As per Letter Attached.
Awaiting price reaction for this filing.
Esha Media Research reported Total Income of ₹234.38 Lakhs for FY2026, down 25.9% from ₹316.39 Lakhs in the previous year. Despite the revenue decline, the company turned profitable with PAT of ₹47.63 Lakhs (vs loss of ₹362.64 Lakhs in FY2025), primarily due to an exceptional gain of ₹405.81 Lakhs from loan waiver by an erstwhile director. However, the company's financial health remains severely stressed — net worth is negative at ₹1,044.23 Lakhs, current liabilities exceed current assets, and negative operating cashflow of ₹118.81 Lakhs was recorded. Auditors N.A. Shah & Associates issued a Qualified Opinion citing unresolved non-compliances under Sections 73 and 74 of the Companies Act regarding interest-free unsecured loans of ₹769.68 Lakhs. A material uncertainty exists regarding the company's ability to continue as a going concern, though promoters have committed to infuse funds. The statutory auditors were changed mid-year from N.A. Shah & Associates to S.K. Patodia & Associates LLP.
The company is financially distressed with negative equity and negative operating cashflows. While the loan waiver boosted profitability, underlying operations remain deeply unprofitable (operating loss before exceptional items of ₹358.18 Lakhs). The going concern qualification and qualified audit opinion signal significant risk for shareholders, and the pending regulatory settlement on loan-related non-compliances could have additional financial implications.