With reference to the captioned subject and pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform that ....

Muzali Arts Limited's board approved unaudited standalone financial results for the quarter and half year ended September 30, 2025. Revenue from operations continues to be nil — the company has had no active operations since October 2022. The company earned only 'other income' of Rs 10.69 lakhs in Q2 FY26 and Rs 21.05 lakhs in H1 FY26 (down from Rs 25.78 lakhs in H1 FY25), driven mainly by interest on loans and advances. Profit after tax for Q2 was Rs 3.30 lakhs (EPS Rs 0.01), versus a Rs 284.80 lakh loss in H1 FY25 — the swing is largely because last year's numbers were bloated by a Rs 274.53 lakh write-off. The auditor flagged serious concerns: more than 50% of income comes from lending and more than 50% of assets are financial assets, yet the company is not registered with the RBI as an NBFC and has not followed NBFC prudential norms. The auditor also could not get balance confirmations for loans and advances of about Rs 6.74 crore and noted weak internal controls over write-offs, issuing a modified review report.