Xelpmoc Q4 FY26: Revenue growth, continued losses, and two product bets

Xelpmoc Design and Tech Limited closed Q4 FY26 with a sharp year on year jump in operating revenue, but profitability remained elusive. On a consolidated basis, revenue from operations came in at Rs 10.8 million, up 52.8% versus Rs 7.1 million in Q4 FY25. Total income rose to Rs 12.6 million, a 53.9% year on year increase helped by other income of Rs 1.8 million. Despite this improvement, the company reported an adjusted operating EBITDA of minus Rs 15.6 million and a loss after tax of minus Rs 17.8 million for the quarter.

The presentation makes it clear that the company is currently running a corporate-heavy revenue model. For FY26, it reported a revenue split of 100% from corporates and 0% from startups. It also disclosed a geographic skew toward overseas markets, with international revenue at 66.4% and domestic at 33.6%.

At a strategic level, Xelpmoc continues to position itself as an innovation partner that blends consulting and product building with a venture style portfolio. In FY26, it highlighted two product developments as key milestones: DocuXray.ai, an AI-powered document intelligence and compliance automation platform, and RELY, a SaaS suite for assisted and senior living operations.

Financial performance: growth in top line, losses persist

Q4 FY26 showed clear year on year momentum in revenue, but sequentially it softened. Revenue from operations declined 3.2% quarter on quarter, from Rs 11.2 million in Q3 FY26 to Rs 10.8 million in Q4 FY26. Other income also dipped from Rs 2.0 million to Rs 1.8 million over the same period.

Losses remained broadly similar year on year. Adjusted operating EBITDA was minus Rs 15.6 million in Q4 FY26 compared with minus Rs 15.3 million in Q4 FY25. PAT was minus Rs 17.8 million in Q4 FY26 versus minus Rs 18.4 million in Q4 FY25. The company also clarified that adjusted operating EBITDA excludes ESOP expenses, and for Q4 FY26 the excluded ESOP expense was Rs 2.4 million.

What stands out is that the revenue growth has not yet translated into operating leverage. The adjusted EBITDA losses remain large relative to revenue, and the quarter-on-quarter revenue decline in Q4 FY26 suggests that the company is still in a phase where deal timing and project mix can move the numbers meaningfully.

Product strategy: DocuXray.ai and RELY as the path to profitability

The CEO commentary in the deck highlights a clear ambition: profitability at the earliest by leveraging the company’s own products and services. The product narrative is anchored around two launches.

DocuXray.ai is positioned as an AI engine for document intelligence and compliance automation. The platform is described as a governed pipeline that can ingest documents, extract structured data, validate against rules, and output decision-ready data with audit visibility. The company claims measurable impact including 98% plus extraction accuracy, 70% less manual effort, 10x faster processing, and 40 to 70% reduction in operational cost. It also lists enterprise integration compatibility with systems such as ERP, LOS, LMS, and CBS, with deployment options including on-premise or VPC.

RELY is framed as an operating system for senior care management. The deck splits the offering into modules including assisted care, senior living operations, and admissions and growth CRM. It highlights features such as resident lifecycle management, digital health records, family communication, automated billing, staff rostering, and workflow management across departments like kitchen and inventory. The company also claims that RELY can reduce billing leakage by 15 to 25% and recover 40 to 60% lost leads through its CRM pipeline.

The presentation also connects RELY to a broader elder care focus through a venture studio concept called Reverely Agetech. However, the material details and financial contribution of RELY are not disclosed in the deck, so its current revenue impact cannot be verified from this document.

Portfolio and liquidity: fair value uplift and a Mihup divestment

A major feature of the Xelpmoc story is its investment portfolio. As of March 31, 2026, the company disclosed that the fair value of its investments stood at approximately Rs 726.8 million. In the portfolio performance table, the total cost of investment is shown as Rs 79,186.84 thousand, while the fair value as of March 31, 2026 is Rs 726,761.70 thousand.

The largest portfolio value is Mihup Communication Private Limited, with fair value of Rs 453,602.47 thousand as of March 31, 2026. Woovly India Private Limited is shown at Rs 179,438.81 thousand. One Point Six Technologies is shown at Rs 59,640.15 thousand. The presentation also includes operating details for portfolio companies like Mihup, Woovly, Kids Stop Press, Pencil, and The Star In Me, including their revenue or ARR metrics.

Beyond mark-to-market valuation, Xelpmoc also reported a realised transaction in FY26. It executed a partial divestment of Mihup by transferring 11,782 Series Seed CCPS at Rs 8,487.32 per share for total consideration of Rs 100 million. The company stated that the transaction was completed and the consideration was received, strengthening liquidity.

This event is meaningful because it is one of the few hard datapoints in the deck that links the portfolio approach to a cash inflow for the listed entity.

What to track next

The Q4 FY26 deck shows a company with improving revenue year on year but still facing a profitability gap. It also shows a shift in the reported revenue mix toward corporates, while the venture portfolio remains a key part of the broader value narrative.

The next phase for investors to track is whether the product initiatives, DocuXray.ai and RELY, begin to translate into tangible operating revenue and improved margins. At the same time, the company’s portfolio value and any further partial exits or liquidity events could remain important drivers of investor interest.