Pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015, please find attached Unaudited Financial Results (Standalone) for the Quarter and Half year ended September 30, 2025
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IITL Projects reported no revenue from operations for Q2 FY26 (₹0) and H1 FY26 (₹0), with only other income of ₹44.03 lakhs and ₹91.77 lakhs respectively. The company swung to a small profit of ₹24.11 lakhs in Q2 FY26 from a loss of ₹129.13 lakhs a year ago, but H1 FY26 still shows a net loss of ₹233.80 lakhs versus a loss of ₹233.80 lakhs in H1 FY25, primarily because the prior year carried a heavy ₹320 lakh finance cost that is now absent. The board has flagged a serious going concern issue in Note 3.2: accumulated losses of ₹606.71 lakhs have wiped out net worth, total liabilities exceed total assets, and the company has no business or cash flows of its own, with results prepared on a non-going-concern basis. The auditor (Maharaj N R Suresh & Co. LLP) has highlighted this as an emphasis-of-matter in its limited review report. Alongside results, the board approved selling 4,00,880 preference shares in Capital Infraprojects for ₹40 lakhs (below book value of ₹48.10 lakhs), extending the redemption of 70 lakh zero-coupon NCRPS held by parent Industrial Investment Trust Ltd to March 31, 2028, and appointed Mr. Gorakh Ingale as the new CFO.
This is a deeply negative filing for shareholders — the company is essentially a shell with no operations, fully eroded net worth, and an explicit going concern qualification, meaning there is real doubt about whether it can continue as a viable business. The NCRPS extension signals continued parent support to avoid an immediate liability crunch, while asset sales and the CFO change point to a company in wind-down or restructuring mode rather than growth.