In continuation of our letter dated November 6, 2025, this is to inform you that the Board of Directors of the Company at its meeting held today i.e. November 13, 2025, commenced at 2.30 ....
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Awaiting price reaction for this filing.
The Board approved unaudited financial results for Q2 and H1 FY26 (ended September 30, 2025). Standalone revenue from operations rose to Rs. 3,712.64 lakhs in H1 FY26 from Rs. 2,705.05 lakhs in H1 FY25 (~37% growth), but the company continued to report losses with a standalone loss after tax of Rs. (588.15) lakhs in H1 FY26 vs Rs. (789.15) lakhs in H1 FY25. Consolidated loss after tax was Rs. (981.44) lakhs in H1 FY26 vs Rs. (1,827.98) lakhs in H1 FY25. The auditor (R Kothari & Co LLP) issued a Qualified Conclusion and flagged Material Uncertainty on Going Concern, noting losses for over three consecutive years and fully eroded net worth (standalone net worth of Rs. (6,296.72) lakhs, consolidated at Rs. (14,008.97) lakhs). Key flags include non-provision of Rs. 1,289.65 lakhs of interest on borrowings from Srei Equipment Finance (cumulative default of Rs. 21,179.93 lakhs), a Rs. 76,100 lakh arbitration award from Rishima SA Investments, and a pending Supreme Court mediation in the Sarga Hotel matter. The NCD is rated BWR C by Brickwork, and debt-to-total-assets ratio is 0.70 (standalone) / 0.80 (consolidated).
Multiple red flags for shareholders: auditor has qualified the results and flagged going concern risk due to persistent losses and fully eroded net worth. A massive arbitration award (Rs. 76,100 lakhs) remains pending enforcement, and a subsidiary is under CIRP. The BWR C rating on NCDs signals very high credit risk. Stock price is likely to face continued pressure.