1. Consider and approved unaudited stand and consolidated financial results for the quarte and half year ended Sep 30, 2025 2. fixed the date of EGM - 09.12.2025
Awaiting price reaction for this filing.
ARSS Infrastructure Projects' Board approved unaudited standalone and consolidated results for Q2 and H1 FY26 ended September 30, 2025. Revenue from operations fell sharply to ₹1,141 lakhs in Q2 FY26 from ₹3,366.46 lakhs in Q2 FY25, and H1 FY26 revenue dropped ~75% YoY to ₹3,009.19 lakhs from ₹12,043.99 lakhs. The company reported a standalone loss after tax of ₹3,22,770 lakhs (approx. ₹3,228 crores) for the quarter, driven by exceptional items of ₹3,22,319 lakhs booked on implementation of the NCLT-approved Resolution Plan submitted by Ocean Capital Market Limited (OCML). As part of the plan, 1.06 crore equity shares held by erstwhile promoters were extinguished, 7.5 crore new shares will be issued against unsustainable debt of ₹4,675.45 crores, and financial creditors' admitted claims of ₹4,940.14 crores were settled for ₹207.69 crores cash. The old Board was replaced and a new Board was constituted on September 29, 2025, with OCML infusing ₹3 crore for 30 lakh fresh shares. The auditor issued a Qualified Conclusion citing non-compliance with Ind AS-115 and highlighted an Emphasis of Matter on the IBC process. An EGM has been fixed for December 9, 2025 to seek shareholder approval on agenda items likely linked to the resolution plan.
Existing shareholders face massive dilution through 7.5 crore new shares to be issued against unsustainable debt, drastically reducing their stake. Operational performance has deteriorated sharply with revenue down ~75% in H1, signalling serious business stress. However, with the IBC plan now approved and implemented, the company exits the insolvency process and a new Board is in place, which may eventually revive operations but near-term stock is likely to remain highly volatile and speculative.