Unaudited Financial Results for the quarter and nine months ended December 31, 2025.
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Imec Services reported a dramatic collapse in revenue for Q3 FY26 at just Rs 22.44 lakhs versus Rs 52.61 lakhs in the year-ago quarter. For the nine-month period, revenue fell to Rs 38.00 lakhs from Rs 2,427.47 lakhs in the prior year, a decline of over 98%, as large service contracts completed in the previous year did not recur. The statutory auditor (SCAN & Co., formerly M.S. Singhatwadia & Co.) issued an unqualified review conclusion but flagged three concerns in an Emphasis of Matter: the steep revenue drop, professional fees of Rs 67.69 lakhs that bear no clear correlation to the Rs 22.44 lakhs revenue, and Rs 19.57 crores in unrealized trade receivables (linked to a 2023 contract), with only Rs 1 crore collected in the last nine months. Separately, Company Secretary Mr. Adnan Kanchwala resigned effective March 2, 2026, citing career advancement.
This is a deeply negative update for shareholders — revenue has effectively vanished and the company has nearly Rs 20 crore stuck in receivables with very poor collection, raising serious questions about business continuity and recovery prospects. The auditor's emphasis on unrecovered receivables and high professional costs vs negligible revenue is a major red flag that could weigh on the stock.