As per Letter Attached.
Awaiting price reaction for this filing.
Esha Media Research Ltd reported audited FY26 results with total income of Rs. 234.38 lakhs, down 26% from Rs. 316.39 lakhs in FY25, indicating revenue decline. The company reported a loss before exceptional items of Rs. 358.18 lakhs but turned profitable at Rs. 47.63 lakhs after a Rs. 405.81 lakh exceptional item from loan write-back (erstwhile director waived Rs. 405.81 lakhs of unsecured loans). The balance sheet shows negative equity of Rs. 1,044.23 lakhs as net worth is fully eroded. The auditors from N.A. Shah & Associates issued a qualified opinion due to non-regularization of Companies Act Section 73/74 non-compliances related to outstanding loans. They also flagged material uncertainty about the company's ability to continue as a going concern. The board approved appointment of S.K. Patodia & Associates LLP as new statutory auditors, replacing the resigning firm.
The qualified audit opinion, negative net worth, and going concern warning signal significant financial distress despite the loan write-back boost. Existing shareholders face extreme risk as the company has negative equity, and any adverse development could threaten operations.