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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Shristi Infrastructure Development Corporation reported revenue from operations of Rs. 1,704.29 lakhs for Q3 FY26 (vs Rs. 1,872.16 lakhs in Q3 FY25), while 9-month revenue rose to Rs. 5,416.93 lakhs from Rs. 4,577.20 lakhs. Standalone net loss narrowed to Rs. (450.66) lakhs for the quarter (vs Rs. (913.27) lakhs a year ago), with consolidated net loss at Rs. (647.30) lakhs. The auditor issued a qualified opinion, flagging non-provision of Rs. 648.35 lakhs in Q3 and Rs. 1,938 lakhs in 9M FY26 in interest expense on Srei Equipment Finance borrowings (cumulative default of Rs. 11,828.33 lakhs). The auditor also highlighted material uncertainty over the going concern basis as the company has incurred losses for over three consecutive years and its net worth is fully eroded. Additional emphasis was placed on a Rs. 76,100 lakh arbitration award (Rishima SA Investments) pending enforcement, ongoing CIRP against subsidiary Sarga Udaipur Hotels & Resorts, and pending Supreme Court mediation regarding Sarga Hotel Pvt Ltd.
Existing shareholders face continued losses, a fully eroded net worth, and multiple unresolved legal and insolvency overhangs. The qualified audit opinion and going concern uncertainty signal significant financial distress, making this a high-risk stock with no near-term recovery visibility based on these numbers.