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iStreet Network reported audited FY25 results, swinging to a profit after tax of Rs. 24.41 lakhs compared to a loss of Rs. 12.92 lakhs in FY24. Q4 FY25 was particularly strong, with revenue from operations of Rs. 603.75 lakhs and a standalone PAT of Rs. 34.59 lakhs, driven by the company's revived business in software development and distribution. However, the balance sheet remains weak — net worth is negative at Rs. (151.99) lakhs, borrowings stand at Rs. 180 lakhs, and trade receivables jumped sharply to Rs. 721.55 lakhs. The statutory auditor issued an unmodified opinion but included an Emphasis of Matter paragraph flagging ongoing losses, negative net worth, the company's presence on BSE's Graded Surveillance Measure (GSM) list since 2017, and the going concern basis of accounting. A Share Purchase Agreement is also underway where acquirers will buy 85 lakh shares from the existing promoter group, leading to a change in control and management.
Short-term: the profit swing and new software business signal a possible turnaround story that could lift the stock, and the change of control may attract speculative interest. Risk: negative net worth, GSM-list status, going concern flag, and very thin operating cash flow (Rs. -1.71 lakhs) mean this remains a high-risk, speculative name — small retail investors should weigh the turnaround hopes against the fragile balance sheet.