1. EXECUTIVE SUMMARY
FY 2025-26 marked another significant year for Purple Wave Infocom Limited as the Company continued to strengthen its position in Indias rapidly evolving Professional Audio Visual (Pro AV) and Information & Communication Technology (ICT) industry. The year witnessed continued digital transformation across enterprises, educational institutions, government organizations, healthcare facilities and commercial establishments, resulting in sustained demand for integrated audio visual solutions, digital collaboration technologies, LED display systems and intelligent workplace solutions. During the year under review, the Company demonstrated resilience despite an increasingly competitive business environment and global macroeconomic uncertainties. The Companys strategic focus on project execution, customer-centric solutions, technological innovation and operational excellence enabled it to improve its business performance while continuing investments in manufacturing capabilities and business expansion. Purple Wave continued to expand its presence across various industry verticals including:
Corporate Enterprises
Government Departments
Educational Institutions
Hospitality
Healthcare
Banking & Financial Institutions
Smart Meeting Rooms
Digital Signage
Command & Control Centres
Auditoriums & Convention Centres
The Company also continued strengthening its manufacturing capabilities and value-added service offerings, enabling better control over quality, faster execution and improved customer experience.
During FY 2025-26, the Company remained focused on:
Expanding its customer base across India.
Strengthening relationships with technology partners.
Improving operational efficiencies.
Enhancing project execution capabilities.
Investing in manufacturing infrastructure.
Developing innovative technology-driven solutions.
Maintaining strong corporate governance and compliance standards.
The management believes that Indias increasing focus on digital infrastructure, smart workplaces, enterprise collaboration and indigenous manufacturing will continue to create significant long-term growth opportunities for the Company.
2. GLOBAL ECONOMIC OVERVIEW
The global economy continued to experience moderate growth during 2025, supported by easing inflationary pressures, resilient labour markets and gradual recovery in global trade. However, geopolitical conflicts, supply chain disruptions and elevated interest rates in several advanced economies continued to influence investment decisions across industries. Major economies witnessed slower but stable growth compared to previous years as central banks balanced inflation control with economic expansion. Global demand for digital technologies, artificial intelligence, cloud computing and workplace collaboration solutions continued to grow, supporting investments in enterprise technology infrastructure.
Businesses worldwide increasingly adopted hybrid working environments, intelligent collaboration platforms and digital communication technologies. Organizations accelerated investments in digital infrastructure to improve operational efficiency, cybersecurity, employee collaboration and customer engagement. The continued adoption of Artificial Intelligence (AI), Internet of Things (IoT), automation, cloud-based applications and smart digital workplaces is expected to reshape enterprise technology spending over the coming years.
Key Global Trends
Increasing investments in digital transformation.
Growth in hybrid workplace technologies. Rising adoption of Artificial Intelligence.
Expansion of cloud-based collaboration platforms.
Growing demand for enterprise cybersecurity.
Increasing investments in smart infrastructure.
Recovery in global supply chains.
Continued investments in digital communication technologies.
The global economy navigated FY 2025-26 amid a moderating but resilient growth backdrop, with output expanding at a modest pace as major central banks progressively eased monetary policy from the restrictive levels seen in 2022-24. Disinflation trends continued across most advanced and emerging economies, although geopolitical tensions, elevated public debt levels, supply-chain realignment and episodic commodity price volatility remained key sources of uncertainty. Growth was led by resilient services activity, continued capital expenditure in digital infrastructure, artificial intelligence and data-centre build-outs, and a gradual recovery in global trade volumes. For technology-adjacent and audio-visual integration businesses such as Purple Wave, the global backdrop was broadly supportive: enterprises across geographies continued to invest in hybrid-work infrastructure, collaboration technology, digital signage and experience-led retail formats, even as overall capital spending cycles remained selective. Currency volatility and elevated financing costs in certain markets tempered the pace of large-ticket capital projects, while government-led digital infrastructure programmes and smart-city initiatives provided an offsetting tailwind, particularly across Asia. ? Global GDP growth is estimated to have moderated modestly during CY2025 relative to CY2024, with growth differentials between advanced and emerging economies persisting in favour of the latter.
? Central banks in major economies continued a calibrated rate-easing cycle, improving the cost of capital for corporate technology investment as compared to the peak rate environment of 2023
? Enterprise IT and audio-visual spending remained resilient, underpinned by continuing investment in hybrid work, collaboration technology, digital signage and immersive customer experience formats.
? Supply-chain diversification ("China-plus-one") continued to benefit India as an alternate manufacturing and technology-services hub, indirectly supporting demand for domestic system-integration and distribution businesses
3. INDIAN ECONOMIC OVERVIEW
India continued to remain one of the fastest-growing major economies in the world during FY 2025-26. Strong domestic demand, robust government capital expenditure, rising private investments and increasing digital adoption supported economic growth despite global uncertainties. Government initiatives such as:
Digital India
Make in India
Smart Cities Mission
PM Gati Shakti
National Education Policy
Semiconductor Mission
Production Linked Incentive (PLI) Schemes have significantly accelerated investments across technology, manufacturing and infrastructure sectors.
Rapid urbanization, increasing internet penetration, expansion of digital public infrastructure and higher corporate technology spending have created favorable conditions for the Pro AV and ICT industry. Indias corporate sector continued investing in:
Smart offices
Hybrid workplaces
Digital meeting rooms
Enterprise collaboration platforms
Digital signage
LED display solutions
Security & surveillance
Command & control centres
The education sector also witnessed increasing investments in smart classrooms and digital learning infrastructure.
Government organizations increasingly adopted integrated communication systems for administrative efficiency and public service delivery.
Key Economic Indicators
| Indicator | FY 2025-26 |
| GDP Growth | 6 7% |
| Inflation | Moderating |
| Infrastructure Spending | Increased |
| Manufacturing Growth | Positive |
| Digital Economy | Strong Growth |
India continued to be among the fastest-growing major economies during FY 2025-26, supported by robust domestic consumption, sustained public capital expenditure on infrastructure, a resilient services sector and continuing formalisation of the economy. Government initiatives under the Digital India, Smart Cities Mission and Production Linked Incentive (PLI) frameworks continued to catalyze investment in digital infrastructure, electronics manufacturing and technology adoption across government, corporate and retail establishments. The Reserve Bank of Indias monetary policy stance turned progressively more accommodative during the year, aiding the cost of working capital and term borrowings for mid-sized enterprises, including system integrators such as the Company. Continuing urbanization, expansion of organized retail, growth in the number of technology parks, data centers, corporate campuses and government e-governance centers, together with an expanding base of listed and unlisted enterprises undertaking office modernization, sustained demand for Pro-AV integration, digital signage, smart classrooms and related managed services - the core addressable market for the Company. ? Continued Government thrust on Digital India, Smart Cities and e-Governance projects widened the addressable market for AV integration, digital signage and automation solutions in the public sector.
? A calibrated softening in domestic interest rates during the year supported working-capital availability for growing SME/mid-cap enterprises, including listed SME-platform companies such as Purple Wave.
? Expansion of organised retail, multiplex, hospitality, education and corporate real estate continued to generate fresh demand for boardroom AV, experience centres, retail digital branding and smart classrooms.
? The Companys listing on the BSE SME platform during the year (refer Section 13) provided access to capital markets at a time when the broader Indian SME ecosystem continued to see healthy investor participation.
4. INDUSTRY OVERVIEW
PROFESSIONAL AUDIO VISUAL (PRO AV) INDUSTRY
The global Professional Audio-Visual ("Pro-AV") industry - encompassing enterprise collaboration systems, digital signage, control and automation, unified communications, home theatre and immersive experience solutions - has continued its multi-year secular growth trajectory. Key demand drivers include the permanent shift toward hybrid working models, growing enterprise investment in unified communication and collaboration ("UC&C") platforms, the proliferation of digital-out-of-home ("DOOH") advertising, and rising consumer and institutional demand for immersive audio-visual experiences in retail, hospitality, education and entertainment. Industry commentary continues to highlight cloud-managed AV-as-a-Service and Software-as-a-Service ("SaaS") content management offerings as one of the fastest-growing sub-segments within Pro-AV, as enterprises increasingly prefer subscription-based, centrally-managed digital signage and content deployment over one-time hardware purchases. This trend is directly aligned with the Companys own strategic emphasis on its cloud-based content management platform,
"Streampurple"
Indias Professional Audio Visual ("Pro AV") industry is undergoing a structural transformation, driven by rapid digitization of enterprises, expansion of digital infrastructure, adoption of hybrid working models, increasing demand for immersive communication and the integration of artificial intelligence ("AI") with audio visual technologies. The broader economic environment remains supportive of technology-led investment. The IMF has highlighted the resilience of the Indian economy and the importance of Indias digital public infrastructure in enabling innovation and productivity. The IMF has also noted that AI adoption among Indian companies is expanding rapidly and that further investment in digital infrastructure, skills and innovation could generate meaningful productivity gains over the medium term. The global professional audio-visual (Pro AV) systems market is valued at approximately $425 billion to $479 billion in 2026, with forecasts projecting steady expansion toward over $540 billion to $760 billion by the early 2030s. For India, this opportunity is increasingly moving beyond conventional audio and display equipment towards integrated technology solutions combining hardware, software, connectivity, cloud platforms, automation and AI-enabled capabilities. Indias Professional Audio Visual industry has evolved rapidly over the last decade, driven by technological advancements, digital transformation initiatives and increasing demand for integrated communication solutions. The industry encompasses:
Audio Systems
Video Conferencing
Unified Communication
Digital Signage
LED Display Solutions
Interactive Displays
Smart Classrooms
Collaboration Platforms
Auditorium Solutions
Board Room Solutions
Broadcast & Media Technologies
Increasing enterprise digitization has transformed audio visual systems from standalone hardware products into integrated intelligent communication ecosystems. Organizations increasingly demand end-to-end solutions integrating software, hardware, cloud connectivity and artificial intelligence. This trend presents significant opportunities for system integrators such as Purple Wave Infocom Limited.
Professional Audio-Visual Market Trends and Growth
Market Valuation: Estimated between $424.69 billion and $479.23 billion for 2026, growing at a compound annual growth rate (CAGR) near 6.8% to 12.8% depending on the specific asset class and sub-segment. Core Drivers: Rising demand for hybrid communications, AI-enabled conferencing systems, immersive XR/AR/VR entertainment, and cloud-based AV orchestration Regional Distribution: The Asia-Pacific region represents one of the fastest-growing and largest sectors for adoption, led by robust digital transformation and corporate infrastructure spending
HEARING AID & ASSISTIVE AUDIO TECHNOLOGY INDUSTRY
The hearing aid and assistive audio technology market is evolving rapidly with advances in digital signal processing, artificial intelligence, wireless connectivity, miniaturization and personalized hearing solutions. Hearing devices are increasingly transitioning from conventional amplification products to intelligent, connected and digitally enabled devices capable of delivering personalized audio experiences. Hearing loss is a significant global public-health and social challenge. According to the World Health Organization ("WHO"), more than 1.5 billion people globally live with some degree of hearing loss, and this number is expected to increase to more than 2.5 billion by 2030. WHO estimates that more than 430 million people currently require rehabilitation services for disabling hearing loss, a figure expected to exceed 700 million by 2050. This expanding need creates a substantial long-term opportunity for hearing-care and assistive-audio technologies. The market opportunity is particularly relevant for countries such as India, where a large population base, increasing awareness of hearing health, improving healthcare infrastructure and greater accessibility to digital technologies are supporting the gradual adoption of modern hearing solutions.
Shift from Conventional Hearing Aids to Smart Hearing Solutions
Historically, hearing aids were primarily designed as amplification devices. Technological advancements have significantly expanded their functionality. Modern hearing solutions increasingly incorporate:
? Digital sound processing;
? Automatic noise reduction;
? Directional microphones;
? Feedback cancellation;
? Bluetooth and wireless connectivity;
? Smartphone connectivity;
? Rechargeable batteries;
? Remote configuration and programming;
AI-assisted sound optimisation;
? Personalised hearing profiles;
Real-time environmental adaptation; and
Integration with other smart devices.
This technological evolution is creating convergence between hearing healthcare, consumer electronics, artificial intelligence and connected-device technologies. The emergence of AI is particularly significant. AI-enabled hearing solutions can analyse the acoustic environment and dynamically optimise speech and background sound, potentially improving the users ability to communicate across different environments such as offices, classrooms, public spaces and social gatherings.
Indian Hearing Aid Market
India represents a significant long-term market opportunity for hearing-care and assistive-audio solutions because of its large population and the considerable unmet need for hearing rehabilitation. The opportunity is supported by several structural factors:
1. Large addressable population
India has a very large population base, resulting in a substantial potential market for hearing screening, hearing rehabilitation, hearing aids and assistive listening technologies.
2. Increasing awareness
Awareness regarding hearing health is improving among consumers, families, educational institutions and healthcare professionals. Earlier identification and intervention can increase demand for hearing solutions.
3. Ageing population
Age-related hearing loss is expected to become increasingly important as Indias elderly population grows. This creates a long-term structural requirement for affordable and accessible hearing solutions.
4. Digitalisation of healthcare
The increasing use of smartphones, connected devices and digital healthcare platforms is creating opportunities for digitally enabled hearing solutions.
5. Technology-led affordability
Advances in semiconductor technology, digital signal processing and wireless connectivity are enabling manufacturers and solution providers to develop increasingly compact and feature-rich devices.
6. Accessibility and inclusion
Greater emphasis on inclusive education, workplace accessibility and participation of persons with disabilities is supporting demand for assistive technologies.
AI and Smart Hearing Technology
Artificial intelligence is expected to be one of the important technological drivers of the hearing-aid industry.
AI-enabled hearing technologies can potentially assist with:
? Speech enhancement;
? Background-noise suppression; ? Automatic environment recognition; ? Voice prioritisation; ? Personalised sound profiles; ? Real-time acoustic adaptation; ? Remote device management; and ? Data-driven hearing optimisation.
The convergence of AI + IoT + Bluetooth + mobile applications + digital signal processing is transforming hearing devices into connected personal audio platforms.
This trend also creates opportunities beyond traditional hearing aids, including assistive listening systems, personal amplification devices, communication enhancement systems and specialised audio solutions.
Assistive Listening and Communication Solutions
The opportunity extends beyond individual hearing aids. Assistive listening technologies can be deployed across environments where clear communication is critical, including:
Corporate & Business Environment - Meeting rooms; Boardrooms; Training rooms; Conference facilities; Reception areas; and Employee accessibility infrastructure.
Education - Classrooms; Universities; Training centres; Smart classrooms; and Examination and learning environments.
Public Infrastructure- Airports Railway stations; Government offices; Public service counters; Auditoriums; and Convention centres.
Healthcare- Hospitals; Clinics; Diagnostic centres; Rehabilitation centres; and Senior-care facilities.
Entertainment & Hospitality Auditoriums; Cinemas; Theatres; Hotels; Museums; and Experience centres.
This provides an interesting strategic connection between Purple Waves Pro AV business and the hearing/assistive-audio opportunity, because many of these applications require both professional audio infrastructure and accessibility-oriented listening solutions.
Convergence of Pro AV and Hearing Technologies
One of the emerging opportunities is the convergence of professional audio visual infrastructure with assistive listening technology. Modern public and commercial spaces increasingly need to serve users with different accessibility requirements. Consequently, AV infrastructure can increasingly incorporate:
Audio System ? Wireless Transmission ? Hearing Assistance ? Personal Device ? User
This creates opportunities for integrated solutions combining: Professional microphones; DSP systems; Amplification; Wireless audio transmission; Hearing assistance; Personal listening devices; Digital signal processing; Bluetooth connectivity; and Centralised control systems. For a system integrator, this represents an opportunity to move from supplying conventional AV equipment towards providing inclusive communication environments.
Government and Social Inclusion
Accessibility is also becoming an increasingly important component of infrastructure planning. Indias policy framework relating to the rights and inclusion of persons with disabilities, together with increasing awareness around accessible public infrastructure and education, provides a supportive environment for assistive technologies. The Rights of Persons with Disabilities Act, 2016 provides the broader statutory framework for promoting the rights and inclusion of persons with disabilities. The increasing emphasis on accessibility can create opportunities for technology solutions that improve communication and participation.
Accordingly, hearing and assistive-audio technologies can potentially find applications in education, employment, healthcare, government services and public infrastructure.
Industry Outlook
The long-term outlook for hearing aids and assistive-audio technologies remains encouraging, supported by: Increasing prevalence and awareness of hearing loss; Demographic changes and an ageing population; Growing emphasis on early hearing intervention; Technological advancements in AI and digital signal processing; Increasing smartphone and Bluetooth penetration; Demand for discreet and rechargeable devices; Greater emphasis on accessibility and inclusion; Expansion of digital healthcare; and Increasing integration of assistive technologies into public and commercial infrastructure.
The industry is expected to increasingly move towards smaller, smarter, connected and personalised hearing solutions.
For Purple Wave Infocom Limited, the opportunity lies in leveraging its existing capabilities in professional audio, AV integration, digital technologies and communication solutions to explore adjacent opportunities in hearing and assistive-audio technologies. The Company believes that the convergence of Pro AV, artificial intelligence, digital audio processing, wireless communication and accessibility technologies could create new avenues for product development, system integration and technology-led solutions..
LED DISPLAY INDUSTRY
LED displays are increasingly replacing conventional display technologies in applications requiring high brightness, large-format visualisation, enhanced resolution and immersive experiences. The Indian LED display market was estimated at approximately US$848 million in 2025, with the market projected to reach approximately US$1.32 billion by 2034, representing a CAGR of around 5% during 2026-2034. Growth is being supported by increasing demand for digital signage, retail and entertainment applications, high-resolution commercial displays and smart-city-related infrastructure. The LED display market has witnessed substantial growth owing to increasing adoption in:
Retail
Airports
Railway Stations
Shopping Malls
Hospitality
Government Projects
Advertising
Sports Infrastructure
Corporate Offices
For system integrators, the opportunity extends beyond the supply of LED panels to complete display ecosystems comprising display hardware, processors, content management, control systems, installation and maintenance services. The transition from conventional display systems towards high-resolution LED displays is expected to continue over the next several years.
LED Modular Display Market Summary
The global LED modular display market size was valued at USD 7.5 billion in 2023 and is projected to grow from USD 10.2 billion in 2026 to USD 17.4 billion by 2030, at a CAGR of 13.7% from 2024 to 2030. The market in Asia Pacific dominated with a revenue share of 35.1% in 2023. The market growth is driven by the rising use of LED modular displays in various applications such as airports/railways, retail stores, media and advertising, auditoriums, sports and entertainment, and control rooms. In order to enhance customer interaction, numerous businesses utilize sophisticated technologies such as artificial intelligence, augmented reality, big data, and machine learning. Retail stores use interactive displays that allow customers to try on dresses virtually. Moreover, the technology necessitates a larger budget for research and development activities, leading to a rise in the total cost of the LED modular display. It has encouraged the players to provide LED modular displays for rent. Some market participants, such as PixelFLEX and others, offer rental services for LED screens and innovative LED solutions. The rising investments by various governments in the research and development activities of technology products are driving the market growth for LED modular display products. For instance, the Ministry of Electronics and & Information Technology (MeitY) approved a project, "Next Generation AMOLED Displays, OLED Lighting and OPV products: Development of Disruptive Technologies to enable cost-effective electronic component manufacturing in India," to be implemented by IIT Madras and a significant budget was granted to the institute for this project. Moreover, the market is driven by the products thin, light, and easy-to-install properties. LED modular displays are anticipated to attract the attention of more corporate users and businesses in the approaching years.
Type Insights
The indoor modular screens segment dominated the global industry and accounted for a revenue share of 57.1 % in 2023. The rise in the demand for LED video walls to display flight, bus, and train departure and arrival information at airports and stations is predicted to boost the segments expansion. LED video walls are also regarded as the most reliable and efficient. The increasing inclination towards installing indoor modular screens is attributed to their ability to provide seamless, high-quality images. Therefore, indoor modular screens such as video walls are commonly set up in retail marketplaces and shopping centers, driving market growth. The outdoor modular screens segment is expected to register a significant CAGR during the forecast period. Outdoor LED screens are specifically developed to provide information in an attractive visual manner, even in severe weather conditions such as extreme dust, heat, and rain. The growth is attributed to the high demand for outdoor LED screens in advanced applications such as stadium screens, perimeter boards, advertising boards, scoreboards, and video walls. Moreover, the market growth is anticipated to be stimulated by the rise in outdoor activities such as music concerts, sports events, brand endorsements, product launches, and political assemblies.
Region Insights
Asia Pacific LED modular display market dominated the global market in 2023 with a revenue share of 35.1%. Regional growth is expected to experience growth with the help of ongoing advancements in public spaces and the increasing use of modern display technologies for advertising by numerous leading manufacturers, including Samsung, SHENZHEN ABSEN OPTOELECTRONIC CO., LTD., Sony Corporation and others. Moreover, governments in the region are investing heavily in smart city projects, which often incorporate LED displays for traffic management, information dissemination, and public safety. Technological advancements, increasing adoption for advertising through major cities, growing use by governments and other welfare organizations to display critical information about initiatives and programs are anticipated to drive growth for this regional industry.
China LED Modular Display Market Trends
China LED modular display market accounted for the largest revenue share in 2023. China, is one of the key countries in manufacturing industry, has a well-established ecosystem for LED components and displays. Its large-scale production facilities and competitive labor costs enable manufacturers to offer cost-effective solutions that drive market growth. The country boasts a robust supply chain network for LED materials, components, and manufacturing equipment, ensuring efficient production and distribution.
North America LED Modular Display Market Trends
North America LED modular display market was identified as a lucrative region in 2023. The region has a strong culture of research and development, driving innovation in LED technology. Moreover, a well-developed manufacturing infrastructure and strong supply chains ensure a steady flow of components and raw materials and facilitate the production of high-quality LED modular displays. The strong economy and increasing disposable income increase demand for LED modular displays in various applications. In addition, businesses in North America are more likely to invest in advanced technologies such as LED displays to improve their operations. The U.S. LED modular display market dominated the regional market due to various applications for LED modular displays, including entertainment, advertising, and corporate communications. Moreover, continuous advancements in LED technology, including lower power consumption, higher brightness, and improved color accuracy, made LED modular displays more attractive for various applications. The growing trend of digital signage in the entertainment, retail, and corporate sectors is driving demand for LED modular displays, offering versatile and high-impact visual solutions. In addition, large-scale events and concerts rely heavily on LED modular displays for immersive visual experiences, contributing significantly to market growth.
Europe LED Modular Display Market Trends
Europe LED modular display market is anticipated to grow significantly during the forecast period. The area commands a large portion due to the strong demand from digital-out-of-home (DOOH) advertising initiatives and the increasing use of technologies in countries such as the U.K., Germany, Italy, and Belgium. The growing presence of corporate trade shows, sports events, and live music performances is also predicted to boost the need for LED modular displays in Europe. For instance, Panasonic Connect Co., Ltd. collaborated with the Olympic Broadcasting Services (OBS), the Paris Organizing Committee for the Olympic Games, and the International Olympic Committee (IOC) to provide cutting-edge AV solutions and offer strong assistance for event operations. This includes broadcast production gear, professional displays, and projection systems for the Olympic Games Paris 2024 in France, held from July 26 to August 11, as well as the Paris 2024 Paralympic Games, from August 28 to September 8. The UK LED modular display market held a substantial market share in 2023. Government initiatives to promote smart cities and digital transformation are anticipated to create opportunities for LED displays in transportation, public spaces, and infrastructure. Continuous innovation and technology adoption are expected to attract new LED display products and applications, driving the market during the forecast period. In addition, the growing retail industry in the country is expected to encourage maximum adoption of LED modular displays in retail spaces to enhance customer experience.
Key LED Modular Display Company Insights
Some of the key companies in the LED modular display market include Barco, Daktronics, Mitsubishi Electric Corporation, NEC Display Solutions (SHARP CORPORATION), Panasonic Corporation, PixelFLEX, and others. To address the growing competition, the key market participants are adopting strategies such as collaborations, product portfolio expansion, vast distribution, innovation based new product launches and more.
Panasonic Corporation, one of the prominent players in the consumer electronics industry, specializes in a wide range of products, including industrial solutions, consumer electronics, home appliances, and automotive systems. The company offers large-scale LED modulator video walls, LED displays such as LH-55QM1KD and LH-75QM5VS, and more.
Daktronics, a major market participant in designing, manufacturing, and installing electronic scoreboards and displays for various sports venues, including stadiums, arenas, and fields; large-format LED video displays, scoreboards, and control systems. The company offers LED displays for various purposes such as Platform displays, message displays, space availability displays, dynamic message signs, vanguard control software, and more.
India LED Display Market Overview
The India LED display market size reached USD 848.1 Million in 2025. Looking forward, IMARC Group expects the market to reach USD 1,315.6 Million by 2034, exhibiting a growth rate (CAGR) of 5.00% during 2026-2034. The market is influenced by the growing demand for digital signage, expanding use in retail and entertainment industries, and government policies that support smart city initiatives. Innovation in energy-saving display technologies and increasing use of high-resolution screens in commercial segments also contribute to the growth of the market throughout the nation.
Rising Demand for Outdoor Digital Signage
The growing use of LED displays for outdoor digital signage is a prominent trend in India. Companies are moving towards digital advertising solutions to maximize brand visibility, utilizing LED displays at high-traffic locations like shopping malls, airports, railway stations, and highways. The retail industry, especially, is seeing large-format LED screens being invested in to create engaging customer experiences. Additionally, the entertainment and hospitality sectors are embedding dynamic digital signage to better involve consumers. Innovations in weather-resistant and high-brightness LED displays are also fuelling adoption. Increasing Digital Out-of-Home (DOOH) ad penetration, driven by declining LED display technology costs, is fueling market growth, with outdoor digital signage becoming a prominent application segment
Expansion of Smart City and Infrastructure Projects
Government-led smart city initiatives are driving the demand for LED displays across India. Under the Smart Cities Mission, launched in 2015, over 8,000 projects worth 1.64 lakh crore (USD 22 billion) have been planned, with 91% already tendered.
Municipal bodies and urban planners are deploying LED display panels for real-time traffic updates, public information dissemination, and security surveillance. The growth of metro rail lines, upgraded airports, and intelligent transportation hubs is driving the integration of LED display systems for better passenger communication. Large-scale sports events and public events also heavily rely on LED video walls for crowd control and live streaming more and more. The demand for energy-efficient technology, along with increasing investments in digitalization and urban modernization, is further cementing the position of LED displays in Indias developing smart city infrastructure
Increasing Adoption in Retail and Entertainment Sectors
The entertainment and retail sectors are adopting LED displays to boost customer interaction and brand narratives. Retail stores, shopping malls, and experience centers are investing in high-definition LED video walls to lure consumers and present interactive promotions. The entertainment industry, such as cinemas, concert halls, and theme parks, is using large-format LED screens to enhance audience interaction. Further, increasing interest in esports and live event streaming is driving demand for ultra-HD and curved LED displays. Developments like transparent LED screens and flexible panels are opening up new areas of application. As companies invest in digital transformation and immersive consumer experience, the use of LED displays in these markets will pick up speed.
DIGITAL SIGNAGE INDUSTRY
Digital signage is emerging as an important component of modern customer engagement and enterprise communication infrastructure. Indias digital signage market was estimated at approximately US$1.07 billion in 2025, and IMARC projects the market to reach approximately US$3.49 billion by 2034, representing a CAGR of around 14% during 2026-2034. The growth is being supported by the adoption of sharper and interactive displays, cloud-enabled content management, immersive experiences and investments in connected urban infrastructure. Another industry estimate places the Indian digital signage market at approximately US$894 million in 2026, with a projected CAGR of 11.3% during 2026-2031. While market estimates differ depending on definitions and market coverage, the underlying trend indicates sustained expansion in digital signage adoption. Organizations increasingly utilise digital signage for:
Customer Engagement
Corporate Communication
Advertising
Public Information
Smart Transportation
Healthcare Information Systems
Educational Institutions
Growth in organised retail and smart city infrastructure is expected to further accelerate adoption.
Unified Communication & Collaboration (UCC)
Hybrid working has fundamentally changed enterprise communication. Demand continues to increase for:
Video Conferencing
Smart Meeting Rooms
Wireless Collaboration
AI-enabled Conferencing
Cloud Communication
Enterprise Collaboration Platforms
Businesses increasingly require seamless collaboration between geographically dispersed teams, creating strong demand for integrated AV solutions. The convergence of AV, IT and cloud technologies is creating demand for integrated solutions rather than individual devices. AI-enabled features such as intelligent framing, automated transcription, noise suppression, speaker identification and meeting analytics are expected to further enhance the value proposition of collaboration systems. The IMF has highlighted the increasing adoption of AI by Indian companies, with nearly 60% of companies surveyed reporting active AI deployment, although adoption remains uneven across sectors and company sizes. The IMF also notes that integration complexity, availability of skills and access to suitable tools remain important challenges. This creates an opportunity for experienced technology integrators that can bridge the gap between AV infrastructure, IT systems, cloud platforms and AI-enabled applications.
Government Focus on Digital Infrastructure
Government initiatives continue to create significant opportunities for technology companies operating in enterprise communication and digital infrastructure. Key initiatives include:
Digital India
Smart Cities Mission
PM Gati Shakti
National Education Policy
Make in India
Atmanirbhar Bharat
These initiatives support broader investments in digital connectivity, technology-enabled education, public infrastructure, digital services and AI capabilities. The Governments focus on digital infrastructure and AI is particularly relevant to Pro AV applications such as smart classrooms, command and control centres, digital information systems, video conferencing infrastructure, public communication systems and integrated display solutions. The IMF has specifically noted that Indias existing digital public infrastructure provides an important foundation for further digital and AI adoption.
Industry Outlook
The outlook for Indias Pro AV industry remains positive, supported by enterprise digitisation, hybrid collaboration, AI adoption, infrastructure modernisation, increasing demand for digital signage and large-format displays, and the convergence of AV with IT and cloud technologies. The industry is, however, becoming increasingly competitive and technology-intensive. Customers are progressively seeking measurable business outcomes, seamless integration and lifecycle support rather than standalone hardware. This is likely to increase the importance of design capability, technology integration, project execution, after-sales service, software integration and recurring service capabilities. For system integrators such as Purple Wave Infocom Limited, the evolving market presents opportunities to participate across multiple stages of the technology lifecycle from solution design and equipment supply to installation, integration, commissioning and support. The Companys focus on integrated Pro AV solutions, LED and display technologies, collaboration systems, digital signage and related technology solutions positions it to participate in the continuing transition towards intelligent, connected and digitally managed communication environments.
| Growth Driver | Opportunity for Pro AV Industry |
| Enterprise digitisation | Modernisation of meeting rooms, boardrooms and communication infrastructure |
| Hybrid working | Growth in video conferencing and collaboration solutions |
| AI adoption | Intelligent conferencing, analytics and automated AV environments |
| Digital signage | Expansion across retail, corporate, transportation and public infrastructure |
| LED adoption | Large-format displays, video walls and immersive experiences |
| Smart infrastructure | Command centres, public information and integrated communication systems |
| Education technology | Smart classrooms and interactive learning environments |
| Cloud adoption | Remote management and centrally controlled AV networks |
| Government digital infrastructure | Technology deployment across public-sector and infrastructure projects |
| AV-IT convergence | Increasing demand for end-to-end system integration |
5. COMPANY OVERVIEW
Purple Wave Infocom Limited (formerly Purple Wave Infocom Private Limited), incorporated in 2007 and bearing CIN L72300DL2007PLC170537, is engaged in the business of digital Pro-AV (professional audio-video) integration, post-sales support and distribution. Audio-video ("AV") integration involves the combination of audio, video and control systems into a unified solution. The Company provides end-to-end customised digital Pro-AV and automation solutions, including design, integration, management and on-site support, together with cloud-based communication and automation solutions, for organisations across the country and in overseas markets. The Companys technology solutions are aimed at re-defining communication, connectivity and creative synergy for its customers. It designs and implements customised AV solutions across corporate boardrooms, organised retail digital branding, indoor and outdoor advertising, smart classrooms, government projects, places of worship, home theatre, experience centres and other institutional settings. In addition to hardware-led integration, the Company offers valueadded, recurring-revenue services such as content management - delivered as a cloud-based Software-as-a-Service (SaaS) offering that helps users create, store, edit and publish digital content on their screens - through its platform branded "Streampurple".
Purple Wave Infocom Limited - Business Value Chain
Purple Wave Infocom Limited is an integrated technology solutions company engaged in providing comprehensive Professional Audio-Visual (Pro AV) solutions, Unified Communication & Collaboration (UCC) systems, LED display solutions, digital signage, smart workplace technologies and system integration services across India. Over the years, the Company has established itself as a trusted technology partner by delivering end-to-end solutions covering consultancy, system design, engineering, supply, installation, testing, commissioning (SITC), integration, maintenance and after-sales support. The Companys customer-centric approach, technical expertise and focus on innovation have enabled it to build long-term relationships with corporate enterprises, educational institutions, government organizations, healthcare facilities, hospitality businesses and public sector undertakings. During FY 2025-26, the Company continued to strengthen its market presence by expanding its customer base, executing high-value projects and investing in manufacturing capabilities. The commissioning of its manufacturing facility at Manesar reflects the Companys commitment towards quality, operational efficiency and the Government of Indias "Make in India" initiative. Purple Waves integrated business model enables it to provide customized solutions for diverse customer requirements, thereby enhancing operational efficiencies while maintaining high standards of quality and service delivery.
Business Portfolio
The Companys business operations primarily comprise:
Professional Audio Visual System Integration
Unified Communication & Collaboration Solutions
Digital Signage Solutions
LED Display Systems
Smart Meeting Room Solutions
Board Room & Auditorium Solutions
Video Conferencing Systems
Command & Control Centre Solutions
Interactive Display Solutions
Public Address & Audio Systems
Supply, Installation, Testing & Commissioning (SITC)
Annual Maintenance Contracts (AMC)
Manufacturing of Audio Visual Products
Competitive Strengths
The Company derives its competitive advantage from the following key strengths:
End-to-End Solution Provider
Purple Wave offers complete project lifecycle management from consultation and design to installation, commissioning and post-installation support providing customers with a single integrated solution provider.
Strong Technical Expertise
The Company possesses a technically qualified workforce with expertise across various audio visual technologies, networking, automation and integrated communication platforms.
Diverse Customer Base
The Company serves clients across multiple sectors, reducing dependence on any single industry and enhancing business stability.
Strategic Technology Partnerships
Purple Wave collaborates with leading global technology brands, enabling it to deliver world-class solutions while maintaining high standards of quality and innovation.
Manufacturing Capabilities
The establishment of the Companys manufacturing facility strengthens operational capabilities, improves quality control, reduces dependence on imports and supports the Governments Make in India initiative.
Strong Corporate Governance
As a listed entity, the Company follows robust governance practices, compliance standards and transparent business processes, enhancing stakeholder confidence.
6. CORPORATE STRUCTURE
The Company incorporated Nano Theatre Private Limited as its wholly-owned subsidiary on 30th March 2026, towards the close of the financial year. As disclosed in the Consolidated Financial Statements, no business activities were undertaken by Nano Theatre Private Limited during the year ended 31 March 2026, and its bank account remained pending activation as of that date. Accordingly, the consolidated financial position and results of operations for FY 2025-26 are not materially different from the standalone financial statements, and both have been prepared in accordance with Accounting Standard 21
(‘Consolidated Financial Statements) and Accounting Standard 27 (‘Financial Reporting of Interests in Joint Venture), as applicable, prescribed under Section 133 of the Companies Act, 2013.
Note: Nano Theatre Pvt Ltd had not commenced business operations as of 31 March 2026; its bank account remained pending activation as of that date.
Note on Wholly Owned Subsidiary Nano Theatre
Nano Theatre, a wholly owned subsidiary of the Company, was incorporated on 30th March 2026. During the period under review, the subsidiary was in the process of establishing its operations and its bank account had not been opened. Further, no business or commercial activities were undertaken by the subsidiary during the period under review.
Accordingly, the Management Discussion and Analysis presented herein pertains solely to the standalone operations and financial performance of the Company. Since Nano Theatre had not commenced business operations during the period under review, its activities did not have any material impact on the standalone financial performance or operations of the Company.
7. OPERATIONAL & FINANCIAL HIGHLIGHTS
FY 2025-26 was a landmark year for the Company, marked by its transition to a listed entity through a maiden Initial Public Offering on the BSE SME platform, continued double-digit revenue growth, and a meaningful expansion in profitability, net worth and balance-sheet size. Key standalone highlights for the year, as compared with the previous financial year, are summarised below.
| Particulars (Rs in lakhs unless stated) | FY 2025-26 | FY 2024-25 | YoY Growth |
| Revenue from Operations | 14,610.39 | 12,774.64 | 14.4% |
| Other Income | 22.21 | 7.13 | 211.6% |
| Total Income | 14,632.61 | 12,781.77 | 14.5% |
| Total Expenses | 12,827.37 | 11,554.01 | 11.0% |
| EBITDA (PBT + Finance Cost + Depreciation) | 1,975.28 | 1,408.95 | 40.2% |
| Profit Before Tax (PBT) | 1,805.24 | 1,227.76 | 47.0% |
| Tax Expense (Net) | 462.54 | 321.52 | 43.9% |
| Profit After Tax (PAT) | 1,342.70 | 906.23 | 48.2% |
| Total Assets | 9,381.18 | 5,609.35 | 67.2% |
| Total Equity (Net Worth) | 5,757.50 | 1,720.50 | 234.6% |
| Basic / Diluted EPS (Rs) | 14.52 | 13.43 | 8.1% |
8. REVENUE & PROFITABILITY ANALYSIS
Revenue from operations grew by 14.4% year-on-year to Rs 14,610.39 lakhs in FY 2025-26 from Rs 12,774.64 lakhs in FY 2024-25, reflecting continuing traction in the Companys core Pro-AV integration and distribution business, supported by execution of corporate, retail and government orders on hand. Other income increased significantly (albeit off a small base) to Rs 22.21 lakhs, aided by interest and other incidental income during the year.
Profitability expanded at a materially faster pace than revenue during the year. EBITDA grew by 40.2% to Rs 1,975.28 lakhs (EBITDA margin of 13.5% vs 11.0% in FY25), while Profit After Tax grew by 48.2% to Rs 1,342.70 lakhs (net margin of
9.2% vs 7.1% in FY25). This margin expansion was achieved despite an increase in absolute employee benefit expense and other overheads, and was supported by improved operating leverage on a larger revenue base, a moderation in finance costs as a proportion of the larger balance sheet, and prudent management of purchase and inventory costs.
Business Profile & Revenue Activities
The Companys business comprises digital Pro-AV integration and hardware supply, post-sales support and distribution, design and automation services and the Streampurple SaaS platform.
? Digital Pro-AV integration and hardware supply: The Company provides customised audio-video integration and automation solutions across corporate boardrooms, organised retail, smart classrooms, government projects, places of worship, home theatre and experience centres.
? Post-sales support and distribution: The Company combines project execution with distribution and on-site support capabilities, serving customers across corporate, retail, government, education and hospitality segments.
? Design and automation services: Its offering includes solution design, integration, management and on-site support, together with cloud-based communication and automation solutions.
? Streampurple SaaS platform: The Company also offers cloud-based content management through Streampurple, enabling users to create, store, edit and publish digital content on screens.
9. BALANCE SHEET ANALYSIS
The Companys balance sheet expanded significantly during FY 2025-26, with total assets increasing by 67.2% to Rs 9,381.18 lakhs from Rs 5,609.35 lakhs in the previous year. This growth was primarily funded through the net proceeds of the Companys maiden IPO (Rs 3,144.96 lakhs gross), internal accruals and incremental short/long-term borrowings, resulting in a substantially strengthened net worth of Rs 5,757.50 lakhs (previous year: Rs 1,720.50 lakhs). On the assets side, the increase was led by a sharp rise in Property, Plant and Equipment (Rs 1,470.43 lakhs vs Rs 99.11 lakhs), reflecting capital investment following the IPO, together with growth in Inventories (Rs 2,897.87 lakhs vs Rs 1,283.78 lakhs) to support higher order execution, and an increase in cash and cash equivalents (Rs 688.04 lakhs vs Rs 372.28 lakhs). Trade Receivables remained broadly stable at Rs 3,425.45 lakhs (vs Rs 3,435.22 lakhs), even as revenue grew by 14.4%, indicating an improvement in receivables efficiency.
Table 2: Standalone Balance Sheet Summary
(Rs in lakhs)
| Particulars | As at 31.03.2026 | As at 31.03.2025 |
| Property, Plant & Equipment | 1,470.43 | 99.11 |
| Deferred Tax Assets (Net) | 18.84 | 17.94 |
| Other Non-Current Financial Assets | 1.00 | 9.78 |
| Total Non-Current Assets | 1,490.27 | 126.82 |
| Inventories | 2,897.87 | 1,283.78 |
| Trade Receivables | 3,425.45 | 3,435.22 |
| Cash & Cash Equivalents | 688.04 | 372.28 |
| Short-term Loans & Advances | 431.37 | 119.61 |
| Other Current Assets | 448.19 | 271.62 |
| Total Current Assets | 7,890.91 | 5,482.52 |
| Total Assets | 9,381.18 | 5,609.35 |
| Equity Share Capital | 924.60 | 675.00 |
| Other Equity (Reserves & Surplus) | 4,832.90 | 1,045.50 |
| Total Equity | 5,757.50 | 1,720.50 |
| Non-Current Borrowings | 258.66 | 69.05 |
| Current Borrowings | 1,429.03 | 1,404.26 |
| Trade Payables | 1,229.95 | 1,721.23 |
| Other Current Liabilities | 242.59 | 371.40 |
| Provisions | 63.45 | 322.90 |
| Total Equity and Liabilities | 9,381.18 | 5,609.35 |
10. CASH FLOW ANALYSIS
The Companys cash and cash equivalents increased by Rs 315.76 lakhs during FY 2025-26 (previous year: increase of Rs 305.76 lakhs), closing at Rs 688.04 lakhs (previous year: Rs 372.28 lakhs). The composition of this cash generation, however, changed materially year-on-year: whereas FY25 growth was driven by positive operating cash flow, FY26 growth was driven principally by financing activities - namely, the net proceeds of the Companys IPO and incremental borrowings - which more than offset cash utilised in operating and investing activities. Cash used in operating activities amounted to Rs 1,060.76 lakhs in FY26 (vs cash generated of Rs 156.94 lakhs in FY25), primarily reflecting a build-up in inventories (Rs 1,614.09 lakhs) and short-term loans/advances (Rs 311.75 lakhs) to support higher order execution and working-capital scale-up following the listing, partly offset by an increase in trade payables movement being smaller than the prior year and a decline in the other-liabilities cycle. Cash used in investing activities was Rs 1,409.77 lakhs (vs Rs 76.04 lakhs in FY25), reflecting capital expenditure on Property, Plant and Equipment following the IPO. Cash generated from financing activities was Rs 2,786.29 lakhs (vs Rs 224.85 lakhs in FY25), led by gross IPO proceeds
| Particulars (Rs in lakhs) | FY 2025-26 | FY 2024-25 |
| Net Cash (used in) / from Operating Activities | (1,060.76) | 156.94 |
| Net Cash used in Investing Activities | (1,409.77) | (76.04) |
| Net Cash from Financing Activities | 2,786.29 | 224.85 |
| Net Increase in Cash & Cash Equivalents | 315.76 | 305.76 |
| Cash & Cash Equivalents - Opening Balance | 372.28 | 66.53 |
| Cash & Cash Equivalents - Closing Balance | 688.04 | 372.28 |
Source: Audited Standalone Statement of Cash Flows for the year ended 31.03.2026.
11. KEY FINANCIAL RATIOS
The table and charts below present key financial ratios computed from the Companys audited standalone financial statements for FY 2025-26 and FY 2024-25. All ratios have been computed by management for the purposes of this MD&A using year-end/closing balance-sheet figures unless otherwise stated, and are presented to aid the readers understanding of trends in the Companys liquidity, leverage, efficiency and returns profile
| Ratio | FY 2025-26 | FY 2024-25 | YoY Change |
| Current Ratio (Current Assets / Current Liabilities) | 2.34x | 1.44x | +0.90x |
| Quick Ratio ((Current Assets - Inventory) / Current Liabilities) | 1.48x | 1.10x | +0.38x |
| Debt-Equity Ratio (Total Borrowings / Total Equity) | 0.29x | 0.86x | (0.57x) |
| Total Debt / Total Assets | 0.18x | 0.26x | (0.08x) |
| Interest Coverage Ratio (EBIT / Finance Cost) | 14.72x | 9.44x | +5.28x |
| Net Profit Margin (PAT / Revenue) | 9.19% | 7.09% | +2.10 pp |
| EBITDA Margin | 13.52% | 11.03% | +2.49 pp |
| Operating Profit Margin (EBIT / Revenue) | 13.26% | 10.75% | +2.51 pp |
| Return on Net Worth (PAT / Closing Net Worth) | 23.32% | 52.67%* | (29.35 pp) |
| Return on Capital Employed (RoCE) | 26.01% | 43.00%* | (16.99 pp) |
| Return on Assets (PAT / Total Assets) | 14.31% | 16.16% | (1.85 pp) |
| Asset Turnover Ratio (Revenue / Total Assets) | 1.56x | 2.28x | (0.72x) |
| Inventory Turnover (Revenue / Closing Inventory) | 5.04x | 9.95x | (4.91x) |
| Trade Receivables Turnover (Revenue / Receivables) | 4.27x | 3.72x | +0.55x |
| Debtor Days | 86 days | 98 days | (12 days) |
| Inventory Days | 72 days | 37 days | +35 days |
| Creditor Days | 36 days | 60 days | (24 days) |
| Cash Conversion Cycle | 122 days | 74 days | +48 days |
| Basic / Diluted EPS | Rs 14.52 | Rs 13.43 | +Rs 1.09 |
| Book Value per Equity Share | Rs 62.27 | Rs 25.49 | +Rs 36.78 |
*Return on Net Worth (RoNW) and RoCE for FY 2024-25 are computed on the pre-IPO equity/capital-employed base and appear elevated in relative terms; the moderation in FY 2025-26 reflects the substantially enlarged equity base following the IPO, even as absolute PAT and EBIT grew strongly. Ratios are based on year-end (closing) balances rather than period averages. Operating Profit Margin is computed as EBIT / Revenue.
11. 1 LIQUIDITY & LEVERAGE RATIOS
The Companys liquidity position strengthened materially during the year, with the current ratio improving to 2.34x (from 1.44x) and the quick ratio improving to 1.48x (from 1.10x), both comfortably above the conventionally accepted benchmark of 1.0x, reflecting the substantially larger current-asset base built up post-IPO. Correspondingly, leverage moderated sharply: the debt-equity ratio declined to 0.29x (from 0.86x) and total debt to total assets declined to 0.18x (from 0.26x), as fresh equity capital via the IPO reduced reliance on borrowed funds even as absolute borrowings remained largely stable.
11.2 COVERAGE & RETURN RATIOS
Interest coverage improved to a healthy 14.72x (from 9.44x), reflecting both an increase in operating profit and a broadly stable absolute finance-cost base, underscoring comfortable debt-servicing capacity. Return ratios (RoNW, RoCE, RoA) moderated in percentage terms year-on-year, which is a natural consequence of the substantial expansion in the equity and capital-employed base following the IPO; in absolute terms, PAT grew 48.2% and EBIT-equivalent profitability grew at a broadly similar pace. Management believes that as the incremental capital raised is deployed towards revenue generating assets over the coming financial years, return ratios should normalise upward on a larger, more diversified earnings base.
11.3 WORKING CAPITAL EFFICIENCY
The Companys cash conversion cycle lengthened to approximately 122 days in FY26 from 74 days in FY25, primarily on account of a build-up in inventory days (72 days vs 37 days) as the Company scaled up execution capacity to service a larger order book, and despite an improvement in both debtor days (86 days vs 98 days) and creditor days (36 days vs 60 days). Management is focused on optimising inventory holding levels going forward as execution normalises on the enlarged order book, while continuing to leverage improved receivables collection discipline.
12. CAPITAL STRUCTURE & IPO HIGHLIGHTS
The most significant capital-markets event during the year under review was the Companys maiden Initial Public Offering (IPO), pursuant to which it raised Rs 3,144.96 lakhs through the issue of 24,96,000 equity shares of face value Rs 10 each, at a securities premium of Rs 116 per share, resulting in an issue price of Rs 126 per share. The Companys equity shares were subsequently listed on the SME Platform of BSE Limited. Monies raised through the IPO were applied for the purposes stated in the offer document. The Company did not make any preferential allotment or private placement of shares during the year, nor did it allot any fully, partly or optionally convertible debentures.
| Particulars | Details |
| Number of equity shares issued in IPO | 24,96,000 shares |
| Face value per share | Rs 10.00 |
| Securities premium per share | Rs 116.00 |
| Issue price per share | Rs 126.00 |
| Gross IPO proceeds | Rs 3,144.96 lakhs |
| IPO issue expenses | Rs 440.47 lakhs |
| Listing venue | SME Platform of BSE Limited |
| Equity share capital as at 31.03.2026 | Rs 924.60 lakhs (92,46,000 shares of Rs 10 each) |
| Equity share capital as at 31.03.2025 | Rs 675.00 lakhs (67,50,000 shares of Rs 10 each) |
| Net worth as at 31.03.2026 | Rs 5,757.50 lakhs |
No dividend was declared or paid by the Company during the year. The Companys outstanding borrowings, aggregating Rs 1,429.03 lakhs (current) and Rs 258.66 lakhs (non-current) as at 31 March 2026, remained current with no instances of default in repayment of principal or interest to any lender during the year, as confirmed in the Independent Auditors Report under the
Companies (Auditors Report) Order, 2020 ("CARO 2020").
13 . CONTINGENT LIABILITIES & LEGAL PROCEEDINGS
The Independent Auditors Report includes an Emphasis of Matter drawing attention to Note 2 to the financial statements regarding GST proceedings initiated by the Directorate General of GST Intelligence ("DGGI"), wherein a demand amounting to Rs 838.64 lakhs has been raised on the Company for the period 01.04.2020 to 31.03.2025. Based on legal opinion obtained by management, the Company believes that the demand is not sustainable. Pending final adjudication before the jurisdictional Additional/Joint Commissioner of Central Tax and CGST, Delhi, the impact, if any, is presently not ascertainable and accordingly no provision has been made in the financial statements. The Auditors opinion on the financial statements is not modified in respect of this matter.
| Particulars | Details |
| Nature of demand | GST demand raised by DGGI |
| Period covered | 01.04.2020 to 31.03.2025 |
| Amount of demand | Rs 838.64 lakhs |
| Order date | 25.03.2026 |
| Forum where matter is pending | Additional / Joint Commissioner of Central Tax and CGST, Delhi |
| Provision made in books | Nil (management believes the demand is not sustainable, based on legal opinion) |
Other than the above matter, the Auditors Report confirms that the Company does not have any other pending litigation which would impact its financial position, and did not have any long-term contracts, including derivative contracts, for which there were any material foreseeable losses as at the year-end.
SIGNIFICANT YEAR-ON-YEAR CHANGES (25% OR MORE) IN KEY FINANCIAL RATIOS
| Ratio | Relative change | Explanation |
| Current Ratio | 62.5% | Higher current-asset base following the IPO strengthened liquidity. |
| Quick Ratio | 34.5% | Higher liquid current-asset base following the IPO strengthened near-term liquidity. |
| Debt-Equity Ratio | (66.3%) | Increase in net worth following the IPO reduced relative leverage. |
| Total Debt / Total Assets | (30.8%) | Fresh equity capital reduced the proportion of assets funded by debt. |
| Interest Coverage Ratio | 55.9% | Operating profit increased while the absolute finance-cost base remained broadly stable. |
| Net Profit Margin | 29.6% | Margin expansion was supported by operating leverage, moderation in finance costs and prudent purchase/inventory-cost management. |
| Return on Net Worth | (55.7%) | The enlarged post-IPO net-worth base reduced the percentage return despite PAT growing 48.2%. |
| RoCE | (39.5%) | The enlarged capital-employed base following the IPO reduced the percentage return. |
| Asset Turnover Ratio | (31.6%) | Total assets increased 67.2%, substantially faster than revenue growth of 14.4%. |
| Inventory Turnover | (49.3%) | Inventory increased to support higher order execution, increasing inventory days. |
| Inventory Days | 94.6% | Inventory days rose as execution capacity was scaled to service the larger order book. |
| Creditor Days | (40.0%) | Creditor days reduced from 60 days to 36 days, reflecting a shorter creditor cycle. |
| Cash Conversion Cycle | 64.9% | The cycle lengthened mainly because inventory days increased, despite improvements in debtor and creditor days. |
| Book Value / Share | 144.3% | Net worth expanded materially following the IPO, increasing book value per equity share. |
Relative change is calculated as (FY 2025-26 / FY 2024-25 - 1) x 100. Operating Profit Margin changed by approximately 23.3%, below the 25% disclosure threshold.
14. INDUSTRY STRUCTURE & DEVELOPMENTS
The Indian Professional Audio Visual (Pro AV) industry has evolved significantly over the past decade, driven by rapid technological advancements and increasing demand for digital collaboration solutions. Traditionally centred around hardware-based installations, the industry has transformed into an integrated ecosystem combining audio visual technologies with cloud computing, artificial intelligence (AI), Internet of Things (IoT), enterprise software and network infrastructure. Growing adoption of hybrid workplaces, digital classrooms, intelligent meeting rooms and immersive customer engagement solutions has accelerated demand for integrated AV systems across industries. The industry comprises several major sAGMents:
Enterprise AV Solutions
Unified Communication
Digital Signage
LED Display Systems
Video Conferencing Solutions
Smart Education Infrastructure
Healthcare Communication Systems
Hospitality AV
Control Room Solutions
Broadcast & Media Technologies
The Governments continued investments in digital infrastructure, public sector modernization, transportation, smart cities and educational infrastructure are expected to provide sustained growth opportunities for companies operating within this sector. The emergence of AI-powered collaboration platforms, cloud-based communication systems, wireless presentation technologies and intelligent automation continues to reshape customer expectations and create opportunities for technology-driven solution providers.
Industry Growth Drivers
Key factors supporting industry growth include:
Digital Transformation across enterprises
Hybrid Work Culture
Government Infrastructure Spending
Smart Cities Mission
Digital India Programme
National Education Policy
Growth in Commercial Real Estate
Increasing IT Investments
Expansion of Healthcare Infrastructure
Smart Manufacturing
Artificial Intelligence Adoption
Cloud Collaboration Platforms
Growing Corporate Capex
These structural drivers are expected to sustain long-term demand for integrated audio visual and communication technologies.
15. SWOT ANALYSIS
STRENGTHS
Established, listed Pro-AV integrator with an 18+ year operating history (incorporated 2007)
End-to-end capability across design, integration, automation and post-sales support
Diversified end-market presence: corporate, retail, government, education, hospitality, worship
Recurring-revenue SaaS platform (Streampurple) alongside traditional hardware integration
Strengthened balance sheet and net worth (Rs 5,757.50 L) following successful maiden IPO
WEAKNESSES
Elongation in inventory days (72 vs 37) increasing working capital intensity
Cash conversion cycle lengthened to ~122 days from ~74 days
OPPORTUNITIES
Structural growth in hybrid-work, UC&C and digital signage adoption globally and in India
Government thrust on Digital India, Smart Cities and egovernance widening addressable market
Scaling of the Streampurple SaaS platform to build a highermargin, recurring revenue stream
Expansion of distribution and AMC/post-sales network to deepen customer wallet-share
Access to growth capital as a newly listed entity to fund capacity and geographic expansion
THREATS
Intensifying price-based competition from regional and multinational system integrators
Rapid technology change requiring continued investment in design and automation capability
Potential adverse outcome in the pending GST/DGGI proceedings
Macroeconomic and interest-rate volatility affecting enterprise capex cycles
16. OUTLOOK
The long-term outlook for the Indian Professional Audio Visual (Pro AV), Unified Communication, Digital Signage and Smart Collaboration industry remains positive. Increasing digital adoption across enterprises, educational institutions, healthcare facilities, government organizations and commercial establishments continues to create significant opportunities for integrated technology solution providers. Indias emergence as one of the worlds fastest-growing digital economies, coupled with sustained investments in infrastructure development, smart cities, digital governance and indigenous manufacturing, is expected to drive demand for advanced communication technologies over the coming years. The Governments continued focus on initiatives such as Digital India, Make in India, PM Gati Shakti, National Education Policy (NEP) and smart infrastructure projects is expected to provide favourable conditions for businesses operating in the technology integration sector. The increasing adoption of hybrid workplaces, cloud-based collaboration platforms, artificial intelligence (AI), Internet of Things (IoT), automation and intelligent workplace technologies is transforming enterprise communication. Organizations are increasingly investing in integrated audio visual infrastructure to improve operational efficiency, employee collaboration and customer engagement. During FY 2025-26, Purple Wave Infocom Limited continued to strengthen its capabilities by expanding its operational infrastructure and manufacturing facilities. The Company believes that investments in manufacturing, technical expertise, customer service and operational excellence will enable it to capitalize on emerging opportunities while creating sustainable long-term value for stakeholders. Going forward, the Company intends to focus on:
Strengthening its manufacturing capabilities.
Expanding its geographical presence across India.
Increasing participation in Government and PSU projects.
Enhancing enterprise and institutional customer relationships.
Developing innovative technology-driven solutions.
Increasing recurring revenues through AMC and managed services.
Strengthening strategic alliances with global technology partners.
Improving operational efficiencies through digital transformation and automation.
The Board remains optimistic about the Companys growth prospects and believes that its integrated business model, technical capabilities and customer-centric approach position it well to benefit from the continued expansion of Indias digital infrastructure ecosystem
17. RISKS AND CONCERNS
Risk management remains an integral part of the Companys business strategy. Purple Wave Infocom Limited has established appropriate systems to identify, monitor and mitigate business risks while ensuring sustainable growth and value creation. The Company continuously evaluates internal and external risk factors and undertakes necessary measures to minimize their potential impact.
A. Business Risk
The Professional Audio Visual industry is highly competitive with participation from domestic as well as multinational companies. Continuous technological advancements require businesses to innovate and differentiate their service offerings.
Mitigation
Focus on customized solutions.
Strong customer relationships.
Technical expertise.
Value-added services.
B. Technology Risk
Rapid changes in communication technologies, software platforms and hardware solutions may lead to product obsolescence.
Mitigation
Continuous employee training.
Collaboration with leading OEMs.
Regular technology upgrades.
Investment in innovation.
C. Project Execution Risk
Large technology integration projects involve multiple stakeholders, procurement timelines and site dependencies. Delays may affect execution schedules and working capital.
Mitigation
Strong project management framework.
Vendor coordination.
Periodic project reviews.
Dedicated execution teams.
D. Supply Chain Risk
Global supply chain disruptions and fluctuations in component availability may affect procurement timelines and costs.
Mitigation
Multiple vendor sourcing.
Strategic inventory planning.
Local manufacturing initiatives.
Long-term supplier relationships.
E. Financial Risk
Delays in customer payments may impact cash flows and working capital management.
Mitigation
Credit evaluation.
Continuous receivable monitoring.
Customer diversification.
Effective collection mechanisms.
F. Foreign Exchange Risk
The Company may be exposed to exchange rate fluctuations due to procurement of imported equipment and technology.
Mitigation
Vendor negotiations.
Cost optimisation.
Efficient procurement planning.
G. Cybersecurity Risk
Increasing digitization exposes businesses to cyber threats, data breaches and system disruptions.
Mitigation
Information security practices.
Data protection policies.
Network security measures.
Periodic system monitoring.
H. Regulatory Risk
Changes in taxation, import policies, environmental regulations or other statutory requirements may impact business operations.
Mitigation
Strong compliance framework.
Regular legal updates.
Continuous monitoring of regulatory developments.
Risk Matrix
18. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has established an adequate system of internal financial controls commensurate with the nature, size and complexity of its business operations. These controls are designed to ensure operational efficiency, safeguarding of assets, reliability of financial reporting, compliance with applicable laws and regulations and prevention of fraud. The internal control framework covers key business processes including procurement, project execution, inventory management, finance, accounting, information technology and statutory compliances. The Company has implemented well-defined delegation of authority, standard operating procedures and approval mechanisms to ensure transparency and accountability across all functional areas. An independent Internal Auditor periodically reviews the effectiveness of the internal control systems and submits reports to the Audit Committee. The Audit Committee reviews the observations, evaluates the adequacy of internal controls and monitors implementation of corrective actions wherever necessary. The Statutory Auditors have also evaluated the internal financial controls over financial reporting as required under the Companies Act, 2013.
The Board believes that the Companys internal control environment is adequate and effective to support its current scale of operations while facilitating future growth.
19. OUR BRANDS AND TECHNOLOGY PORTFOLIO
Purple Wave Infocom Limited has developed a portfolio of brands addressing diverse requirements across digital signage, professional audio, content management, personal entertainment and technology-enabled communication solutions. The Companys brand portfolio complements its system integration capabilities and enables it to address requirements across enterprise, retail, commercial and individual customers.
Saipur Digital Signage & Display Solutions
Saipur is the Companys brand focused on digital signage and display solutions. The brand portfolio includes Active LED and LCD display solutions and is positioned around the creation of immersive and visually engaging digital experiences.
Saipur focuses on delivering customised digital signage solutions based on customer requirements, combining technology, design, quality and service support. The brand is intended to address the growing adoption of digital displays across retail, corporate, public and commercial environments.
The Companys presentation highlights Saipurs focus on customised digital solutions, aesthetic design, innovation, digital signage and dedicated service support.
Its solution portfolio can address applications including digital advertising, customer communication, information dissemination, wayfinding and interactive experiences.
StreamPurple Content Creation, Management & Distribution
StreamPurple represents the Companys content technology and digital signage management platform. The platform is designed to support the lifecycle of digital content from content creation and management to streaming, display and publishing. The Companys presentation states that StreamPurples software enables customers to securely connect and manage their display ecosystem remotely.
This capability complements the Companys display and AV integration business by enabling customers to manage multiple displays and content through a centralised technology environment. The Companys digital signage solutions also provide capabilities for content creation, scheduling, device management, monitoring and distribution, including network-based and cloud-based deployment models. This creates the potential for the Company to participate not only in the hardware layer of digital signage, but also in the associated software and content-management ecosystem.
TheIVY Professional Audio & Audio Components
TheIVY is the Companys brand focused on audio products, audio components and accessories.
The brand draws upon the Companys experience in professional audio and speaker-related products and is positioned towards developing products combining functional design, engineering and user experience. The Companys corporate presentation specifically identifies TheIVYs focus on audio, audio components and accessories.
The brand provides an opportunity to participate in the broader professional and commercial audio ecosystem, including applications where high-quality audio forms an integral component of an overall AV solution.
This complements Purple Waves system-integration business, where audio forms an important component of boardrooms, conference rooms, meeting rooms, retail environments, auditoriums and other commercial spaces. The Company already identifies audio as one of its core hardware solution categories.
NanoTheatre Personal Theatre & Home/Office Automation
NanoTheatre is the Companys e-commerce and personal entertainment platform, focused on providing products and services for setting up customised personal theatre environments.
The concept combines audio visual products, automation solutions, acoustics, furniture and related components to create personalised entertainment spaces across homes, offices and other environments.
NanoTheatre enables the Company to address the growing consumer and premium entertainment opportunity by providing an integrated solution rather than individual products. The offering is supported by the Companys ability to understand the customers environment, design the desired experience and recommend appropriate electronics and associated solutions.
Integrated Brand Ecosystem
The Companys brands are designed to operate across complementary segments of the broader AV and digital technology ecosystem:
| Brand | Core Focus | Key Opportunity |
| Saipur | Digital Signage & Displays | Digital communication, advertising, information and immersive displays |
| StreamPurple | Content Technology | Content creation, management, streaming and distribution |
| TheIVY | Professional Audio | Audio products, components and accessories |
| NanoTheatre | Personal Theatre | Home/office entertainment, AV, acoustics and automation |
20 . MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS
The Company firmly believes that its employees are its most valuable asset and a key driver of sustainable business success. Purple Wave Infocom Limited remains committed to creating a work environment that promotes innovation, collaboration, integrity, diversity and continuous learning. During FY 2025-26, the Company continued to strengthen its workforce through focused recruitment, technical training and employee development initiatives aimed at enhancing organisational capabilities. The Company encourages continuous upskilling to ensure that employees remain aligned with evolving technologies and changing customer requirements. Regular training programmes are conducted across technical, functional, behavioural and compliance domains to enhance professional competencies. The Company also focuses on employee engagement through transparent communication, performance management systems and recognition of individual contributions.
Industrial relations remained cordial throughout the year. There were no significant labour disputes, work stoppages or industrial unrest affecting business operations. The Company continues to comply with all applicable labour laws, occupational safety requirements and employee welfare regulations.
Number of Employees
As on 31 March 2026, the Company had 83 employees on its rolls. In addition, the Company engaged contractual manpower as required for project execution and manufacturing operations. The management remains committed to fostering a safe, inclusive and performance-driven workplace that supports innovation, employee well-being and long-term organizational growth.
21. CAUTIONARY STATEMENT
The statements made in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations and future business plans may constitute "forward-looking statements" within the meaning of applicable securities laws and regulations.
These statements are based on the Companys current expectations, assumptions, estimates and available information concerning its business, operations and the industry in which it operates. Actual results may differ materially from those expressed or implied due to various factors, including changes in economic conditions, market demand, competition, regulatory and governmental policies, technological developments, availability and cost of resources, changes in customer requirements, project execution risks and other factors beyond the control of the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, changes in circumstances or otherwise, except as may be required under applicable laws and regulations. Accordingly, readers are advised not to place undue reliance on such forward-looking statements.
| For and on Behalf of Directors | |
| Purple Wave Infocom Limited | |
| Sd/- | Sd/- |
| Manoj Kumar Singh | Sandhya Singh |
| Chairman & Managing Director | Whole Time Director |
| DIN: 00036674 | DIN: 01238745 |
| Place: New Delhi | |
| Date: 26-08-2026 |
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