Prisma Global Limited

The products Gryphos® is the platform — a patented computer vision engine with 230+ pre-built APIs, sitting on the balance sheet as a ₹124 crore intangible. Its selling point is that it adds intelligence to a customer's existing camera network rather than replacing it, deployed on-premise or on private cloud. Everything else is Gryphos configured for a use case. Six products sit on top, but they reduce to three underlying capabilities: Face recognition — GryFAS (authentication for online and ATM banking), GrySEC (access control and login security), Veri5 (digital identity verification). Three brand names, one technology, three sales contexts. Object and vehicle detection — GryVIDS (traffic enforcement, road safety, real-time alerts), GryScan (airport baggage scanning and threat detection). Handwriting analysis — GrySENSE, which claims to infer behavioural, emotional and psychosocial patterns from handwriting. This one rests on graphology, which has consistently failed validation in peer-reviewed research. Unlike the others, its accuracy claims aren't benchmarkable. Target sectors are aviation, BFSI, highways and tolling, public safety, manufacturing and ports. The business model as presented An AI platform company that licenses proprietary technology, sold through a partner network — sales partners front the deals, implementation partners deploy, technology partners supply infrastructure. Singapore-headquartered group, global footprint, 125+ deployments. The business model as the accounts show it Prisma Global Limited is an Indian company in Mumbai, 76.46% owned by Prisma AI Corporation Pte Ltd in Singapore. It has a small wholly-owned Indian subsidiary, Snap2Life. It earns 100% of revenue from customers outside India. Five customers account for 73% of it. Revenue is recognised as a single line — "sale of services," transferred over time. There is no product-level or licence-versus-services breakdown anywhere in the accounts. It buys in essentially all delivery. Of ₹1,117 crore revenue, ₹805 crore goes to third parties across four lines: front-end integration, infrastructure and consulting, project consultants, and software customisation. Its own salary bill is ₹2.4 crore, and the gratuity provision of ₹9 lakh confirms a headcount in the single digits. Almost all of that money leaves India. Foreign exchange used during the year was ₹977 crore against operating and other expenses of about ₹990 crore. The vendors are offshore, and none are named. Even the R&D was purchased. The disclosed R&D spend of ₹64.69 crore matches the year's additions to the AI Platform intangible exactly, and the accounting policy describes intangibles as "acquired separately." There is no internally-generated intangible policy in the document. So the operating shape is: own the IP, hold the customer contracts, subcontract everything else offshore, keep the spread. The economics Revenue FY26 ₹1,117 cr (+63.5%) Operating expenses ₹805 cr (72% of revenue) Employee cost ₹2.4 cr (0.2%) EBITDA margin 11.7% Net profit ₹43.3 cr (3.9%) Margins were 3.7% the prior year, so nothing is expanding. Working capital is heavy — ₹218 crore receivables and ₹76 crore unbilled against ₹35 crore cash — and growth is funded by ₹153 crore of promoter-connected loans at 1% a month plus a ₹200 crore bond at 10%.