Athena Global Q2 revenue nearly doubles as loss narrows

Athena Global Technologies Limited reported consolidated revenue from operations of Rs 5.41 crore in the quarter ended 30 September 2026, more than double Rs 2.57 crore a year earlier, while its net loss narrowed to Rs 1.81 crore from Rs 6.37 crore. The group nevertheless used Rs 7.84 crore in operating activities during the half year.

How did Athena Global perform in Q2 2026?

Athena Global nearly doubled revenue from operations year on year, with Q2 revenue reaching Rs 5.41 crore versus Rs 2.57 crore in Q2 2025. Total income increased to Rs 5.46 crore from Rs 2.91 crore, as other income fell to Rs 4.87 lakh from Rs 33.70 lakh while operating revenue rose. Sequentially, revenue from operations increased from Rs 4.75 crore in the quarter ended 30 June 2026, and total income rose from Rs 4.78 crore.

The group remained loss-making, although the quarterly deficit narrowed from a year earlier. Loss before tax was Rs 1.96 crore, compared with Rs 6.49 crore in Q2 2025 and Rs 3.13 crore in the preceding quarter. Net loss was Rs 1.81 crore, against Rs 6.37 crore a year earlier and Rs 3.15 crore in Q1. Basic and diluted loss per share, which was not annualised, improved to Rs 0.82 from Rs 4.03 in Q2 2025.

Which segments drove Athena Global’s revenue growth?

Athena Global’s leasing activity was the largest reported revenue segment in Q2 2026, generating Rs 2.24 crore, compared with Rs 2.01 lakh in Q2 2025. The segment’s result turned to a profit of Rs 1.98 crore from a loss of Rs 2.16 crore a year earlier. Leasing revenue was unchanged from Q1 2026, when it also contributed Rs 2.24 crore, while its segment profit increased from Rs 1.78 crore.

Software services generated Rs 1.52 crore in Q2, down from Rs 2.03 crore a year earlier and Rs 1.61 crore in Q1. Its segment loss narrowed sequentially to Rs 4.04 crore from Rs 4.52 crore, and was lower than the Rs 4.24 crore loss reported a year earlier. Online education services contributed Rs 55.69 lakh of revenue, down from Rs 83.11 lakh, and posted a Rs 38.11 lakh segment loss; unallocable revenue rose to Rs 1.15 crore from Rs 2.62 lakh.

For the half year ended 30 September 2026, consolidated revenue from operations rose to Rs 10.16 crore from Rs 5.59 crore in the prior-year half. Leasing activity supplied Rs 4.47 crore of gross revenue, while software services supplied Rs 3.12 crore and online education services Rs 1.11 crore. Athena Global defines software services as software development and maintenance services, leasing as lease and other income from investment property, and online education as a third segment.

Why did Athena Global remain loss-making despite higher revenue?

Athena Global remained in the red because total Q2 expenses of Rs 7.42 crore exceeded total income of Rs 5.46 crore by Rs 1.96 crore before tax. Finance cost was the largest single expense at Rs 2.76 crore, followed by other expenses of Rs 2.32 crore and employee benefits expense of Rs 1.59 crore. Although total expenses declined from Rs 9.40 crore a year earlier, income still did not cover those costs.

The half-year figures show the same pattern. Total income for the six months was Rs 10.24 crore, while expenses were Rs 15.33 crore, resulting in a Rs 5.09 crore pre-tax loss and a Rs 4.96 crore net loss. This was narrower than the Rs 10.71 crore net loss in the half year ended 30 September 2025. Finance cost was broadly unchanged year on year at Rs 5.47 crore, compared with Rs 5.52 crore, while employee benefits expense declined to Rs 3.53 crore from Rs 5.27 crore.

What does Athena Global’s cash flow show?

Athena Global used Rs 7.84 crore in operating activities in the half year ended 30 September 2026, despite reporting an operating profit before working-capital changes of Rs 1.66 crore. Working-capital movements consumed Rs 9.00 crore, including a Rs 5.67 crore increase in other financial assets and a Rs 4.25 crore increase in other current assets. Cash generated from operations was therefore negative Rs 7.34 crore, and income-tax payments added Rs 49.35 lakh to the operating cash outflow.

Investing activities used a further Rs 6.92 crore in the half year, principally Rs 5.46 crore invested in intangible assets under development and Rs 1.02 crore of additions to investment property. Financing activities generated Rs 23.45 crore, driven by Rs 32.80 crore of borrowing proceeds, partly offset by Rs 4.21 crore of repayment, Rs 5.71 crore of interest paid and Rs 90.35 lakh of lease-liability repayments. Athena Global also received Rs 1.47 crore against share warrants, resulting in cash and cash equivalents of Rs 18.77 crore at 30 September 2026, up from Rs 10.08 crore at 31 March 2026.

How did Athena Global’s balance sheet and borrowings change?

Athena Global’s consolidated assets stood at Rs 335.93 crore at 30 September 2026, up from Rs 311.82 crore at 31 March 2026. Non-current assets were Rs 275.45 crore, compared with Rs 269.48 crore at the previous financial year-end, while current assets increased to Rs 60.48 crore from Rs 42.34 crore. The current-assets increase included cash and cash equivalents of Rs 18.77 crore and other financial assets of Rs 17.63 crore.

Borrowings increased during the six months. Non-current borrowings rose to Rs 139.58 crore from Rs 108.31 crore, while current borrowings fell to Rs 7.87 crore from Rs 11.43 crore. Total equity decreased to Rs 137.66 crore from Rs 141.24 crore, comprising Rs 14.71 crore of equity share capital, Rs 121.73 crore of other equity and Rs 1.47 crore received against share warrants, alongside non-controlling interests of negative Rs 24.34 lakh.

Conclusion

Athena Global’s Q2 results show revenue growth led by leasing activity and a substantially narrower loss than in Q2 2025. Yet the group still reported a Rs 1.81 crore quarterly net loss, while first-half operating and investing outflows totalled Rs 14.76 crore. The cash balance increased because financing inflows, principally borrowing proceeds, exceeded those outflows.

The next reported result will indicate whether higher leasing revenue and the reduced software-services loss can be sustained. Athena Global’s disclosed strategy remains focused on three segments, while the half-year accounts show Rs 5.46 crore invested in intangible assets under development and non-current borrowings rising by Rs 31.27 crore from 31 March 2026.