Revised Outcome in respect of Board meeting held on 05th August 2025
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Vikas WSP Limited, which is under Corporate Insolvency Resolution Process (CIRP) since February 2022, submitted revised outcome of its August 5, 2025 board meeting after financial results for Q1 FY26 (quarter ended June 30, 2025) were left out of the original filing. The board approved the Q1 results, the 36th AGM notice scheduled for August 30, 2025, and appointed a scrutinizer for e-voting. The company reported a profit after tax of Rs. 1,877.71 lakhs for the quarter, but this was driven entirely by an exceptional item of Rs. 3,549.38 lakhs and a tax credit of Rs. 888.31 lakhs — core operations remained loss-making with revenue of just Rs. 47.13 lakhs against depreciation of Rs. 854 lakhs. The auditor issued a qualified conclusion flagging missing Fixed Asset Register, unconfirmed balances, unassessed impairment, and a pending resolution plan (approved by CoC in August 2022 but awaiting NCLT nod). The auditor also drew an emphasis-of-matter on going concern uncertainty due to continuous losses, current liabilities exceeding current assets, and loan/regulatory defaults.
Despite the headline profit, the company's underlying business is not generating meaningful revenue and depends entirely on one-time exceptional items and tax adjustments. For shareholders, this filing reinforces the uncertainty around Vikas WSP's revival — the insolvency process has dragged on since February 2022 with the resolution plan still pending NCLT approval, large contingent liabilities exist (Rs. 26.28 crore in workmen claims alone), and the stock remains effectively suspended from meaningful trading interest until the CIRP outcome is decided.