Outcome of Board meeting held on 10 November 2025 to consider and approve quarterly and half yearly financial results 30th September 2025
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Vikas WSP Limited's Board (powers suspended, managed by Resolution Professional Mr. Darshan Singh Anand) approved unaudited financial results for Q2 and H1 FY26 ended September 30, 2025. The company has NIL revenue from operations, with total income of just Rs 4.80 lakhs in Q2 (vs Rs 6.53 lakhs in Q2 FY25). It reported a net loss of Rs 875.69 lakhs for Q2 and Rs 1,753.44 lakhs for H1 FY26, primarily driven by Rs 854 lakhs in depreciation charges each quarter. EPS stood at -Rs 0.43. The auditor (A K Chadda & Co) issued a Qualified Conclusion and an Emphasis of Matter flagging material uncertainty on going concern, given continuous losses, current liabilities exceeding current assets, defaults on borrowings, and statutory dues. The Resolution Plan by M/s Arcbolt Space and Foods awaits NCLT approval (next hearing November 12, 2025).
Shareholders face extreme uncertainty — the stock is effectively a penny case under CIRP since February 2022, with no operating revenue, persistent losses, and its survival hinging on NCLT approval of the resolution plan. The auditor's qualified review and going-concern warning reinforce the high-risk profile for investors.