**(Formerly Sri Adhikari Brothers Television Network Limited)** Aqylon Nexus Limited (NSE/BSE: **SABTNL**) is an Indian technology and media conglomerate that has recently undergone a radical corporate transformation. Following its successful exit from the **Corporate Insolvency Resolution Process (CIRP)** in late **2023**, the company has pivoted from a legacy broadcasting house into a high-growth "New Age Digital Media" and **Artificial Intelligence (AI)** infrastructure provider. Under new leadership and a restructured balance sheet, the company is positioning itself as a key player in India’s sovereign AI and digital transformation landscape. --- ### **Strategic Pivot: From Legacy Media to AI Infrastructure** The company has transitioned its core focus toward the development, deployment, and commercialization of **Artificial Intelligence (AI)** and **Machine Learning (ML)**. This evolution is categorized into four primary technology pillars: * **AI Infrastructure & "AI Factories":** Developing **AI-ready hyperscale data centers** designed to support **Generative AI** and **Large Language Model (LLM)** training. * **Sovereign Compute Platforms:** Aligning with the **"Digital India"** initiative to provide localized AI solutions for commercial, industrial, and governmental sectors. * **Digital Content IP:** Leveraging a legacy library of **~5,500 hours** of content while expanding into short-format digital IPs, podcasts, and internet broadcasting. * **Global Expansion:** Establishment of a **Wholly Owned Subsidiary** in **Ras Al Khaimah, UAE**, to capture international demand for AI products and consultancy. --- ### **Operational Verticals & Service Delivery** Aqylon Nexus operates a diversified business model encompassing the entire lifecycle of intelligent software and digital infrastructure: | Business Vertical | Key Activities & Offerings | | :--- | :--- | | **Software & AI Development** | Engineering and licensing **AI/ML platforms**, **Natural Language Processing (NLP)**, **Computer Vision**, and proprietary **Algorithms**. | | **Infrastructure & HPC** | Operating **Research Labs** and **Innovation Hubs** for **High-Performance Computing (HPC)** and data processing. | | **SaaS & Consultancy** | Delivering AI-driven digital transformation via **Cloud-based** models and specialized enterprise advisory. | | **IP Management** | Acquisition and commercialization of **Patents, Copyrights,** and **Trade Secrets** within the global AI ecosystem. | | **Skill Development** | Nationwide AI training programs targeting **30,000+** professionals annually across **70 centers** in **16 states**. | --- ### **Key Strategic Partnerships & MoUs** The company has secured several high-value, non-binding agreements to scale its new technology verticals: * **Government of Telangana:** An MoU for a **50 MW AI & Hyperscale Green Data Centre Campus** in Tukkuguda, involving a projected **₹4,000 Crore** investment across **20 acres**. * **DataDirect Networks (DDN):** Collaboration to develop AI data platforms for **Generative AI** workloads. * **MBuzz Technologies:** Partnership to explore **NVIDIA AI Factory** solutions and edge data center projects in the Middle East. * **AITMC Ventures (AVPL):** A collaborative agreement to deliver **AI skill training** to youth in rural and non-metropolitan areas. --- ### **Corporate Restructuring & Recovery Timeline** The company’s successful navigation of the **Insolvency and Bankruptcy Code (IBC)** framework has resulted in a clean slate for new operations. | Milestone | Date | Status | | :--- | :--- | :--- | | **NCLT Resolution Approval** | December 8, 2023 | Completed | | **Relisting on BSE/NSE** | April 1, 2024 | Completed | | **Resolution Plan Completion** | May 27, 2025 | Finished **1 year in advance** | | **Name Change to Aqylon Nexus Ltd** | January 2026 | Approved by MCA | --- ### **Financial Performance & Capital Structure** The company’s financials reflect the transition from insolvency to a restructured entity. Management has indicated a **6 to 8 quarter** lead time (from late 2024) for new AI business activities to fully manifest in the financial statements. **Standalone Financial Summary:** * **Revenue (FY 2024-25):** **₹6.01 Crore** (up from Nil in FY24). * **Net Worth (FY 2024-25):** **₹121.39 Crore** (improved from **₹13.86 Crore**). * **Exceptional Gain (FY 2025-26):** **₹9.62 Crore**, primarily driven by the sale of immovable property in Andheri (**₹15.44 Crore** profit). * **Debt Resolution:** Successfully addressed over **₹504 Crore** in financial liabilities through debt waivers and capital reduction reserves. **Capital Actions:** * **Capital Reduction:** Original share capital was reduced at a ratio of **100:1** as part of the NCLT mandate. * **Stock Split:** In **January 2026**, the Board approved a sub-division of equity shares from a Face Value of **₹10** to **₹1** to enhance market liquidity. * **Fundraising:** Authorized borrowing up to **₹500 Crores** and approved an unsecured loan of **₹100 Crores** from the Promoter with a conversion option. * **Warrants:** Issued **6,80,20,000 Convertible Warrants** at **₹10** each to non-promoters. --- ### **Governance & Ownership** Following an **Open Offer** in **November 2025**, the company underwent a total change in control: * **New Promoter:** **Mr. Kurjibhai Premjibhai Rupareliya** assumed control, targeting up to **99.92%** of the emerging voting capital (subject to minimum public shareholding rules). * **Leadership:** **Mr. Srivatsava Sunkara** was appointed **Managing Director** in **October 2025** for a 5-year term, bringing expertise in **LLMs** and enterprise AI transformation. * **Risk Management:** A **Risk Management Committee** was constituted on **March 31, 2025**, as the company entered the **top 1000 listed entities** by market capitalization. --- ### **Risk Factors & Investor Considerations** While the turnaround is significant, several risks remain inherent to the transition: * **Going Concern & Liquidity:** Auditors have noted a **negative net worth** of **₹11.44 Crore** as of March 2025. Survival is currently supported by a **12-month promoter financial support letter** (valid from April 2026). * **Execution Risk:** The pivot to AI is currently supported by **non-binding MOUs** rather than long-term, revenue-generating contracts. * **Regulatory Compliance:** The company has faced historical penalties for board composition non-compliance and must ensure public shareholding returns to the **25% minimum requirement** following the promoter's acquisition. * **Asset Base:** Property, Plant, and Equipment decreased from **₹37.29 Crore to ₹6.41 Crore** due to resolution-mandated disposals, which may impact immediate operational scale. * **Legacy Liabilities:** While **IBC Section 32A** extinguishes most past claims, some inter-company balances and tax assessments remain subject to final reconciliation.