In Continuation to 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 ....

Going-concern doubtQualified audit opinionEmphasis of matterNet loss reportedDebt to equity above the thresholdResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

+5.2%Reaction day

₹31.16

prior close

₹31.89

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used-0.1%+5.3% vs market

Residential, Commercial Projects peers, median of 54sector-0.6%+5.8% vs sector

On the reaction day the stock moved 5.3 pts more than Nifty Microcap 250 and 5.8 pts more than its Residential, Commercial Projects peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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15m

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30m

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Sessions after the filingfrom the prior close

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Reaction day

+5.2-0.1+5.3-0.6+5.8

Next day

+6.2+0.5+5.7-0.9+7.1

+1.1-0.3+1.4-0.7+1.8

+0.6-0.5+1.1-0.8+1.4

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+0.9-2.8+3.7-2.5+3.4

15d

-5.0-4.9-0.2-4.2-0.8

+12.7-4.7+17.5-2.9+15.7

+1.8-7.7+9.5-6.5+8.3

+5.9-7.8+13.7-9.9+15.8

UpDownMarket · Nifty Microcap 250Sector · Residential, Commercial Projects peers, median of 54Pending

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AI summary

Shristi Infrastructure reported standalone revenue from operations of Rs. 1,611 lakhs for Q2 FY26 (up ~14% YoY) and Rs. 3,713 lakhs for H1 FY26 (up ~37% YoY). However, the company posted a standalone loss after tax of Rs. 324 lakhs for the quarter and Rs. 588 lakhs for the half year (consolidated H1 loss: Rs. 981 lakhs). The auditor issued a qualified conclusion flagging that Rs. 1,290 lakhs of interest expense on borrowings from Srei Equipment Finance was not provided for in H1, with cumulative non-provisioned interest of over Rs. 21,180 lakhs. Had this interest been recognized, H1 standalone loss would have ballooned to Rs. 1,878 lakhs. Net worth is fully eroded (negative Rs. 6,297 lakhs standalone, Rs. 14,009 lakhs consolidated), and the auditor flagged material uncertainty about the company's ability to continue as a going concern due to three-plus consecutive years of losses. Subsidiary Sarga Udaipur Hotels is under insolvency proceedings, and there's a Rs. 76,100 lakh arbitration award (Rishima SA) pending enforcement.

Likely market impact

This is a deeply negative filing for shareholders. The company is loss-making with fully eroded net worth, a 'C' rated non-convertible debenture, and an auditor flagging going concern doubts. If the massive unprovided interest is eventually recognized, reported losses will multiply roughly 3x. Shareholders face significant risk of further value erosion and potential insolvency proceedings.