We enclose herewith Statement of Un-Audited Standalone and Consolidated financial results for the quarter ended September 30, 2025 and also the Limited Review Report furnished by the Statutory ....
Awaiting price reaction for this filing.
Maxgrow India Limited (formerly Frontline Business Solutions), which emerged from CIRP with new management taking control in December 2024, filed unaudited Q2 FY26 results. The standalone entity is non-operational with zero revenue and a ₹25.43 lakh loss for the quarter; all business activity sits with wholly-owned subsidiary PP Metallix. On a consolidated basis, total income for the quarter was ₹530.49 lakhs and ₹885.49 lakhs for H1 FY26, compared to ₹275.77 lakhs in H1 FY25 — a sharp jump driven by the subsidiary. Consolidated profit swung from a loss of ₹7.26 lakhs in H1 FY25 to a profit of ₹16,324.43 lakhs in H1 FY26. The auditor's review report flagged multiple matters: non-appointment of an internal auditor (Section 138), interest-free loans of ₹115 lakhs not booked per Ind AS 109, non-disclosure under Regulation 30 for two large transactions, a missing independent director on a material subsidiary (Regulation 24), and reliance on management certificates for dormant bank accounts of ₹1.21 lakh. The company also acquired a ₹25.02 crore loan receivable via assignment and OFCD rights with a face value of ₹41.93 crore for just ₹75 lakhs as part of its revival strategy.
For shareholders: the headline numbers look strong on a consolidated basis thanks to the subsidiary, but the parent itself has no operations, the company is still being prepared on a going-concern footing post-insolvency, and the auditor has highlighted several governance and compliance gaps. The two heavily discounted financial-asset acquisitions could materially reshape the balance sheet but carry execution and valuation risk.