In continuation of our letter dated August 8, 2025, this is to inform you that the Board of Directors of the Company at its meeting held today i.e. August 13, 2025, commenced at 2.00 p.m. ....
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The Board approved unaudited standalone and consolidated financial results for Q1 FY26. Standalone revenue from operations jumped to Rs. 2,101.52 lakhs from Rs. 1,289.08 lakhs year-on-year (~63% growth), but the company posted a net loss of Rs. 263.80 lakhs (standalone) and Rs. 462.16 lakhs (consolidated), though losses narrowed versus the prior year quarter. The auditor issued a qualified conclusion, flagging non-provision of Rs. 641.30 lakhs in interest expense on Srei Equipment Finance borrowings (cumulative non-provision of Rs. 10,531.63 lakhs); if recognised, the standalone net loss would have widened to Rs. 905.10 lakhs. The auditor also highlighted material uncertainty about the going-concern assumption, noting three consecutive years of losses and a fully eroded net worth of Rs. (5,965.66) lakhs standalone and Rs. (13,482.98) lakhs consolidated, with the debt-equity ratio at (6.21). A subsidiary Sarga Udaipur Hotels & Resorts is under CIRP, and a Rs. 76,100 lakh arbitration award (alternative Rs. 16,020 lakh) from Rishima SA Investments remains a major contingent liability, with the matter pending in Delhi High Court.
Despite revenue growth, the company remains in deep financial distress — negative net worth, heavy debt defaults, and an explicit going-concern warning from the auditor make this a high-risk situation for shareholders. The Rs. 76,100 lakh arbitration overhang and BWR C rating on NCDs further increase the risk profile.