As per PDF attached
Awaiting price reaction for this filing.
Melstar Information Technologies held its Board meeting on 25 May 2026 and approved audited financial results for FY 2025-26 ending 31 March 2026. Standalone results show revenue of Rs 75 lakh and net profit of Rs 44.72 lakh with EPS of Rs 1.60, while consolidated results show revenue of Rs 75 lakh and net profit of Rs 10.29 lakh with EPS of Rs 0.37. Both standalone and consolidated auditor reports carry a Qualified Opinion due to the company's ongoing insolvency proceedings under IBC, admitted by NCLT Mumbai in October 2019. The qualification has been ongoing since December 2024. The Board saw changes with Mr. Rajnikant Patel resigning as Independent Director (citing pre-occupation and professional commitments) and Ms. Ayushi Singh Bais appointed as Additional Director (Non-Executive & Independent) for a 5-year term subject to shareholder approval. All four board committees (Audit, NRC, Stakeholders Relationship, and Risk Management) were reconstituted, with Ms. Ayushi added to all. Internal auditors were changed from M/s M. N. Kholiya & Associate (who resigned citing fee disagreements) to M/s Saini & Saini for FY 2026-27.
The qualified auditor opinion and ongoing IBC proceedings remain a significant concern for investors as they raise going concern doubts. The profit decline on consolidated basis (vs standalone) is driven by losses in two subsidiaries totalling Rs 147.80 lakh. Director changes and auditor replacements are routine governance updates but do not materially change the risk profile. Shareholders should monitor whether the new business plan and pending licenses translate to operational improvement.