Please find enclosed Audited Financial Results (Standalone and Consolidated) for the year ended March 31, 2026
Awaiting price reaction for this filing.
ARSS Infrastructure Projects Ltd, a company under Corporate Insolvency Resolution Process (CIRP), has reported audited results for FY2026. The Resolution Plan was approved by NCLT on August 29, 2025, and implemented during the year. Revenue from operations declined to Rs 14,579.28 Lakhs from Rs 16,538.80 Lakhs in the previous year. The company reported a massive net loss of Rs 3,55,498.04 Lakhs, primarily due to exceptional items of Rs 3,22,971.31 Lakhs arising from CIRP implementation including debt extinguishment and liability adjustments. The statutory auditors issued a qualified opinion citing non-compliance with Ind AS 115 for revenue recognition, improper recognition of arbitration claims worth Rs 70,831.96 Lakhs as contingent assets, and related party transaction issues with the Resolution Applicant (Ocean Capital Market Limited) regarding loan classification and interest accrual of Rs 1,122.76 Lakhs.
The qualified audit opinion and massive net loss reflect significant financial distress even after CIRP implementation. Shareholders should note the auditors' concerns about revenue recognition practices and related party transactions, which may require future adjustments. The company is seeking NCLT amendments to the Resolution Plan within the one-year stipulated period.