ARSS Infra Q3 FY26 results filed; auditor gives qualified review
Awaiting price reaction for this filing.
ARSS Infrastructure Projects filed Q3 and 9M FY26 results. Q3 revenue rose to Rs 38.25 cr versus Rs 19.55 cr in Q3 FY25. 9M revenue fell to Rs 68.34 cr from Rs 139.99 cr. Q3 net loss of Rs 0.06 cr versus Rs 0.32 cr profit a year ago. 9M loss of Rs 3,343 cr is largely from one-time exceptional items of Rs 3,223 cr tied to the approved IBC resolution plan with Ocean Capital Market (Rs 2,237 cr interest and Rs 1,043 cr unrecorded liability). 7.5 crore equity shares were issued to settle unsustainable debt of Rs 4,675 cr. Auditor MARS and Associates gave a qualified review due to incomplete Ind AS-115 records and flagged the debt-equity conversion as an emphasis of matter.
Massive 9M loss is driven by one-time IBC plan entries, not operations. Heavy equity dilution from resolution plan. New board and management in place.