Financial Results SEP-25
Awaiting price reaction for this filing.
IVRCL Limited, which has been under liquidation as a going concern since the NCLT order of July 26, 2019, submitted its unaudited results for Q2 FY26 (quarter ended Sept 30, 2025). Revenue from operations collapsed to just Rs. 152.87 lakhs versus Rs. 677.77 lakhs in the same quarter last year, a decline of roughly 77%. The company posted a net loss of Rs. 90,260.62 lakhs (~Rs. 903 crore) for the quarter and Rs. 1,75,458.90 lakhs for H1 FY26, driven almost entirely by finance costs of Rs. 89,518 lakhs in the quarter. Accumulated losses now stand at a staggering Rs. 22,29,367 lakhs and net worth is fully eroded at negative Rs. 19,73,163 lakhs against borrowings of Rs. 14,00,205 lakhs. The auditor (Chaturvedi & Co LLP) issued a Disclaimer of Conclusion, flagging huge uncertainties around recoverability of Rs. 1.58 lakh crore of disputed receivables, Rs. 1.83 lakh crore of investments in loss-making subsidiaries, deferred tax assets, pending creditor claims, and unconfirmed balances. The liquidation period has been extended till December 16, 2025 as the successful bidder (Raghava Square Pvt Ltd) failed to pay the balance Rs. 1,150 crore sale consideration, with the cancellation currently under appeal.
This filing confirms IVRCL remains in severe financial distress with effectively negative equity, minimal revenue, and no near-term resolution in sight — extremely negative for shareholders who face near-total wipeout risk. The auditor's disclaimer of conclusion and ongoing liquidation complications (successful bidder defaulting, litigation still pending at NCLAT) mean the stock continues to trade as a distressed asset with very high uncertainty.