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Awaiting price reaction for this filing.
The board approved unaudited financial results for Q2 and H1 ended September 30, 2025, reporting zero revenue from operations and a net loss of Rs. 1.89 lakhs for the quarter (vs Rs. 0.43 lakh loss in Q2 FY25). Half-year losses widened to Rs. 7.79 lakhs versus Rs. 0.66 lakh in H1 FY25. The company effectively has no operating business, with total assets of just Rs. 23.35 lakhs, negative net worth of Rs. (233.47) lakhs, and current borrowings of Rs. 255.07 lakhs. Cash flow from operations was negative at Rs. (9.02) lakhs, funded by fresh borrowings of Rs. 18.22 lakhs. The 90% capital reduction scheme (NCLT-approved June 2025) was implemented in July, reducing share capital from Rs. 10.73 crores to Rs. 1.07 crores to write off Rs. 9.66 crores of accumulated losses. Statutory auditor Mr. Meet Shah resigned citing pre-occupation and location, and M/s. P H Shah & Co has been appointed to fill the casual vacancy until the next AGM in 2026.
The company remains a non-operating, loss-making shell with negative net worth fully reliant on debt funding — a serious red flag for shareholders. The mid-year auditor change and capital reduction execution are administrative clean-ups, but the lack of any revenue-generating activity raises going-concern concerns. Retail investors should treat this stock with extreme caution given its distressed balance sheet.