Athena Global Technologies financials and balance sheet

₹53.97₹0.03 (0.06%)

Share price at the BSE close on 23 Oct 2026. Previous close ₹54.00.

52-week range of traded prices to 23 Oct 2026

₹49.30Low, 23 Oct 2026₹92.35High, 26 Dec 2025

Market cap: ₹79 Cr2,882nd largest listed
P/E: Lossover the last 12 months
P/B: 0.6
Dividend yield: Nonein the last 12 months
ROE: −27.5%
ROE without one-offs: −7.4%
ROCE: −4.9%
Debt to equity: 0.85
Volume, BSE: 657

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Athena Global Technologies annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹26 Cr, year to Mar 2020A loss in 8 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue11
Materials and goods−0.8
Employee costs−9.8
Other expenses−13
Operating profit−13
Depreciation−1.5
Other income+1.2
One-off items−9.0
Finance costs−17
Profit before tax−39
Tax−6.9
Net profit−46

What the company owns

Plant, investments and other assets₹294 Cr
Cash and bank₹12 Cr
Receivables₹6 Cr

What pays for it: net worth and liabilities

Net worth₹141 Cr
Borrowings₹120 Cr
Other liabilities₹50 Cr
Owed to suppliers₹1 Cr

Athena Global Technologies business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Athena Global Technologies segment results by quarter

Revenue by segment

₹12 CrTotal

SOFTWARE SERVICES₹8.32 Cr67.7% of total
ONLINE EDUCATION SERVICES₹2.37 Cr19.3% of total
LEASING ACTIVITY₹1.59 Cr13.0% of total

Profit by segment

SOFTWARE SERVICES₹22.3 Cr100.0% of total

Segment results by year

Consolidated from the year to Mar 2021, standalone before, ₹ crore, years to March.

SOFTWARE SERVICES
Revenue, ₹ crore
7
10
12
8
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−8
−23
−17
22
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
ONLINE EDUCATION SERVICES
Revenue, ₹ crore
0
0
2
2
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−4
−7
0
0
−1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
LEASING ACTIVITY
Revenue, ₹ crore
236
0
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
236
0
−4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	16	30	28	29	13	250	16	12
Company revenue, as in its results	14	26	26	20	12	14	16	11
Revenue	–	–	–	–	7	10	12	8
Revenue growth	–	–	–	–	–	43.8%	25.1%	−31.2%
Profit	–	–	–	–	−8	−23	−17	22
Margin	–	–	–	–	−116.2%	−236.3%	−143.0%	268.2%
Return on capital	–	–	–	–	−505.0%	–	–	–
Assets	–	–	–	–	56	40	4	54
Liabilities	–	–	–	–	54	64	94	134
Capital employed	–	–	–	–	2	−24	−90	−80
Revenue	–	–	–	0	0	2	2	2
Revenue growth	–	–	–	–	–	976.8%	–	11.4%
Profit	–	–	–	−4	−7	0	0	−1
Margin	–	–	–	−1,954.8%	−5,064.4%	20.6%	0.6%	−35.0%
Return on capital	–	–	–	–	–	3,24,300.0%	16.4%	−3.0%
Assets	–	–	–	10	15	23	29	33
Liabilities	–	–	–	10	15	23	29	6
Capital employed	–	–	–	0	0	0	0	27
Revenue	–	–	–	–	–	236	0	2
Revenue growth	–	–	–	–	–	–	−100.0%	–
Profit	–	–	–	–	–	236	0	−4
Profit growth	–	–	–	–	–	–	−100.0%	–
Margin	–	–	–	–	–	100.0%	–	−276.8%
Return on capital	–	–	–	–	–	98.7%	0.0%	−2.3%
Assets	–	–	–	–	–	239	239	219
Liabilities	–	–	–	–	–	0	0	24
Capital employed	–	–	–	–	–	239	239	195
Revenue	8	15	6	9	0	0	1	–
Revenue growth	–	–	–	44.4%	−95.5%	−100.0%	–	–
Profit	6	13	4	2	0	0	1	–
Profit growth	–	–	–	−39.4%	–	–	–	–
Margin	75.5%	85.8%	66.0%	27.7%	−4.6%	–	96.9%	–
Return on capital	–	–	–	–	–	–	1,20,944.4%	–
Assets	4	1	6	1	0	1	1	–
Liabilities	29	27	30	6	13	10	1	–
Capital employed	−25	−25	−24	−5	−13	−10	0	–
Revenue	–	–	–	5	5	3	1	–
Revenue growth	–	–	–	–	6.5%	−42.7%	–	–
Profit	–	–	–	−2	−3	−3	0	–
Margin	–	–	–	−33.3%	−60.4%	−105.3%	−1.9%	–
Assets	–	–	–	2	2	1	1	–
Liabilities	–	–	–	2	8	10	10	–
Capital employed	–	–	–	0	−6	−9	−9	–
Revenue	–	–	–	0	0	0	0	–
Revenue growth	–	–	–	–	−73.6%	–	–	–
Profit	–	–	–	−4	−4	−4	−3	–
Margin	–	–	–	−908.8%	−3,833.0%	−2,624.8%	−867.7%	–
Return on capital	–	–	–	−27.2%	−56.1%	−142.8%	−164.2%	–
Assets	–	–	–	17	22	23	32	–
Liabilities	–	–	–	3	15	20	30	–
Capital employed	–	–	–	14	8	3	2	–
Revenue	8	15	17	15	–	–	–	–
Revenue growth	–	–	–	−11.9%	–	–	–	–
Profit	−5	−3	3	−2	–	–	–	–
Margin	−60.4%	−21.2%	16.3%	−10.5%	–	–	–	–
Return on capital	−103.1%	−11.3%	16.9%	–	–	–	–	–
Assets	12	44	33	48	–	–	–	–
Liabilities	7	16	17	48	–	–	–	–
Capital employed	5	28	17	0	–	–	–	–
Revenue	0	–	5	–	–	–	–	–
Profit	−1	–	−12	–	–	–	–	–
Margin	−635.3%	–	−234.0%	–	–	–	–	–
Return on capital	−10.8%	–	−91.8%	–	–	–	–	–
Assets	13	–	19	–	–	–	–	–
Liabilities	2	–	5	–	–	–	–	–
Capital employed	11	–	13	–	–	–	–	–
Revenue	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	−2
Assets	–	–	–	–	–	–	–	5
Liabilities	–	–	–	–	–	–	–	7
	–	–	0	–	–	–	–	–
Profit	–	–	0	–	–	–	–	–
Assets	–	–	0	–	–	–	–	–
Liabilities	–	–	0	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Athena Global Technologies quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020	Mar 2021Filed 8 Jul	Mar 2022Filed 3 Jun	Mar 2023Filed 31 May	Mar 2024Filed 18 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 31 May
Revenue from operations	11	8	14	26	26	20	12	14	16	11
	10	12	16	26	28	28	28	34	23	24
Materials and goods bought	–	–	0	–	3	0	0	3	1	1
Employee costs	4	4	6	12	13	12	11	11	12	10
Other expenses	6	8	10	15	12	16	17	19	9	13
Operating profit before depreciation	1	−4	−2	0	−2	−8	−16	−20	−7	−13
Operating margin	5.2%	−50.3%	−14.5%	0.9%	−6.4%	−37.9%	−131.3%	−147.6%	−46.3%	−114.7%
Materials, % of revenue	–	–	0.0%	–	12.3%	0.0%	0.0%	24.5%	7.4%	7.5%
Employee costs, % of revenue	38.4%	45.8%	43.1%	43.8%	48.1%	60.4%	87.5%	82.0%	79.2%	87.6%
Other expenses, % of revenue	56.4%	104.5%	71.4%	55.3%	46.0%	77.4%	143.8%	141.1%	59.7%	119.6%
Depreciation and amortisation	0	0	0	4	3	1	1	0	1	2
Operating profit after depreciation	0	−4	−2	−3	−4	−8	−17	−21	−8	−14
Other income	0	4	2	2	2	9	1	237	1	1
Finance costs	0	0	0	3	3	9	6	10	12	17
Profit before one-off items and tax	0	0	−1	−4	−5	−8	−23	206	−19	−30
One-off items	−4	0	0	0	0	0	0	0	0	−9
Profit before tax	−4	0	−1	−4	−5	−8	−23	206	−19	−39
	0	0	1	1	1	0	−1	1	1	7
Current tax	–	0	0	2	1	0	0	0	0	7
Deferred tax	–	0	1	0	0	0	−1	1	1	0
	−4	0	−1	−6	−6	−8	−22	205	−20	−46
Belonging to the company's shareholders	−4	0	−1	−6	−6	−8	−22	205	−20	−46
Belonging to outside owners of subsidiaries	–	–	–	–	0	–	–	–	0	0
Other comprehensive income	–	–	0	–	0	0	0	0	0	−1
Total comprehensive income	–	–	−1	–	−7	−8	−22	205	−20	−47
Net margin	−34.5%	4.2%	−9.0%	−21.7%	−24.8%	−40.6%	−183.3%	1,488.0%	−128.9%	−407.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017, Mar 2018 and Mar 2020 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 13 Jun	Mar 2020	Mar 2021Filed 8 Jul	Mar 2022Filed 3 Jun	Mar 2023Filed 31 May	Mar 2024Filed 18 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 31 May
	−8	–	6	9	−10	200	179	141
	−9	–	5	8	−10	200	180	141
Share capital	11	–	12	13	13	14	14	15
Reserves	−21	–	−7	−5	−24	186	166	127
Belonging to outside owners of subsidiaries	1	–	1	1	0	0	−1	0
	2	–	10	46	74	75	89	120
Repayable after a year	0	–	0	37	66	69	48	111
Repayable within a year	2	–	9	9	8	6	41	8
	12	–	27	25	23	42	85	44
Trade payables	0	–	0	1	1	1	0	1
Other financial liabilities	7	–	6	3	6	18	31	25
Other liabilities	3	–	9	10	8	16	13	7
Provisions	0	–	0	0	0	1	0	0
Tax owed	–	–	1	0	–	–	–	2
	26	–	25	44	82	85	78	127
Other financial liabilities	23	–	23	6	14	14	29	13
Other liabilities	3	–	1	1	1	1	–	1
Provisions	0	–	1	0	0	0	1	1
Trade payables	–	–	0	–	–	1	–	0
Total assets	30	–	58	77	95	326	342	312
	17	–	44	60	72	309	322	269
Plant in use, after depreciation	4	–	4	4	4	0	11	2
Plant being built	1	–	1	1	1	–	–	0
Intangible assets	2	–	26	35	35	33	1	5
Goodwill	0	–	0	0	0	0	31	0
Intangible assets being developed	5	–	13	18	24	32	40	42
Property held to earn rent	–	–	0	–	–	239	239	187
Investments	0	–	0	0	6	3	0	0
Loans given	0	–	0	0	0	0	0	0
Other financial assets	1	–	1	1	1	1	0	13
Deferred tax	0	–	1	1	2	1	0	0
Other assets	5	–	0	0	0	–	–	20
	12	–	15	17	23	17	20	42
Inventories	1	–	2	0	0	0	0	0
Trade receivables	4	–	5	8	8	2	4	6
Cash and cash equivalents	0	–	1	0	2	0	1	12
Loans given	0	–	0	0	0	0	0	0
Other financial assets	3	–	3	4	7	4	4	13
Tax paid in advance	1	–	2	2	2	3	0	0
Other assets	2	–	2	4	5	7	11	12
Net debt	2	–	8	46	72	74	88	108

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2020, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 8 Jul	Mar 2022Filed 3 Jun	Mar 2023Filed 31 May	Mar 2024Filed 18 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 31 May
	5.4	−4.1	−20.8	11.8	−8.8	−50.6
	6.1	−2.2	−19.4	11.6	−8.7	−56.6
	5.2	−2.9	−4.2	27.5	−2.1	−36.2
Receivables	−1.3	−3.7	0.9	1.5	−1.3	−2.4
Inventories	−0.2	1.5	0.0	0.1	0.0	0.0
Payables	0.1	0.6	0.1	−0.3	0.0	−1.0
Other working capital	6.5	−1.4	−5.3	26.1	−0.8	−32.9
Tax paid	−0.6	0.0	−0.1	0.8	0.1	−2.0
Capital spending	0.4	3.3	0.0	0.0	9.6	1.3
Free cash flow	5.0	−7.4	−20.8	11.8	−18.3	−51.9
Cash from investing	−6.5	−9.0	−13.0	−5.2	−14.8	57.3
	1.2	11.9	35.4	−8.0	24.0	3.2
Borrowings raised	−0.4	36.8	29.1	2.3	21.3	30.7
Borrowings repaid	0.0	−0.1	−0.6	0.0	0.0	0.0
Interest paid	0.0	−9.4	−6.5	−10.2	0.0	−16.6
Lease payments	0.0	0.0	0.0	0.0	0.0	−0.4
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0
Shares bought back	0.0	0.0	0.0	0.0	0.0	0.0
Shares issued	1.5	3.6	4.3	5.4	0.0	4.3
Net change in cash	0.1	−1.2	1.7	−1.4	0.4	10.0

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020	Mar 2021Filed 8 Jul	Mar 2022Filed 3 Jun	Mar 2023Filed 31 May	Mar 2024Filed 18 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 31 May
Earnings per share	−₹3.69	₹0.30	–	−₹5.05	−₹5.70	−₹6.41	−₹16.46	₹153.29	–	−₹31.60
Diluted earnings per share	−₹3.66	₹0.30	–	−₹4.84	−₹5.70	−₹6.41	−₹16.46	₹146.19	–	−₹31.12
Book value per share	–	–	−₹8.13	–	₹4.48	₹6.81	−₹7.68	₹142.36	₹128.23	₹96.14
Shareholder yield	–	–	–	–	−3.7%	−3.9%	−6.7%	−4.2%	0.0%	−5.1%
Market cap at the year end (₹ crore)	25	15	51	41	40	92	64	126	128	85

Earnings per share is left blank for the years to Mar 2019 and Mar 2025: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Athena Global Technologies PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020	Mar 2021Filed 8 Jul	Mar 2022Filed 3 Jun	Mar 2023Filed 31 May	Mar 2024Filed 18 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 31 May
Revenue growth	–	−24.5%	77.1%	86.7%	−1.3%	−22.8%	−40.2%	14.7%	13.4%	−28.3%
	–	–	13.7%	–	−121.7%	−122.1%	1,999.8%	216.1%	−10.5%	−28.4%
	–	–	–	–	–	−0.4 pts	2,121.9 pts	−1,783.8 pts	−226.5 pts	−18.0 pts
From the net margin	–	–	–	–	–	−77.6 pts	−428.9 pts	−18,233.1 pts	−234.5 pts	−23.1 pts
From asset turnover	–	–	–	–	–	66.9 pts	291.7 pts	8,618.3 pts	5.3 pts	9.0 pts
From borrowing	–	–	–	–	–	10.3 pts	2,259.1 pts	7,831.1 pts	2.7 pts	−3.9 pts
Return on capital employed	–	–	–	–	−26.6%	−14.9%	−26.1%	−7.5%	−2.9%	−5.5%
Cash conversion	–	–	–	–	–	–	–	5.8%	–	–
Interest cover	2.3	–	–	–	–	–	–	–	–	–
Debt to equity	–	–	–	–	1.54	5.23	–	0.38	0.50	0.85
Receivable days	–	–	115	–	69	136	233	66	90	202
Inventory days	–	–	–	–	187	–	–	1	0	0
Payable days	–	–	–	–	48	–	–	93	0	321
Cash conversion cycle, days	–	–	–	–	208	–	–	−26	90	−119
Working capital days	–	–	45	–	−56	31	188	−505	−580	−143
Asset turnover	–	–	0.47	–	0.45	0.30	0.14	0.07	0.05	0.03
Assets per rupee of net worth	–	–	−3.23	–	10.99	10.14	−78.21	2.22	1.76	2.03
Sales per rupee of plant	–	–	3.71	–	6.90	4.85	3.19	28.92	1.46	5.98
Capital spending to depreciation	–	–	–	–	0.16	5.72	0.00	0.00	15.66	0.83
Plant being built, % of plant in use	–	–	14.6%	–	14.7%	13.4%	14.7%	–	–	0.0%

Interest cover is left blank for the years to Mar 2018, Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2019 and Mar 2023: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the year to Mar 2019: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2020, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −14.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−15.5%	−2.3%
Return on equity, average	–	411.0%	59.1%
Return on capital employed, average	–	−11.4%	−5.3%
Operating margin, average	−54.3%	−95.6%	−102.9%
Net margin, average	64.1%	145.4%	317.0%
Asset turnover, average	–	0.12	0.05
Cash conversion cycle, days, average	–	–	−18
Debt to equity, average	–	1.74	0.57

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−72	−48	−51
Cash from investing	15	37	57
Cash from financing	67	19	3
Capital spending	14	11	1
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	18	10	4
Borrowings raised	120	54	31
Borrowings repaid	1	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	2	4	4	1
Altman Z-scorePublished threshold 1.1	−2.50	–	−1.81	−0.60	−2.06	7.47	1.35	1.69
Beneish M-scorePublished threshold −1.78	–	–	–	−2.03	−2.49	0.28	−1.63	−1.74
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	7.29	13.58	94.22	1.03	−16.02
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	−0.07	−0.11	−0.34
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	75.80	42.49	−82.27	42.40	88.46
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	8.96	–	–	−34.24	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	12.47	35.94	−1.24	12.26	81.32
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.59	0.92	–	–	–
Effective tax ratePublished threshold 17.16 per cent	–	–	–	–	–	0.35	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.03	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.