Annual Report 2025-26.

September 03, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Company Code No.: 539807 Company Symbol: CCAVENUE Dear Sir / Madam, Sub: Notice of 16th Annual General Meeting and Annual Report for the F.Y. 2025-26 This is to inform you that the 16th Annual General Meeting (“AGM”) of the Company will be held on Tuesday, September 29, 2026 at 11.00 a.m. (IST) through Video Conferencing (“VC”)/ Other Audio-Visual Means (“OAVM”). Pursuant to Regulation 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), please find enclosed herewith the Annual Report of the Company for the Financial Year 2025-26 along with the Notice convening 16th AGM, which is being sent to the Members of the Company through electronic mode, who have registered their e-mail addresses with the Depositories/Company and a letter providing a web- link for accessing the Annual Report who have not registered their e-mail IDs in compliance with the provisions of the Listing Regulations and relevant circulars issued by Ministry of Corporate Affairs and the Securities and Exchange Board of India. The Annual Report 2025-26 containing the Notice of 16th AGM is also available on the website of the Company at www.avenuesai.com. The Company is pleased to provide its members the facility to exercise their right to vote on the resolutions proposed to be passed at the AGM by electronic means. The date and time of remote e-voting facility are as under: Sr. No. Particular Details 1 AGM date and time Tuesday, September 29, 2026 at 11.00 a.m. 2 Cut-off date for e-voting Tuesday, September 22, 2026 3 E-voting start time 9.00 a.m. on Friday, September 25, 2026 4 E-voting end time 5:00 p.m. on Monday, September 28, 2026 We request you to kindly take the same on your records. Thanking you, Yours faithfully, For AvenuesAI Limited (Formerly known as Infibeam Avenues Limited) Shyamal Trivedi Sr. Vice President & Company Secretary Encl.: As above AvenuesAI Limited (Formerly known as Infibeam Avenues Limited) Regd. Office: 28th Floor, GIFT Two Building, Block No. 56, Road-5C, Zone-5, GIFT CITY, Gandhinagar – 382 050, Gujarat, India CIN: L64203GJ2010PLC061366 Tel: +91 79 67772204 | Fax: +91 79 67772205 | Email: ir@avenuesai.com | Website: www.avenuesai.com Powering the Future of Commerce Annual Report 2025-26 Table of Contents Corporate Overview Boards' Report The Year in Context 01 Corporate Information 29 Message from the Leadership 02 Management Discussion and Analysis 30 About AvenuesAI 05 Important Notes for the Shareholders 49 Reshaping Future 07 Notice 51 Digital Milestones 10 Board’s Report 79 Strategic Framework 11 Report on Corporate Governance 93 Corporate Governance Standards and 12 Corporate Social Responsibilty 132 Compliance Business Responsibility & Sustainability 134 Key Performance Indicators 16 Report Merchant-Centric Business Model 18 CCAvenue Payment Infrastructure 20 Financial Statements CCAvenue Scale, Reach & Client Ecosystem 21 Independent Auditor’s Report 164 Artificial Intelligence 26 Balance Sheet 176 Building Bank-Grade Payment Infrastructure 28 Statement of Profit and Loss 177 Statement of changes in Equity 178 Statement of cash flows 180 Notes to the Financial Statements 182 Independent Auditor’s Report 256 Consolidated Balance Sheet 265 Consolidated Statement of Profit and Loss 266 Consolidated Statement of changes in Equity 267 Consolidated Statement of cash flows 270 Notes to the Consolidated Financial 273 Statements Forward-Looking Statements This Annual Report contains forward-looking statements within the meaning of applicable securities laws and regulations. Statements in this report that describe the Company's objectives, plans, projections, estimates, expectations or intentions, including those relating to strategy, business lines, product and technology development, regulatory approvals, international expansion, deployment of Rights Issue proceeds and future financial or operating performance, are forward-looking statements. Words such as 'anticipate', 'believe', 'estimate', 'expect', 'intend', 'plan', 'project', 'will', 'may', 'targeted' and similar expressions identify such statements, although not all forward-looking statements contain them. Forward-looking statements are based on assumptions and expectations that the Company believes to be reasonable as at the date of this report, but they involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These include, among others, changes in economic conditions in India and the markets in which the Group operates; changes in law, regulation, licensing conditions or the tax regime applicable to payments, prepaid instruments and financial technology; the timing and terms of regulatory approvals; competitive intensity and pricing pressure, including movements in merchant discount rates and take rates; technology, cyber-security, fraud and operational risks; dependence on banking, network and technology partners; the pace of merchant and consumer adoption of new products; the outcome of integration and restructuring initiatives; and movements in foreign exchange rates and financial markets. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Nothing in this report constitutes an offer, invitation or recommendation to subscribe for, purchase or sell any securities of the Company. Corporate Overview Boards’ Report Financial Statements The Year in Context India's digital economy is entering a new phase — one where payment adoption is being followed by intelligent, embedded financial infrastructure. UPI-led scale, merchant digitisation and omnichannel commerce continue to expand transaction flows, while regulation is raising the threshold for participation across online, offline, prepaid and cross-border payments. At the same time, artificial intelligence is moving closer to the transaction layer, enabling real-time decisioning, risk intelligence, workflow automation and personalised engagement. For AvenuesAI, these shifts create an opportunity to convert transaction scale into transaction intelligence — and transaction intelligence into deeper merchant relevance and monetisation. Our evolving architecture brings together payments infrastructure + merchant workflows + consumer ecosystem + AI intelligence + regulated financial infrastructure as one connected operating model, designed to support scalable growth across India and selected international markets. Annual Report 2025-26 1 AvenuesAI Message from the Leadership “FY26 established the architecture. FY27 must demonstrate the integration and economics of that architecture.” From transaction scale to intelligence ownership Vishal Mehta Chairman & Managing Director Dear Shareholders, declined from 11.7 bps to 7 bps, reflecting the changing mix of MDR and zero-MDR volumes and strategic FY2025-26 was a defining year in the evolution of volume expansion. This reinforces our focus on revenue AvenuesAI Limited. Over the years, we have built scale quality and deeper monetisation, not transaction scale in digital payments, trusted merchant and institutional alone. relationships, technology capabilities and businesses adjacent to the transaction layer. During FY26, these The audited consolidated financial statements reported building blocks began to converge into a broader profit from operations after tax of ₹2,948.9 million. strategic architecture. The adjusted PAT referred to above excludes mark-to- market and/or fair-value movements, and we believe The cha [Showing first 8,000 characters — download PDF for full document]