Submission of Audited Financial Results for the Year Ended 31st March 2026
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Space Incubatrics Technologies Limited reported revenue of Rs 3,072.75 Lakhs for FY2026, a significant increase from the previous year. However, the company posted a massive loss of Rs 970.11 Lakhs, a sharp deterioration from the prior year loss of Rs 36.88 Lakhs. The auditor's report raises serious concerns: the company defaulted on loan repayments and lenders have initiated Corporate Insolvency Resolution Process (CIRP) proceedings. The auditor qualified the opinion on internal financial controls and flagged that the company cannot meet its liabilities falling due within one year, raising substantial going concern doubts. Cash losses increased to Rs 37.82 Lakhs from Rs 8.53 Lakhs in the prior year. The company also failed to maintain proper audit trail in its accounting software as mandated. Non-provision of interest on loans and non-compliance with IND-AS were additional concerns highlighted.
The company faces critical financial distress with insolvency proceedings, negative equity of Rs 2,610.28 Lakhs, and auditors questioning its ability to continue as a going concern. Shareholders face extreme risk as the company cannot meet its near-term obligations.