We Win Limited is a premier pan-India **Customer Relationship Management (CRM)** and **Business Process Outsourcing (BPO)** enterprise with a legacy spanning over **22 years**. Headquartered in **Bhopal, Madhya Pradesh**, the company has evolved from a traditional call center operator into a technology-driven provider of integrated grievance management and digital transformation services. We Win Limited operates as a single-segment entity, delivering specialized support in **20 languages** to a diverse portfolio of over **100 clients**. --- ### **Core Service Architecture & Digital Capabilities** The company provides a multi-disciplinary suite of services designed to bridge the gap between organizations and their end-users through both human and digital interfaces. * **Business Process Management (BPM):** Comprehensive **Inbound and Outbound Call Center** operations. The company is a dominant player in the non-emergency integrated grievance sector. * **Digital & Software Engineering:** End-to-end **Website Design**, **Custom Software Development**, and **Mobile App Development**. * **Advanced Visualization & Tech:** Specialized solutions in **Virtual Reality (VR)** and professional **Architectural Design** utilizing **3D’s Max** and **AutoCAD**. * **Growth Marketing:** Integrated **Digital and Social Media Marketing** strategies. * **Human Capital Development:** Professional **Skill Development and Training** services aimed at capacity building for large-scale projects. --- ### **Strategic Focus: Government Process Outsourcing (GPO)** A cornerstone of We Win’s strategy is its expansion into the **Government Process Outsourcing** sector, specifically focusing on **Citizen Helplines** and **Integrated Command and Control Centers (ICCC)**. | Project / Program | State | Scope of Work | | :--- | :--- | :--- | | **SUMAN Program (NHM)** | **Madhya Pradesh** | Management of **ICCC** and **District Helpdesks**. | | **CM Helpline** | **Chhattisgarh** | Implementation of a **Complaint Management System**. | | **State Helpline** | **Punjab** | Establishment of a **State-of-the-art Call Center**. | | **Comprehensive Call Center** | **Himachal Pradesh** | **37-seat** facility (including **104 Helpline**); **5-year** contract valued at **₹8.72 Crores**. | | **State Health Authority** | **Uttarakhand** | Appointed as **Call Centre Service Provider (CSP)**. | | **Internet Ticketing Center** | **National** | Completed **IRCTC Tender** for customer care (Calling/Emailing) in **Feb 2025**. | | **Specialized Support** | **Haryana** | Maintenance of **Shikayat Nivaran Kendra** for PHED Panchkula. | --- ### **Financial Performance & Revenue Dynamics** We Win Limited has demonstrated robust top-line growth, though recent profitability reflects the impact of capital investments and shifting operational costs. **Standalone Financial Summary:** | Metric (Rs. in Lakhs) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Income** | **7,940.99** | **6,579.46** | **4,910.47** | | **Profit After Tax (PAT)** | **164.89** | **246.83** | **240.40** | | **Dividend Recommended** | **Nil** | **Nil** | **Nil** | **Revenue Recognition Models:** 1. **Fixed-timeframe/Fixed-price:** Recognized via percentage-of-completion or ratably. 2. **Unit of work:** Recognized as specific service units are performed. 3. **Time-and-material:** Recognized based on actual efforts expended. **Government Subsidies:** The company successfully utilized the **India BPO Promotion Scheme (IBPS)**, receiving a total grant of **Rs. 10.33 Lakhs**. The final installment of **Rs. 2.58 Lakhs** was recognized as income in **FY 2024-25**, marking the full write-off of this receivable. --- ### **Infrastructure, Assets, and Capital Structure** In **November 2023**, the company consolidated its operations by moving its **Registered Office** to a dedicated technology hub at **IT Park, Badwai, Bhopal**. * **Capitalization:** The company ceased capitalization of borrowing costs on **July 1, 2024**, following the completion of its primary building. Borrowing costs capitalized in **FY25** were **Rs. 14.65 Lakhs**. * **Debt Profile:** Short-term facilities are maintained with **Axis Bank** and **HDFC Bank**, secured by a primary hypothecation charge on all **current assets**. * **Collateral Base:** Includes equitable mortgages on leasehold land at **IT Park, Bhopal** (valued at **Rs. 1.47 Crore**), residential properties owned by directors, and a lien on fixed deposits totaling **Rs. 1.09 Crore**. --- ### **Governance, Leadership, and Human Capital** The company underwent a significant leadership transition in **June 2024** to realign its strategic vision. * **Executive Leadership:** **Mr. Abhishek Gupta** (formerly Chairman) was appointed **Managing Director** for a **5-year** term. **Mrs. Sonika Gupta** transitioned to the role of **Chairman**. This followed the resignation of **Mr. Adarsh Kumar** (MD & CEO) in **June 2024**. * **Employee Incentives:** To retain talent, the company launched the **Employee Stock Option Plan (ESOP) 2025**, creating a pool of **6,00,000** options (not exceeding **2%** of paid-up capital) with a **1-year** vesting and **3-year** exercise period. * **Remuneration Ratios:** The Chairman and MD each receive a remuneration that is **2581.96%** of the median employee salary. --- ### **Risk Factors & Regulatory Outlook** Investors should monitor several evolving regulatory and financial risks: **1. Regulatory Shifts (Labour Codes):** The **November 2025** notification of new **Labour Codes** (Wages, Social Security, Industrial Relations, and Occupational Safety) is expected to increase financial liabilities related to **gratuity** and **leave encashment** due to the revised definition of "wages." **2. Related Party Transactions (RPT):** The company frequently engages with **Surevin Weartech Private Limited** (Associate) and **M/s Zenstack Private Limited**. * **FY 2026-27 Forecast:** Proposed transactions of **Rs. 10.00 Crores** with Zenstack and Directors will require shareholder approval as they exceed **10%** of annual consolidated turnover. * **Compliance History:** The company previously incurred minor penalties from **NSE/BSE** for late RPT disclosures in **2022**. **3. Financial Sensitivities:** The company is exposed to **Interest Rate Risk** on floating-rate borrowings. A **0.50% increase** in rates would have impacted Profit Before Tax by **Rs. 164.08 Lakhs** based on **FY23** figures. **4. Contingent Liabilities:** As of March 31, 2024, the company reported claims not acknowledged as debt of **Rs. 12,578.20 Lakhs** and substantial guarantees. A specific tax demand of **Rs. 12.57 Lakhs** for **A.Y. 2014-15** remains under appeal. **5. Operational Integrity:** The company maintains strict internal controls and reported **zero** transactions with struck-off companies, **no** Benami property holdings, and **no** exposure to Crypto currencies.