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Ind Agiv Commerce held a board meeting on August 14, 2025, where it approved unaudited financial results for Q1 FY26 (quarter ended June 30, 2025). Standalone revenue from operations fell sharply to Rs. 68 lakhs from Rs. 234.56 lakhs in the same quarter last year, though net loss narrowed to Rs. 11.28 lakhs from Rs. 35.55 lakhs. The board also ratified the allotment of 20,56,965 equity shares (at Rs. 29 each) issued on a preferential basis on May 12, 2025 — most of these were issued to promoters and non-promoters against conversion of loans, raising paid-up capital to Rs. 3.06 crore. Company Secretary Ms. Puja Pratik Mehta resigned due to personal reasons. The auditor issued a qualified opinion, flagging unpaid statutory dues (PF, ESIC, TDS, PT), overdue loan installments across five lenders including Red Fort Capital (which is an NPA account under arbitration), and Rs. 353.12 lakhs in unprovided interest on delayed loans. Standalone net worth is negative at Rs. 639 lakhs.
Shareholders should note significant dilution from the preferential allotment and major financial red flags — a qualified audit report, negative net worth, multi-lender loan defaults, and an NPA loan under arbitration that could materially worsen losses if the waiver does not come through. Despite a narrower headline loss, the underlying business appears to have shrunk sharply with revenue down over 70% year-on-year.