Diligent Media Corporation Limited has informed the Exchange regarding 'Approval of Notice of 20th Annual general meeting and Board Report'.
DNAMEDIA · price
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Awaiting price reaction for this filing.
Diligent Media Corporation (DNAMEDIA), the publisher of DNA newspaper, reported Q1 FY26 revenue of Rs. 786.67 lakhs, up sharply from Rs. 296.30 lakhs in Q1 FY25, but swung to a loss after tax of Rs. 188.60 lakhs versus a profit in the prior quarter. The statutory auditor MGB & Co. LLP issued a limited review report with a modified opinion, flagging concerns over Rs. 17,340.27 lakhs in inter-corporate deposits given to Veena Investments (VIPL) and a material uncertainty on the company's ability to continue as a going concern, as accumulated losses of Rs. 25,553.12 lakhs have wiped out paid-up capital and reserves. The Board also approved the appointment of Mr. Chitresh Sehgal as CEO from August 1, 2025, elevated two editorial leaders to senior management, recommended re-appointment of a director, and cleared a material related-party transaction with Indiadotcom Digital. The 20th AGM is scheduled for August 26, 2025 via video conferencing.
The stock is likely to face pressure as the auditor's modified opinion and going-concern flag, combined with the unresolved Rs. 17,340 lakh ICD dispute with VIPL and ongoing arbitration, raise serious questions about financial stability. While the sharp revenue growth in Q1 is a positive signal for the digital media business, the swing to a loss and the large negative net worth of Rs. 24,376 lakhs make this a high-risk situation for shareholders to monitor closely.