Bharati Defence and Infrastructure Limited has informed the Exchange regarding Board meeting held on August 14, 2025.
Awaiting price reaction for this filing.
Bharati Defence and Infrastructure Limited (formerly Bharati Shipyard) filed unaudited financial results for Q1 FY26 (quarter ended June 30, 2025) along with restated quarterly results covering Q2 FY18 through Q4 FY24 at its August 14, 2025 board meeting. The company underwent Corporate Insolvency Resolution Process and liquidation from FY20 to 2024, which was formally concluded in January 2025, after which the new management assumed control. The Limited Review Report from statutory auditors AK Kocchar & Associates is unusual — the auditors explicitly state they did not conduct the review in line with ICAI standards, did not perform standard review procedures, and offered no assurance on accuracy or completeness of the financial information. Historical figures show a massive net loss of about ₹362 crore for FY23 driven by huge exceptional write-offs (closing stock written off by ₹272.66 crore, fixed asset losses of ₹73.29 crore), and reserves are deeply negative at approximately ₹5,781 crore.
This filing is largely procedural as the new management publishes restated results from the pre- and post-liquidation era. However, the auditor's disclaimer-style review report and the deeply eroded reserves and equity base are serious red flags for shareholders, signalling that the historical financials cannot be relied upon with confidence and that the company is rebuilding from a near-zero base.