In continuation of our letter dated February 7, 2026, this is to inform you that the Board of Directors of the Company at its meeting held today i.e. February 13, 2026, commenced at 2.30 ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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The Board approved unaudited standalone and consolidated financial results for Q3 FY26 (quarter ended Dec 31, 2025) and 9M FY26. Standalone revenue stood at Rs 1,704.29 lakhs for the quarter (vs Rs 1,872.16 lakhs in Q3 FY25) and Rs 5,416.93 lakhs for 9 months (vs Rs 4,577.20 lakhs). The company reported a standalone net loss of Rs 450.66 lakhs for the quarter and Rs 1,038.79 lakhs for 9 months, while consolidated losses were Rs 647.30 lakhs and Rs 1,628.73 lakhs respectively. The auditor issued a Qualified Conclusion because the company has not provisioned Rs 648.35 lakhs (quarter) and Rs 1,938 lakhs (9M) in interest on Srei Equipment Finance borrowings, with cumulative non-provisioned interest of Rs 11,828.33 lakhs. If recognized, the 9M standalone loss would balloon to Rs 2,976.79 lakhs. The auditor flagged material uncertainty on going concern status, given three-plus consecutive years of losses and fully eroded net worth (Rs -6,754 lakhs standalone, Rs -14,663 lakhs consolidated).
This is a deeply negative filing. The company is technically insolvent with negative net worth, has defaulted on interest payments, has a massive contingent liability from the Rishima arbitration (Rs 76,100 lakhs or alternative Rs 16,020 lakhs), and has a subsidiary under CIRP. The non-provision of Rs 1,938 lakhs in interest significantly understates losses. The BWR C rating on its NCDs already signals very high credit risk. Existing shareholders face extreme dilution or wipeout risk if debt restructuring fails.