SITINETNSESiti Networks LimitedMinimalNeutral
Announced Wed, 8 Apr · 17:32 IST

Siti Networks Limited has informed the Exchange that this is in continuation to our communication dated April 7, 2026, wherein the Company had duly submitted the Un-Audited Financial Results of the Company for the second quarter of the financial year 2025-26 and half year ended on September 30, 2025, in the format specified under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 together with Limited Review Report (on Standalone and Consolidated financial statements). In this regard, please find enclosed herewith extract of Financial Results of the Company duly advertised and published in two newspapers viz. Business Standard (All Editions) in English language newspaper and Mumbai Mitra (Mumbai Edition) in Marathi language newspaper on April 8, 2026.

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AI summary

Siti Networks Limited published newspaper extracts of its unaudited Q2 FY2025-26 financial results (quarter and half year ended September 30, 2025) as required under SEBI Listing Regulations. The company is undergoing Corporate Insolvency Resolution Process (CIRP) since February 22, 2023, admitted by NCLT Mumbai. Statutory auditors have disclaimed their opinion on both standalone and consolidated results. For Q2, standalone net loss was Rs 310.97 million (H1: Rs 748.34 million), while consolidated net loss was Rs 434.99 million (H1: Rs 875.63 million). Accumulated losses stand at Rs 30,626.63 million (standalone) with negative net worth of Rs 13,691.34 million. Financial creditors have admitted claims of Rs 11,292.66 million out of Rs 12,060.33 million submitted. The company and several subsidiaries have defaulted on bank loans classified as NPAs. One subsidiary (Siti Jind Digital Media Communications) had its resolution plan approved by NCLT on October 9, 2025. Supreme Court has stayed the July 31, 2025 NCLAT judgment regarding the stay period, with appeals pending.

Likely market impact

The company remains in deep financial distress with accumulated losses exceeding Rs 30 billion and negative net worth. Shareholders face extreme risk as the company's survival depends entirely on a successful resolution plan under IBC. The disclaimer by auditors and ongoing legal disputes over the CIRP timeline add further uncertainty.