Share Price and Basic Stock Data
Last Updated: November 22, 2025, 10:31 am
| PEG Ratio | 3.37 |
|---|
Analyst Insight & Comprehensive Analysis
AI Stock Ranker – Real-Time Fundamental Strength Score
Business Overview and Revenue Trends
Algoquant Fintech Ltd operates in a unique niche within the financial technology sector. The company reported a significant increase in sales, which stood at ₹156 Cr for the fiscal year ending March 2024, a substantial rise from ₹13 Cr in March 2023. This upward trajectory continued, with trailing twelve-month (TTM) sales reaching ₹223 Cr. The quarterly sales figures reflect this growth, with ₹65.63 Cr reported for June 2024 and a peak of ₹65.17 Cr for September 2024. The company’s ability to generate consistent revenue growth signifies robust demand for its products and services. However, the revenue had previously faced challenges, as seen in the decline to ₹7 Cr in March 2017 and further dips in subsequent years. The current growth pattern indicates a successful turnaround and a positive market reception, suggesting that Algoquant is effectively capitalizing on its market opportunities.
Profitability and Efficiency Metrics
Algoquant Fintech Ltd has demonstrated impressive profitability metrics, reporting a net profit of ₹25 Cr for the fiscal year ending March 2025, up from ₹-3 Cr the previous year. The operating profit margin (OPM) stood at 21% for the same period, reflecting the company’s ability to manage costs effectively while increasing revenue. The return on equity (ROE) was an impressive 31.59%, indicating efficient use of shareholders’ equity to generate profits. Additionally, the company’s return on capital employed (ROCE) reached 39.67%, showcasing its ability to generate earnings from its capital investments. However, the OPM has fluctuated significantly, with figures as low as -3,403.57% in March 2023, which raises concerns about operational efficiency during challenging periods. Nonetheless, the company’s current profitability metrics indicate a favorable operational turnaround, positioning it well compared to its peers.
Balance Sheet Strength and Financial Ratios
The balance sheet of Algoquant Fintech Ltd appears robust with no reported borrowings, providing it with a low debt-to-equity ratio of 0.29, which is favorable for financial stability. The interest coverage ratio (ICR) stood at 7.40x, indicating that the company can comfortably meet its interest obligations. The book value per share was reported at ₹64.64, while the price-to-book value (P/BV) ratio was recorded at 13.96x, suggesting that the stock may be trading at a premium compared to its book value. The current ratio of 1.77 indicates sufficient liquidity to cover short-term liabilities. Despite the absence of reserves, the company’s financial ratios reflect a strong operational foundation, with management demonstrating effective capital allocation strategies. However, the high P/BV ratio suggests that investors may have high expectations for future growth, which could pose a risk if the company fails to meet these expectations.
Shareholding Pattern and Investor Confidence
Algoquant Fintech Ltd’s shareholding structure reveals a strong promoter presence, with promoters holding 73.68% of the equity as of March 2025, indicating significant insider confidence in the company’s future. The public holds 22.29%, while foreign institutional investors (FIIs) have a minimal stake of 0.61%. The gradual decline in FII participation from 5.55% in December 2022 to 0.61% as of March 2025 raises questions about external investor confidence. Furthermore, domestic institutional investors (DIIs) hold a negligible 0.02%, which may reflect a cautious stance towards the company’s growth prospects. The number of shareholders has surged to 19,085, suggesting increasing interest among retail investors. This growing base of shareholders could provide stability and support for the company’s stock price, but the low institutional ownership might limit broader market validation.
Outlook, Risks, and Final Insight
Algoquant Fintech Ltd is positioned for potential growth, especially given its recent sales and profitability trends. The significant increase in revenue and net profit indicates that the company’s strategies are resonating well in the market. However, risks remain, including the volatility in OPM and the recent decline in FII participation, which could affect market sentiment. Additionally, the absence of reserves might limit the company’s ability to weather unexpected downturns. If the company can sustain its growth trajectory and improve operational efficiencies, it may attract more institutional investors, enhancing its market standing. Conversely, failure to maintain profitability or manage operational costs effectively could lead to a decline in investor confidence. Overall, while the outlook appears positive, the company must navigate these challenges to realize its full potential.
Source: Getaka Fundamental Analysis | Generated using proprietary financial data.
Competitors of Algoquant Fintech Ltd
| Stock Name ⇩ | Market Cap ⇩ | Current Price ⇩ | High / Low ⇩ | Stock P/E ⇩ | Book Value ⇩ | Dividend Yield ⇩ | ROCE ⇩ | ROE ⇩ | Face Value ⇩ |
|---|---|---|---|---|---|---|---|---|---|
| Gujarat Metallic Coal & Coke Ltd | 5.94 Cr. | 30.0 | / | 77.6 | 0.00 % | 0.37 % | 2.00 % | 100 | |
| Gensol Engineering Ltd | 112 Cr. | 29.2 | 833/26.8 | 1.09 | 155 | 0.00 % | 14.3 % | 22.4 % | 10.0 |
| Fusion Micro Finance Ltd | 1,676 Cr. | 167 | 212/124 | 118 | 0.00 % | 2.96 % | 54.5 % | 10.0 | |
| Five X Tradecom Ltd | 0.99 Cr. | 0.48 | / | 9.35 | 0.00 % | 0.00 % | 0.00 % | 10.0 | |
| East West Holdings Ltd | 49.1 Cr. | 3.85 | 8.65/3.55 | 4.93 | 0.00 % | 6.98 % | 0.86 % | 2.00 | |
| Industry Average | 7,578.87 Cr | 227.75 | 454.14 | 219.29 | 0.24% | 11.73% | 22.92% | 9.00 |
Quarterly Result
| Metric | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | -0.35 | 7.16 | 5.75 | 0.28 | 10.72 | 11.06 | 43.29 | 55.41 | 65.63 | 65.17 | 49.83 | 53.91 | 54.50 |
| Expenses | 1.59 | 3.21 | 3.76 | 9.81 | 8.61 | 9.65 | 28.89 | 42.33 | 43.52 | 45.14 | 46.34 | 50.68 | 45.03 |
| Operating Profit | -1.94 | 3.95 | 1.99 | -9.53 | 2.11 | 1.41 | 14.40 | 13.08 | 22.11 | 20.03 | 3.49 | 3.23 | 9.47 |
| OPM % | 55.17% | 34.61% | -3,403.57% | 19.68% | 12.75% | 33.26% | 23.61% | 33.69% | 30.74% | 7.00% | 5.99% | 17.38% | |
| Other Income | 0.22 | 0.25 | 0.04 | -0.14 | 0.10 | 0.41 | 0.00 | 0.10 | 0.00 | 0.04 | 0.00 | 0.00 | 0.02 |
| Interest | 0.18 | 0.31 | 0.03 | 1.07 | 1.09 | 1.20 | 2.67 | 2.99 | 1.45 | 1.64 | 1.51 | 1.92 | 1.70 |
| Depreciation | 0.05 | 0.05 | 0.05 | 0.07 | 0.10 | 0.16 | 1.01 | 0.97 | 1.04 | 1.29 | 1.29 | 0.95 | 1.12 |
| Profit before tax | -1.95 | 3.84 | 1.95 | -10.81 | 1.02 | 0.46 | 10.72 | 9.22 | 19.62 | 17.14 | 0.69 | 0.36 | 6.67 |
| Tax % | -31.28% | 25.00% | 8.21% | -37.74% | 53.92% | 4.35% | 29.94% | 30.15% | 28.59% | 28.35% | -60.87% | -194.44% | 31.63% |
| Net Profit | -1.34 | 2.87 | 1.79 | -6.74 | 0.47 | 0.43 | 7.51 | 6.44 | 14.01 | 12.28 | 1.11 | 1.06 | 4.55 |
| EPS in Rs | -0.06 | 0.13 | 0.08 | -0.31 | 0.02 | 0.02 | 0.35 | 0.30 | 0.65 | 0.57 | 0.04 | 0.04 | 0.16 |
Last Updated: August 20, 2025, 12:05 am
Below is a detailed analysis of the quarterly data for Algoquant Fintech Ltd based on the most recent figures (Jun 2025) and their trends compared to the previous period:
- For Sales, as of Jun 2025, the value is 54.50 Cr.. The value appears strong and on an upward trend. It has increased from 53.91 Cr. (Mar 2025) to 54.50 Cr., marking an increase of 0.59 Cr..
- For Expenses, as of Jun 2025, the value is 45.03 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 50.68 Cr. (Mar 2025) to 45.03 Cr., marking a decrease of 5.65 Cr..
- For Operating Profit, as of Jun 2025, the value is 9.47 Cr.. The value appears strong and on an upward trend. It has increased from 3.23 Cr. (Mar 2025) to 9.47 Cr., marking an increase of 6.24 Cr..
- For OPM %, as of Jun 2025, the value is 17.38%. The value appears strong and on an upward trend. It has increased from 5.99% (Mar 2025) to 17.38%, marking an increase of 11.39%.
- For Other Income, as of Jun 2025, the value is 0.02 Cr.. The value appears strong and on an upward trend. It has increased from 0.00 Cr. (Mar 2025) to 0.02 Cr., marking an increase of 0.02 Cr..
- For Interest, as of Jun 2025, the value is 1.70 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 1.92 Cr. (Mar 2025) to 1.70 Cr., marking a decrease of 0.22 Cr..
- For Depreciation, as of Jun 2025, the value is 1.12 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 0.95 Cr. (Mar 2025) to 1.12 Cr., marking an increase of 0.17 Cr..
- For Profit before tax, as of Jun 2025, the value is 6.67 Cr.. The value appears strong and on an upward trend. It has increased from 0.36 Cr. (Mar 2025) to 6.67 Cr., marking an increase of 6.31 Cr..
- For Tax %, as of Jun 2025, the value is 31.63%. The value appears to be increasing, which may not be favorable. It has increased from -194.44% (Mar 2025) to 31.63%, marking an increase of 226.07%.
- For Net Profit, as of Jun 2025, the value is 4.55 Cr.. The value appears strong and on an upward trend. It has increased from 1.06 Cr. (Mar 2025) to 4.55 Cr., marking an increase of 3.49 Cr..
- For EPS in Rs, as of Jun 2025, the value is 0.16. The value appears strong and on an upward trend. It has increased from 0.04 (Mar 2025) to 0.16, marking an increase of 0.12.
Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.
Profit & Loss - Annual Report
Last Updated: October 15, 2025, 4:00 am
| Metric | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 41 | 43 | 27 | 7 | 0 | 0 | 1 | 5 | 17 | 13 | 156 | 235 | 223 |
| Expenses | 38 | 42 | 32 | 20 | 0 | 2 | 2 | 2 | 13 | 18 | 112 | 186 | 187 |
| Operating Profit | 3 | 1 | -5 | -13 | 0 | -1 | -1 | 3 | 3 | -4 | 44 | 49 | 36 |
| OPM % | 8% | 2% | -17% | -197% | -1,138% | -45% | 59% | 19% | -33% | 28% | 21% | 16% | |
| Other Income | -0 | -0 | 1 | 1 | 52 | 0 | -3 | 1 | 1 | -1 | 0 | 0 | 0 |
| Interest | 1 | 2 | 2 | 1 | 0 | 0 | 0 | 0 | 1 | 2 | 10 | 7 | 7 |
| Depreciation | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 5 | 5 |
| Profit before tax | 1 | -1 | -6 | -14 | 52 | -1 | -4 | 4 | 3 | -7 | 31 | 38 | 25 |
| Tax % | -26% | 6% | 8% | 1% | 0% | 0% | 277% | 15% | -2% | -51% | 20% | 14% | |
| Net Profit | 1 | -1 | -6 | -14 | 52 | -1 | -15 | 4 | 3 | -3 | 25 | 33 | 19 |
| EPS in Rs | 0.03 | -0.07 | -0.29 | -0.66 | 2.38 | -0.05 | -0.67 | 0.17 | 0.16 | -0.16 | 1.14 | 1.16 | 0.81 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
YoY Net Profit Growth
| Year | 2014-2015 | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| YoY Net Profit Growth (%) | -200.00% | -500.00% | -133.33% | 471.43% | -101.92% | -1400.00% | 126.67% | -25.00% | -200.00% | 933.33% | 32.00% |
| Change in YoY Net Profit Growth (%) | 0.00% | -300.00% | 366.67% | 604.76% | -573.35% | -1298.08% | 1526.67% | -151.67% | -175.00% | 1133.33% | -901.33% |
Algoquant Fintech Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.
Growth
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 181% |
| 3 Years: | 142% |
| TTM: | 27% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 39% |
| 5 Years: | 31% |
| 3 Years: | 115% |
| TTM: | -33% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 75% |
| 5 Years: | 165% |
| 3 Years: | 85% |
| 1 Year: | 47% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 27% |
| Last Year: | 45% |
Last Updated: September 5, 2025, 2:11 pm
No data available for the Balance Sheet data table.
Cash Flow
| Month | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Financial Efficiency Indicators
| Month | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 44 | 44 | 43 | 23 | 0 | 0 | 58 | 0 | 0 | 0 | 3 | |
| Inventory Days | 347 | 285 | 369 | 54 | 0 | |||||||
| Days Payable | 162 | 142 | 238 | 325 | ||||||||
| Cash Conversion Cycle | 229 | 187 | 175 | -248 | 0 | 0 | 58 | 0 | 0 | 0 | 3 | |
| Working Capital Days | 13 | -8 | -100 | -1,141 | -3,453 | -870 | 1,010 | -51 | 1,019 | 263 | -55 | |
| ROCE % | 14% | 2% | -33% | -1,804% | 432% | -3% | -2% | 17% | 13% | -9% | 22% | 43% |
This stock is not held by any mutual fund.
Key Financial Ratios
| Month | Mar 25 |
|---|---|
| FaceValue | 2.00 |
| Basic EPS (Rs.) | 20.42 |
| Diluted EPS (Rs.) | 20.42 |
| Cash EPS (Rs.) | 23.39 |
| Book Value[Excl.RevalReserv]/Share (Rs.) | 64.64 |
| Book Value[Incl.RevalReserv]/Share (Rs.) | 64.64 |
| Revenue From Operations / Share (Rs.) | 150.29 |
| PBDIT / Share (Rs.) | 30.92 |
| PBIT / Share (Rs.) | 27.95 |
| PBT / Share (Rs.) | 23.77 |
| Net Profit / Share (Rs.) | 20.42 |
| NP After MI And SOA / Share (Rs.) | 20.42 |
| PBDIT Margin (%) | 20.57 |
| PBIT Margin (%) | 18.59 |
| PBT Margin (%) | 15.81 |
| Net Profit Margin (%) | 13.58 |
| NP After MI And SOA Margin (%) | 13.58 |
| Return on Networth / Equity (%) | 31.59 |
| Return on Capital Employeed (%) | 39.67 |
| Return On Assets (%) | 14.79 |
| Total Debt / Equity (X) | 0.29 |
| Current Ratio (X) | 1.77 |
| Quick Ratio (X) | 1.77 |
| Interest Coverage Ratio (X) | 7.40 |
| Interest Coverage Ratio (Post Tax) (X) | 5.89 |
| Enterprise Value (Cr.) | 1321.03 |
| EV / Net Operating Revenue (X) | 5.63 |
| EV / EBITDA (X) | 27.36 |
| MarketCap / Net Operating Revenue (X) | 6.00 |
| Price / BV (X) | 13.96 |
| Price / Net Operating Revenue (X) | 6.00 |
| EarningsYield | 0.02 |
After reviewing the key financial ratios for Algoquant Fintech Ltd, here is a detailed analysis based on the latest available data and recent trends:
- For FaceValue, as of Mar 25, the value is 2.00. This value is within the healthy range. No previous period data is available for comparison.
- For Basic EPS (Rs.), as of Mar 25, the value is 20.42. This value is within the healthy range. No previous period data is available for comparison.
- For Diluted EPS (Rs.), as of Mar 25, the value is 20.42. This value is within the healthy range. No previous period data is available for comparison.
- For Cash EPS (Rs.), as of Mar 25, the value is 23.39. This value is within the healthy range. No previous period data is available for comparison.
- For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 64.64. No previous period data is available for comparison.
- For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 64.64. No previous period data is available for comparison.
- For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 150.29. No previous period data is available for comparison.
- For PBDIT / Share (Rs.), as of Mar 25, the value is 30.92. This value is within the healthy range. No previous period data is available for comparison.
- For PBIT / Share (Rs.), as of Mar 25, the value is 27.95. This value is within the healthy range. No previous period data is available for comparison.
- For PBT / Share (Rs.), as of Mar 25, the value is 23.77. This value is within the healthy range. No previous period data is available for comparison.
- For Net Profit / Share (Rs.), as of Mar 25, the value is 20.42. This value is within the healthy range. No previous period data is available for comparison.
- For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 20.42. This value is within the healthy range. No previous period data is available for comparison.
- For PBDIT Margin (%), as of Mar 25, the value is 20.57. This value is within the healthy range. No previous period data is available for comparison.
- For PBIT Margin (%), as of Mar 25, the value is 18.59. This value is within the healthy range. No previous period data is available for comparison.
- For PBT Margin (%), as of Mar 25, the value is 15.81. This value is within the healthy range. No previous period data is available for comparison.
- For Net Profit Margin (%), as of Mar 25, the value is 13.58. This value exceeds the healthy maximum of 10. No previous period data is available for comparison.
- For NP After MI And SOA Margin (%), as of Mar 25, the value is 13.58. This value is within the healthy range. No previous period data is available for comparison.
- For Return on Networth / Equity (%), as of Mar 25, the value is 31.59. This value is within the healthy range. No previous period data is available for comparison.
- For Return on Capital Employeed (%), as of Mar 25, the value is 39.67. This value is within the healthy range. No previous period data is available for comparison.
- For Return On Assets (%), as of Mar 25, the value is 14.79. This value is within the healthy range. No previous period data is available for comparison.
- For Total Debt / Equity (X), as of Mar 25, the value is 0.29. This value is within the healthy range. No previous period data is available for comparison.
- For Current Ratio (X), as of Mar 25, the value is 1.77. This value is within the healthy range. No previous period data is available for comparison.
- For Quick Ratio (X), as of Mar 25, the value is 1.77. This value is within the healthy range. No previous period data is available for comparison.
- For Interest Coverage Ratio (X), as of Mar 25, the value is 7.40. This value is within the healthy range. No previous period data is available for comparison.
- For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 5.89. This value is within the healthy range. No previous period data is available for comparison.
- For Enterprise Value (Cr.), as of Mar 25, the value is 1,321.03. No previous period data is available for comparison.
- For EV / Net Operating Revenue (X), as of Mar 25, the value is 5.63. This value exceeds the healthy maximum of 3. No previous period data is available for comparison.
- For EV / EBITDA (X), as of Mar 25, the value is 27.36. This value exceeds the healthy maximum of 15. No previous period data is available for comparison.
- For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 6.00. This value exceeds the healthy maximum of 3. No previous period data is available for comparison.
- For Price / BV (X), as of Mar 25, the value is 13.96. This value exceeds the healthy maximum of 3. No previous period data is available for comparison.
- For Price / Net Operating Revenue (X), as of Mar 25, the value is 6.00. This value exceeds the healthy maximum of 3. No previous period data is available for comparison.
- For EarningsYield, as of Mar 25, the value is 0.02. This value is below the healthy minimum of 5. No previous period data is available for comparison.
Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.
Strength and Weakness
Unable to fetch valid data for stock valuation.Stock Analysis
- Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Algoquant Fintech Ltd:
- Net Profit Margin: 13.58%
- Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
- ROCE: 39.67% (Industry Average ROCE: 11.73%)
- ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
- ROE%: 31.59% (Industry Average ROE: 22.92%)
- ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
- Interest Coverage Ratio (Post Tax): 5.89
- Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
- Quick Ratio: 1.77
- Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
- Stock P/E: 129 (Industry average Stock P/E: 454.14)
- Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
- Total Debt / Equity: 0.29
- Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
Stock Rating: - Net Profit Margin: 13.58%
About the Company - Qualitative Analysis
| INDUSTRY | ADDRESS | CONTACT |
|---|---|---|
| Finance & Investments | 503A-B, 504 A-B, 5th Floor, Tower A, WTC Block No. 51, Road 5E, Zone 5, Gift City, Gandhinagar Gujarat 382050 | investors@algoquantfintech.com http://www.algoquantfintech.com |
| Management | |
|---|---|
| Name | Position Held |
| Mr. Devansh Gupta | Managing Director |
| Mr. Himanjal Jagdishchandra Brahmbhatt | Non Executive Director |
| Mr. Dhruv Gupta | Whole Time Director |
| Mr. Gyaneshwar Sahai | Independent Director |
| Ms. Shubhangi Agarwal | Independent Director |
| Mr. Amit Gupta | Independent Director |