In continuation of our letter dated 9th February 2026 and In compliance with Regulation 30 & 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) ....
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On the reaction day the stock moved 6.4 pts less than Nifty Microcap 250 and 7.6 pts less than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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IndiaNivesh's board approved its Q3 and nine-month ended December 2025 unaudited financial results. Standalone Q3 revenue surged to Rs 215.43 lakhs from Rs 101.20 lakhs YoY, driving standalone Q3 net profit to Rs 203.76 lakhs versus Rs 88.01 lakhs. However, consolidated nine-month net profit fell sharply to Rs 184.37 lakhs from Rs 426.93 lakhs last year. The statutory auditor (newly appointed Ajay Shobha & Co., replacing predecessor M/s CAS and CO LLP) issued a qualified opinion on both standalone and consolidated results, flagging: (i) non-provision of interest of Rs 1.11 cr (Q3) and Rs 3.29 cr (9M) on a Rs 60 crore loan, and Rs 1.70 cr (Q3) and Rs 4.61 cr (9M) on a Rs 72.55 crore loan, and (ii) non-performance of impairment testing on goodwill of Rs 20.36 crores at subsidiary INSSPL. Net worth on both standalone and consolidated bases remains eroded.
The qualified opinion, eroded net worth, and recurring interest non-provision qualifications raise serious concerns about the company's financial reporting quality and going concern. Shareholders face uncertainty as adjusted losses would have been significantly higher, and key subsidiary approvals (NSE/BSE terminal) remain pending, which could weigh on investor sentiment.