1. Company Overview
ProYuga Advanced Technologies Limited is a Hyderabad-based technology company focused on Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), gaming and immersive technology solutions.
The company was incorporated in 2017 and is best known for iB Cricket, its VR cricket gaming platform.
Alongside its own products, ProYuga provides technology development and consulting services to businesses and other organisations.
The company describes its business across three broad areas:
- Developing its own XR products
- Helping other companies develop XR products
- Providing AR/VR/MR development services
It also has products and concepts targeting education, virtual events, professional collaboration and immersive learning.
CIN: U74999TS2017PLC176097
Registered Office: Hyderabad, Telangana
Status: Unlisted Public Limited Company
Face Value: ₹1 per share
2. Company Details
| Particular | Details |
|---|---|
| Company | ProYuga Advanced Technologies Limited |
| Founded | 2017 |
| CIN | U74999TS2017PLC176097 |
| Headquarters | Hyderabad, Telangana |
| Industry | XR / Gaming / Technology |
| Business | VR, AR, MR, Gaming & Technology Services |
| Flagship Product | iB Cricket |
| Other Product | Programmer VR |
| Status | Unlisted |
| Face Value | ₹1 |
| ISIN | INE495Y01014 |
| IPO | No announced IPO as of Sep 2026 |
The company’s official website identifies ProYuga Advanced Technologies Limited and its CIN, while its investor-relations section provides annual reports and statutory information.
3. What Does ProYuga Do?
ProYuga operates at the intersection of:
Gaming + Sports + XR + Software + Immersive Experiences
Its business can broadly be divided into:
A. Proprietary Products
The company develops its own XR products, including:
- iB Cricket
- Programmer VR
- Other products in development
B. Technology Development Services
ProYuga develops AR/VR/MR solutions for businesses.
Potential applications include:
- Training
- Product demonstrations
- Employee learning
- Visualisation
- Rapid prototyping
- Simulation
- Immersive customer experiences
The company specifically markets XR development services to businesses and game developers.
C. Educational / Enterprise XR
ProYuga has also outlined products around:
- Virtual classrooms
- Virtual events
- Virtual conferences
- Mixed-reality professional meetings
These products are designed to use immersive technology to improve education, collaboration and visualisation.
4. iB Cricket – Flagship Product
iB Cricket is ProYuga’s best-known product.
It is a VR cricket experience where users play cricket using a VR headset and controllers in virtual stadiums.
The company has built the product around India’s large cricket audience and has attempted to create a global VR sports platform.
According to the company’s reported metrics, iB Cricket has crossed 1.2 billion balls played by users from 60+ nationalities.
The product has also been associated with multiple major sporting and commercial partnerships.
5. iB Cricket’s Brand Partnerships
iB Cricket has previously worked with major cricket and consumer brands.
The company reports that it has been the official VR gaming partner of multiple IPL franchises across several seasons.
It has also worked with brands including:
- Tata Motors
- Reliance Digital
- Decathlon
- DP World
- Veedol
The FY2025 annual report also highlighted iB Cricket’s association with the Madhya Pradesh League and the Mr & Mrs Mahi movie promotional campaign.
6. Meta Relationship
One of the more interesting aspects of ProYuga’s story is its relationship with Meta.
iB Cricket was selected for Meta Horizon+, Meta’s subscription content platform for Quest users.
ProYuga’s annual report described the selection as placing iB Cricket among selected global VR titles available through the platform.
Earlier, Meta had also featured ProYuga and iB Cricket through its official channels and highlighted the company as part of India’s emerging XR ecosystem.
This provides ProYuga with international distribution and brand visibility that many small Indian XR companies do not have.
7. Programmer VR
ProYuga’s second major product is Programmer VR.
It is designed to teach programming concepts through gamified VR puzzles.
The product launched on the Meta Quest Store and was featured by Meta in categories including:
- Most Innovative Apps
- Best of November
This represents ProYuga’s attempt to expand beyond gaming into education and skill development.
8. Business Model
ProYuga essentially operates two types of businesses:
Product Business
Revenue can come from:
- VR game/software sales
- Licensing
- Platform distribution
- iB Cricket ecosystem
- Commercial activations
Services Business
The company also earns revenue by developing technology for other organisations.
This second business is important because it provides a more traditional technology-services revenue stream while proprietary products are being developed.
According to secondary analysis of the FY2026 annual report, technology-development and consulting engagements represented the larger part of FY2026 operating revenue.
9. FY2026 Financial Performance
FY2026 provides a mixed picture.
| Particular | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Operating Revenue | ₹9.76 Cr | ₹9.91 Cr | ₹8.44 Cr |
| EBITDA | ₹2.11 Cr | ₹0.65 Cr | ₹(3.20) Cr |
| EBITDA Margin | 21.57% | 6.57% | -37.88% |
| PAT | ₹4.27 Cr | ₹3.79 Cr | ₹(1.09) Cr |
| PAT Margin | 43.77% | 38.27% | -12.93% |
| Net Worth | ₹142.05 Cr | ~₹138 Cr | ~₹65 Cr |
| Total Assets | ~₹150 Cr | ~₹146 Cr | ~₹73 Cr |
| Debt/Equity | 0.02x | 0.02x | 0.05x |
The FY2026 figures are based on the company’s latest audited financial statements as reported through the available annual-report data.
10. The Most Important Financial Observation
The ₹4.27 Cr FY2026 PAT should not be treated as equivalent to ₹4.27 Cr of operating profit.
This is one of the most important things investors should understand.
FY2026 operating revenue was only around ₹9.76 Cr, while other income was approximately ₹4.19 Cr.
A substantial portion of this other income was interest accrued on loans to related parties.
Consequently, the reported PAT is considerably stronger than what the underlying operating business alone would suggest.
Simplified picture
Operating business
₹9.76 Cr revenue
↓
₹2.11 Cr EBITDA
But after adding other income:
Reported PAT = ₹4.27 Cr
Therefore, investors should focus more heavily on:
Operating revenue + recurring operating EBITDA + operating cash flow
rather than simply looking at the headline PAT.
11. Revenue Growth – The Reality
This is another area where investors need to be cautious.
Operating revenue has remained relatively small:
- FY2023: ₹10.45 Cr
- FY2024: ₹8.44 Cr
- FY2025: ₹9.91 Cr
- FY2026: ₹9.76 Cr
Therefore, despite the company’s impressive technology story, the operating top line has not yet demonstrated sustained high growth.
This is arguably one of the biggest questions around the investment thesis.
12. Profitability Improvement
There is nevertheless a positive development.
EBITDA improved from:
₹(3.20) Cr in FY2024
to
₹0.65 Cr in FY2025
and then to
₹2.11 Cr in FY2026.
This indicates that the operating business has moved back into positive EBITDA territory.
However, the next test is whether ProYuga can grow revenue while maintaining or improving this margin.
13. Balance Sheet
As of March 2026:
- Total assets: approximately ₹150 Cr
- Net worth: approximately ₹142 Cr
- Borrowings: approximately ₹2.82 Cr
- Debt/equity: approximately 0.02x
- Cash and equivalents: approximately ₹5.31 Cr
The company therefore has a relatively low debt burden compared with its net worth.
14. Related-Party Exposure – Important Risk
This is one of the areas that deserves close attention.
According to the FY2026 financial information, approximately ₹21.71 Cr was outstanding from iBuild Innovations India Private Limited, a related party.
The repayment period has reportedly been extended to 31 March 2027.
This means investors should examine:
- Who the borrower is
- Relationship with management
- Loan terms
- Interest rate
- Repayment history
- Security, if any
- Whether the amount is ultimately recovered
Related-party lending can make reported earnings and balance-sheet quality more complicated to assess.
15. Large Investment in PINscale
Another important balance-sheet item is the company’s investment in PINscale Technologies Private Limited.
ProYuga acquired approximately ₹69.34 Cr of investment in PINscale through a share-swap transaction in October 2024.
The transaction involved issuing 2,23,66,985 ProYuga shares at ₹31 per share to PINscale shareholders.
This was a non-cash transaction.
Consequently, a substantial portion of ProYuga’s net worth is represented by an investment in another private company rather than cash or operating assets.
Investors should therefore understand the valuation and underlying business of PINscale before assigning full value to ProYuga’s book value.
16. Mayuukha Investment
The company also has an investment in Mayuukha Pte Ltd.
A substantial investment has reportedly been fully provided for based on the company’s assessment of the financial position of that entity.
This demonstrates why investors should examine ProYuga’s investment portfolio and related-party balances, rather than looking only at revenue and PAT.
17. Cash Flow
Cash generation remains another important consideration.
Reported operating cash flow has been volatile.
FY2026 operating cash generation was approximately ₹0.60 Cr, despite reported PAT of ₹4.27 Cr.
This difference reinforces the need to distinguish between:
Accounting profit vs. cash profit.
A sustained improvement in operating cash flow would be an important indicator of business quality.
18. Competitive Landscape
ProYuga operates in a rapidly evolving global XR industry.
Potential competitors exist across several categories.
VR Gaming
- Meta
- Sony
- HTC
- Valve
- Various independent VR game developers
Enterprise XR
- Microsoft
- NVIDIA ecosystem partners
- Unity ecosystem
- Unreal Engine ecosystem
- Specialist XR developers
Indian XR Ecosystem
India has a growing number of companies working in:
- AR/VR
- Gaming
- Immersive learning
- Virtual production
- Industrial simulation
- Metaverse applications
ProYuga’s differentiation is its combination of Indian cricket IP/engagement + proprietary VR products + technology services.
19. Market Opportunity
The long-term opportunity for XR extends beyond gaming.
Potential applications include:
- Gaming
- Sports
- Education
- Industrial training
- Healthcare
- Defence
- Engineering
- Retail
- Tourism
- Virtual events
- Real estate
- Enterprise collaboration
The company itself highlights applications including employee productivity, immersive demonstrations, visualisation, rapid prototyping and testing.
The opportunity is therefore potentially much larger than iB Cricket alone.
20. Key Competitive Advantages
1. iB Cricket Brand
The company has created a recognisable VR cricket product with reported usage across 60+ nationalities.
2. Cricket as a Distribution Engine
Cricket provides ProYuga with a large potential addressable audience, particularly in India.
3. Meta Distribution
Presence on Meta’s Quest ecosystem gives the company access to a global VR platform.
4. Proprietary Technology
ProYuga is developing its own XR technology rather than operating solely as an implementation company.
5. Enterprise Services
Technology services can provide revenue while the proprietary product portfolio develops.
6. Low Financial Leverage
Debt/equity of approximately 0.02x provides a relatively conservative financial structure.
21. Growth Drivers
XR Adoption
Increasing adoption of VR/AR devices could expand the addressable market.
Global iB Cricket Expansion
International distribution could potentially turn iB Cricket into a global sports-gaming franchise.
Meta Ecosystem
Continued distribution through Meta Quest can improve discoverability.
Enterprise XR
Businesses increasingly use immersive technology for training, simulation and product visualisation.
Education
Programmer VR and future educational products could create another vertical.
Technology Services
Development contracts can generate relatively predictable service revenue.
Sports & Brand Partnerships
Sports partnerships can help monetise immersive experiences through advertising, activations and licensing.
22. Key Risks
1. Small Revenue Base
FY2026 operating revenue was only ₹9.76 Cr.
The company still needs substantial revenue growth to become a large-scale technology business.
2. Revenue Stagnation
Operating revenue has remained broadly between ₹8–10 Cr for FY2023–FY2026.
3. Profit Quality
FY2026 PAT was significantly supported by other income, including related-party interest income.
4. Related-Party Loans
The ₹21.71 Cr related-party receivable is material relative to the company’s operating scale.
5. PINscale Investment
A large part of the balance sheet is represented by an investment acquired through a share swap.
6. XR Hardware Adoption
Slow adoption of VR/XR hardware, particularly in India, can limit the company’s addressable user base.
7. Technology Risk
XR technology is evolving quickly. New hardware platforms can make existing software and development investments obsolete.
8. Competition
Global companies have substantially larger technology and marketing budgets.
9. Unlisted Liquidity
There is no NSE/BSE market for ProYuga shares.
An investor may have to wait for a buyer to exit.
23. Funding History
ProYuga has undertaken notable private capital transactions.
FY2024 Preferential Allotments
The company raised approximately:
₹19.15 Cr
through three preferential allotments at:
₹40 per share
between December 2023 and February 2024.
2024 PINscale Share Swap
In October 2024, ProYuga issued:
2,23,66,985 shares
at an issue price of:
₹31 per share
to shareholders of PINscale Technologies Private Limited as part of the share-swap transaction.
The implied transaction value was approximately ₹69.34 Cr.
These transactions provide useful historical reference points for assessing private-market valuation, although they should not automatically be treated as today’s fair value.
24. Shareholding
Available FY2026 information indicates that:
| Shareholder | Approx. Holding |
|---|---|
| Vijaya Kumar Reddy Sama | 13.61% |
| Other shareholders | 86.39% |
The available data does not show a conventional controlling promoter holding as of March 2026.
This is something prospective investors should examine carefully through the latest shareholding records.
25. Management
Key management disclosed in available company information includes:
- Sai Sasank S Ganesh Parimi – CEO
- Sai Kiran Nallapaneni – Whole-Time Director
- Karumuru Gowtham Reddy – CFO
- Vasavi Latha Garapati – Company Secretary
The board also includes independent and non-executive directors.
26. IPO Status
As of September 2026, ProYuga has:
Not filed a DRHP with SEBI
and
has not announced an IPO timeline.
It remains an unlisted public company whose shares can transact through off-market/private transactions.
Therefore, any claim that a ProYuga IPO is imminent should be independently verified against an official company or SEBI filing.
27. Valuation Reference Points
The most useful publicly documented transaction references are:
2023–24 Preferential Issue
₹40/share
October 2024 PINscale Share Swap
₹31/share
These transactions occurred under different circumstances and should not be directly extrapolated into a current valuation.
More importantly, the FY2026 book value was approximately ₹4.92/share, while the company’s operating revenue remains below ₹10 Cr.
Therefore, any significantly higher private-market valuation needs to be justified primarily through:
- Future revenue growth
- iB Cricket monetisation
- Enterprise XR growth
- Global expansion
- IP value
- PINscale value
- Technology-services growth
rather than current earnings alone.
28. What Is Attractive About ProYuga?
The bull case would be based on:
iB Cricket → Global VR sports franchise
XR adoption → Enterprise & education opportunity
Technology services → recurring revenue
Meta ecosystem → global distribution
Potential future scale → operating leverage
If these pieces come together, the company could potentially move beyond being a small XR developer into a broader immersive-technology company.
29. What Is Concerning?
The most important concerns are:
1. Operating revenue is still very small.
2. Revenue has not shown sustained growth over FY23–FY26.
3. FY2026 PAT is heavily influenced by other income.
4. Related-party receivables are material.
5. A large part of the balance sheet is tied to private-company investments.
6. Operating cash generation remains weak.
7. No confirmed IPO provides a clear exit route.
These factors mean the company should be evaluated as a high-risk, early-stage technology/unlisted opportunity, rather than as a mature profitable technology company.
30. Company Snapshot
| Parameter | ProYuga Advanced Technologies |
|---|---|
| Sector | XR / Gaming / Technology |
| Founded | 2017 |
| Headquarters | Hyderabad |
| Flagship Product | iB Cricket |
| Other Product | Programmer VR |
| Status | Unlisted |
| FY2026 Operating Revenue | ₹9.76 Cr |
| FY2026 EBITDA | ₹2.11 Cr |
| FY2026 PAT | ₹4.27 Cr |
| FY2026 Net Worth | ~₹142 Cr |
| FY2026 Assets | ~₹150 Cr |
| Debt/Equity | ~0.02x |
| FY2026 Operating Cash Flow | ~₹0.60 Cr |
| iB Cricket Usage | 1.2B+ balls reported |
| User Reach | 60+ nationalities |
| 2024 Share Swap | ₹31/share |
| FY24 Preferential Issues | ₹40/share |
| IPO | No announced timeline |
| Listing | Unlisted |
31. Investment Framework
ProYuga is essentially a high-risk technology/IP opportunity.
The investment case depends much more on what the company can become than on what it currently earns.
Current Business
Small but profitable at the EBITDA level.
Technology
Proprietary XR products with iB Cricket as the flagship.
Strategic Advantage
Strong cricket association and Meta ecosystem exposure.
Financial Position
Low leverage but relatively small operating cash generation.
Major Concern
FY2026 PAT does not fully represent operating profitability because of substantial other income.
Future Value Creation
The biggest potential drivers are:
iB Cricket + global XR adoption + enterprise XR + technology services + new products.
32. Important Links
Official ProYuga Website:
ProYuga Advanced Technologies – Official Website
Investor Information:
ProYuga Investor Information
FY2025–26 Annual Report:
ProYuga FY2025–26 Annual Report
FY2024–25 Annual Report:
ProYuga FY2024–25 Annual Report
FY2023–24 Annual Report:
ProYuga FY2023–24 Annual Report
iB Cricket:
iB Cricket Official Website
33. Disclaimer
This report is prepared for investor education and informational purposes only and should not be considered investment advice, an offer to buy or sell securities, or a guarantee of future returns.
ProYuga Advanced Technologies Limited is an unlisted company. Its shares do not trade on NSE/BSE, and private-market transactions may have limited liquidity, different prices and transfer restrictions.
Historical private-placement/share-swap prices are transaction reference points and should not be interpreted as current fair value.
Investors should independently verify the latest audited financial statements, shareholding, related-party transactions, valuation, taxation, share-transfer documentation and availability of shares before entering into any transaction.
For more such unlisted stocks visit:
UnlistedCart – Unlisted Shares
