Athena Global leasing reaches Rs 2.24 crore as software loss persists

Athena Global Technologies Limited reported Rs 2.24 crore of standalone leasing revenue for the quarter ended 30 September 2026, up from Rs 2.01 lakh a year earlier, but remained loss-making as software services posted a Rs 4.66 crore segment loss. Leasing accounted for 60% of Rs 3.75 crore in revenue from operations.

How did Athena Global's leasing business change in the September quarter?

Athena Global's standalone leasing activity generated Rs 2.24 crore of revenue in the quarter ended 30 September 2026, unchanged from the preceding June quarter and substantially above Rs 2.01 lakh in the quarter ended 30 September 2025. The company defines leasing activity as lease and other income from investment property. The segment became the largest contributor to standalone revenue from operations of Rs 3.75 crore in the latest quarter.

Leasing segment profit was Rs 1.98 crore in the September quarter, compared with Rs 1.78 crore in the June quarter and Rs 2.01 lakh a year earlier. Its revenue represented 60% of the quarter's Rs 3.75 crore standalone operating revenue, while software services contributed Rs 1.52 crore. Total operating revenue declined from Rs 3.84 crore in June but rose from Rs 2.29 crore a year earlier.

For the half year ended 30 September 2026, leasing revenue was Rs 4.47 crore, compared with Rs 2.01 lakh in the comparable prior-year half. Leasing segment profit reached Rs 3.76 crore, against Rs 2.01 lakh a year earlier. Athena Global states that its standalone strategy is currently focused on two segments, software services and leasing activity.

What happened to Athena Global's software-services segment?

Athena Global's software-services segment recorded a Rs 4.66 crore loss in the September 2026 quarter despite Rs 1.52 crore of revenue. The segment loss widened from Rs 3.89 crore in the June 2026 quarter, although it narrowed from Rs 5.17 crore in the September 2025 quarter. The company describes software services as software development and maintenance services.

Software-services revenue fell from Rs 1.61 crore in June 2026 and Rs 2.27 crore in the year-earlier quarter to Rs 1.52 crore in September 2026. For the first half, revenue declined to Rs 3.12 crore from Rs 4.80 crore in the prior-year period, while the segment loss widened to Rs 8.55 crore from Rs 8.28 crore. Leasing therefore changed the revenue mix, but software services remained the main source of reported segment losses.

Software-services segment assets stood at Rs 71.63 crore at 30 September 2026, up from Rs 54.24 crore at 31 March 2026. Its segment liabilities increased to Rs 168.00 crore from Rs 134.25 crore over the same period. Athena Global says segment assets and liabilities are amounts directly identifiable to each segment, while items not identifiable to either business are shown as unallocable.

Why did Athena Global remain loss-making despite leasing profit?

Athena Global remained loss-making because its Rs 1.98 crore leasing segment profit and Rs 19.08 lakh of unallocable result did not offset the Rs 4.66 crore software-services loss. Standalone loss before tax was Rs 2.49 crore in the September quarter, compared with Rs 1.94 crore in June and Rs 4.11 crore a year earlier.

Finance cost was Rs 2.71 crore, compared with Rs 3.75 crore in standalone revenue from operations. Employee-benefit expense was Rs 1.60 crore, depreciation and amortisation were Rs 34.46 lakh, and other expenses were Rs 1.78 crore. Total expenses of Rs 6.43 crore exceeded total income of Rs 3.94 crore, which included Rs 19.08 lakh of other income.

The standalone net loss was Rs 2.37 crore, narrower than the Rs 4.08 crore loss a year earlier but wider than the Rs 1.96 crore loss in June. Basic and diluted loss per share was Rs 1.61, compared with Rs 1.33 in the preceding quarter and Rs 2.82 a year earlier. No exceptional item was reported in the September 2026 quarter, whereas the year ended 31 March 2026 included investment-property derecognition profit and a loss on sale of a subsidiary investment.

How did Athena Global's balance sheet and cash flows move?

Athena Global's standalone non-current borrowings increased to Rs 138.62 crore at 30 September 2026 from Rs 108.31 crore at 31 March 2026, while current borrowings rose to Rs 6.94 crore from Rs 6.46 crore. Total assets rose to Rs 364.93 crore from Rs 335.92 crore. Investments increased to Rs 74.27 crore from Rs 14.58 crore, while intangible assets under development rose to Rs 2.97 crore from Rs 3.19 lakh.

Investment property remained Rs 187.43 crore at both reporting dates. Leasing segment assets were Rs 219.01 crore at 30 September, close to Rs 219.08 crore at the March year-end, while leasing liabilities declined to Rs 22.72 crore from Rs 23.83 crore. Total standalone liabilities nevertheless increased to Rs 190.71 crore from Rs 158.82 crore, reflecting the rise in borrowings and other liabilities.

The half-year cash-flow statement reported Rs 2.55 crore used in operating activities and Rs 15.75 crore used in investing activities. Investing outflows included Rs 11.67 crore for debentures of subsidiaries and Rs 2.94 crore for intangible assets under development. Financing activities provided Rs 26.69 crore, including Rs 32.80 crore in borrowing proceeds and Rs 1.47 crore received against share warrants, while reported cash and cash equivalents were Rs 18.24 crore at 30 September 2026.

Conclusion

The September-quarter standalone result shows leasing generated Rs 2.24 crore of revenue and Rs 1.98 crore of segment profit, making it Athena Global's largest operating-revenue segment. However, the Rs 4.66 crore software-services loss and Rs 2.71 crore finance cost left the company with a Rs 2.37 crore quarterly net loss.

The next results will indicate whether leasing can remain around its Rs 2.24 crore quarterly revenue level as Athena Global pursues its stated focus on software services and leasing activity. They will also show whether software-services losses improve from the Rs 8.55 crore reported for the first half and how higher borrowings of Rs 145.56 crore in aggregate affect finance costs and cash generation.