as per pdf attached
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Awaiting price reaction for this filing.
The board approved unaudited financial results for Q3 and 9 months ended December 31, 2025. Revenue from core operations was NIL, with only Rs 15.02 lakhs in other income for the quarter, producing a profit after tax of Rs 4.63 lakhs. However, for the 9-month period, total revenue fell sharply to Rs 52.98 lakhs from Rs 88.56 lakhs a year earlier, and the company posted a loss after tax of Rs 10.84 lakhs. The statutory auditor (Asha & Associates) issued a QUALIFIED OPINION citing multiple serious issues: an Rs 88.17 lakh fraud by the former CFO involving unauthorized fund transfers in FY24-25 (amount unrecovered), Rs 5.32 crore in advances for Gurugram land purchase without documentation, Rs 4.21 crore in loans/advances with no supporting documents, and Rs 6.05 crore in training expenses with no evidence. The board also allotted 2.37 crore equity shares to Aryadeep Tie Up Private Limited on conversion of warrants, receiving Rs 1.78 crore (75% of issue price). The company confirmed no deviation in use of IPO proceeds.
This is a high-risk filing. The auditor's qualified opinion, ongoing CFO fraud matter, and lack of documentation for over Rs 15 crore in transactions raise serious governance and reliability concerns. Zero revenue from operations and a Rs 10.84 lakh loss for 9 months underscore business weakness, while the warrant conversion results in equity dilution for existing shareholders.