We hereby submit the un-audited financial statement (standalone and consolidate) for the third quarter and nine months ended 31st December 2025

Qualified audit opinionGoing-concern doubtResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

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Nifty Microcap 250market · in no size index; the smallest one is used-1.5%-6.4% vs market

Non Banking Financial Company (NBFC) peers, median of 199sector-0.3%-7.6% vs sector

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AI summary

IndiaNivesh Limited submitted its Q3 FY26 results along with a qualified opinion from auditor Ajay Shobha & Co. The auditor flagged that interest was not provided on two loans totaling Rs. 132.55 crores (Rs. 60 cr at 7.15% and Rs. 72.55 cr at 9%) — had it been booked, losses would have been Rs. 2.81 cr higher for the quarter and Rs. 7.90 cr higher for the nine months. For consolidated results, an additional qualification notes that subsidiary INSSPL did not conduct the required goodwill impairment testing on Rs. 20.36 cr. Standalone Q3 net profit jumped to Rs. 203.76 lakhs (from Rs. 88.01 lakhs YoY), but nine-month profit fell to Rs. 221.31 lakhs (from Rs. 290.98 lakhs). Consolidated nine-month profit dropped sharply to Rs. 184.37 lakhs from Rs. 426.93 lakhs. Both standalone (Rs. -4,996 lakhs) and consolidated (Rs. -3,865 lakhs) net worth remain negative, and management has stated it will induct funds as needed.

Likely market impact

The qualified auditor opinion, eroded net worth, and unresolved loan interest negotiations are red flags for shareholders. The auditor has also changed mid-cycle (from M/s CAS and Co LLP to Ajay Shobha & Co.), and the subsidiary INSSPL's BSE trading approval remains pending despite an SAT stay — all of which point to continuing financial fragility rather than recovery.