Proyuga Advanced Technologies Unlisted Shares
Proyuga Advanced Technologies Limited
Hyderabad-based XR company behind iB Cricket, the VR cricket title on Meta Quest, and Programmer VR.
Read the full company profile
Key facts
Proyuga Advanced Technologies share details
- Lot size
- 100 shares
- Min. investment
- ₹2,000
- Face value
- ₹1
- Market cap
- ₹578 Cr
- P/E ratio
- 135.25
- P/B ratio
- 4.07
- ROCE
- 4.22%
- Founded
- 2017
- Headquarters
- Hyderabad, Telangana
- Website
- proyuga.tech
- ISIN
- INE495Y01014
- CIN
- U74999TS2017PLC176097
- Lock-in after IPO
- 6 months
Price history
Proyuga Advanced Technologies share price chart
1Y change
-20.00%
High
₹25.00
Low
₹20.00
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Proyuga Advanced Technologies
ProYuga Advanced Technologies Limited is a Hyderabad-based extended reality (XR) product company incorporated in 2017. It builds virtual, augmented and mixed reality products across gaming, education and commerce, and is best known for its flagship title iB Cricket — a virtual reality cricket game launched in 2018 in the presence of the then President of India, Shri Ram Nath Kovind.
iB Cricket lets players bat in world-class virtual stadiums using a VR headset. The company reports that more than 1.2 billion balls have been played on the platform by users from over 60 nationalities. iB Cricket has been the official VR gaming partner of eight IPL franchises (RCB, CSK, KKR, RR, SRH, DC, KXIP and LSG) across six seasons and the official VR cricket partner of the Abu Dhabi T10 League 2019, and has run pan-India brand activations with companies such as TATA Motors and Reliance Digital. In 2019 it launched the Super Over League with Viu, billed as the world's first celebrity VR cricket league. Meta selected iB Cricket for Meta Horizon+, and later extended its presence there.
Its second product, Programmer VR, launched in FY24 on the Meta Quest Store as a gamified way to learn programming by solving puzzles, and was featured by Meta in its "Most Innovative Apps" and "Best of November '23" categories. Alongside its own products, ProYuga takes on technology development and consulting engagements for other organisations, which contributed the larger part of FY26 operating revenue.
The company is registered in Telangana (CIN U74999TS2017PLC176097) with its registered office at Nanakramguda, Financial District, Gachibowli, Hyderabad, and lists offices in Chennai, Bengaluru, Devanahalli, Hyderabad, Mumbai and Vijayawada. Its equity shares carry a face value of ₹1 and are held in dematerialised form under ISIN INE495Y01014.
Sources and official links — company website: proyuga.tech · investor disclosures and annual reports: proyuga.tech/investors/investor-information · flagship product: ib.cricket. All financial figures on this page are taken from the company's audited annual reports for FY2023-24, FY2024-25 and FY2025-26.
IPO outlook
When is the Proyuga Advanced Technologies IPO?
ProYuga has not filed a draft red herring prospectus with SEBI and has not announced an IPO timeline as of September 2026. It remains an unlisted public limited company whose shares change hands in the off-market.
Its most recent primary issuance was in October 2024, when it allotted 2,23,66,985 equity shares at ₹31 per share (₹1 face value plus ₹30 premium) to the shareholders of PINscale Technologies Private Limited under a share-swap arrangement, priced off a valuation report dated 2 August 2024. Before that, in FY24, it raised roughly ₹19.15 crore through three preferential allotments at ₹40 per share between December 2023 and February 2024.
Those two transactions are the only recent public reference points for the company's own valuation of its equity. There is no announced listing plan to track against them.
Strengths
- Flagship product with measurable traction: iB Cricket reports over 1.2 billion balls played by users from 60+ nationalities, and was picked by Meta as one of the top global titles for Meta Horizon+ — a distribution slot Meta later extended.
- Deep sports and brand association: official VR gaming partner to eight IPL franchises across six seasons, official VR cricket partner of the Abu Dhabi T10 League 2019, plus activations with brands such as TATA Motors and Reliance Digital.
- Returned to operating profit in FY26: EBITDA of ₹2.11 Cr on ₹9.76 Cr of operating revenue (21.6% margin), against an EBITDA loss of ₹3.20 Cr in FY24.
- Debt-light balance sheet: total borrowings of ₹2.82 Cr against a net worth of ₹142.05 Cr as at 31 March 2026 (debt/equity 0.02), with ₹5.31 Cr in cash and equivalents.
- Export-led revenue mix: ₹5.02 Cr, or 51% of FY26 operating revenue, came from export services — demand from outside the slow-moving Indian XR hardware market.
- Second product already shipped: Programmer VR is live on the Meta Quest Store and was featured by Meta in its "Most Innovative Apps" and "Best of November '23" categories.
Risks
- The profit does not come from operations. FY26 profit after tax of ₹4.27 Cr rests on other income of ₹4.19 Cr, of which ₹3.28 Cr is interest accrued on loans to related parties. Strip that out and the company is loss-making before tax.
- Large related-party lending: ₹21.71 Cr is outstanding from iBuild Innovations India Private Limited, a related party in which a relative of a director holds 97.78%. Repayment has been extended more than once and now runs to 31 March 2027.
- Nearly half the balance sheet is a related-party investment: non-current investments of ₹69.34 Cr (46% of total assets) are shares of PINscale Technologies Private Limited, acquired through a non-cash share swap rather than bought for cash.
- A full provision is carried against an overseas investment — ₹33.11 Cr of NCRCPS in Mayuukha Pte Ltd is written down in full, on the company's own assessment of that entity's financial position.
- The top line is flat. Operating revenue has stayed between ₹8.44 Cr and ₹10.45 Cr across FY23–FY26 and fell 1.5% in FY26. The company itself notes that XR headset penetration, particularly in India, has been slower than anticipated.
- Cash generation is thin and lumpy: net cash from operations was ₹0.60 Cr in FY26, after outflows of ₹24.47 Cr in FY25 and ₹13.42 Cr in FY24.
- No promoter shareholding is declared as at 31 March 2026, and only one shareholder — Vijaya Kumar Reddy Sama, at 13.61% — holds more than 5% of the equity.
- Thin, dealer-quoted market: prices differ materially between unlisted-share platforms, there is no public order book, and an exit depends on finding a counterparty at the time you want one.
Financials
Proyuga Advanced Technologies financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY26Latest | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue (₹ Cr) | 9.76 | 9.91 | 8.44 | 10.45 |
| EBITDA (₹ Cr) | 2.11 | 0.65 | -3.20 | -0.42 |
| PAT (₹ Cr) | 4.27 | 3.79 | -1.09 | -0.39 |
| EBITDA Margin (%) | 21.57 | 6.57 | -37.88 | -4.00 |
| PAT Margin (%) | 43.77 | 38.27 | -12.93 | -3.73 |
| ROA (%) | 2.85 | 2.60 | -1.49 | -0.53 |
| RoNW (%) | 3.01 | 2.75 | -1.69 | -0.84 |
| EPS (₹) | 0.15 | 0.14 | -0.04 | -0.01 |
| Book Value (₹) | 4.92 | 4.77 | 2.42 | 1.78 |
| Debt / Equity | 0.02 | 0.02 | 0.05 | 0.14 |
| Total Assets (₹ Cr) | 150 | 146 | 73 | 73 |
| Net Worth (₹ Cr) | 142 | 138 | 65 | 47 |
Swipe the table sideways for earlier years →
Leadership
Management team
Sai Kiran Nallapaneni
Whole-time Director
Executive director on the board (DIN 09507261), re-appointed for a further five-year term. Member of the audit, stakeholder relationship and nomination & remuneration committees.
Sai Teja Manchukanti
Non-Executive Director
Non-executive director (DIN 07596317) and chairman of the stakeholder relationship committee.
Thanmai Gurijala
Independent Director
Chairperson of the audit committee and of the nomination & remuneration committee.
Venugopala Rao Kancherla
Independent Director
Member of the audit committee and of the nomination & remuneration committee.
Sai Sasank S Ganesh Parimi
Chief Executive Officer
Chief executive officer and key managerial personnel of the company.
Karumuru Gowtham Reddy
Chief Financial Officer
Chief financial officer and key managerial personnel of the company.
Vasavi Latha Garapati
Company Secretary
Company secretary and compliance officer (Membership No. A65841).
Capital journey
Funding history
Share Swap (PINscale)
· Oct 2024
Raised ₹69.34 Cr (non-cash) at ₹31 / share valuation
Led by Shareholders of PINscale Technologies Private Limited
Preferential Allotment
· Dec 2023 – Feb 2024
Raised ₹19.15 Cr at ₹40 / share valuation
Led by Private placement investors (47,87,500 shares in three tranches)
Documents
Annual reports & filings
Corporate events
Events & announcements
Event
Date
File
FY 2025-26 audited financial statements adopted
Annual Report
6 Sep 2026
Board approved the audited accounts for the year ended 31 March 2026: operating revenue of Rs 9.76 Cr and profit after tax of Rs 4.27 Cr.
—
Share swap with PINscale Technologies shareholders
Capital
9 Oct 2024
Allotted 2,23,66,985 equity shares at Rs 31 per share (Rs 1 face value plus Rs 30 premium) to shareholders of PINscale Technologies Private Limited on a preferential basis.
—
Preferential allotments at Rs 40 per share
Capital
23 Feb 2024
Raised about Rs 19.15 Cr across three private placements of 22,50,000, 17,87,500 and 7,50,000 equity shares at Rs 1 face value plus Rs 39 premium.
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Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
