Liqvd acquisition adds revenue larger than standalone sales

Liqvd Digital India Limited’s acquisition of Adlift Marketing Private Limited added a business with FY25 revenue of Rs 37.39 crore, compared with Liqvd’s standalone Rs 24.87 crore. On an unaudited pro forma basis, combining the businesses produced FY25 revenue from operations of Rs 62.26 crore, making Adlift the larger revenue contributor in the illustrated group.

How much larger was Adlift’s FY25 revenue than Liqvd’s standalone sales?

Adlift’s FY25 revenue from operations was Rs 37.39 crore, or Rs 12.52 crore above Liqvd’s Rs 24.87 crore standalone revenue from operations. Adlift generated about 50% more revenue than Liqvd for the year ended March 31, 2025. The comparison uses the separate company columns in Liqvd’s unaudited pro forma statement of profit and loss rather than actual historical consolidated results.

The combined FY25 pro forma revenue from operations was Rs 62.26 crore, created through line-by-line addition of the two businesses with no revenue adjustment shown. Adlift accounted for about 60% of the illustrated revenue total and Liqvd accounted for about 40%. The resulting revenue mix means that the post-acquisition scale shown in the pro forma accounts depended more on Adlift’s pre-existing FY25 sales base than on Liqvd’s standalone operations.

What did the Liqvd acquisition change in reported revenue scale?

The Liqvd acquisition increased the illustrated FY25 revenue base from Rs 24.87 crore for Liqvd alone to Rs 62.26 crore for the combined businesses. The Rs 37.39 crore increase exactly matched Adlift’s FY25 revenue from operations because the pro forma statement showed no adjustment to revenue. The information combines like items of assets, liabilities, income and expenses on a line-by-line basis.

The same revenue relationship appears across all three years presented in the pro forma accounts. Liqvd’s revenue rose from Rs 18.05 crore in FY24 to Rs 24.87 crore in FY25, while Adlift’s revenue rose from Rs 30.85 crore to Rs 37.39 crore. In FY26, Liqvd reported Rs 24.34 crore and Adlift reported Rs 38.03 crore, leaving pro forma revenue at Rs 62.37 crore, compared with Rs 62.26 crore in FY25.

Did Adlift also contribute more profit than Liqvd in FY25?

Adlift contributed more FY25 profit for the year than Liqvd in the pro forma statement, reporting Rs 5.97 crore against Rs 2.25 crore. The combined FY25 profit for the year was Rs 8.22 crore, of which Adlift represented about 73%. Before tax, Adlift reported Rs 8.08 crore and Liqvd reported Rs 3.21 crore, producing pro forma profit before tax of Rs 11.29 crore.

The FY25 expense lines show that the two businesses had different cost composition. Adlift recorded employee benefits expense of Rs 16.84 crore, compared with Rs 4.50 crore at Liqvd, while Adlift’s other expenses were Rs 6.03 crore against Liqvd’s Rs 5.36 crore. Liqvd’s cost of services was Rs 10.87 crore, above Adlift’s Rs 8.74 crore, and total expenses were Rs 31.92 crore for Adlift and Rs 21.82 crore for Liqvd.

What business did Liqvd acquire and how much does it own?

Liqvd obtained control of Adlift on April 3, 2025, when it acquired 51.00% of Adlift’s equity shares and made Adlift a subsidiary. Liqvd subsequently acquired a 5.16% stake and a further 20.63% stake on September 30, 2025, taking its holding to 76.79% at the reporting date. Adlift provides internet marketing, web, software and mobile-application development, search-engine marketing and optimisation services, and services for mobile and social-media platforms.

Adlift has a wholly owned subsidiary, AdLift Inc., which became Liqvd’s step-down subsidiary when Liqvd obtained control. The remaining 23.21% equity interest is proposed to be acquired after Liqvd’s proposed listing on the BSE SME Platform, subject to shareholder approval and regulatory requirements. Liqvd identifies funding of that acquisition as an object of the proposed issue, although the number of shares to be issued was not ascertainable because the issue price had not been finalised.

Why are the revenue figures pro forma rather than actual group results?

The FY24, FY25 and FY26 figures are unaudited pro forma financial information prepared to illustrate the acquisition as if it had occurred at the beginning of each period shown. The acquisition is treated as if consummated on April 1, 2023 for FY24, April 1, 2024 for FY25 and April 1, 2025 for FY26. Liqvd actually obtained control on April 3, 2025, so the FY25 combination is not Liqvd’s actual historical consolidated revenue for the full year.

JMMK & Co. concluded on August 17, 2026 that the unaudited pro forma financial information had been compiled, in all material respects, on the stated basis. Its assurance report states that the engagement was not an audit or review of the historical financial information used in the schedules. The pro forma information excludes integration costs, cost savings and synergies, and Liqvd states that actual results may differ materially from the illustrated results.

Conclusion

Liqvd’s acquisition changed the scale shown by the FY25 pro forma accounts because Adlift’s Rs 37.39 crore revenue exceeded Liqvd’s Rs 24.87 crore standalone revenue by Rs 12.52 crore. Adlift also contributed Rs 5.97 crore of the combined Rs 8.22 crore FY25 profit for the year, making the acquired business central to both the illustrated revenue and profit composition.

The next disclosed development is Liqvd’s proposed acquisition of Adlift’s remaining 23.21% stake after the proposed BSE SME Platform listing, subject to approvals and regulatory requirements. Actual future consolidated performance will need to be distinguished from the illustrative pro forma schedules, which exclude integration expenses, savings and synergies.