Unaudited Financial Results for the Quarter and Half Year Ended as on 30.09.2025
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PBA Infrastructure submitted its unaudited Q2 and H1 FY26 results along with a Limited Review Report that contains a qualified opinion from the auditor. The auditor flagged that the company has overdue loans of Rs. 286.47 Crore (reduced from Rs. 315.15 Crore after partial OTS settlements with State Bank of Patiala and Shriram Finance), and that lenders have initiated SARFAESI action and physical possession proceedings, with a stay obtained from DRT. The company is classified as a Non-Performing Asset by banks and has not been booking interest expenses since January 2018. The balance sheet shows deeply negative net worth of approximately Rs. 138 Crore (Total Equity of Rs. -13,801.91 lakhs against total liabilities of Rs. 44,620 lakhs). Additionally, work-in-progress includes Rs. 55 Crore in disputed/uncertified claims against clients, and the fixed asset register is still incomplete. The board also approved a reshuffle: Narain P. Belani moved from MD to Joint MD, Suresh Kumar Bothra elevated from Executive Director to MD, and Non-Executive Director Monica M. Talwar resigned.
This is a deeply distressed situation for shareholders — the auditor has explicitly raised a going concern doubt, the company has negative book value, massive lender defaults, and an NPA classification. Stock price is likely to remain under severe pressure, and the risk of further lender action or insolvency proceedings remains elevated despite the partial OTS settlements.