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Maxgrow India Ltd filed its Q1 FY26 (quarter ended June 30, 2025) unaudited results with BSE, with the board meeting held on August 14, 2025. On a consolidated basis, revenue from operations was ₹3,55,006.67 lakhs (up from ₹2,75,771.86 lakhs in the prior quarter) and profit after tax was ₹6,871.41 lakhs with EPS of ₹17.20. On a standalone basis, the company reported zero revenue from operations and a loss of ₹45.52 lakhs, with EPS of ₹(0.11). The company recently emerged from the Corporate Insolvency Resolution Process (CIRP) — NCLT approved the resolution plan in December 2023, and the new management (led by MD Shivkumar Pasi) took over on December 23, 2024. All business activity currently runs through its wholly-owned subsidiary PP Metallix. The accounts are prepared on a going-concern basis. The statutory auditor (R B Jain & Associates) issued an unmodified limited review opinion but flagged multiple emphasis-of-matter items, including unverified dormant bank balances of ₹1.21 lakh, no internal audit, ₹85 lakhs of interest-free loans not accounted per Ind AS 109, absence of an independent director on the unlisted material subsidiary's board, ₹28.15 lakhs in one-time listing fees, and ₹80,873 in unpaid dividend transfer to IEPF.
This is essentially a shell parent revived through NCLT resolution, with all revenue and profits coming from subsidiary PP Metallix — the standalone entity has no operations and is loss-making. For shareholders, the CIRP turnaround provides a base, but the governance gaps, accounting lapses flagged by auditors, and absence of any standalone business activity are clear risks to monitor.