Outcome of the Board Meeting held on 13th February 2026 for the consideration and approval of Financial Result for the quarter ended on 31st December, 2025
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Awaiting price reaction for this filing.
Vikas WSP Limited, which has been under Corporate Insolvency Resolution Process (CIRP) since February 2022 with Mr. Darshan Singh Anand as Resolution Professional, reported deeply negative results for Q3 FY26. Revenue from operations collapsed to just ₹7.56 lakhs, against total expenses of over ₹2,500 lakhs, leading to a loss before tax of ₹875.69 lakhs and a loss after tax of ₹888.31 lakhs for the quarter. For the nine months ended December 2025, the loss after tax stood at ₹2,620.33 lakhs. The statutory auditor (A.K. Chadda & Co.) issued a Qualified Conclusion, citing inability to verify carrying values of assets, unconfirmed balances, missing fixed asset register, pending reconciliation of creditor claims, and unresolved impairment assessments. The auditor also added an Emphasis of Matter flagging continuous losses, liabilities exceeding assets, and defaults in borrowings and statutory dues, raising significant doubt on the company's ability to continue as a going concern. Workmen claims admitted by the Committee of Creditors (₹49.63 crores) are far higher than what is recorded in the books (₹23.35 crores), creating a potential additional liability of around ₹26 crores.
For shareholders, this is a deeply negative filing — near-zero revenue, widening losses, and a qualified audit opinion with explicit going-concern doubts underline that the company remains in severe financial distress with its fate tied to NCLT approval of the resolution plan. Stock price is likely to remain subdued and highly speculative pending the CIRP outcome.