Artemis ADR (ARTEMISADR) Posts Flat Loss as Revenue Plunges 47% in Q4 FY26
Formerly Jetmall Spices, the company reported a quarterly loss of ₹0.72 crore, unchanged year-on-year, as its pivot away from spice trading accelerated.
Artemis ADR Marketplace, formerly Jetmall Spices, saw revenue fall 47% year-on-year in Q4 FY26 to ₹0.20 crore. Its net loss held flat at ₹0.72 crore, reflecting a complete exit from its legacy spice business.
Artemis ADR Marketplace, known until July 2026 as Jetmall Spices, closed its final quarter as a spice trader with revenue nearly halved. The numbers confirm a full strategic pivot, leaving the old business behind while losses persisted in the new one.
The quarter saw revenue of ₹0.20 crore, down 47% from a year ago. The net loss was ₹0.72 crore, identical to Q4 FY25. Sequentially, revenue inched up 11% from Q2, but the loss widened sharply by 125%.
Revenue & profit
Revenue (₹ Cr)
Net Profit (₹ Cr)
Metric
CurrentQ4 FY26
Same quarter LYQ4 FY25
Revenue (₹ Cr)
0.20YoY -47%
0.38
Net Profit (₹ Cr)
-0.72YoY 0%
-0.72
A Business in Full Transition
The revenue collapse stems from exiting the spice trade entirely. A Scanx.trade report notes the legacy segment contributed no revenue in the latest half-year figures. The new ADR services segment generated the full year's ₹20 lakh in revenue.
This explains the flat annual loss despite a 73% revenue drop. Total expenses fell 38% in FY26, as inventory and employee costs linked to the old business vanished. The cost cuts offset the disappearing sales.
The Cost of a Fresh Start
While annual costs fell, quarterly expenses surged 74% sequentially to ₹0.94 crore. Depreciation jumped 500% to ₹0.06 crore, a sign of new asset investments for the ADR venture.
Other income also fell 67% year-on-year. The company is now running on the ₹26.6 crore raised from a preferential issue in February 2026, which swelled its cash reserves.
The Path From Here
Management has provided no recent guidance, but the corporate actions are clear. Shareholders approved the name change to Artemis ADR Marketplace in May 2026, cementing the new direction.
The company has also entered a service agreement with Jupitice Justice Technologies. The funded technology development suggests a build-out phase is underway, with profitability likely distant.
Key Points
Revenue fell 47% year-on-year to ₹0.20 crore as the company fully exited its legacy spice trading business.
The net loss remained flat at ₹0.72 crore, as a 38% reduction in annual expenses offset the drastic revenue decline.
A ₹26.6 crore fundraise has fortified the balance sheet, funding the pivot to alternate dispute resolution services.
Corporate actions, including a name change and a new technology partnership, formalize the strategic shift away from FMCG.
“
Hexa Perspective
The quarter closes a chapter, with the spice business now a line item of the past. The story is no longer about spices but about deploying a war chest into a new, unproven service model.
Investors are left weighing a clean slate against a history of persistent losses. The cash buffer provides runway, but the transition from a commodity trader to a technology-enabled service platform carries significant execution risk. The next few quarters will measure early traction in a market far removed from cumin and turmeric.
Talk to a HexaWealth advisor, or sync your mutual fund data for insights tailored to your holdings.
Frequently asked questions
What were Artemis ADR's Q4 FY26 results?
Artemis ADR Marketplace, formerly Jetmall Spices, reported a Q4 FY26 revenue of ₹0.20 crore, a 47% decline year-on-year. The net loss for the quarter was ₹0.72 crore, unchanged from the loss in Q4 FY25, as the company completed its exit from the spice business.
When did Jetmall Spices announce Q4 FY26 results?
Jetmall Spices and Masala announced its Q4 FY26 financial results on May 13, 2026, following a board meeting. The company filed a revised outcome later to correct formatting in its statutory filings.
Why did Artemis ADR's revenue fall nearly 50% in Q4 FY26?
Revenue fell because the company has fully exited its legacy spice trading business. A report by Scanx.trade states the spice segment contributed no revenue in the latest half-year, with all ₹20 lakh of annual revenue coming from the new ADR services segment.
Why did Artemis ADR's total expenses surge 74% quarter-on-quarter in Q4 FY26?
Total expenses rose sharply due to increased depreciation, which jumped 500% to ₹0.06 crore, and other costs associated with building the new ADR services business, even as revenue from the old spice segment vanished.
What is the state of Artemis ADR's balance sheet given its losses?
Despite losses, the balance sheet is fortified by cash. The company raised ₹26.62 crore through a preferential issue in February 2026. Scanx.trade reports cash reserves surged to ₹2,000 lakh as of March 2026, from ₹41.35 lakh a year earlier.
What guidance did management provide on the Q4 FY26 results?
There is no recent management commentary or earnings call detailing guidance. The company's strategic direction is instead signaled by corporate actions like the name change to Artemis ADR Marketplace and a new technology partnership.
Does Artemis ADR have any expansion plans or new product launches?
The company's expansion is centered on its pivot to ADR services. It has entered a service agreement with Jupitice Justice Technologies and utilized funds from a recent raise for technology development, indicating a build-out of its new platform.
What were the analyst estimates for Artemis ADR Q4 FY26?
Available research does not cite specific analyst estimates for Q4 FY26. Coverage appears limited, with one source noting the company is covered by zero analysts who submitted estimates for its financials.
How did the Artemis ADR stock react to the Q4 FY26 results?
Specific price action on the results date is not detailed in the research. However, a corporate filing shows the stock had a price impact of +12.69% on May 13, 2026, the day the quarterly results were announced.
What is the promoter holding in Artemis ADR?
As of March 2026, promoter holding in Artemis ADR Marketplace was 35.31%, according to a TickJournal shareholding pattern. Foreign and domestic institutional holdings were 0%, with public holding at 58.08%.
Artemis ADR Marketplace Q4FY26 Results
Artemis ADR Marketplace reported Q4 FY26 revenue of ₹0.20 crore and a net loss of ₹0.72 crore. For the full FY26, the company reported a net loss of ₹0.75 crore on revenue of ₹0.38 crore, according to its audited standalone results.
Jetmall Spices and Masala Q4 FY26 results
Jetmall Spices and Masala announced its Q4 FY26 results on May 13, 2026, showing revenue of ₹0.20 crore and a net loss of ₹0.72 crore. This marked the final quarterly report under its old name before changing to Artemis ADR Marketplace.
Why did Jetmall Spices revenue fall in Q4 FY26?
Jetmall Spices' revenue fell because the company ceased its spice trading operations to pivot to ADR services. A Scanx.trade analysis confirms the legacy spice segment generated no revenue in the comparative period, leading to the sharp decline.
