In continuation of our letter dated May 22, 2026, this is to inform you that the Board of Directors of the Company at its meeting held today i.e. May 28, 2026, commenced at 3.00 p.m. and ....
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The Board approved audited financial results for Q4 and FY2026. Standalone revenue declined to ₹6,976 lakhs from ₹8,712 lakhs in FY2025. The company reported a standalone net loss of ₹1,727 lakhs (consolidated: ₹2,544 lakhs) compared to losses in prior year. The auditors issued a QUALIFIED OPINION due to non-provision of ₹12,463 lakh defaulted interest on Srei Equipment Finance borrowings - if properly recognized, the standalone loss would be ₹4,299 lakh and consolidated loss ₹5,116 lakh. The auditors highlighted MATERIAL UNCERTAINTY REGARDING GOING CONCERN as the company has posted losses for 3+ consecutive years with negative net worth (standalone: ₹-7,393 lakh; consolidated: ₹-15,519 lakh). Additional concerns include a subsidiary under NCLT insolvency, a ₹7,610 crore arbitration award pending enforcement, and unresolved Supreme Court mediation regarding Sarga Hotel.
This is a highly negative development. The qualified audit opinion, material going concern uncertainty, negative net worth, and multi-year losses indicate severe financial distress. Shareholders face extreme risk as the company's ability to continue as a going concern is in doubt. The undisclosed ₹12,463 lakh liability significantly understates the true financial position.