Draft:RNIT AI Solutions Limited

Key facts

Legal name	RNIT AI Solutions Limited
Former name	Autopal Industries Limited (1985–2025)
Type	Public company
Listed as	BSE: 517286 (symbol RNITAI)
Industry	Artificial intelligence, IT, e-governance
Incorporated	15 October 1985 (Jaipur, as Autopal); operating business est. 2019 (RNIT Solutions & Services, Hyderabad)
Headquarters	Plot 92/93/94, Kavuri Hills, Madhapur, Hyderabad, Telangana, India
Key person	Raja Srinivas Nandigam (Managing Director & CEO)
Products	AI facial-recognition attendance systems, video analytics, IoT/Industry 4.0 devices, conversational & generative AI, e-governance platforms
Revenue	₹51.50 crore (FY2025–26)
Net profit	₹12.02 crore (FY2025–26)
Website	rnit.ai

Overview

RNIT AI Solutions Limited (formerly Autopal Industries Limited) is an Indian artificial-intelligence, information-technology and e-governance company headquartered in Hyderabad, Telangana. The company designs and operates AI-driven digital-governance solutions — most prominently facial-recognition-based attendance and beneficiary-tracking systems — delivered to government departments and enterprises on a software-as-a-service (SaaS) model. Its shares are listed on the Bombay Stock Exchange under scrip code 517286.

The company in its present form emerged in 2024–2025, when RNIT Solutions & Services Limited, an operating IT company incorporated in Hyderabad in 2019, took over the listed but insolvent Autopal Industries Limited through a resolution plan approved under the Insolvency and Bankruptcy Code, 2016. RNIT was merged into the listed entity by way of a reverse merger, the surviving company was renamed RNIT AI Solutions Limited, and its registered office and business were effectively transferred to those of RNIT. As a result, the company’s stock-exchange listing traces a continuous legal history to 1985, while its ownership, management, workforce and business are those of the 2019-vintage RNIT.

The company describes itself as “India’s first AI-driven governance company” and, as of 2026, as the largest AI-based facial-recognition-system SaaS provider in the Indian government sector, reporting more than three billion identity verifications processed across 300-plus government departments. By early 2026 it operated across nine Indian states and union territories and had entered the Gulf Cooperation Council market through a partnership in Saudi Arabia.

History

Autopal Industries Limited (1985–2022)

Autopal Industries Limited was incorporated on 15 October 1985 in Jaipur, Rajasthan (CIN L31501RJ1985PLC003427; registration number 003427) and manufactured automotive components and lighting products. The company was listed on the Bombay Stock Exchange under scrip code 517286. Following financial distress, it was admitted into the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Jaipur Bench, on 16 August 2022, on a Section 9 petition filed by an operational creditor, M/s Tack Innovations. Ajay Gupta was appointed interim resolution professional and later resolution professional.

RNIT Solutions & Services Limited (2019–2024)

RNIT Solutions & Services was incorporated on 23 April 2019 in Hyderabad and converted into a public limited company on 21 December 2022. It operated as a software, IT and AI-enabled services company. MSME records show a workforce of about 103 employees and rising annual turnover — roughly ₹1.41 crore in 2019–20, ₹4.68 crore in 2020–21, ₹17.20 crore in 2021–22 and ₹12.22 crore in 2022–23 — as it graduated from a “micro” to a “small” enterprise.

Insolvency resolution and reverse merger (2022–2024)

During the insolvency, the Committee of Creditors comprised three financial creditors: Reliance Commercial Finance (later Authum Investment & Infrastructure, ~64.2% voting share), Paisalo Digital (~20.7%) and the estate of Bhagwat Singh Solanki (~15.1%). After prolonged delays, a resolution plan submitted jointly by Vivek Kumar Ratakonda and Raja Srinivas Nandigam was approved by the Committee of Creditors with a 100% vote on 5 August 2024 and approved by the NCLT on 23 September 2024, along with an exclusion of 431 days from the CIRP timeline.

The plan was structured as a reverse merger: RNIT Solutions & Services was merged into Autopal Industries, with Autopal as the surviving entity and RNIT dissolved without winding up. Autopal’s former promoters (about 52%) were reduced to nil, existing public shareholders’ capital was reduced one-for-four, and 9% preference shares were cancelled. RNIT’s shareholders received five shares per RNIT share — about 7.13 crore shares (~84%) — and the resolution applicants and strategic investors about 1.30 crore shares (~15%), becoming the controlling owners.

Reverse merger and continuity of listing (2025)

The surviving company altered its object clause (special resolution of 7 November 2024, registered 19 February 2025) and was renamed from Autopal Industries Limited to RNIT AI Solutions Limited by a certificate of incorporation dated 17 February 2025. Trading, suspended during the insolvency, was revoked by the BSE in October 2025, and the company held a listing ceremony on 24 October 2025 at which managing director Raja Srinivas Nandigam rang the ceremonial bell.

RNIT AI Solutions Limited is sometimes described as Autopal Industries "relisted" under a new name, but that is not accurate: Autopal was never delisted and re-floated through a fresh issue. Instead, RNIT Solutions & Services Limited — an operating IT and AI company incorporated in Hyderabad in 2019 — was merged into the listed but insolvent Autopal by way of a reverse merger under the resolution plan approved by the National Company Law Tribunal, with Autopal surviving as the legal entity and then renamed RNIT AI Solutions Limited. The Bombay Stock Exchange listing (scrip code 517286, in place since 1985) therefore continued without a break, but Autopal's former promoters and auto-components business were extinguished, and the ownership, management, workforce and business of the company today are those of RNIT.

Capital raising (2025–2026)

As contemplated by the resolution plan, the company raised about ₹47.16 crore through two tranches of preferential allotment totalling 1 crore new equity shares:

●       First tranche — 1 November 2025: 47,33,463 shares at ₹44 each, raising ~₹20.83 crore.

●       Second tranche — 13 March 2026: 52,66,537 shares at ₹50 each (₹10 face value + ₹40 premium), raising ~₹26.33 crore, subscribed by AIFs, strategic investors and HNIs (public, non-promoter).

Proceeds were earmarked for expanding AI-led solutions in the government and enterprise sectors, enhancing technology platforms and SaaS offerings, executing large-scale projects, and general corporate purposes.

Business and operations

RNIT AI Solutions is engaged in computer programming, IT consultancy and AI-enabled services. It positions itself as an AI-driven governance company applying artificial intelligence to public administration and enterprise transformation, under a stated philosophy of “Responsible AI” and “Innovation with Integrity.” Its principal delivery model is software-as-a-service with consumption-based (per-transaction) pricing tied to the volume of identity verifications processed.

Products and platforms

●       AI-based facial-recognition and beneficiary-tracking systems — flagship product line for digital attendance and welfare-beneficiary verification; the company reports 3-billion-plus identity verifications across 300-plus departments and describes itself as the country’s largest SaaS provider of AI-based identity platforms.

●       AI-driven video analytics and surveillance — real-time detection, situational awareness and automated compliance monitoring for smart cities, transport, healthcare and critical infrastructure.

●       AI-powered smart devices for Industry 4.0 — IoT-enabled factory automation, predictive maintenance, quality inspection and energy optimisation.

●       Conversational and generative AI — a conversational-AI offering branded the “NIA AI Platform,” plus generative-AI governance platforms.

●       E-governance platforms — including the AMAAA (Academic Monitoring & Administrative Automation Application) portal.

By early 2026 the company reported a presence across nine states and union territories — Andhra Pradesh, Assam, Bihar, Goa, Lakshadweep, Meghalaya, Odisha, Telangana and Uttar Pradesh — spanning eight verticals: school education, higher education, tribal welfare, social welfare, skill development, legal metrology, municipal administration and panchayat operations.

Government projects

●       Andhra Pradesh higher education — SLA signed March 2026 with the Commissionerate of Higher Education (via Andhra Pradesh Technology Services) for an AI facial-recognition attendance system covering ~3,900 institutions and ~1.3 million users on a three-year SaaS arrangement.

●       SBTET Andhra Pradesh — roll-out of the AMAAA portal serving ~100,000 students and staff, plus a state-wide GenAI platform.

●       Telangana (TGSWREIS) — work order of 25 November 2025 for a facial-recognition attendance system covering ~268 institutions and ~170,000 students.

●       Lakshadweep — first AI-based facial-recognition attendance system in the union territory, across Department of Education schools, operational by February 2026.

●       Meghalaya — paid pilot order of 17 February 2026 to integrate facial recognition with the “Meghalaya ONE” and “CM Connect” citizen apps; entry into the North-East.

The company classifies engagements on a four-tier scale from Tier-1 (up to ₹1 crore) to Tier-4 (above ₹50 crore).

International expansion

In November 2025 the company announced entry into the GCC market through a memorandum of understanding, reported at about US$3 million, with Ajnihat Alnajah Group LLC, a Saudi Arabia-based digital-transformation firm. The partnership covers AI-driven governance, enterprise automation, facial recognition, IoT-based industrial systems and generative and conversational AI, focused primarily on Saudi Arabia.

Corporate affairs

Leadership

The company is led by Raja Srinivas Nandigam as managing director and chief executive officer. Board members and key officers reported in company disclosures and market databases have included Neelima Nandigam (executive director), Pramod Reddy Mallaiahgari, Malladi Venkata Satya Surya Subrahmanya Sastri (chief financial officer), and other non-executive and independent directors.

Listing and shareholding

The company’s equity shares are listed on the Bombay Stock Exchange under scrip code 517286 (symbol RNITAI), face value ₹10. As of March 2026, promoters held about 67% of the equity and public shareholders about 33%; market capitalisation was of the order of ₹550 crore. Authorised capital was ₹85 crore and paid-up capital about ₹74.8 crore as recorded in April 2025, before the two preferential allotments.

Finances

Year ended 31 March	Revenue (₹ cr)	Net profit (₹ cr)	EBITDA margin
2025	32.23	~7.2	—
2026	51.50	12.02	41.7%

For the year ended 31 March 2026 the company reported revenue of about ₹51.5 crore (up ~60% year-on-year) and net profit of about ₹12.0 crore (up ~67%). In the quarter ended September 2025 it reported revenue of ₹13.72 crore and net profit of ₹3.25 crore, up ~92% and ~103% respectively over the year-earlier quarter.

Recognition

Note (to verify): In promotional materials around its 2025 relisting, the company cited recognitions including a Prime Minister’s Award for Excellence in Public Administration (2024), National e-Governance Awards and state innovation awards for AI deployment. These claims are not independently verified in secondary sources and should be corroborated before publication.

Sources

[1] NCLT, Jaipur Bench — resolution-plan approval order, IA (IBC) Plan No. 07/JPR/2024 in CP No. (IB)-47/9/JPR/2018, 23 September 2024.

[2] Registrar of Companies — Certificate of Incorporation pursuant to change of name (CIN L31501RJ1985PLC003427), 17 February 2025.

[3] Ministry of Corporate Affairs — company master data (CIN L62090RJ1985PLC003427), 22 April 2025.

[4] Ministry of MSME — Udyam Registration certificates UDYAM-TS-09-0002219 and UDYAM-TS-09-0158115.

[5] BSE / MarketScreener — Revocation of suspension of trading in RNIT AI Solutions Ltd. marketscreener.com

[6] Screener.in — RNIT AI Solutions Ltd share price & financials. screener.in/company/517286

[7] Hybiz TV — “RNIT AI Solutions Ltd. becomes India’s first AI-driven governance company.” hybiz.tv

[8] EquityBulls — RNIT AI inks SLA with Commissionerate of Higher Education, Govt of Andhra Pradesh, 16 March 2026.

[9] ScanX — Andhra Pradesh higher-education attendance contract. scanx.trade

[10] HDFC Sky — TGSWREIS AI attendance project. hdfcsky.com

[11] ScanX — Lakshadweep first AI-based attendance system. scanx.trade

[12] ScanX — Meghalaya paid pilot order (Meghalaya ONE / CM Connect). scanx.trade

[13] ScanX — AMAAA portal for SBTET Andhra Pradesh. scanx.trade

[14] Whalesbook — RNIT AI posts 150% profit jump, raises ₹20 crore (first tranche). whalesbook.com

[15] Business Standard (ANI press release) — RNIT AI raises ₹26.33 crore, 31 March 2026.

[16] HDFC Sky — RNIT AI secures US$3 million GCC partnership (Ajnihat Alnajah Group LLC), 24 November 2025.

[17] Business Standard — RNIT AI standalone net profit rises 103.13% in the September 2025 quarter.

[18] ScanX — RNIT AI reports strong Q4 FY26 performance (59.8% revenue growth). scanx.trade

[19] Pocketful — About RNIT AI Solutions Ltd: company profile & business model. pocketful.in