Neoterics

Total Revenue

₹155.56 Cr

FY 2025–26 Full Year

Active Clients

178

Across all sectors

Total Invoices

8,348

Avg 695/month

Best Month

₹16.31 Cr

December 2025

Slowest Month

₹9.70 Cr

April 2025

Monthly Revenue Trend — FY 2025–26 (₹ Cr)

Click any bar to see month details →

Client Concentration Risk

Top 1 client (Foxconn)21.2%

Top 5 clients53.0%

Top 10 clients66.2%

Top 20 clients80.0%

Remaining 158 clients20.0%

⚠ Foxconn = ₹33 Cr. Single client dependency — critical strategic risk.

Quarterly Revenue

Q1 Apr–Jun₹33.77 Cr

Q2 Jul–Sep₹36.22 Cr

Q3 Oct–Dec₹42.08 Cr

Q4 Jan–Mar₹43.46 Cr*

*Mar 2026 partial (₹6.91 Cr billed + ₹20.37 Cr pending estimation)

✓ Strong YoY Growth Trajectory

Revenue grew from ₹9.70 Cr (April) to ₹12.97 Cr (November), a 34% increase within the year. Q3 at ₹42.08 Cr was 25% stronger than Q1 at ₹33.77 Cr — clear acceleration.

⚠ Foxconn Dependency — Single Point of Risk

₹33 Cr = 21.2% from one client. If Foxconn reduces headcount or exits, company loses ₹2.75 Cr/month overnight. Diversification is non-negotiable.

→ December Spike Pattern

December 2025 at ₹16.31 Cr was 68% higher than April and 26% above average. Year-end billing flush is likely. Strategy should front-load this for FY26-27.

◆ Invoice Size Opportunity

85.5% of invoices are below ₹2L — small ticket. Only 17 invoices above ₹50L in the entire year. Moving to larger-value managed contracts would reduce billing effort and improve margins.

◆ IT & Staffing Dominates at 39%

₹60.98 Cr from IT staffing/digital — highest sector. But this carries highest AI disruption risk. Defence (₹6.92 Cr, 4.5%) is under-penetrated relative to CMPL's capabilities.

✓ 178 Client Base — Breadth is a Strength

Beyond top 20, 158 clients contribute ₹35.49 Cr. This long tail is valuable — these can be converted to larger MSA contracts with dedicated account management.

Best Month

Dec ₹16.31Cr

831 invoices · 86 clients

Avg Monthly

₹12.96 Cr

Based on 12 months

Total Invoices

8,348

Avg 696/month

H2 vs H1

+15.2%

H2: ₹85.54 Cr vs H1: ₹74.27 Cr

Monthly Revenue (₹ Cr) · Invoice Count · Avg Invoice Size

	Month	Revenue	vs Avg	Invoices	Clients	Avg Invoice	Revenue Bar

Month-on-Month Growth %

April baseline = 0. Positive = growth vs prior month.

Running Cumulative Revenue (₹ Cr)

Cumulative through December = ₹133.86 Cr (86% of FY total).

⚠ April Dip Pattern

April 2025 at ₹9.70 Cr was 25% below the full-year average. FY start lag is structural — delayed PO renewals, new contract ramp-ups. Plan for ₹10–11 Cr April 2026 in projections.

✓ Q3 Surge — Seasonal Strength

Oct–Dec 2025 at ₹42.08 Cr was the strongest quarter (+25% vs Q1). December at ₹16.31 Cr — year-end client billing flush drove this. Maintain Dec as a high-billing month strategically.

Cost Centre Overlay

Revenue vs Expenses by Month · All Verticals

Cross-reference billing revenue with actual cost centre data. Apr–Dec actuals; Jan–Mar projected.

CC Revenue (9M)

₹101.4 Cr

Sum of all verticals

CC Expenses (9M)

₹99.5 Cr

14 cost centres tracked

Net P&L (9M)

+₹1.96 Cr

1.9% blended margin

Cost-to-Revenue

98.1%

High cost ratio — watch closely

Monthly Cost Centre: Revenue vs Expenses (₹ Lakhs) · FY 2025–26

Revenue Expenses Values above bars = Net P&L for that month (₹L)

Month-wise P&L Summary (₹ Lakhs)

Month	Revenue	Expenses	Net P&L	Status

Vertical Contribution to Monthly Revenue · Top 5

📊 Cost Centre vs Billing Revenue Gap

Cost centre tracks ₹101.4 Cr revenue against ₹99.5 Cr expenses (9M). Billing data shows ₹133.9 Cr through Dec 2025. The gap (₹32.5 Cr) reflects entities outside cost centre tracking (mainly client-pass-through billing, direct project costs, and inter-company transactions). Full integration of cost data will improve margin visibility significantly.

#1 Client (Foxconn)

₹33.00 Cr

21.2% — Critical risk

Top 5 Combined

₹82.45 Cr

53.0% of revenue

Clients >₹1 Cr

Generate 87% of revenue

12-month Actives

Consistent billers

IT & Staffing

₹60.98 Cr

39.2% · Highest sector

Industrial & Energy

₹37.34 Cr

24.0% · ABB, Yokogawa, Hitachi

Automotive

₹25.88 Cr

16.6% · Hyundai, Toyota

Other / Mixed

₹22.23 Cr

14.3% · Diverse clients

Defence & Aerospace

₹6.92 Cr

4.5% · HAL, LRDE, ADA

Education

₹2.22 Cr

1.4% · Universities

Sector Monthly Trend (₹ L)

Sector	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Total

Sector Share

⚠ Defence Under-Penetrated

Defence & Aerospace = only 4.5% (₹6.92 Cr) despite HAL, DRDO, LRDE, ADA relationships. LRDE has ₹56 L pending from Mar. With proper BD this sector should be ₹20+ Cr/year — 3× current.

◆ IT Staffing = AI Risk

₹60.98 Cr from IT/Staffing — the highest sector but also highest AI disruption exposure. Ascendion, HCL, Allegis — these are pure headcount billing. AI will compress headcount demand 30–40% in 2 years.

Multi-Year Sector Analysis

Revenue by Sector: FY 2022–23 → FY 2025–26

3-year trend per sector. Based on cost centre vertical data mapped to industry sectors.

Sector Revenue Trend — FY22-23 → FY25-26 (₹ Crore)

Sector · Verticals	FY22-23	FY23-24	FY24-25	FY25-26 (9M · Ann)	4-Yr Trend	YoY (Ann)

4-Year Grouped Bar Chart (₹ Cr per sector)

Revenue Mix Evolution (Stacked, 4 Years)

Sector Revenue Growth: FY24-25 → FY25-26 (Annualised)

FY25-26 Annualised Revenue Forecast by Sector (₹ Cr)

📈 Electronics & Mfg: Fastest Growing Sector

Electronics & Mfg grew from ~₹26.9 Cr (FY22-23 est.) → ₹31.6 Cr (FY23-24) → ₹43.7 Cr (FY24-25) → ₹36.0 Cr (9M, Ann ₹48.1 Cr). HiTech vertical is the key driver — near-zero in FY22-23 to ₹2.38 Cr FY24-25 to ₹5.21 Cr in 9 months. Foxconn ecosystem is transforming this from "contract manufacturing" to embedded tech.

📊 Defence: Massive FY24-25 Spike, Now Normalising

Defence & Aerospace surged from ₹5.2 Cr (FY23-24) to ₹9.6 Cr (FY24-25) — an 85% YoY jump driven by large HAL/LRDE project completions. FY25-26 9M = ₹2.3 Cr (tracking well below FY24-25). Two scenarios: project pipeline is slower OR Q4 FY26 will see a similar catch-up. Active BD engagement with HAL, ADA required.

⚠ ERS Softening + SI Structural Decline

ERS (Engineering Staffing) peaked at ₹18.4 Cr FY24-25, now tracking ₹16.7 Cr (9M, Ann ₹22.3 Cr) — a 21% YoY drop. System Integration sector (SI-GovtBG + SI-Ent + SI-DL) is also declining: ₹8.2 Cr FY24-25 vs ₹5.8 Cr 9M (Ann ₹7.7 Cr). Both require proactive pipeline build and new client BD.

✦ Data Note: FY22-23 partial estimates

FY22-23 values for AE-BG, ERS, ITES, Foxconn, and Others are estimated from FY23-24 trend (not from source data). Confirmed FY22-23 values: AE-PU ₹0.4 Cr, MFG-1 ₹3.0 Cr, MFG-2 ₹0.4 Cr, SI-DL ₹0.01 Cr, Training ₹1.4 Cr, Defence ₹0. Share estimates for remaining verticals from Cost Centre Summary Excel FY22-23 column showing "-" (no prior year data).

Total PO Pending

₹4.06 Cr

Across multiple periods

Mar Estimation

₹20.37 Cr

Pending billing (internal est.)

Mar Current Billed

₹8.72 Cr

Till last invoice CMPL/8220

Mar Total (if cleared)

₹29.09 Cr

Billed + Estimation

PO Pending — Client Detail

Client	Category	Pending Amount	Oldest Entry
GENPACT	IT/ER	₹8,74,000	Oct 2025 ⚠ 6mo+
FAURECIA	Automotive	₹3,98,013	Jan 2026
YOKOGAWA	Industrial	₹3,26,633	Jan 2026
MAPL	Other	₹3,59,102	Jan 2026
SEG AUTOMOTIVE	Automotive	₹3,36,876	Jan 2026
SKF ENGG	Industrial	₹3,16,452	Jan 2026
HITACHI ENERGY	Industrial	₹2,23,900	Jan 2026
ABB INDIA LIMITED	Industrial	₹2,64,000	Oct 2025
SKYROOT AEROSPACE	Defence	₹2,84,314	Dec 2025
ASUX	Automotive	₹1,60,000	Oct 2025
YME	Other	₹2,39,040	Jan 2026
GRAND TOTAL		₹40,63,068

March 2026 Estimation — Pending Billing (₹ Cr)

Last invoice: CMPL/8220/25-26. ₹8.72 Cr already raised. Below are items yet to be billed before FY close.

Client / Item	Est. Value (Cr)
FOXCONN	₹2.80 Cr
HYUNDAI	₹0.65 Cr
HITACHI	₹0.55 Cr
YME	₹0.20 Cr
GE	₹0.25 Cr
JOYSON	₹0.25 Cr
ABBG	₹0.50 Cr
Manpower	₹0.29 Cr
OTIS NAPS	₹0.12 Cr
ADIENT (prov)	₹0.15 Cr
Others (BORG, PHINIA, MAPL, FAURECIA etc)	₹0.19 Cr
Sub-total (est.)	₹14.67 Cr
Additional pipeline (DOTR, REDINGTON, IBM etc)	₹5.70 Cr
TOTAL MARCH EST.	₹20.37 Cr

✓ If March billing completes: Full FY total = ₹155.56 + ₹20.37 = ₹175.93 Cr

◆ LRDE Outstanding — ₹56.19 L Pending Since Mar 25

Two LRDE invoices (CMPL/8164 & 8165) for ₹50.39L and ₹5.80L raised in March 2025 are still pending payment. Ageing = 371 days. Escalate immediately to GEMC contract manager.

Projected Revenue

₹183.56 Cr

+18% on ₹155.56 Cr base

Monthly Target

₹15.30 Cr

Required per month avg

Growth Required

+₹28 Cr

Incremental revenue

Achievability

High

Based on H2 FY26 run rate

FY26–27 Monthly Projection vs FY25–26 Actuals (₹ Cr)

FY25-26 Actual FY26-27 Projected

Key Assumptions

+Foxconn continues at ₹33 Cr baseline

+Ascendion grows 15% YoY

+Defence sector doubles to ₹13+ Cr

+Industrial sector steady at ₹38–42 Cr

~Automotive flat/mild growth

-IT staffing may compress 5–10% from AI

Scenario Comparison

Scenario	Revenue	Growth
Conservative +18%	₹183.56 Cr	+₹28 Cr
Moderate +25%	₹194.45 Cr	+₹38.89 Cr
Optimistic +35%	₹210.01 Cr	+₹54.45 Cr

FY26–27 Monthly Projection Table — Conservative +18%

Month	FY25-26 Actual	FY26-27 Projected	Increment	Focus

✓ Path to ₹200 Cr — Achievable in FY27

At 25% growth from ₹155.56 Cr → ₹194 Cr. Requires: (1) Foxconn retention, (2) 2 new large clients >₹5 Cr, (3) Defence sector doubling, (4) Actevia acquisition completing. All independently achievable.

→ Critical Unlock: April–June Performance

FY25-26 started weak at ₹9.70 Cr in April. For FY26-27, April must open at ₹12+ Cr. This requires all MSAs and renewals signed before March 31 — not in April. Leadership must prioritise Q1 start.

Critical Issues

Must fix before DRHP

High Priority

Fix before IPO filing

Medium Priority

Address in first 2 years

IPO Readiness

~20%

Current state estimate

90-Day Action Plan — Minimum for IPO Readiness Journey

#	Action	Owner	Deadline	Impact
1	Appoint Big 4 / Tier-1 auditor — issue RFP now	MD / Interim CFO	30 days	Starts 3-yr audit clock
2	Document all Cadmaxx-Actevia transfer pricing at arm's-length	CFO + Legal	45 days	IPO blocker if missing
3	Begin Group CFO search via Korn Ferry / Spencer Stuart	MD	30 days	Most critical hire
4	Run client-wise revenue audit — CMPL + Actevia combined	CEO + BU Heads	30 days	Concentration mapping
5	Issue LRDE collection notice — ₹56L outstanding 371 days	Finance team	7 days	Cash + audit red flag
6	Select ERP — NetSuite or SAP B1 — issue vendor RFP	CFO + IT	60 days	BU-wise P&L enabler
7	Identify 2 independent director candidates	MD + CFO	60 days	SEBI LODR mandate
8	Document forex hedging policy for Actevia EUR/USD/SEK exposure	CFO + Actevia CEO	45 days	DRHP disclosure req
9	Formalise all group entity legal agreements (CMPL-Actevia-Xenithra)	Legal + CFO	90 days	Group structure clarity
10	Design ESOP scheme — 5–8% pool, IPO vesting	CFO + Legal	90 days	Talent retention for IPO

⚠ The Clock Is Already Running Against You

SEBI requires 3 consecutive years of audited financials from a credible firm before DRHP filing. FY26 is already half over. If Big 4 is not engaged in the next 30 days, the earliest mainboard IPO is FY31, not FY30. Every month of delay costs exactly one month at the back end.

✓ The Foundation Is Stronger Than It Looks

₹155.56 Cr CMPL + ₹26.2 Cr Actevia = ₹181.76 Cr combined. 75%+ repeat revenue. HAL, DRDO, Spyrosoft, ABB, Yokogawa relationships are genuine moats. The capability exists — only the governance layer and financial hygiene need building. That is fixable in 3–4 years with the right CFO.

Net Revenue

₹26.20 Cr

Gross ₹26.58 Cr · -₹38.4L credit notes

External Revenue

₹15.60 Cr

58.7% · 3rd-party clients

Intercompany

₹10.60 Cr

41.3% · Cadmaxx Solutions

Best Quarter

Q4 ₹8.87 Cr

Jan–Mar 2026 · 307 invoices

⚠

RELATED PARTY: ₹10.98 Cr from Cadmaxx Solutions (41.3% of Gross)

180 of 307 invoices are to the parent company. In consolidated group financials, this revenue is eliminated. True third-party market revenue is ₹15.60 Cr. Transfer pricing documentation required urgently.

Monthly Revenue Trend (₹ L) — Click any bar for detail

Click any bar for detailed breakdown →

Revenue Quality Split

Intercompany (Cadmaxx)41.3%

Spyrosoft (Europe)35.7%

Requisimus group6.3%

Automotive / EV clients12.7%

Defence + Others4.0%

⚠ Top 2 clients = 77% of revenue. Single-client risk is existential.

Quarterly Revenue

Q1 Apr–Jun₹5.86 Cr

Q2 Jul–Sep₹5.80 Cr

Q3 Oct–Dec₹6.05 Cr

Q4 Jan–Mar₹8.87 Cr ★

Q4 surge driven by Spyrosoft (₹3.49 Cr in Mar alone)

✓ Strong Growth Trajectory

Apr ₹185L → Mar ₹417L — revenue more than doubled within FY. Q4 alone was ₹887L, 51% stronger than Q1. Even excluding Cadmaxx intercompany, external revenue showed consistent expansion with Spyrosoft deepening the engagement through the year.

✓ SDV Domain Premium

AUTOSAR, SDV and ADAS software engineering commands 30–40% premium over standard T&M billing. Actevia's domain positioning in European OEM ecosystem (through Spyrosoft) is a strategic moat. TISAX certification signals enterprise-grade security posture.

⚠ Spyrosoft = 61% of External Revenue

Remove Cadmaxx intercompany, and Spyrosoft dominates at 61% of actual third-party revenue. One contract renegotiation or scope reduction would cut Actevia's external revenue nearly in half. This is a higher concentration risk than Foxconn is to CMPL.

◆ Magna Credit Note Frequency

5 credit notes raised against Magna Automotive in FY26 — the highest frequency for any client. This signals billing disputes, scope changes or delivery rejections. Needs investigation: is the issue in contract clarity, delivery quality, or billing process?

Best Month

Mar ₹417L

Spyrosoft surge

Monthly Avg

₹221.5L

₹18.5 Cr / yr run rate

Weakest Month

Jan ₹174L

Jan-Feb traditionally slow

H2 vs H1

+51%

H2: ₹16.42 Cr vs H1: ₹10.86 Cr

Monthly Revenue Table — Total · External · Intercompany

	Month	Total Revenue	External	Intercompany	vs Monthly Avg	Invoices	Bar

MoM Growth Rate %

Cumulative Revenue (₹L)

External vs Intercompany Split — Month by Month

External Intercompany

✓ Q4 Acceleration Is Real

Jan ₹174L → Feb ₹296L → Mar ₹417L. The Q4 spike is driven by Spyrosoft's expanded engagement in Feb/Mar (₹139L Feb + ₹349L Mar). This is a structural growth signal, not a one-off billing flush — the contract scope expanded.

◆ Cadmaxx Intercompany Dropped to Zero in March

Cadmaxx billed Actevia every month Apr–Feb (₹92–125L/month), then zero in March. This creates a billing pattern question: was work completed, or was billing paused? If March billing to Cadmaxx is pending, it needs to clear before FY close.

Cadmaxx (Interco)

₹10.98 Cr

41.3% · RPT risk

Spyrosoft (External)

₹9.50 Cr

35.7% · Poland

Clients >₹50L

96.3% of gross revenue

Multi-currency

EUR / USD / SEK clients

Europe / Global Tech

₹11.69 Cr

43.9% · Spyrosoft + Requisimus

Intercompany (Cadmaxx)

₹10.98 Cr

41.3% · Eliminated in consolidation

Automotive / EV

₹3.38 Cr

12.7% · Magna, Hyconsoft, FEV...

Defence

₹40.9 L

1.5% · ERDA (LRDE) · 2 invoices

Other

₹12.6 L

0.5% · Athenic Solutions

External Total

₹15.60 Cr

True market revenue

Sector Monthly Revenue (₹L)

Sector	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Total

Geography Breakdown

Revenue Mix by Month — Stacked by Sector

Revenue Concentration — External Segments

⚠ 80% Revenue from 2 Entities

Cadmaxx (intercompany) + Spyrosoft = 77% of gross revenue. On a standalone basis this looks manageable. But in consolidated financials, Cadmaxx drops out, and Spyrosoft becomes 61% of external revenue. Geographic and client diversification is the single most important strategic priority.

✓ Defence Beachhead Established

Two LRDE invoices in FY26 (₹40.9L total) mark Actevia's entry into defence software. Combined with CMPL's ₹2.74 Cr LRDE revenue, the group has meaningful relationships at LRDE. Actevia's TISAX certification and embedded software capability makes it well-positioned for defence embedded systems.

Total Pending

₹392.3 L

26 invoices with dues

Credit Notes Raised

₹38.4 L

9 notes · revenue reversal

Invoices Aged >90d

242

Structural — not delinquent

Collection Rate

~85%

Est. based on REC AMT

Credit Notes — Full Register

CN No	Date	Client	Amount	Against Invoice
CN-001	Jul 2025	Luminar Technology Services	-₹3.38L	Against ACT/081
CN-002	Jul 2025	Magna Automotive India	-₹0.15L	Against ACT/052
CN-003	Jul 2025	Cadmaxx Solutions Pvt Ltd	-₹12.83L	Against ACT/104
CN-004	Jul 2025	Magna Automotive India	-₹0.24L	Against ACT/033
CN-005	Sep 2025	Magna Automotive India	-₹2.13L	Against ACT/113
CN-006	Sep 2025	Magna Automotive India	-₹2.04L	Against ACT/114
CN-007	Sep 2025	Magna Automotive India	-₹1.84L	Against ACT/136
CN-008	Nov 2025	Athenic Solutions Pvt Ltd	-₹2.13L	Against ACT/137
CN-009	Mar 2026	FEV India Private Limited	-₹14.04L	Against ACT/298
Total Credit Notes			-₹38.39L

◆ Magna = 5 of 9 Credit Notes

Magna Automotive India raised 5 credit notes across Jul–Sep 2025. The pattern suggests scope disputes or billing errors on the Magna account. Root cause review recommended before FY27 billing cycle begins.

Client Payment Behaviour

Spyrosoft Solutions SAFast payer

Avg payment: 10–15 days. Best payment behaviour in portfolio.

Requisimus AGFast payer

Payment within 7–10 days consistently. EUR transfer.

Magna Automotive IndiaAvg payer

30–45 day cycle. Multiple credit notes suggest billing friction.

Hyconsoft TechnologiesSlow payer

Payment in Jan 2026 for Jun–Aug 2025 invoices = 150–190 day cycle. Escalate.

ConnectM TechnologyAvg payer

90–120 day cycle. Small account but watch for escalation.

Cadmaxx Solutions (interco)Avg payer

Feb 2026 batch of ₹109L invoices showed pending status. Intercompany — should be cleared quarterly.

Ageing Analysis

0–30 days₹155.4L

30–60 days₹89.6L

60–90 days₹42.3L

>90 days₹105.0L

Total Outstanding₹392.3L

Projected Gross Revenue

₹31.9 Cr

+20% on ₹26.58 Cr

Monthly Target Avg

₹2.66 Cr

Required per month

External Revenue Target

₹20+ Cr

Reduce intercompany %

New Clients Required

2–3

To reduce concentration

FY25-26 Actual vs FY26-27 Projected (₹L)

FY25-26 Actual FY26-27 Projected

3 Scenarios

Scenario	Revenue	Growth
Conservative +20%	₹31.9 Cr	+₹5.3 Cr
Moderate +40%	₹37.2 Cr	+₹10.6 Cr
Optimistic +65%	₹43.9 Cr	+₹17.3 Cr

Key Assumptions

+Spyrosoft contract renews and grows 25%

+Requisimus IT Consulting becomes full-year client

+2 new European OEM clients added (via Spyrosoft network)

~Cadmaxx intercompany flat at ₹10–11 Cr

~Magna billing stabilised after credit note resolution

-FEV credit note (₹14L) impacts relationship

Quarterly — FY25-26 Actual vs FY26-27 Projected

External Revenue Pathway to FY27 Target

External Revenue is the only metric that matters for IPO

Intercompany revenue is eliminated in consolidation. All growth that counts is external.

FY26–27 Monthly Projection — Conservative +20%

Month	FY25-26 Actual	FY26-27 Projected	Increment	Strategic Focus

FY27 Strategy — 5 Things Actevia Must Execute

1. Reduce Spyrosoft concentration

Spyrosoft at 61% of external revenue is existential risk. Activate 2–3 new European OEM clients through Spyrosoft's partner network or direct outreach. Target: Spyrosoft below 40% of external by FY27 end.

2. Expand US Market Entry

Codibly Inc (USA) billed only ₹20L in FY26. The US automotive software market is 3× the European market. Target 2 US-based Tier-1 supplier accounts — APTIV, Lear, BorgWarner, Gentex are natural targets given Actevia's AUTOSAR expertise.

3. Build a Products/IP Layer

All current revenue is services. File 2 patents in AUTOSAR tooling or SDV middleware in FY27. A single licensed software component sold to 5 OEMs is worth more for IPO narrative than ₹5 Cr of additional T&M billing.

4. Resolve Magna Billing Issues

5 credit notes against a single client in one year signals a contract clarity problem. Review MSA terms with Magna, agree on scope definition process, and formalise change order procedure before FY27 billing resumes.

5. Document Transfer Pricing

₹10.98 Cr of intercompany billing needs an arm's-length transfer pricing study before the Big 4 auditor is appointed. Engage a TP consultant for FY26 documentation now. This cannot wait — it's a mandatory compliance requirement.

6. Establish Forex Hedging Policy

EUR receipts from Spyrosoft and Requisimus (~₹13 Cr equivalent) are currently unhedged. A simple forward contract program covering 50% of expected EUR receivables would reduce P&L volatility and demonstrate financial maturity to auditors and investors.

Critical Issues

Actevia-specific

High Priority

Address before merger close

Strategic Positives

IPO narrative enhancers

Valuation Impact

+₹400 Cr+

If SDV premium achieved

How Actevia Changes the Group Valuation Story

CMPL Without Actevia

Engineering Staffing Company

T&M billing, headcount-based model, 8–12% EBITDA. Trades at 10–12× EBITDA. Market cap at ₹150 Cr revenue + 10% EBITDA = ₹1,500 Cr × 10× multiple = ₹150 Cr market cap. Institutional investors pass.

CMPL + Actevia Acquired

Tech-Enabled Engineering Platform

SDV + AUTOSAR software IP, European OEM clients, TISAX-certified, 100% YoY growth signal. Trades at 18–22× EBITDA (tech-services multiple). At ₹550 Cr combined revenue + 16% EBITDA = ₹88 Cr EBITDA × 22× = ₹1,936 Cr market cap. The IPO story works.

The valuation gap is ₹400–800 Cr — the difference between being positioned as staffing vs technology platform. Actevia's acquisition is not just a revenue addition. It is a valuation re-rating event. This is why Veeresh Maka's retention is non-negotiable.

Pre-Acquisition Checklist — What Must Be Done Before Merger Closes

#	Action	Responsible	Timeline	Priority
1	Transfer pricing study for all Cadmaxx-Actevia intercompany transactions	CFO + TP Consultant	Before FY27 audit	Critical
2	Veeresh Maka retention package — 3yr earn-out + 2–3% CMPL ESOP + CTO title	MD Patil	Before merger LOI	Critical
3	Actevia standalone Big 4 audit for FY26 (simultaneously with CMPL)	CFO	Now	Critical
4	Forex hedging policy — document and implement for EUR/USD/SEK exposure	CFO + Actevia CEO	45 days	High
5	Magna credit note root cause review — contract MSA cleanup	Actevia CEO + Legal	60 days	High
6	Hyconsoft payment escalation — 150–190 day DSO not acceptable	Actevia Finance	30 days	High
7	File 2 patent applications in AUTOSAR / SDV domain	Veeresh Maka + Legal	FY27 Q1	Medium
8	Formalise Spyrosoft MSA with minimum volume commitments	Actevia CEO	Q1 FY27	Medium

Group Revenue

₹233 Cr

7 entities · ~₹213 Cr consolidated

CMPL

₹155.56 Cr

66.8% · 178 clients

Actevia

₹26.58 Cr

11.4% · 17 clients

Xenithra

₹9.72 Cr

4.2% · 18 clients

CMET + Others

₹41.4 Cr

CMET · CAPL · LLC UAE · Coreworx

Profitable Entities

3 / 7

CMPL · Xenithra · CMET

Revenue Distribution — FY 2025–26

Monthly Revenue Trend (₹ Cr)

CMPL Actevia Xenithra

AprMayJunJulAugSepOctNovDecJanFebMar

Entity Health Matrix — FY 2025–26

Strategic Intelligence · Priority Actions

🔴 Critical

CMET Revenue Decline

Revenue declining 3 years: ₹64.25 Cr → ₹45.35 Cr → ₹30.98 Cr. Profitable but shrinking. NEEM collapse is the root cause. Scale RPL (32% margin) urgently.

🟡 Action Required

CMPL Foxconn Dependency

₹33 Cr single-client = 21% of group revenue. Defence + new sectors must grow to reduce this to <15% by FY27.

🟢 Opportunity

Xenithra Blue Collar Surge

₹0.5L→₹155L in 12 months (+30,000%). If momentum continues, Blue Collar alone could hit ₹25 Cr in FY27.

📈 Growth Watch

CAPL Consol -19.5% YoY

From ₹1.43 Cr to ₹6.45 Cr. Pipeline maturing — needs dedicated funding + BD head to sustain momentum into FY27.

💡 Strategic

Actevia European Anchor

Spyrosoft ₹350L March surge + Cadmaxx Solutions 41% intercompany. Multi-year MSA needed to secure recurring EUR revenue.

📊 Data Gap

LLC UAE · Hyka · Neoterics

3 entities with no formal data. UAE est. ₹3 Cr. Formalise reporting — P&L and cash flow needed for group consolidation.

Group Revenue YTD

~₹17.0 Cr

CMPL 12.49 + Act 3.45 + Xen 0.43 + CAPL 0.10

Group Expenses YTD

~₹19.4 Cr

CMPL 16.07 + Act 2.41 + Xen 0.46 + Hyka 0.93

Group Net P&L YTD

-₹2.4 Cr

CMPL alone drove -₹3.6 Cr

Annualised Run-Rate

~₹204 Cr

Revenue · loss -₹28.8 Cr

vs FY25-26

+12% Rev

Margin -5.2pp (CONCERN)

🔴 CRITICAL: CMPL April loss ₹3.61 Cr

Annualised trajectory -₹43 Cr if unchanged. HYKA burn (₹93L), Defence (₹37L loss), SI-Govt (₹67L loss), MFG (₹42L) are top drivers. Owner accountability needed by category.

🟢 BRIGHT SPOT: Actevia +30.3% margin, +86% YoY

Most profitable entity in April with ₹1.05 Cr profit on ₹3.45 Cr revenue. Run-rate ₹41.4 Cr (vs FY25-26 ₹26.58 Cr). Protect with retention bonuses.

All Entities — FY26-27 YTD P&L (₹ Lakhs)

Entity	Period	Revenue (₹L)	Expenses (₹L)	Net P&L (₹L)	Margin %	vs FY25-26	Status
CMPL	Apr	1,248.88	1,606.95	-360.89	-28.9%	Rev +29% / Margin -34pp	🔴 Critical
CMET	Apr-Jun	pending	pending	--	--	--	⚠ Awaiting data
Actevia	Apr	345.36	240.64	+104.72	+30.3%	Rev +86% / Margin +25pp	🟢 Strong
Xenithra	Apr-May	428.26	460.88	-32.61	-7.6%	Run-rate flat	🔴 Loss
CAPL	Apr-May	19.26	40.90	-12.48	-64.8%	Rev -80%	🔴 Severe drop
LLC UAE	--	--	--	--	--	--	⚠ Data pending
Coreworx	--	--	--	--	--	--	⚠ Data pending
Hyka	Apr	0	93.00	-93.00	--	New burn	💸 Pre-revenue
Neoterics	--	--	--	--	--	--	⚠ Status unknown
GROUP TOTAL	partial	~1,700.7	~2,442.4	-741.7 (-₹7.42 Cr)	-43.6%	Mixed periods	🔴 Below target

Note: Total -₹7.42 Cr is partial period (CMPL+Actevia+Hyka = 1 month; Xenithra+CAPL = 2 months). Annualised group view normalises all entities to 12 months — see Run-Rate Projections tab. Click any entity row to drill into its FY26-27 page.

Entity	FY26-27 Run-Rate Rev	FY25-26 Actual	YoY %	Projected P&L	Confidence
CMPL	₹150 Cr	₹155.56 Cr	-3.6%	-₹43.3 Cr	Low (1mo data)
Actevia	₹41.4 Cr	₹26.58 Cr	+56%	+₹12.6 Cr	Low (1mo data)
Xenithra	₹25.7 Cr	₹9.72 Cr	+164%	-₹2.0 Cr	Medium (2mo)
CAPL	₹1.15 Cr	₹5.41 Cr	-79%	-₹0.75 Cr	Medium (2mo)
Hyka	₹0	--	new	-₹11.2 Cr	Low (1mo)
GROUP	~₹218 Cr	~₹197 Cr	+11%	-₹28.8 Cr	Low–Medium

Monthly P&L Heat-Map · FY26-27 (₹ Lakhs · click cell to drill)

Entity	Apr-26	May-26	Jun-26
CMPL	-361	— pending —
Actevia	+105	— pending —
Xenithra	-15.6	+1.2	— pending —
CAPL	-6.2	-6.3	— pending —
Hyka	-93	— pending —
CMET / LLC / Coreworx / Neoterics	awaiting finance data submission

Cell colour intensity reflects loss/profit magnitude. Click any populated cell to drill into that entity's FY26-27 page.

Targets vs Actuals · FY25-26 actuals used as FY26-27 conservative targets

Time elapsed: 8.3% (1 of 12 months) · 16.7% for 2-month entities. Bars show actual % achieved vs expected pace.

CMPL8.0% achieved · should be 8.3% · ON PACE (rev) / OFF (margin)

Actevia13.0% achieved · should be 8.3% · 🟢 AHEAD

Xenithra44.0% achieved · should be 16.7% · 🟢 AHEAD significantly

CAPL3.6% achieved · should be 16.7% · 🔴 BEHIND drastically

Key Decisions This FY · 6 calls Cadmaxx leadership must make

1. CMPL margin recovery

What drives April loss? Quick wins vs structural fix?

Owner: CMPL CFO · Deadline: Q1 close · Status: Open

2. Hyka capital governance

Set monthly burn cap, milestone gates.

Owner: Group Finance · Deadline: 30 days · Status: In review

3. CAPL revival or wind-down

Defence pipeline status, decide by Q2.

Owner: CAPL MD · Deadline: Q2 · Status: Awaiting BD report

4. CMET RPL scale-up

Invest more in 32%-margin program?

Owner: CMET MD · Deadline: Q2 · Status: Pending data

5. Actevia EU expansion

Capitalise on momentum, hire BD lead?

Owner: Actevia CEO · Deadline: Q1 close · Status: Approved in principle

6. LLC UAE financial transparency

DRHP blocker, deadline Q1 close.

Owner: Group CFO · Deadline: Q1 close · Status: Blocker

📌 Corrected view: Aerospace is split across CMPL MFG-2 + CAPL. Consolidated net external revenue FY25-26 = ₹5.41 Cr (-19.5% YoY), not +451%. FY24-25 (+₹107L) was the only profitable year. See Cost Centre tab for full reconciliation.

Consol Aerospace Rev (NET)

₹5.41 Cr

CMPL MFG-2 + CAPL · -19.5% YoY

FY25-26 Net Margin

-₹60.4L

-11.2% · slipped from +15.9%

Best Year

+₹107L

FY24-25 · only profitable yr

Active Clients

HAL · Boeing · Honeywell · LRDE

FY 2023–24

—

Early setup phase

N/A

FY 2024–25

₹1.17 Cr

Early stage ops

5 clients · 21 invoices

FY 2025–26 ★

₹6.45 Cr

15 clients · 156 invoices

Net consol -₹60L · -19.5% YoY

FY 2026–27 (Target)

₹10–12 Cr

Scale phase

Profitability target

Revenue Composition FY 2025–26

Intercompany (Cadmaxx)₹5.05 Cr · 78.3%

Technology & IT Services₹0.85 Cr · 13.1%

Manufacturing & Industrial₹0.37 Cr · 5.8%

Aerospace & Defence₹0.18 Cr · 2.8%

Total Revenue: ₹6.45 Cr · 156 invoices · 15 clients

YoY Revenue Growth

₹1.17 Cr

FY24-25

₹6.45 Cr

FY25-26

Entity-level +451% (gross); consolidated -19.5% (net)

Investment Thesis

Headline vs Reality

Entity-level revenue ₹6.45 Cr (+451%) on the CAPL invoice book is inflated by ₹4.27 Cr of CMPL↔CAPL cross-billing. Consolidated CMPL MFG-2 + CAPL net external = ₹5.41 Cr, down 19.5% YoY. FY24-25 (+₹107L) was the only profitable year in 6.

Defence Sector Entry

Cadmaxx Group has established defence credentials (HAL, DRDO, LRDE, ADA). CAPL extends this into aerospace manufacturing and engineering services — a high-margin, strategic sector.

Break-Even Pathway

At current growth rate (+137% YoY), CAPL reaches ₹5+ Cr revenue in FY27, which would cover expenses and turn profitable. The investment phase is time-limited.

Intercompany Concentration

78.3% of revenue comes from Cadmaxx Solutions (intercompany). Diversification into external aerospace and defence clients is the key FY27 strategic priority.

Monthly Revenue — FY 2025–26 (₹ Lakhs)

Peak: Mar ₹167.8L · Total: ₹644.9L = ₹6.45 Cr

WON POs

Active order book

FY25-26 Revenue

₹6.45 Cr

156 invoices · 15 clients

Avg Invoice Value

~₹4.1 L

₹6.45 Cr ÷ 156 invoices

Pipeline Status Overview

75 WON POs

All 75 POs are in WON status — meaning they are contracted and committed. This is the execution backlog waiting to be invoiced/delivered. This is a strong signal of revenue visibility for FY26–27.

WON (Contracted)75 POs

📊

Detailed Pipeline Data — Input Required

Client-wise PO breakdown, value per PO, expected billing months, and sector classification not yet loaded.

To populate: Provide CAPL pipeline data with columns: Client, PO Number, Value, Status, Expected Delivery Month, Sector.
This will enable: Pipeline by client, sector breakdown, monthly billing forecast, WON vs delivered conversion tracking.

FY25-26 Revenue

₹30.98 Cr

₹3098.4L total across all programs

YoY Change

–31.7%

vs FY24-25 ₹45.35 Cr

Net Profit FY26

₹52.9L

1.71% margin

RPL Profit

₹186.7L

Highest-margin program

Revenue History — FY 2022–23 to FY 2025–26

₹64+ Cr

FY22-23

₹64.25 Cr

FY23-24 ★

₹45.35 Cr

FY24-25

₹30.98 Cr

FY25-26

₹64.25 Cr peak FY23-24 RPL new profit engine NAPS/NATS growing

FY25-26 P&L by Business Unit

Program	Revenue (₹L)	Expenses (₹L)	Profit (₹L)	Margin
NEEM	630.2	621.2	+9.0	1.4%
NAPS & NATS	1871.5	1846.5	+25.1	1.3%
RPL	580.1	393.4	+186.7	32.2%
CSR Activities	3.4	39.8	–36.4	—
Admin	11.7	28.2	–16.5	—
Others	—	116.5	–116.5	—
TOTAL	3098.4	3045.5	+52.9	1.71%

Business Unit Revenue Split — FY25-26

NAPS/NATS₹1871.5L · 60%

NEEM₹630.2L · 20%

RPL₹580.1L · 19%

Others₹16.6L · 1%

Strategic Assessment

NEEM Decline

NEEM fell from ₹54.6 Cr → ₹26.1 Cr → ₹6.3 Cr over 3 years. This is the primary revenue decline driver across the entity. Structural program contraction.

RPL — Hidden Profit Engine

RPL generates ₹186.7L profit on ₹580.1L revenue = 32% margin. The most valuable program per rupee of revenue. Scale this aggressively.

NAPS/NATS Stable

NAPS/NATS held at ₹18.7 Cr in FY25-26. 140+ corporate clients. Core stable revenue base despite overall entity headwinds.

Total FY25-26 Revenue

₹3098.4L

₹30.98 Cr full year

Best Month

Apr ₹435.0L

+₹131.7L profit

Profitable Months

4 / 12

Apr (+₹131.7L), Dec (+₹113L), Feb, Jul

FY25-26 Monthly Revenue (₹L) with Profit/Loss Margin

435.0

Apr

+131.7

257.2

May

–25.6

227.9

Jun

–1.7

235.1

Jul

+0.4

261.8

Aug

–8.4

246.0

Sep

–2.3

212.6

Oct

–6.3

193.4

Nov

–36.5

339.6

Dec

+113.0

172.1

Jan

–42.0

215.5

Feb

+12.4

302.2

Mar

–63.4

Profitable month Loss month Near-breakeven

FY24-25 vs FY25-26 Monthly Revenue Comparison (₹L)

Month	FY24-25	FY25-26	Change
Apr	271.6	435.0	+60.2%
May	422.3	257.2	–39.1%
Jun	475.6	227.9	–52.1%
Jul	400.8	235.1	–41.3%
Aug	378.7	261.8	–30.9%
Sep	386.3	246.0	–36.3%
Oct	371.0	212.6	–42.7%
Nov	317.6	193.4	–39.1%
Dec	342.0	339.6	–0.7%
Jan	311.2	172.1	–44.7%
Feb	268.2	215.5	–19.7%
Mar	589.0	302.2	–48.7%
TOTAL	4534.5	3098.4	–31.7%

Profitable vs Loss Months — FY25-26 Analysis

Profitable Months (4)

Apr 2025+₹131.7L

Dec 2025+₹113.0L

Feb 2026+₹12.4L

Jul 2025+₹0.4L

Major Loss Months

Mar 2026–₹63.4L

Jan 2026–₹42.0L

Nov 2025–₹36.5L

May 2025–₹25.6L

Net: Apr (+131.7) + Dec (+113.0) + Feb (+12.4) + Jul (+0.4) = +247.5L profit in winning months. Losses total –194.6L across 8 months. Full-year net profit: +₹52.9L.

Gross Revenue

₹9.72 Cr

FY 2025–26 · 3 BUs · 18 clients

Net Profit

₹101.3 L

10.4% margin · ₹9.76 Cr income

Active Clients

6 external + 12 interco

Blue Collar Growth

304×

Apr ₹0.5L → Mar ₹155L

Monthly Revenue Trend — FY 2025–26 (₹L)

■ NAPS ■ Blue Collar ■ Admin · Click any bar for detail

Business Unit P&L Summary

NAPS & NATS +₹145.97 L

Income ₹383.54L · Expenses ₹237.57L

Blue Collar Staffing –₹18.7 L

Income ₹493.52L · Expenses ₹512.21L

Admin Services +₹35.69 L

Income ₹78.99L · Expenses ₹43.30L

Net (Xenithra Own) +₹101.31 L

Top Revenue Clients

CMET (Interco)₹450.3 L

Tata Electronics₹296.6 L

Avirata Defence₹95.3 L

Avirata AFL₹46.7 L

Adient India₹34.3 L

Revenue Quality

CMET Dependency — 46%

₹450L of revenue comes from CMET (intercompany). Eliminated in group consolidation. Real external revenue is ₹523L = ₹5.23 Cr.

Blue Collar Breakout

Blue Collar scaled 304× — from ₹0.5L in Apr to ₹155L in Mar. Tata Electronics drove this. High growth, slightly loss-making — scale needed.

FY26–27 Priorities

Reduce Interco to <30%

Win 2–3 large external clients. Target ₹15 Cr gross with external >70%.

Blue Collar Margin Fix

Blue Collar ran at –3.8% margin. Tighten ESI/PF tracking and raise service charge rates.

Entity Stage

Pre-Rev

Building foundations

Data Available

Minimal

Apr–May 2025 only

Sector

Energy

Clean / Renewable

⚡

Hyka Energies — Data Input Required

Hyka Energies is in early/pre-revenue stage with minimal transactions in April–May 2025 only. No material financial data available for FY25-26.

To build this dashboard: Provide incorporation details, business model, any revenue transactions, expenses, and strategic roadmap.
This page will be updated as Hyka Energies scales operations.

Entity Profile (Known)

Clean Energy Vertical

Hyka Energies represents Cadmaxx Ventures' entry into the clean/renewable energy sector. This is a strategic diversification from engineering services into a high-growth infrastructure sector.

Investment Phase

Minimal Apr–May 2025 transactions suggest the entity is in setup/investment phase. Revenue generation expected in FY26–27 as operations mature.

Estimated Revenue

~₹3 Cr

Estimation — not confirmed

Jurisdiction

UAE

Middle East entity

Formal Data

None

Data collection needed

🌍

Cadmaxx LLC UAE — Data Input Required

No formal financial data has been loaded for the UAE entity. Estimated revenue of ~₹3 Cr but this is unconfirmed.

To build this dashboard: Provide UAE entity P&L, client invoices (AED/USD), expenses, and inter-company transactions with CMPL India.
IPO relevance: All inter-company transactions between LLC UAE and CMPL India must be disclosed as Related Party Transactions in the DRHP.

IPO Relevance — UAE Entity

RPT Disclosure Required

Any revenue or expenses flowing between Cadmaxx LLC UAE and Indian entities (CMPL, Actevia) will appear as Related Party Transactions in the IPO DRHP. These must be arm's-length priced and formally documented.

Consolidation Impact

If LLC UAE revenue includes re-billing to Indian clients or vice versa, this will be eliminated in consolidation. The "real" group revenue may be lower than the sum of standalone entities.

Middle East Growth Story

A UAE entity adds geographic diversification to the CMPL IPO narrative. Middle East engineering and manufacturing services is a high-growth market that institutional investors will view positively.

FY26 Revenue

₹96.25 L

₹0.96 Cr total billed

Net Profit

₹13.41 L

13.9% net margin

Top Client

MFG Steel

93.6% of FY26 revenue

Staffing BU Loss

₹48.1 L

Salary-heavy, no billing

5-Year Revenue Trend (₹L)

115.8

FY22

80.4

FY23

91.9

FY24

59.7

FY25

96.3

FY26 ★

FY24 represents cash inflow; FY25 from audited P&L; FY26 from cost centre data

FY26 Business Unit P&L

Manufacturing / MFG Steel+₹85.2 L

Income ₹90.0L · Expenses ₹4.8L · 94.7% margin

All revenue concentrated in March 2026

Manpower / Admin Services−₹2.8 L

Income ₹6.2L · Expenses ₹8.9L · Aug–Oct only

Staffing / Labour (CTPL-SL)−₹48.1 L

Income ₹0L · Expenses ₹48.1L · Salary + Stipend heavy

No client billing against this BU — critical gap

Project Work (70xxx/79xxx)−₹21.0 L

Income ₹0.09L · Expenses ₹21.1L · Raw materials + Job work

Single Client Risk — MFG Steel

93.6% of FY26 revenue (₹90.09L) came from a single client (MFG Steel) in a single month (March 2026). This is an extreme concentration risk. Revenue for Apr–Feb was just ₹6.16L across 8 months.

Staffing BU — Structural Loss

The staffing division (CTPL/25-26/SL) spent ₹48.1L on salaries, internship stipends, consultant fees and PF with near-zero revenue generation. This BU is being funded entirely by the manufacturing profit. Requires immediate billing activation or headcount restructure.

Corecad → Coreworx Rebrand

Company originally incorporated as Corecad Technologies Pvt Ltd (CIN: U28100KA2010PTC055937). FY26 books filed as Coreworx Technologies Pvt Ltd. Rebrand signals pivot from CAD/IT services towards manufacturing & engineering. Cadmaxx Ventures has a ₹2.84L payable to Coreworx in FY26.

Recovery Trajectory

After hitting a low of ₹59.7L in FY25, revenue recovered to ₹96.3L in FY26 — a 61% rebound. The manufacturing vertical shows strong gross margins (94.7%). If MFG Steel relationship can be maintained year-round, FY27 revenue target of ₹3–5 Cr is achievable.

Best Month

₹90.09 L

March 2026 (MFG Steel)

H1 Revenue

₹0 L

Apr–Jul 2025 zero billing

H2 Revenue

₹96.25 L

Aug 2025–Mar 2026

Active Months

4 / 12

Aug, Sep, Oct, Mar only

Monthly Revenue vs Expenses (₹L) — FY 2025–26

■ Revenue ■ Expenses

Month-by-Month Breakout

Month	Revenue	Expenses	Net	Key Activity

Revenue Timing Risk

8 of 12 months had zero or near-zero revenue while expenses ran at ₹1.5–9.1L/month. The staffing team (₹48.1L salaries + stipends) was a continuous burn without corresponding billing. The March MFG Steel project delivered all at once. This cash flow pattern creates severe working capital strain and dependency on advance funding.

Revenue Clients

With actual invoicing

Top Client Share

93.6%

MFG Steel dominance

Intercompany

Actevia + Cadmaxx (FY24)

Outstanding (FY24)

₹0.98 L

Actevia + CMPL debtors

MFG Steel

Manufacturing · Steel Components Supply

₹90.09 L

93.6% of FY26 revenue

External Manufacturing ⚠ Extreme Concentration

Invoice Timeline — March 2026 (10 invoices)

06-Mar: Invoice 005₹3.40L

08-Mar: Invoice 006₹11.20L

09-Mar: Invoice 007₹8.30L

16-Mar: Invoice 008₹6.40L

20-Mar: Invoice 009₹12.00L

23-Mar: Invoice 010₹15.20L

25-Mar: Invoice 011₹10.20L

26-Mar: Invoices 012+013₹23.30L

+ ₹0.09L from 2526CX10001 (small component job)

Risk Assessment

No formal MFG Steel relationship documented beyond FY26 invoices. If this client does not re-engage in FY27, revenue collapses to near-zero. Must convert to a formal contract with quarterly delivery milestones.

Actevia Technology Services (Intercompany)

Manpower Deputation · Group Entity

₹3.55 L

Aug–Oct 2025 · 3 months

Intercompany Manpower

Monthly deputation billing of ₹0.87–1.19L. Actevia had outstanding payable to Coreworx of ₹0.41L as of Mar 2024. Billing stopped after October 2025 — reason unknown.

Cadmaxx Solutions Pvt Ltd (Intercompany)

Staffing / Consulting Services · FY 2023–24

₹0.57 L

Outstanding as of Mar 2024

Intercompany Consulting

Cadmaxx Solutions (CMPL) had ₹0.57L outstanding to Coreworx as of FY24. Historical relationship: CMPL provided ₹33.15L unsecured loan to Corecad (now Coreworx) per FY23 balance sheet. Transfer pricing and intercompany agreements need formalisation as part of group IPO readiness.

FY 2021–22

₹115.79 L

High activity phase

₹8.5L est profit

FY 2022–23

₹80.43 L

Expenses ₹76.73L

₹3.14L profit (Audited)

FY 2023–24

₹~91.9 L

Cashflow proxy

−₹2.4L (cash net)

FY 2024–25

₹59.74 L

Expenses ₹57.06L

₹2.68L profit

FY 2025–26 ★

₹96.25 L

Expenses ₹82.84L

₹13.41L profit

FY26 Expense Breakdown (₹L)

Salaries₹49.39L · 59.6%

Raw Materials₹11.64L · 14.1%

Job Work (Outsourced)₹4.80L · 5.8%

Consultant Fees₹3.60L · 4.3%

Payroll Charges + PF₹3.86L · 4.7%

Travel + Food + Fuel₹2.20L · 2.7%

Internship Stipend₹1.99L · 2.4%

Other (consumables, repair, etc.)₹5.36L · 6.5%

FY25 Revenue Composition

Reimbursement of Consultant Services

₹25.20 L · 42.2%

Jewellery Sales (one-off)

₹11.80 L · 19.8%

Unusual item — may indicate asset liquidation

Manpower Deputation

₹15.04 L · 25.2%

Payroll Services

₹7.70 L · 12.9%

FY23 Audited Financials Highlights

Revenue from Operations₹80.43 L

Operating Expenses₹37.63 L

Employee Benefit Expense₹37.07 L

Other Expenses₹1.83 L

Profit Before Tax₹4.19 L

Net Profit (After Tax)₹3.14 L

Unsecured Loan from CMPL

Cadmaxx Solutions (CMPL) had an unsecured loan of ₹33.15L outstanding to Corecad as of FY23. This represents a significant related-party liability. Current status of this loan (repaid / outstanding) needs confirmation for IPO readiness documentation.

FY26 Net Payable

₹24.96 L

To vendors & suppliers

Largest Creditor

Max Steel

₹10.48L owed

Group Payable

₹2.84 L

To Cadmaxx Ventures

FY24-25 Advances

₹13.4 L

To individuals (salary?)

FY 2025–26 Creditors (Sundry)

Creditor	Category	Amount Owed
M/s Max Steel	Raw Material	₹10.48 L
Empire Steel & Alloys	Raw Material	₹2.18 L
Cadmaxx Ventures Pvt Ltd	Group	₹2.84 L
New Mathaji Industrial Store	Stores	₹1.29 L
LAKSHMI HYDRO SOLUTIONS	Services	₹0.95 L
S R Enterprises	Services	₹1.22 L
NDT & PWHT Solutions	Testing	₹0.75 L
Bheemashanker Deshmukh & Co	Professional	₹0.57 L
K S Mahalakshmi	Retained	₹1.00 L
Think Office Technologies	IT	₹0.41 L
Others (15+ vendors)	Misc	₹3.27 L

FY24–25 Salary Advances (Debit Balances)

Ranjith J Sha₹2.75 L

Gurumallappa B₹2.50 L

Shruthi Gopal₹2.00 L

Ujwala Book House₹1.50 L

Anilakumar Anilak₹1.00 L

Shantesh₹1.00 L

Belgaum Golf Assn + Others₹2.65 L

K S Mahalakshmi — 4-Year Persistent Creditor

₹1.00L owed to K S Mahalakshmi appears in FY23, FY25, and FY26 books — suggesting this is a long-standing unresolved liability, possibly a personal loan or director-related payable. Must be cleared or formally documented before any audit or IPO readiness review.

Total Inflow FY24

₹91.93 L

Collections + loans

Total Outflow FY24

₹94.30 L

Payments + expenses

Net Cash Flow

−₹2.37 L

Deficit year

Best Month

March 2024

+₹46.09L net inflow

Monthly Cash Flow — FY 2023–24 (₹L)

MonthFlow BarInflowOutflowNet

April

10.00L48.76L−38.76L

May

3.00L2.69L+0.31L

June

3.41L2.77L+0.63L

July

0.28L3.71L−3.43L

August

0.15L3.22L−3.07L

September

0.26L4.70L−4.44L

October

7.61L7.72L−0.12L

November

6.50L2.90L+3.60L

December

0.68L3.55L−2.87L

January

6.83L6.07L+0.76L

February

3.49L4.58L−1.09L

March

49.72L3.63L+46.09L

April spike: ₹10L single inflow (likely a loan or advance) + ₹38.76L net negative suggests working capital injection. March FY24 inflow of ₹49.72L follows same pattern as FY26 March MFG Steel.

April Cash Shock — ₹38.76L Deficit

April 2024 saw ₹10L inflow (likely a promoter advance) against ₹48.76L in outflows. This year-start liquidity crisis is a recurring pattern — the company burns cash through H1 and relies on a large March project to square off. This is an unsustainable model without a credit line or forward contract.

March — The Rescue Month

Both FY24 (₹49.72L inflow) and FY26 (₹90.09L MFG Steel sales) show massive March spikes. This strongly suggests Coreworx has a large annual project that closes at year-end. Formalising this as a Q4 contract with advance payments would stabilise cash flow year-round.

Total Revenue

₹6.45 Cr

FY 2025–26

Best Month

₹1.68 Cr

March 2026

Active Months

12 / 12

All months billed

Avg Monthly

₹53.7 L

₹6.45 Cr ÷ 12

Monthly Revenue — FY 2025–26 vs FY 2024–25 (₹ Lakhs)

FY25-26 FY24-25

Monthly Detail Table

Month	FY25-26 (₹L)	FY24-25 (₹L)	YoY	% of FY26

Total Revenue

₹6.45 Cr

FY 2025–26

Client Count

FY25-26 active clients

Top Client Share

78.3%

Cadmaxx Solutions (interco)

External Revenue

₹1.40 Cr

Non-intercompany

Client Revenue — FY 2025–26 vs FY 2024–25

Client Table

#	Client	Type	FY25-26 (₹L)	FY24-25 (₹L)	Share

Intercompany

₹5.05 Cr

78.3% · Cadmaxx Solutions

Technology

₹0.85 Cr

13.1% · Cleverbit, Aagnya

Manufacturing

₹0.37 Cr

5.8% · RR Ind, Poona Forge

Aerospace

₹0.18 Cr

2.8% · IdeaForge, Valdel

Sector Revenue — FY 2025–26 (₹ Lakhs)

Client Classification Detail

Strategic Insight

Intercompany Dominance

₹5.05 Cr (78.3%) from Cadmaxx Solutions reflects CAPL serving as the manufacturing/engineering arm of the group. This provides stable revenue but limits external market credibility.

Technology Services Growth

Aagnya Q&Pro (₹49L) and Cleverbit (₹35L) represent emerging technology services clients. ₹0.85 Cr from this segment shows diversification beyond core manufacturing.

Aerospace Footprint Expanding

IdeaForge (drones), Valdel Advanced Tech, Indutch Composites, and Newspace Research represent CAPL's true aerospace DNA. At ₹18L currently, this segment needs aggressive development — it's the highest-margin potential.

FY27 Strategy: External Scale

Target: Reduce intercompany dependence from 78% to <60% while growing external revenue to ₹4+ Cr. Focus on aerospace OEMs and defence PSUs where CAPL's manufacturing capabilities command premium pricing.

Total Companies

140

2022 to 2025

Currently Active

62.1% retention rate

Inactive / Lost

Churned over 4 years

2025 Additions

Most recent cohort

Client Acquisition by Year

2022

2023

2024 ★

2025

Retention by Cohort

2022 Cohort (7/10 active)70%

2023 Cohort (27/39 active)69%

2024 Cohort (29/60 lost)48%

2025 Cohort (21/31 active)68%

2024 Churn Alert

2024 cohort shows 52% churn — nearly 1 in 2 companies stopped. This is likely the root cause of FY26 revenue decline. Many of the 29 lost clients were mid-year dropouts.

Company Register

#	Company	Year Added	Status	Industry (Est.)

Manufacturing

37% of client base

Electronics/IT

16% of client base

Automotive

13% of client base

FMCG/Food/Agri

11% of client base

Industry Distribution (All 140 Companies)

Manufacturing & Engineering52 · 37%

Man Energy, Felsomat, Schenck, Homag, Hawe, ITW, Innomech, GE, ABB...

Electronics & IT22 · 16%

Foxconn, Toshiba, Flipkart, Actevia, GE BEL, NTF, SFO, Wipro Kawasaki...

Automotive & Transport18 · 13%

Adient, Otis, Toyota (TKM), Dhruvdesh Honda, Undercarriage, Joyson...

FMCG / Food / Agri16 · 11%

Kerry, GEM Paints, Griffth Foods, SS Agro, Sahara Labels, Perfects...

Defence & Aerospace8 · 6%

Avirata, Boeing, Innomech Aerospace, TASL, GE Wipro...

Pharma & Healthcare6 · 4%

Avenue Pharma, RSM Pharma, Eurekha Forbes...

Retail / Textile / Other18 · 13%

Stanley Lifestyle, Texport, Mahadev Cloth, Ashutosh Garments...

Top Active Clients by Sector

DefenceBoeing, Avirata Defence

AutoAdient, 3M, Thyssen Krupp

MfgMan Energy, Denso, Sandhar

ITFoxconn, GE BEL, NTF

2024 Manufacturing Churn

29 of 60 companies added in 2024 churned within the year. Churn is concentrated in Manufacturing and Retail segments.

Defence Sector Retention = 100%

Boeing, Avirata, TASL — all defence clients acquired in 2024-25 remain active. Defence companies have mandatory apprenticeship quotas, creating sticky relationships.

Best Month

₹242.9 L

March 2026

MoM Growth (H2)

+28%

Oct→Mar avg monthly

H1 Revenue

₹247 L

Apr–Sep 2025

H2 Revenue

₹726 L

Oct 2025–Mar 2026

Monthly Revenue — Stacked by Business Unit (₹L)

■ NAPS & NATS ■ Blue Collar ■ Admin

Month-by-Month Breakout — Click any row to expand (₹ L)

Month	NAPS & NATS	Blue Collar	Admin	Total	MoM	P&L

Total Clients

FY 2025–26

Intercompany

CMET, CMPL, Actevia, Kupara

External

Manufacturing + Defence

Outstanding

₹20.1 L

Across 6 clients

NAPS & NATS

₹383.5 L

38.1% net margin · ₹146L profit

Blue Collar

₹493.5 L

−3.8% margin · Near breakeven

Admin Services

₹79.0 L

45.2% margin · ₹35.7L profit

BU Revenue vs Expense — Annual (₹L)

■ Income ■ Expenses

Revenue Mix by Month — BU Stacked

■ NAPS ■ Blue Collar ■ Admin

BU Deep Dive — Income & Expense Detail (₹ Lakhs)

Business Unit	Total Income	Total Expenses	Net P&L	Margin	Status
NAPS & NATS	₹383.54 L	₹237.57 L	+₹145.97 L	38.1%	Profitable
Blue Collar Staffing	₹493.52 L	₹512.21 L	−₹18.70 L	−3.8%	Breakeven
Admin Services	₹78.99 L	₹43.30 L	+₹35.69 L	45.2%	Profitable
Total	₹956.05 L	₹793.08 L	+₹162.97 L	17.0%	Overall Profitable

Total Billed (incl. GST)

₹11.34 Cr

18 clients · full year

Collected

₹10.94 Cr

96.5% collection rate

Outstanding

₹20.1 L

Across 6 clients

TDS Deducted

₹19.98 L

Refundable advance tax

Client-wise Receivables Summary (FY 2025–26)

#	Client	Total Billed	Received	TDS	Outstanding	Ageing	Type
1	CMET (Cadmaxx Education Trust)	₹531.35 L	₹522.35 L	₹9.01 L	NIL	—	Interco
2	Tata Electronics	₹336.10 L	₹330.24 L	₹5.86 L	NIL	—	External
3	Avirata Defence Systems	₹110.98 L	₹109.08 L	₹1.91 L	NIL	—	External
4	Avirata AFL Connectivity	₹54.41 L	₹53.47 L	₹0.93 L	NIL	—	External
5	Adient India	₹39.77 L	₹23.39 L	₹0.41 L	₹15.97 L	0–120 days	External
6	Kupara Talent Solutions	₹13.42 L	₹13.19 L	₹0.23 L	NIL	—	Interco

Adient India — ₹15.97L Follow-up Required

Adient India has ₹15.97L outstanding with 0–120 day ageing. Escalate collections to client finance team. Check if pending credit note or invoice dispute is blocking payment.

FY27 Revenue

₹12.64 Cr

+30% on ₹9.72 Cr

NAPS Target

₹499 L

Apprenticeship program

Blue Collar Target

₹643 L

New client adds needed

Profit Target

₹185 L

Conservative +30%

Quarterly Revenue — FY26 Actual vs FY27 Projected

■ FY26 Actual ■ FY27 Projected

BU Growth Path to FY27

📅

Hyka Monthly Data — Input Required

Hyka Energies is pre-revenue. No financial data available yet.

🏢

Hyka Client Data — Input Required

No client data available. Hyka is in pre-revenue stage.

📊

Hyka Sector Data — Input Required

No sector data available. Hyka Energies expected sectors: Clean Energy, Solar, EV Infrastructure.

📅

LLC UAE Monthly Data — Input Required

No formal data available for Cadmaxx LLC UAE. Estimated ~₹3 Cr annual revenue.

🏢

LLC UAE Client Data — Input Required

No client data available. Expected: Middle East OEMs, engineering services clients.

📊

LLC UAE Sector Data — Input Required

No sector breakdown available for LLC UAE.

📊

Neoterics — Data Input Required

No financial or operational data available for Neoterics.

📅

No Data

No data available for Neoterics.

🏢

No Data

No data available for Neoterics.

📊

No Data

No data available for Neoterics.

Order Booking (Apr)

₹60 L

vs Target ₹125L48%

Billing / Sales (Apr)

₹4 L

vs Target ₹100L4%

Active Pipeline

₹136 L

4 open deals · conversion pending

Annual Target Coverage

₹60L won / ₹1500L annual target

Pipeline Stages — FY 2026–27

Values in ₹ Lakhs · Quoted → Won → Billed conversion

Conversion Funnel

Filter:

Deal Pipeline

#	Client	Date	Value (₹L)	Priority	Status	Order Status	Remarks

Pipeline total (open):

Pipeline by Priority

Quoted O/B Roll-Forward (Apr)

FY26-27 Annual Target

₹25 Cr

New BD acquisition

Monthly Target (Avg)

₹2.5 Cr

Quarterly: ₹7.5 Cr

Total BD Team

5 BDEs

Prajwal, Rajashekhar, Jayashree + 2

Top BDE Target

₹20 Cr

Prajwal — ABB/Hitachi/AECOM

FY25-26 Actuals

₹155.6 Cr

Total company revenue

Monthly Revenue vs BD Target (₹ Cr) · FY 2025–26

BD target: ₹2.5 Cr/month (new business acquisition). Company total revenue shown for context.

Actual Revenue BD Target Line

Monthly Achievement Summary

Month	Actual (Cr)	BD Target	Achievement	MoM	Status

✓ Revenue Far Exceeds BD Target

All 12 months achieved 388–709% of ₹2.5 Cr monthly BD target. This reflects that BD target measures NEW business acquisition only, while total revenue includes existing contractual billing. FY25-26 average: ₹12.96 Cr/month vs ₹2.5 Cr target.

◆ Seasonality Pattern

April 2025 was weakest (₹9.70 Cr). December 2025 was strongest (₹16.31 Cr). Q4 (₹43.46 Cr) was 29% stronger than Q1 (₹33.77 Cr). FY26-27 BD strategy should front-load Q3-Q4 closures.

Total Revenue (9M)

₹101.4 Cr

14 verticals · FY25-26

Total Expenses (9M)

₹99.5 Cr

Payroll + overheads + direct

Net P&L (9M)

+₹1.96 Cr

1.9% blended margin

Best Vertical

MFG-1 · 21.6%

₹56.9L profit on ₹263.8L rev

Needs Attention

Defence + HYKA Burn

HYKA ₹93L/mo bleeding through CMPL books

⚠ FY26-27 Started with -₹3.61 Cr Loss (Apr 2026)

April 2026 actuals: Revenue ₹12.49 Cr, Expenses ₹16.07 Cr — a sharp shift from FY25-26's +1.9% blended margin. Drivers: HYKA pre-revenue expenses (-₹96.7L absorbed in CMPL books), Defence/SI-Govt continued decline, Manufacturing/Aerospace losses. Foxconn (MD/FX/BG) remains the bright spot (+₹38L April profit).

1-month data — full year TBD

Vertical P&L Summary · FY 2025–26 (Apr–Dec, ₹ Lakhs)

Vertical	Revenue	Expenses	Net P&L	Margin	Rev vs Exp Bar	Status
TOTAL	10,140.6	9,945.1	+195.5	+1.9%

⚠ Loss-Making Verticals (4 of 14)

AE-PU (−48%), Defence (−83%), MFG-2 (−9%), Training (−73%), SI-Enterprise (−19%), SI-Govt-DL (−56%) are running at a combined loss of ₹4.79 Cr for 9 months. Defence has scaled from ₹960.8L rev in FY24-25 to ₹233.7L — massive revenue drop with costs remaining elevated.

✓ Profitable Engine: AE-BG + ERS + Foxconn

Three verticals generate 95%+ of total P&L. Foxconn: ₹113.4L (4.6% margin), ERS: ₹203.1L (12.1%), AE-BG: ₹145.1L (8.4%). These three combined cover all loss-making vertical deficits with ₹2.0 Cr net surplus.

FY26-27 Apr — Cost Centre Performance (1 month, ₹ Lakhs) · sorted by absolute P&L magnitude

Cost Centre Group	Revenue	Expenses	Net P&L	Margin	Status
HYKA	0.00	93.00	-96.72	—	All cost, no revenue
SI - Govt BG	6.36	70.63	-67.10	-1054%	Heavy loss
Manufacturing (MF)	15.75	55.25	-41.71	-265%	Aerospace/CAPL loss
Admin (AD)	0.00	37.07	-37.07	—	Pure overhead
DEFENCE	18.82	53.49	-36.81	-196%	Major loss
AUTOMATION-BG	180.13	207.35	-35.51	-19.7%	Loss
ERS (Embedded R&D)	188.74	214.29	-34.12	-18.1%	Loss
CRS BL (Cross Billing)	519.19	538.46	-19.26	-3.7%	IC flow
AUTOMATION-PU	59.48	71.60	-14.99	-25.2%	Loss
ITES	49.70	60.56	-13.28	-26.7%	Loss
Admin-HO (HO/)	0.00	4.57	-4.57	—	HQ overhead
HITECH	23.69	24.89	-2.19	-9.2%	Near break-even
LLC (UAE)	34.52	34.93	-1.81	-5.2%	Near break-even
Training (TR)	12.10	12.79	-1.20	-9.9%	Near break-even
Xenithra	0.00	0.13	-0.14	—	Sub-entity bookkeeping
SI - Govt DL	0.00	0.003	-0.004	—	Dormant
SI - Enterprise	3.70	2.19	+1.42	+38%	Profitable
OTHERS	136.13	123.53	+7.66	+5.6%	Profitable
GRAND TOTAL (Apr-26)	1,248.88	1,606.95	-360.89	-28.9%

Foxconn (MD/FX/BG) embedded in CRS BL: Rev ₹281.52L / Exp ₹243.48L / +₹38.04L profit — the only sub-flow consistently winning. Sub-flows ADJ/EM/AC -₹139.17L (true-ups), MD/EM/AC +₹81.86L.

⚠ Hidden Entity Bleed in CMPL Books

₹93L of HYKA expenses, ₹35L of LLC-UAE flows, ₹0.13L Xenithra adjustments, and ₹54L Manufacturing/CAPL-aerospace losses appear inside CMPL's April books. Combined: ~₹1.8 Cr/month of sub-entity overhead absorbed into CMPL — annualised ~₹22 Cr that should arguably belong to other entities. Transfer pricing review needed.

📉 FY25-26 vs FY26-27 Apr Run-Rate

FY25-26 9M average: ~₹11.27 Cr/month revenue with +1.9% margin. FY26-27 Apr actual: ₹12.49 Cr revenue but -28.9% margin (-₹3.61 Cr loss). Revenue ticked up but cost base ballooned — driven by HYKA absorption and Defence/SI-Govt structural decline. If sustained, FY26-27 annualised loss ~₹43 Cr.

Total Revenue

—

3 verticals · FY25-26

Total Expenses

—

Payroll + direct

Net P&L

—

Best Vertical

NAPS & NATS · 38%

₹146L profit on ₹384L rev

Needs Attention

Blue Collar -4%

Rev ₹493L · Exp ₹516L

Vertical P&L Summary · FY 2025–26 (₹ Lakhs)

Vertical	Revenue	Expenses	Net P&L	Margin	Rev vs Exp Bar	Status

✓ NAPS & NATS — Profit Engine

NAPS/NATS delivers ~38% margin (~₹146L profit on ~₹384L revenue) — by far the most efficient Xenithra vertical. Stable monthly run-rate ₹30-39L. Scale-up here directly improves bottom line without proportional cost growth.

⚠ Blue Collar — Margin under stress

Blue Collar revenue grew aggressively (₹0.5L Apr → ₹155L Mar) but expenses tracked even faster — net -₹22L for FY25-26. The 14 BC-SR-* sub-clients in FY26-27 Apr-May extended this loss (-₹32.6L in 2 months, annualised -₹195L). Margin discipline + pricing review urgent.

Total Revenue

₹30.98 Cr

6 BUs · FY25-26

Total Expenses

₹30.46 Cr

Payroll + direct + overhead

Net P&L

+₹0.53 Cr

1.7% blended margin

Best Vertical

RPL · 32.2%

₹186.7L profit on ₹580.1L rev

Needs Attention

NEEM -88%

₹54.6 Cr → ₹6.3 Cr (2y)

Vertical P&L Summary · FY 2025–26 (₹ Lakhs)

Vertical	Revenue	Expenses	Net P&L	Margin	Rev vs Exp Bar	Status
TOTAL	3,098.4	3,045.5	+52.9	+1.7%

⭐ RPL — Hidden Profit Engine

RPL delivers ₹186.7L profit on ₹580.1L revenue — a 32.2% margin, by far the highest in the group. Scale aggressively: every additional ₹1 Cr of RPL revenue ≈ ₹32L net profit. Re-allocate sales effort here.

⚠ NEEM Structural Collapse

NEEM revenue collapsed from ₹54.6 Cr (FY23-24) to ₹6.3 Cr (FY25-26) — a 88% drop in 2 years. Government program contraction is the entire story behind CMET's -31% compound decline. Cost base has not adjusted proportionally.

⚠ Others — ₹116.5L expense, zero revenue

"Others" cost centre absorbs ₹116.5L of expense with no offsetting revenue. Investigate whether these are unallocated overheads, write-offs, or a real BU that simply hasn't booked income yet.

⚠ Estimated breakdown: Coreworx is a small entity (~₹0.96 Cr revenue FY25-26) without per-vertical books. Vertical splits below are indicative estimates — full P&L per cost centre is pending from finance team. Total revenue/expense figures and monthly aggregate are accurate.

Total Revenue

₹96.0L

3 cost centres · FY25-26

Total Expenses

₹82.9L

Per cwMonthlyExpenses

Net P&L

+₹13.1L

13.6% margin

Best Vertical

Manufacturing

Est ₹10L profit · 14% margin

Needs Attention

Vertical splits

Pending finance breakdown

Vertical P&L Summary · FY 2025–26 (₹ Lakhs · estimated splits)

Cost Centre	Revenue	Expenses	Net P&L	Margin	Rev vs Exp Bar	Status
TOTAL	96.0	82.9	+13.1	+13.6%

✓ FY25-26 Rebound · +61% YoY

Coreworx (renamed from Corecad) rebounded from a dip in FY24-25 to ₹96L revenue in FY25-26. Heavy revenue concentration in Feb-Mar (₹20.7L + ₹22.5L) suggests project-based delivery — pipeline visibility for FY26-27 needs early confirmation.

⚠ Data gap — request finance breakdown

Per-vertical revenue, expenses, headcount and customer concentration are not yet booked at cost-centre level. Numbers above are proportional estimates derived from total revenue (₹96L) and total expenses (₹82.9L from cwMonthlyExpenses array).

Actevia — Cost Centre Analysis (FY25-26)

12 cost centres · Revenue & expense P&L · 3-year comparison · Business Unit breakdown · in ₹ Lakhs

7-Year YoY P&L Summary (₹ Lakhs)

FY22-23 worst (-61%) · FY23-24 turnaround · FY26-27 Apr +30.3% margin

Year	Revenue	Expenses	Margin	Margin %
FY20-21	0.00	0.10	-0.10	—
FY21-22	70.63	68.53	+2.10	+3.0%
FY22-23 ★ worst	122.82	198.12	-75.31	-61.3%
FY23-24 ↗ turnaround	854.98	778.19	+76.78	+9.0%
FY24-25	1,878.54	1,700.71	+177.83	+9.5%
FY25-26 ★	2,732.00	2,530.59	+201.41	+7.4%
FY26-27 (Apr only) ★ strong start	345.36	240.64	+104.72	+30.3%
Cumulative (7y)	6,004.33	5,516.90	+487.43	+8.1%

✓ FY26-27 Off to Exceptional Start

April 2026 alone delivered ₹3.45 Cr revenue with +₹1.05 Cr margin (30.3%). This is 4× the FY25-26 average margin of 7.4%. BU1 (Shivapradsad) +₹81L / BU2 (Shreeharsha) +₹72L driving the surge. If sustained, FY26-27 could exceed ₹40 Cr revenue.

BU owners: BU1 = Shivapradsad · BU2 = Shreeharsha · BU3 = Sandeep · BU4 = Guruprasad. BU1 + BU2 are the profit engines (combined +₹153L in Apr-26).

+30.3% Apr Margin

FY25-26 Cost Centre Breakdown (₹ Lakhs)

Cost Centre	Expenses	Revenue	Net	Owner / Note
AD/OT/BG (Operations)	435.19	42.46	-392.73	Common admin
AD/SL/BG (Staffing)	1,304.30	0.70	-1,303.60	⚠ Pure cost centre (~₹13 Cr/yr)
EG/AP/BG (Advanced Projects)	13.08	788.14	+775.06	Top revenue driver
EG/GP/BG (Generic Programs)	0.00	9.51	+9.51	—
EG/VP/BG (Vehicle Programs)	52.45	910.17	+857.72	Largest revenue contributor
MD/OT/BG	0.00	93.42	+93.42	—
MD/TP/BG	9.42	29.94	+20.52	—
BU1 — Shivapradsad	91.44	81.54	-9.90	Shivapradsad
BU1/IH/BG	7.05	0.00	-7.05	—
BU1/SR/BG	84.40	81.54	-2.86	—
BU2 — Shreeharsha	118.58	116.04	-2.54	Shreeharsha
BU2/IH/BG	6.90	0.00	-6.90	—
BU2/MD/BG	8.04	20.74	+12.70	—
BU2/SR/BG	103.64	95.31	-8.33	—
BU3 — Sandeep	148.97	181.34	+32.37	Sandeep
BU3/IH/BG	8.85	0.00	-8.85	—
BU3/SR/BG	140.12	181.34	+41.22	—
BU4 — Guruprasad	33.31	22.50	-10.81	Guruprasad
BU4/IH/BG	6.07	0.00	-6.07	—
BU4/MD/BG	9.33	2.58	-6.75	—
BU4/SR/BG	17.92	19.92	+2.00	—
Grand Total	2,206.76	2,275.77	+69.01	₹4.56 Cr diff vs annual summary — reconciliation

Monthly Revenue by Cost Centre (FY25-26)

Cost Centre Revenue — 3-Year Comparison

Cost Centre	FY23-24	FY24-25	FY25-26	YoY	Share

Expense Structure (FY25-26)

Total Expenses: ₹2238L (~₹22.38 Cr)

Cost Centre Profiles — Click to Expand

FY25-26 Monthly Revenue by Cost Centre (₹ Lakhs)

📌 Correction Note: The aerospace business is split between CMPL's MFG-2 cost centre and the CAPL standalone entity. The previously displayed "CAPL ₹6.45 Cr · +451% YoY" referred to the CAPL legal-entity invoice book including intercompany billing. Consolidated net external revenue is ₹5.41 Cr in FY25-26, down from ₹6.69 Cr in FY24-25, and the business slipped back into loss after one profitable year.

Consol Revenue FY25-26

₹541.5L

-19.5% YoY

Net External Rev

₹541.2L

After IC eliminated

Net Margin FY25-26

-₹60.4L

-11.2%

Cross-Billing FY25-26

₹426.7L

CMPL ↔ CAPL

Best Year

+₹107L

FY24-25 · +15.9%

FY26-27 Run-rate

~₹115L

Apr-May ₹19.3L × 6

6-Year Consolidated P&L (CMPL MFG-2 + CAPL Standalone)

Year	Revenue	Expenses	Depreciation	Margin	Margin %
FY21-22	₹66.9L	₹63.5L	₹1.1L	-₹0.8L	-1.3%
FY22-23	₹36.1L	₹90.3L	₹4.1L	-₹62.9L	-174.3%
FY23-24	₹125.0L	₹199.4L	₹3.4L	-₹85.8L	-68.6%
FY24-25 ★	₹672.3L	₹542.3L	₹2.8L	+₹107.0L	+15.9%
FY25-26	₹541.5L	₹559.8L	₹13.6L	-₹60.4L	-11.2%
FY26-27 (Apr-May)	₹19.3L	₹40.9L	₹1.2L	-₹12.5L	-64.8%

Monthly P&L FY25-26 — CMPL MFG-2/D3/01 (Apr-Oct)

MonthRevenueExpenseMargin

Cross-Billing Flow (FY25-26)

CMPL

→ ₹441.4L (MFG-2 invoices) →

External

CAPL

→ ₹526.6L (standalone invoices) →

External

IC ↔

Cross-billed (eliminated): ₹426.7L

Internal

NET

External Revenue = ₹541.2L

Real

Cross-billing recon FY25-26: excess cross-billed ₹49.78L · excess settlement ₹27.33L · net excess ₹9.20L (CMPL over-billed CAPL).

Customer Concentration (CMPL MFG-2 vouchers)

Customer	Segment	PO / Invoice Value
HAL-HD (Helicopter Div)	Defence	₹56.4L PO
HAL-ARDC (Aircraft R&D)	Defence	₹18.3L (3 NCs)
Boeing	Aerospace	₹3.9L
OTIS	Industrial	₹2.4L
HAL-RWRDC (Rotary Wing)	Defence	₹0.46L
Honeywell	Aerospace	₹0.86L (repeat NCs)
LRDE	Defence	existing

HAL (HD+ARDC+RWRDC) dominates ~70% of named pipeline. Boeing & Honeywell repeat NCs are low-value but indicate engagement.

FY26-27 Status (Apr-May actual)

Apr-May Revenue₹19.3L

Apr-May Expense₹40.9L

Apr-May Margin-₹12.5L (-64.8%)

Annualised Revenue~₹115L

Annualised Loss~-₹75L

FY25-26 provisions/disputed: Adjustment sales ₹7.84L · Stock-in-Transit ₹10.26L · Invoice not received ₹10.31L · Total ₹28.41L sitting in disputes/provisions.

Strategic Insights

False Recovery

FY24-25 was the only profitable year (+₹107L · +15.9%) in 6 years. FY25-26 has slipped back to a -11.2% margin (-₹60L). The "+451% growth" narrative is intercompany-amplified; the consolidated business actually shrank 19.5% YoY.

Cross-Billing Complexity

₹4.27 Cr of FY25-26 revenue is CMPL↔CAPL inter-entity. Net excess billing of ₹9.20L (CMPL over-billed CAPL) sits unsettled. This complexity inflates entity-level revenue and obscures the real aerospace P&L.

FY26 Provisions ₹28.4L

₹28.41L of disputed invoices and Stock-in-Transit. If recoverable, swings FY26 margin from -11.2% to roughly breakeven. If written off, deepens the loss.

Aerospace Pipeline

HAL Helicopter Div (₹56.4L PO), HAL ARDC (R&D centre), HAL RWRDC (Rotary Wing R&D) — three HAL units with recurring NCs are the growth lane. Boeing & Honeywell are small but qualifying entries.

Customer	PO via	Work at	Value
HAL-HD	CMPL	CAPL	₹56.4L
HAL-ARDC NCs	CMPL	CAPL	₹18.3L
Boeing	CAPL	CAPL	₹3.9L
Honeywell	CMPL	CAPL	₹0.86L
Total HAL-routed via CMPL	~₹75L

Apr-May Revenue

₹4.28 Cr

₹4,28,26,209

Apr-May P&L

-₹32.6L

Expense ₹4.61 Cr

Annualised Run-rate

~₹25.7 Cr

vs FY25-26 ₹9.72 Cr (2.6x)

Largest Sub-client

Tata Pegatron

₹82.4L · -₹2.65L

Cost Centre A — Own Operations (Apr-May FY26-27)

Cost Centre	Expense	Income	P&L
Admin	₹2.94L	₹0	-₹2.94L
Blue Collar	₹154.79L	₹146.74L	-₹8.06L
NAPS & NATS	₹22.60L	₹0	-₹22.60L
Total A	₹180.33L	₹146.74L	-₹33.59L

Cost Centre B — Foxconn Deal (cross-entity)

Cost Centre	Expense	Income	P&L
CMPL-Foxconn in CMPL books	₹270.35L	₹281.52L	+₹11.18L
Xenithra-Foxconn	₹10.20L	₹0	-₹10.20L
Total B (consolidated)	₹280.55L	₹281.52L	+₹0.98L

⚠ Cross-reference: Foxconn revenue currently shown under CMPL (cost centre MD/FX/BG · ₹46.66L Apr-May FY25) is partly Xenithra-originated work routed through CMPL books. The "+₹0.98L" looks small only because Xenithra is absorbing the cost while CMPL captures the revenue.

vs FY25-26 (Apr-May) — Same-Period Comparison

FY25-26 Apr-May Rev~₹1.6 Cr

FY26-27 Apr-May Rev₹4.28 Cr

YoY same-period+167% (2.67x)

FY26-27 Apr-May P&L-₹32.6L

Strategic Insights

Hyper-growth, margin pain

Revenue 2.67x same-period prior year, but currently loss-making. Tata Pegatron alone now accounts for ₹82.4L (~19% of 2-mo revenue) at -₹2.65L margin — scale concentrating in a loss-making account.

NAPS/NATS still cost-only

₹22.6L expense, ₹0 income — same pattern as FY25-26. This cost centre needs revenue recognition or a billing trigger.

📌 Entity Clarification: This is Cadmaxx Edtech Pvt Ltd — a separate small loss-making training entity (₹45.77L FY25-26 revenue). It is NOT the same as the CMET Trust (Cadmaxx Education Trust · ₹30.98 Cr) that handles NEEM/NAPS/RPL. Both are "edtech" but distinct legal entities. The 6-year cumulative loss is -₹43.5L.

FY25-26 Revenue

₹45.77L

-6.8% YoY

FY25-26 Loss

-₹30.41L

-66.4% margin · worst in 6 yrs

6-yr Cumulative

-₹43.5L

Rev ₹305L · -14.3%

Cleverbit (new)

+₹0.48L

FY25-26 · only bright spot

6-Year P&L (₹ Lakhs)

Year	Revenue	Expenses	Margin	Margin %
FY21-22	₹42.69L	₹46.33L	-₹3.64L	-8.5%
FY22-23	₹76.82L	₹82.49L	-₹5.67L	-7.4%
FY23-24 ★	₹90.63L	₹74.71L	+₹15.92L	+17.6%
FY24-25	₹49.09L	₹68.75L	-₹19.66L	-40.0%
FY25-26	₹45.77L	₹76.19L	-₹30.41L	-66.4%
FY26-27 (Apr-May)	₹2.50L	₹4.48L	-₹1.98L	-79.4%
6-yr Total	₹305.0L	₹348.5L	-₹43.5L	-14.3%

Vertical Performance — FY25-26

Vertical	Revenue	Expenses	Margin
Corporate Training (Corpo)	₹32.37L	₹25.87L	+₹6.50L
Mechanical Retail (ME/RT)	₹13.40L	₹50.31L	-₹36.91L
Embedded (EM/RT)	₹0	₹0	— discontinued
Other Training	₹0	₹0	— discontinued
Cleverbit (NEW)	₹8.37L	₹7.89L	+₹0.48L

Vertical Trend — Peak Year FY23-24 (reference)

Corporate · Rev ₹21.6L+₹14.1L

Mechanical · Rev ₹36.7L+₹4.0L

Embedded · Rev ₹27.5L-₹5.6L

Other · Rev ₹4.9L+₹3.4L

In FY23-24 (the only profitable year), Mechanical was a contributor (+₹4L). It has since collapsed to -₹37L on similar expense base — the vertical's economics have inverted.

Cost Centres Used

AD/HO/BG — Admin Head Office Bangalore

ME/AT/BG · ME/RT/BG · ME/CT/BG — Mech (Academic / Retail / Corporate)

EM/RT/BG · EM/AT/BG · EM/CT/BG — Embedded (now zero)

CMPL-ME/RT/BG · CMPL-ME/CT/BG — cross-billed from CMPL

CMET-AD/HO/BG · CMET-TR/ME/CT — cross-billed from CMET trust

Headcount Snapshot (FY24-25)

ME vertical — 3-4 employeesP Nagendra Babu ₹28K · Basappa ₹28K · Megha ₹19K LEFT

EM vertical — 1 employeeL.Vijaylaksmi ₹23K LEFT

TrainersVijay M ₹80K · Sushma ₹58K · Vishal ₹22K · Kavya ₹33K

Apr-2024 monthly payroll base~₹1.04L

Strategic Insights

Mechanical vertical burning cash

₹50.3L expense vs ₹13.4L revenue = -₹36.9L loss in FY25-26. This single vertical drives the entity loss. Was contributor in FY23-24 — economics have inverted.

Corporate training is profitable

+₹6.5L on ₹32.4L revenue (20% margin). Profitable in 4 of 6 years. Should be the focus vertical.

Embedded discontinued

Zero activity FY25-26 after sole employee left. Was -₹5.6L even in peak FY23-24. Correct decision to wind down.

Cleverbit pilot working

New sub-vertical FY25-26: +₹0.48L on ₹8.4L revenue. Small but profitable from launch — first new line in years that didn't burn cash on entry.

Strategic question

Refocus = Corporate + Cleverbit only (combined +₹7L margin on ₹40L revenue). Mechanical retail shutdown would convert this entity to profitable from day 1. Status quo = continued ₹30L/yr burn.

Apr Revenue

₹12.49 Cr

₹1,248.88 L

Apr Expenses

₹16.07 Cr

₹1,606.95 L

Apr Net P&L

-₹3.61 Cr

Margin -28.9%

Annualised Run-rate

-₹43.3 Cr

if Apr trajectory continues

vs Apr 2025

+28.7% Rev

but margin flipped to loss

All Cost Categories — April 2026 (₹ Lakhs)

Category	Revenue	Expenses	Margin	Status
MD/EM/AC (Internal Mgmt)	₹237.67	₹155.81	+₹81.86	Profitable
MD/FX/BG (Foxconn)	₹281.52	₹243.48	+₹38.04	Profitable
OTHERS	₹136.13	₹123.53	+₹12.60	Marginal
AE/TL/PU	₹11.21	₹0.16	+₹11.04	Star
ER/MD/CH	₹22.06	₹13.86	+₹7.65	Profitable
ER/SR	--	₹2.22	-₹1.73	Loss
ITES	₹49.70	₹60.56	-₹13.28	Loss
MFG (Manufacturing)	₹15.75	₹55.25	-₹41.71	Loss
AUTOMATION-PU	₹71.60	₹74.46	-₹14.99	Loss
AUTOMATION-BG	₹180.13	₹207.35	-₹26.72	Loss
DEFENCE	₹18.82	₹53.49	-₹36.81	Heavy Loss
ERS	₹188.74	₹214.29	-₹34.12	Heavy Loss
SI-Govt-Acd	₹6.36	₹70.63	-₹67.10	Severe
HYKA	₹0	₹93.00	-₹96.72	Pre-revenue burn
Admin (AD)	₹0	₹37.07	-₹37.07	Overhead
CRS BL	₹538.46	₹519.19	-₹19.26	Loss
TOTAL	₹1,248.88	₹1,606.95	-₹360.89	LOSS

Apr Revenue

₹3.45 Cr

₹345.36 L

Apr Expenses

₹2.41 Cr

₹240.64 L

Apr Net Profit

+₹1.05 Cr

Margin 30.3%

Annualised Run-rate

₹41.4 Cr

Profit ~₹12.6 Cr

vs Apr 2025

+86% Rev

+145% margin

BU Owner-wise P&L — April 2026 (₹ Lakhs)

BU	Owner	Mix	Revenue	Expenses	Margin	Status
BU1	Shivapradsad	IH+SR+MD+TL	₹132.78	₹51.70	+₹81.08	Star
BU2	Shreeharsha	IH+SR+MD+TL	₹145.83	₹73.38	+₹72.45	Star
BU3	Sandeep	IH+SR	₹33.33	₹69.08	-₹35.75	Loss
BU4	Guruprasad	IH+SR+MD	₹33.42	₹15.81	+₹17.61	Profitable
BU5 NEW	Krishna Sastry	IH+SR	₹0	₹2.11	-₹2.11	Pre-revenue
Admin	—	AD/OT+SL	₹0.003	₹28.56	-₹28.56	Overhead
TOTAL			₹345.36	₹240.64	+₹104.72	PROFIT

BU1 + BU2 together = +₹153L (147% of net profit) — twin engines carrying the entity. BU3 is the only meaningful loss line.

Apr-Jun Revenue

Pending

Awaiting submission

NEEM trajectory

↓ declining

Continuing wind-down

RPL ramp

↑ planned

Strategic priority

NAPS stability

flat

Core baseline

Decision risk

RPL scale

make-or-break Q2

Awaiting Q1 FY26-27 data

What we need from CMET finance team

Monthly P&L for Apr-Jun 2026, broken down by program (NEEM, NAPS, NATS, RPL, Corporate). Same shape as the FY25-26 EdTech sheet.

Expected timeline

Q1 close usually arrives by 3rd week of July. Once received, this view will populate with category-wise margin and trend analysis.

Apr-May Revenue

₹19.26 L

MFG-2 + CAPL standalone

Apr-May Expenses

₹40.90 L

MFG-2 ₹17.32L · CAPL ₹23.58L

Apr-May Net P&L

-₹12.48 L

Back to pre-FY25 levels

Annualised Run-rate

₹1.16 Cr

vs FY25-26 ₹5.41 Cr (-78%)

vs Apr-May 2025

-80% Rev

₹98.65L → ₹19.26L

MFG-2 Cost Centre (Apr-May 26)

Item	₹ L
Revenue	~₹11.5
Expenses	₹17.32
Margin	-₹5.82

CAPL standalone (Apr-May 26)

Item	₹ L
Revenue	~₹7.76
Expenses	₹23.58
Margin	-₹15.82

Both cost centres losing money in tandem

Revenue collapse driven by reduced HAL-HD volumes and absence of new customer additions. Cost base hasn't been right-sized yet.

Apr-Jun Revenue

Pending

No data received

FY25-26 baseline

₹0.96 Cr

3 clients · +61% rebound

If rebound continues

~₹1.5 Cr

Expected FY26-27

Data SLA

2 weeks

Monthly P&L Apr-Jun

Risk

Visibility gap

No trend signal

What's needed from Coreworx finance

Monthly P&L for Apr, May, Jun 2026
Customer-wise billings split (MFG Steel CTPL, Admin/Manpower, Staffing SL, Projects)
Cost-centre breakdown matching FY25-26 structure
Payables and cashflow snapshot as on month-end
BD pipeline status — open conversations beyond CTPL

Why this matters

Coreworx rebounded +61% in FY25-26 from a low base. Continued visibility is essential to confirm whether MFG Steel CTPL contract is renewing or one-off.

UAE financials

Not received

Same gap as FY25-26

Estimated baseline

~₹3 Cr

Placeholder

Auditor reliance

UAE-side

Local CA submission

Group impact

Consolidation

Blocks DRHP work

Decision pending

Action plan

From management

Same critical gap as previous filings

No FY26-27 P&L received

UAE branch financials continue to be submitted with significant lag. Without them, group consolidation runs on estimates.

Apr Burn

₹93.00 L

via CMPL HYKA cat.

Revenue

₹0

Still pre-revenue

Cumulative FY26 burn

₹93+ L

to date

Annualised burn

~₹11.2 Cr

if Apr trajectory holds

Runway concern

High

No revenue line

April 2026 burn breakdown

Bucket	₹ L	Notes
HYKA category (CMPL books)	₹93.00	All expense, no income
Total	-₹93.00

Single largest loss line in CMPL P&L

If sleeved out, CMPL April loss drops from -₹3.61 Cr to -₹2.64 Cr — material balance-sheet hygiene.

Transactions

None confirmed

No activity tracked

Entity status

Awaiting

Disclosure pending

Compliance

ROC filings

Confirm current

DRHP impact

Disclosure

Group-level note

Cost

~₹0

No P&L drag

Entity Status — FY 2026-27

No transactions confirmed

No revenue, no material expense, no employees tracked under Neoterics for Apr-Jun 26.

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CMPL revenue Top clients Sector growth IPO risks Actevia Targets Group compare

Month	Expense	Income	Margin
Apr	₹2.23 Cr	₹2.33 Cr	+₹9.8L
May	₹2.23 Cr	₹2.33 Cr	+₹9.8L
Total	₹4.46 Cr	₹4.66 Cr	+₹19.6L

Name	Monthly Fee	Notes
Vijay Mahantesh	₹80K	Senior trainer · highest
Sushma Rani	₹58K	Mid-level
Vishal K	₹22K	Junior
Kavya KS	₹33K	Junior
Total trainer fees	₹1.93L/mo

Program	FY26-27 Trajectory	Key Assumption
NEEM	Wind-down continues; expected ~40% revenue drop	Policy headwinds, fewer cohorts
NAPS	Flat to mild growth (+5-10%)	Established channel, predictable
NATS	Flat baseline	Stable but no scale lever
RPL	Target 2-3x ramp · strategic	New BD push, capacity expansion
Corporate	Mild growth via Cleverbit launch	First profitable product launch

BU	Income	Expense
MFG Steel (CTPL)	₹90.09 L	₹4.79 L
Admin/Manpower	₹6.17 L	₹8.94 L
Staffing (SL)	₹0	₹48.07 L
Projects (70/79xxx)	₹0.09 L	₹21.05 L
Total	₹96.35 L	₹82.85 L

Name	Monthly	Status
Megha Snehal K	₹19K	LEFT
P Nagendra Babu	₹28K	Active
Basappa Sir	₹28K	Active
ME Active payroll	₹56K/mo

Customer	Status	Notes
HAL-HD	Continuing	Reduced volume vs FY25-26 baseline
New customer additions	None tracked	BD pipeline empty entering FY26-27
Repeat order conversions	Pending	Need finance/ops sync

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Revenue vs Expenses by Month · All Verticals

Revenue by Sector: FY 2022–23 → FY 2025–26

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