Unaudited Financial results (standalone and consolidated) for the Quarter and Nine months ended December 31, 2025
Awaiting price reaction for this filing.
The company reported very weak Q3 FY26 results with revenue from operations of just Rs 5.81 lakhs, down sharply from Rs 10.50 lakhs in Q3 FY25, and a net loss of Rs 87.22 lakhs. For the nine-month period, revenue fell to Rs 20.67 lakhs (vs Rs 35.31 lakhs a year ago) and the loss widened to Rs 268.86 lakhs, with basic EPS of (0.006). Total expenses remained stubbornly high at Rs 108.83 lakhs for the quarter (driven by Rs 65.40 lakhs of depreciation and Rs 27.57 lakhs of other expenses) against negligible top-line, indicating severe operational issues. The auditor issued a qualified limited review report flagging massive concerns: unprovided impairments on intangibles/inventory of over Rs 124 crore, Rs 61.75 crore stuck in dormant overseas subsidiaries, disputed Banco Efisa (Portugal) bank balance of ~Rs 34.79 crore, Rs 222 crore in unrecoverable loans, unpaid SEBI penalty of Rs 25 lakh plus interest, and outstanding listing/custodial fees. The company faces NSE and BSE delisting show-cause notices, has frozen bank accounts, has not held AGMs for FY23–FY25, and has not filed shareholding patterns for several quarters, with the delisting committee directing payment of dues by Feb 28 and March 31, 2026.
This is a deeply distressed micro-cap with negligible revenue, persistent large losses, frozen bank accounts, active delisting proceedings on both NSE and BSE, and a qualified audit opinion covering over Rs 400 crore of questionable assets. Shareholders face extreme risk of forced delisting and near-total loss of value; the stock is highly speculative and effectively uninvestable for retail investors until compliance and asset quality issues are resolved.