Financial Result for 30th September 2025
Awaiting price reaction for this filing.
Ashapura Intimates Fashion Ltd reported zero revenue from operations for Q2 FY26 (ended 30 Sept 2025), as business operations have been suspended since Q3 FY19 following admission into the Corporate Insolvency Resolution Process (CIRP) in June 2019 and subsequent liquidation in October 2020. The company showed a net profit of ₹30,202.05 lakhs for the quarter, but this was entirely driven by an exceptional item of ₹30,220.57 lakhs — a write-off of past statutory dues, borrowings, and other liabilities absolved under the NCLT order dated 10 June 2025, which converted the company from liquidation to active status. The auditor (N.K. Sarraf & Associates) issued a complete disclaimer of opinion, citing inability to verify opening balances, missing financial records, unconfirmed bank statements, undocumented related-party transactions, and numerous non-compliances spanning multiple years. Total equity remains negative at ₹(1,005.24) lakhs as of 30 Sept 2025, though it improved sharply from ₹(31,184.27) lakhs due to the exceptional write-off.
The stock is effectively a shell undergoing transformation — a new promoter (Grow House Agro Ltd) acquired the company via e-auction, and the NCLT has ordered cancellation of existing shares and issuance of new equity to the new promoter, which has not yet been executed. Existing public shareholders face significant dilution/cancellation risk. The auditor's disclaimer and going-concern doubt make these results unreliable, and the apparent 'profit' is non-operational and non-recurring.