Vertoz Limited (NSE: VERTOZ)
Source: Vertoz Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Vertoz Limited |
| Corporate Identity Number (CIN) | L74120MH2012PLC226823 |
| ISIN | INE188Y01031 (For Equity Shares having face value Rs. 10) |
| Stock Exchange Listing | NSE: VERTOZ (Series: EQ) |
| Date of Incorporation / Founding Year | Formed in 2012 |
| Founders / Key Founding Figures | Hirenkumar Rasiklal Shah, Ashish Rasiklal Shah |
| Registered Office & Corporate Headquarters | 602, Avior, Nirmal Galaxy, L.B.S. Marg, Opp. Johnson & Johnson, Mulund (West), Mumbai – 400 080, Maharashtra State, India (Corporate Office: Mindspace Airoli East, Navi Mumbai – 400708) |
| Telephone & Official Investor Relations Email | 022 – 6142 0911 | compliance@vertoz.com |
| Chairman / Managing Director & CEO | Harshad Uttamchand Shah (Chairman & Non-Executive Director), Hirenkumar Rasiklal Shah (Managing Director) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Dimple Hirenkumar Shah (CFO & Executive Director), Nupur Joshi (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Hirenkumar Rasiklal Shah, Ashish Rasiklal Shah, and Promoter Group |
| Industry / Sector Classification | MadTech (Marketing Technology & Advertising Technology), IT-Enabled Services, Digital Advertising, Cloud Infrastructure |
| Total Employees / Workforce | 352 Total Employees (303 employees for the year ended March 31, 2026; 289 permanent employees) |
| Offices & Data Centers Count | 10 Data Centers, international and domestic operations across 4 countries (India, US, UK, UAE) |
| Statutory Auditors | M/s. Mittal & Associates, Chartered Accountants |
| Secretarial Auditors | M/s. U. Hegde & Associates, Practicing Company Secretaries |
| Internal Auditor | Yatin Shah |
| Registrar and Share Transfer Agent (RTA) | KFin Technologies Limited, Hyderabad |
🏢 The Corporate Identity: Vertoz Limited Overview, Promoters & History
The Big Picture: Business Model & Core Value Proposition
Vertoz Limited operates as a global AI-led advertising ecosystem that helps brands and agencies plan, execute, optimize, and scale digital media with greater intelligence and accountability. The company combines media expertise, centralized control, pacing oversight, and performance optimization to improve efficiency and drive measurable growth. Its connected capabilities deliver end-to-end advertising solutions engineered for outcomes, bridging media strategy, audience planning, campaign activation, and reporting.
The enterprise functions as a technology platform enterprise empowering organizations to thrive in the modern digital landscape through proprietary new-age technology platforms for digital marketing, advertising, media, and monetization. Vertoz platforms cater to businesses, digital marketers, advertising agencies, digital publishers, and technology companies, providing end-to-end data-driven marketing strategy and automated monetization infrastructure.
The Founders, Promoters & Their Legacy
Vertoz was built under the leadership of Hirenkumar Rasiklal Shah, Founder and Managing Director, alongside Ashish Rasiklal Shah, Founder and Director. The founding team has guided the company’s expansion from its initial formation in San Francisco in 2012 to a multi-national technology ecosystem spanning India, the United States, the United Kingdom, and the United Arab Emirates. Their strategic vision has steered the enterprise through continuous innovation, including the integration of artificial intelligence across programmatic advertising, Connected TV (CTV), Digital Out-of-Home (DOOH), publisher monetization, and cloud infrastructure.
The Journey: Corporate History & Key Milestones
Since its establishment in 2012, Vertoz has achieved significant corporate and operational milestones that shaped its current scale:
- 2012: Formed Vertoz and expanded operations to San Francisco, USA.
- 2017: Listed on the NSE Emerge platform.
- 2018: Launched advanced proprietary advertising and publisher networks.
- 2020: Commenced CTV and DOOH offerings.
- 2021: Rebranded PubNX and expanded specialized monetization platforms.
- 2023: Executed strategic mergers and expanded global footprint, including Hong Kong and UAE entities.
- 2026: Completed the acquisition of WebiMax LLC (US-based performance marketing agency) through wholly owned subsidiary Vertoz Inc., and shifted corporate offices to Mindspace, Airoli, Navi Mumbai.
The Corporate Umbrella & Group Structure
The Vertoz ecosystem operates as a connected family of specialized entities delivering advertising, monetization, digital growth, domain, and cloud capabilities across the business lifecycle. Key operating platforms within the group include publisher monetization platforms, agentic advertising platforms, domains reseller platforms, cloud infrastructure platforms, and digital growth platforms. The group maintains an extensive network of domestic and international subsidiaries across the US, UK, UAE, Hong Kong, and India.
⚙️ The Business Engine: Segments, Brands, Products & Operations
The Core Divisions & Segment Revenue Breakdown
Vertoz operates primarily within a single unified segment focused on IT-enabled services, digital advertising, marketing technology, monetization, and allied services. Consolidated revenue from operations reached ₹291.86 Crores for FY 2025-26, reflecting a 14.37% year-over-year increase compared to ₹255.20 Crores in FY 2024-25.
The Product & Service Catalog (with Operational KPIs & Order Book)
The company delivers advertising solutions across multiple channels and programmatic environments. Key operational indicators and platform metrics highlight its massive transaction scale:
- Campaigns Executed: 375+ active campaigns managed and executed.
- Data Centers: 10 high-performance data centers supporting global infrastructure.
- Domains Managed: 2.46 Million domains under management.
- Brands and Agencies Served: 275+ global brands and agencies.
- Patents Applied For: 4 strategic patent applications filed for real-time electronic request processing, dynamic CPM optimization, cohort-based machine learning auction decisioning, and demand path optimization (DPO).
The Names You Know: Key Brands & Flagship Portfolio
| Brand / Product Name | Category / Business Segment | Target Market & Key Positioning |
|---|---|---|
| Vertoz AI-Led Ecosystem | Programmatic Advertising & Media Execution | Global brands and agencies seeking outcome-driven programmatic media buying across search, social, video, and CTV. |
| PubNX / Vokut | Publisher Monetization Platform | Digital publishers seeking yield optimization, open bidding, and programmatic inventory monetization. |
| Qualispace / OwnRegistrar | Cloud Infrastructure & Domain Reseller Platform | Small and medium-sized enterprises, domain resellers, and web hosting clients needing ICANN-accredited domain and cloud services. |
| WebiMax | Digital Growth & Performance Marketing | North American enterprises requiring SEO, online reputation management, lead generation, and automation-driven technology solutions. |
Mapping the Domestic & Global Reach (India vs. Exports)
Vertoz maintains a robust international presence alongside its domestic Indian operations. Foreign exchange inflow for FY 2025-26 stood at ₹27.12 Crores, compared to ₹11.85 Crores in FY 2024-25. International subsidiaries across the United States, United Kingdom, United Arab Emirates, and Hong Kong contribute substantially to consolidated gross income, which totaled ₹296.48 Crores for the current financial year.
The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices
As a technology and IT-enabled services enterprise, Vertoz does not operate physical manufacturing plants. Its physical footprint comprises corporate headquarters in Mulund, Mumbai, its primary corporate office at Mindspace Airoli East, Navi Mumbai, and operational branches and subsidiary offices across San Francisco, New York, New Jersey, London, Ras Al Khaimah (UAE), and Hong Kong.
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
| Financial Parameter | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Gross Income | 296.48 | 262.18 | +13.08% |
| Revenue from Operations | 291.86 | 255.20 | +14.37% |
| Consolidated EBITDA (Profit Before Interest & Depreciation) | 53.40 | 43.42 | +22.98% |
| Profit After Tax (PAT) | 26.12 | 25.66 | +1.79% |
| Total Equity / Net Worth | 144.48 | 131.67 | +9.73% |
Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)
| Particulars (₹ in Crores) | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 291.86 | 255.20 | +14.37% |
| Other Income | 4.63 | 6.98 | -33.67% |
| Total Income | 296.48 | 262.18 | +13.08% |
| Total Operational Expenses | 243.09 | 218.76 | +11.12% |
| Earnings Before Interest, Tax, Depreciation & Amortization (EBITDA) | 53.40 | 43.42 | +22.98% |
| Finance Costs | 5.51 | 2.18 | +152.75% |
| Depreciation and Amortisation Expense | 16.01 | 13.35 | +19.93% |
| Profit Before Tax (PBT) | 31.88 | 27.88 | +14.35% |
| Tax Expense (Current Tax & Deferred Tax) | 5.76 | 2.22 | +159.46% |
| Profit After Tax (PAT) for the Period | 26.12 | 25.66 | +1.79% |
| Other Comprehensive Income (Net of Tax) | 0.08 | 0.42 | -80.95% |
| Total Comprehensive Income | 26.20 | 26.08 | +0.46% |
Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)
| Balance Sheet Parameters (₹ in Crores) | As at March 31, 2026 | As at March 31, 2025 | Latest YoY (%) |
|---|---|---|---|
| Equity Share Capital | 85.23 | 85.23 | 0.00% |
| Other Equity / Reserves & Surplus | 59.25 | 46.44 | +27.58% |
| Total Equity (Net Worth) | 144.48 | 131.67 | +9.73% |
| Non-Current Borrowings | 22.50 | 10.50 | +114.29% |
| Total Non-Current Liabilities | 25.10 | 12.80 | +96.09% |
| Current Borrowings | 15.20 | 4.10 | +270.73% |
| Total Current Liabilities | 95.10 | 68.20 | +39.44% |
| Total Liabilities | 120.20 | 81.00 | +48.40% |
| Total Equity and Liabilities | 264.68 | 212.67 | +24.46% |
| Total Current Assets | 150.40 | 120.50 | +24.81% |
| Total Assets | 264.68 | 212.67 | +24.46% |
Cash Flow: Tracking the Money Movement
| Cash Flow Statement Summary (₹ in Crores) | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Net Cash Generated from / (used in) Operating Activities | 24.50 | 21.10 | +16.11% |
| Net Cash Used in Investing Activities (including CapEx & Acquisitions) | (35.20) | (18.40) | +91.30% |
| Net Cash Generated from / (used in) Financing Activities | 12.80 | (1.50) | N/M |
| Net Increase / (Decrease) in Cash and Cash Equivalents | 2.10 | 1.20 | +75.00% |
| Cash and Cash Equivalents at End of Year | 4.80 | 2.70 | +77.78% |
Funding the Future: CapEx, CWIP, R&D & Foreign Exchange
During the year under review, the company maintained disciplined capital expenditure toward expanding its technology platforms, data center capabilities, and artificial intelligence infrastructure. Foreign exchange earnings (inflow) stood at ₹27.12 Crores, while foreign exchange outgo (outflow) was ₹2.15 Crores, alongside overseas direct investments of ₹9.08 Crores in subsidiary operations.
👥 Power & Control: Corporate Governance, Leadership & Ownership
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation / Role | DIN / PAN | Category |
|---|---|---|---|
| Harshad Uttamchand Shah | Chairman & Non-Executive Director | 07849186 | Non-Executive Promoter |
| Hirenkumar Rasiklal Shah | Managing Director | 00092739 | Executive Promoter |
| Ashish Rasiklal Shah | Non-Executive Director | 00092787 | Non-Executive Promoter |
| Rohit Keshavlal Vaghadia | Non-Executive Independent Director | 07946771 | Independent Director |
| Rajkumar Chandulal Gupta | Non-Executive Independent Director | 10616896 | Independent Director |
| Dimple Hirenkumar Shah | Executive Director & Chief Financial Officer | 07788365 | Executive Promoter Group |
| Nupur Joshi | Company Secretary & Compliance Officer | ARDPJ6139R | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
| Category of Shareholder | Total Number of Shares Held | Shareholding Percentage (%) |
|---|---|---|
| Promoter & Promoter Group | 55,233,242 | 64.80% |
| Public (Institutions & Non-Institutions) | 29,996,758 | 35.20% |
| Total Paid-Up Equity Capital | 85,230,000 | 100.00% |
🗺️ The Corporate Family Tree: Group Structure & Strategic Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
| Entity Name | Relationship | Country | % Shareholding | Turnover (₹ in Crores) | PAT (₹ in Crores) |
|---|---|---|---|---|---|
| Vertoz Inc. | Subsidiary | USA | 100.00% | 132.14 | 0.43 |
| Vertoz FZ-LLC | Subsidiary | UAE | 100.00% | 115.40 | 33.67 |
| IncrementX Private Limited | Subsidiary | India | 100.00% | 13.64 | 0.28 |
| Admeridian Inc. | Subsidiary | USA | 100.00% | 34.41 | 3.53 |
| OwnRegistrar Inc. | Subsidiary | USA | 100.00% | 23.43 | 0.67 |
| Perfomise Solutions Private Limited | Subsidiary | India | 51.00% | 12.71 | 0.10 |
Strategic Investments, Credit Facilities & Contingent Liabilities
The company maintains banking credit facilities with institutional lenders including ICICI Bank, HSBC Bank, India Exim Bank, and Kotak Mahindra Bank. Strategic investments during the year included the acquisition of an 80% equity stake in WebiMax LLC in the United States and capital infusions across operating subsidiaries to support international expansion.
🎯 The Strategic Outlook: Competitive Moats, Risks & Future Growth Plans
Competitive Advantages & Economic Moats
Vertoz possesses robust competitive moats anchored in its proprietary AI-led advertising technology platforms, extensive global publisher network spanning 2.46 million domains, and integrated cloud infrastructure. Its ability to process high-frequency programmatic ad requests with millisecond-level latency through patented real-time algorithms provides a formidable technological edge in the global MadTech ecosystem.
What Could Go Wrong? Key Challenges & Business Risks
Potential business risks include rapid technological shifts in digital advertising, global currency volatility across operating jurisdictions, intense competition from domestic and international ad-tech providers, and evolving data privacy regulations affecting programmatic targeting and cookie-less web environments.
The Next Chapter: Growth, Order Pipeline & CapEx Initiatives
The company’s forward roadmap emphasizes deepening integration across newly acquired entities like WebiMax LLC, expanding North American and European market penetration, scaling patented AI innovations in dynamic CPM optimization and demand path optimization, and driving operational efficiencies across its global data center network.
The Verdict: Strategic Outlook & Conclusion
Vertoz Limited demonstrates solid financial performance, disciplined execution, and expanding profitability across its consolidated operations. With a clear strategic focus on artificial intelligence, programmatic advertising ecosystems, and international inorganic expansion, the company is well-positioned to capture secular growth in the global marketing technology sector.
Frequently Asked Questions (FAQs) About Vertoz Limited
Q1: What is the core business and flagship product portfolio of Vertoz Limited?
Vertoz Limited is a global AI-led advertising ecosystem that helps brands and agencies plan, execute, optimize, and scale digital media. Its core offerings include programmatic advertising platforms, publisher monetization networks (PubNX/Vokut), cloud infrastructure and domain reseller services (Qualispace/OwnRegistrar), and digital marketing solutions through its US subsidiary WebiMax.
Q2: What were the latest FY revenue and net profit figures for Vertoz Limited?
For the financial year ended March 31, 2026 (FY 2025-26), Vertoz reported consolidated revenue from operations of ₹291.86 Crores and a Consolidated Profit After Tax (PAT) of ₹26.12 Crores.
Q3: Who are the promoters and key leadership figures of Vertoz Limited?
The company is promoted by Hirenkumar Rasiklal Shah (Managing Director) and Ashish Rasiklal Shah (Non-Executive Director). Harshad Uttamchand Shah serves as the Chairman and Non-Executive Director.
Q4: How is the company’s geographic footprint distributed between domestic and international markets?
Vertoz operates globally with offices and subsidiaries across India, the United States, the United Kingdom, the United Arab Emirates, and Hong Kong. Foreign exchange inflow stood at ₹27.12 Crores for FY 2025-26.
Q5: What is the capital structure and debt profile of the company?
As of March 31, 2026, the company’s paid-up equity share capital stands at ₹85.23 Crores, backed by total equity (net worth) of ₹144.48 Crores and total debt of ₹37.70 Crores (comprising non-current borrowings of ₹22.50 Crores and current borrowings of ₹15.20 Crores).
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.vertoz.com