Un-Audited Financial Results (both Standalone and Consolidated) of the Company for the Quarter ended on June 30, 2025 (along with Limited Review Reports thereon), as approved by the Board ....
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SRM Energy Ltd reported zero revenue for Q1 FY26, as the company has had no business operations for some time. On a standalone basis, the loss widened sharply to Rs 139.70 lakhs versus Rs 8.78 lakhs in Q1 FY25, mainly due to a one-time Rs 131 lakh impairment charge on its investment in wholly-owned subsidiary SRM Energy Tamilnadu Private Limited (SETPL). On a consolidated basis, the loss was Rs 8.88 lakhs (vs Rs 8.93 lakhs in Q1 FY25). The auditor issued a Qualified Conclusion, flagging material uncertainty around the company's ability to continue as a going concern — net worth is fully eroded (standalone reserves at Rs -1,316 lakhs, consolidated at Rs -5,552 lakhs) and current liabilities exceed current assets.
The investment in SETPL is being sold to the parent company Spice Energy Private Limited for just Rs 1 lakh (pending shareholder approval via postal ballot), wiping out most of its book value. A SEBI attachment order of Rs 4,326.56 lakhs on the subsidiary remains an unresolved risk. Shareholders should see this as a high-risk, effectively shell-stage stock dependent on parent support to keep operating.