Un-auditrd Standalone and Consolidated Financial Result for the Quarter ended June 30, 2025
Awaiting price reaction for this filing.
The company, which has been under Corporate Insolvency Resolution Process (CIRP) since October 2019, filed its delayed Q1 FY26 results through its Resolution Professional. Revenue from operations collapsed to a negligible Rs 0.02 lakhs (vs Rs 37.50 lakhs in Q1 FY25), with total income of Rs 37.61 lakhs mostly from other income. The company reported a massive consolidated loss after tax of Rs 1,174.94 lakhs, largely driven by an exceptional item of Rs 1,564.13 lakhs and prior period expenses of Rs 35.65 lakhs. The standalone balance sheet shows negative total equity of Rs (567.25) lakhs, with liabilities under the resolution plan of Rs 6,305.28 lakhs. The statutory auditor issued a Limited Review Report with a Qualified Conclusion regarding recognition of Non-Sustainable Debt as Reserves without NCLT confirmation, along with an Emphasis of Matter on the ongoing CIRP.
Shareholders face extreme risk: the stock is effectively worthless given negative equity, the company is in limbo between resolution and liquidation at NCLT, and operations have virtually ceased. Despite the auditor flagging a qualified conclusion and emphasis of matter, the CFO declared the opinion as 'unqualified' which is misleading and may invite regulatory scrutiny. The outcome of the pending NCLT order could determine whether shareholders recover anything at all.