Please find enclosed Unaudited Financial Results for the quarter ended June 30 2025
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Kesar Terminals & Infrastructure posted a weak Q1 FY26 with a standalone loss of Rs. 72.20 lakhs versus a profit of Rs. 114.40 lakhs in Q1 FY25, as revenue from operations dipped to Rs. 723.99 lakhs and total expenses rose sharply to Rs. 817.94 lakhs. On a consolidated basis, the company swung to a much deeper loss of Rs. 1,737.02 lakhs, partly due to a Rs. 762.30 lakhs Mandi Board penalty booked as an exceptional item against its wholly-owned subsidiary Kesar Multimodal Logistics Ltd (KMLL). KMLL's net worth is fully eroded and it has Rs. 17,757.06 lakhs in outstanding loans with active IBC and DRT proceedings against it. Auditors issued qualified conclusions on both sets of results and an explicit going-concern emphasis of matter on the consolidated numbers, flagging unprovided corporate guarantee liability, possible PPE impairment at KMLL, and unresolved Deendayal Port Trust lease litigation. The proposed divestment of KMLL to DP World remains pending with a long-stop date of August 31, 2025.
Shareholders face heightened uncertainty — subsidiary-level debt stress, qualified audit opinion, and a going-concern flag suggest meaningful downside risk if the KMLL divestment or OTS settlements are not completed. Near-term stock sentiment is likely to stay weak until the divestment closes and contingent lease/demand liabilities are clarified.