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The Board approved unaudited standalone results for Q3 and nine months ended December 31, 2025, reviewed by auditor SCAN & Co. The auditor flagged an Emphasis of Matter, highlighting a steep revenue collapse: nine-month revenue fell from about Rs 2,541 lakhs in the prior year to just Rs 22.44 lakhs, as several large service contracts had been completed earlier. The company also booked Rs 67.69 lakhs in professional fees against this tiny revenue base, and the auditor said it could not establish a correlation between the expense and the revenue recognised. Separately, Rs 19.57 crores of trade receivables remain unrealised, mostly tied to a contract signed in 2023, with only Rs 1 crore collected in the past nine months. In a separate outcome, Company Secretary and Compliance Officer Mr. Adnan Kanchwala resigned to pursue other opportunities, effective close of business on March 2, 2026.
The combination of an over 99% revenue drop, a Rs 19.57 crore receivables overhang, and the auditor's emphasis of matter points to serious stress on the business and cash flow, which is negative for shareholders. Investors should also note the KMP-level resignation at a time when governance and compliance oversight appears critical.