Pursuant to the provisions of Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the meeting ....
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Space Incubatrics Technologies Ltd held its Board Meeting on May 25, 2026, approving audited standalone financial results for Q4 and FY ended March 31, 2026. The company reported total income of Rs 1,063.72 Lakhs for FY2026 but posted a massive loss of Rs 970.11 Lakhs, compared to a loss of Rs 36.88 Lakhs in the previous year. Cash losses for the year stood at Rs 37.82 Lakhs. Total assets nearly tripled to Rs 2,978.75 Lakhs, while non-current borrowings surged to Rs 2,121.04 Lakhs from Rs 113.65 Lakhs. Two directors - Rajendra Prasad (Executive Director) and Umesh Kumar (Non-Executive Director) - resigned effective April 17, 2026 for personal reasons. The statutory auditor issued a qualified opinion citing non-provision of interest on loans and non-compliance with Ind-AS, while also noting that CIRP (Corporate Insolvency Resolution Process) proceedings have been initiated against the company by a lender.
This is a highly negative development for shareholders. The company is facing insolvency proceedings, reporting massive losses, and has received a qualified audit opinion with material uncertainties about going concern. The surge in borrowings and negative other equity (Rs -2,610.28 Lakhs) indicate severe financial stress. Investors should exercise extreme caution.