Please find enclosed file.
Awaiting price reaction for this filing.
Muzali Arts Limited reported zero revenue from operations for the quarter and half-year ended September 30, 2025, with only 'other income' of Rs 10.69 lakh in Q2 and Rs 21.05 lakh in H1 FY26, down from Rs 25.78 lakh in H1 FY25. The company swung to a profit of Rs 8.05 lakh in H1 FY26 versus a loss of Rs 284.80 lakh in H1 FY25, though the prior-year loss was driven mainly by a one-time Rs 274.53 lakh write-off. The company has had no active operations since October 2022, and its subsidiary Jalan & Jalan Collection Inc remains disputed and unconsolidated since June 2021. The auditor (Bilimoria Mehta & Co.) issued a qualified review report, flagging that the company meets NBFC criteria but has not obtained RBI registration, and could not confirm loan balances of Rs 6.73 crore or verify write-offs. Operating cashflow turned negative at Rs (16.94) lakh versus Rs 123.06 lakh last year.
This is a high-risk micro-cap with no operating business, an unresolved NBFC regulatory issue, and an auditor who has qualified the results due to unverifiable loans and weak internal controls — investors should treat the headline profit as a base-effect illusion and exercise caution.