As per attachment
Awaiting price reaction for this filing.
The board approved standalone and consolidated unaudited results for Q1 FY26 (quarter ended June 30, 2025). Revenue from operations jumped sharply to Rs. 445.54 lakhs from just Rs. 3.52 lakhs in Q1 FY25, though the company posted a net loss of Rs. 2,208.35 lakhs (vs Rs. 2,372.63 lakhs loss a year ago), with very high depreciation of Rs. 2,159.79 lakhs dragging results. The statutory auditor (RPSV & Co.) issued a qualified conclusion due to non-conduct of impairment testing under Ind AS 36, along with an emphasis of matter on the ongoing CIRP resolution plan implementation. The company is set to change its statutory auditor to ASKM & Co., change its name to Neueon Corporation Limited, amend its MOA to add new businesses (EPC, data centers, blockchain, eVTOL aircraft, advertising, interiors), and sell three of its Telangana-based properties/undertakings by end of December 2025.
For shareholders, the results are mixed: top-line recovery is notable post-CIRP but the company remains deep in losses with a negative net worth, and the auditor's qualified opinion on impairment testing is a red flag. The name change, auditor switch, and diversification into new sectors like eVTOL, data centers, and blockchain signal a strategic pivot, while the sale of three properties could unlock cash but also reflects shrinking core operations. Investors should watch for the August 2025 fourth installment payment to financial creditors, as timely resolution plan execution remains critical.