Key Quantitative Figures (Standalone for Q2 ended 30.09.2026)

  • Revenue from operations: ₹2.75 Lakhs (vs. ₹220.65 Lakhs in Q2 FY26)
  • Total Income: ₹3.09 Lakhs
  • Total Expenses: ₹200.78 Lakhs
  • Loss before exceptional items and tax: ₹(197.69) Lakhs
  • Exceptional Items: Provision for doubtful Loans & Advances of ₹2,178.76 Lakhs
  • Loss before tax: ₹(2,376.45) Lakhs
  • Net Loss for the quarter: ₹(2,376.47) Lakhs
  • Basic & Diluted EPS: ₹(2.12) per share of ₹10 each

Key Quantitative Figures (Standalone for H1 ended 30.09.2026)

  • Revenue from operations: ₹35.01 Lakhs (vs. ₹399.70 Lakhs in H1 FY26)
  • Total Income: ₹35.60 Lakhs
  • Net Loss for the half-year: ₹(3,022.08) Lakhs
  • Basic & Diluted EPS: ₹(2.70) per share

Key Balance Sheet Figures (Standalone as at 30.09.2026)

  • Total Assets: ₹16,839.32 Lakhs
  • Non-Current Assets: ₹12,934.51 Lakhs (Includes Deferred tax assets of ₹3,508.52 Lakhs and Other non-current assets of ₹7,691.06 Lakhs)
  • Current Assets: ₹3,904.81 Lakhs (Includes Trade receivables of ₹17.36 Lakhs and Cash & cash equivalents of ₹9.94 Lakhs)
  • Total Equity: ₹6,787.63 Lakhs (Equity Share Capital: ₹11,198.65 Lakhs; Other Equity: ₹(4,411.02) Lakhs)
  • Current Liabilities: ₹10,051.69 Lakhs (Includes Borrowings of ₹4,667.39 Lakhs and Current tax liabilities of ₹3,816.47 Lakhs)

Board Meeting Outcomes

1. Unaudited Financial Results: The Board considered and approved the Standalone and Consolidated Un-Audited Financial Results for the quarter and half year ended 30.09.2026, prepared under IND AS.

2. Re-appointment of Managing Director: Based on the Nomination and Remuneration Committee's recommendation, the Board approved the re-appointment of Mr. V Ranganathan (DIN: 01247305) as Managing Director for a period of 3 years with effect from 1st January 2027, subject to shareholder approval.

3. Re-appointment of Whole-time Director & CFO: Based on the Nomination and Remuneration Committee's recommendation, the Board approved the re-appointment of Mr. P. Vishwamurthy as Whole-Time Director designated as Whole-time Director and CFO for a period of 3 years with effect from 1st January 2027, subject to shareholder approval.

Auditor's Limited Review Report & Disclaimer of Conclusion

The independent auditor, YCRJ & Associates, issued a disclaimer of conclusion on both the standalone and consolidated financial results. They were unable to obtain sufficient appropriate audit evidence due to several material uncertainties:

  • Going Concern: The company is incurring significant losses, has substantially reduced workforce, ceased key operations (refurbishment), faces challenges in meeting obligations (including income tax dues), and has filed for Corporate Insolvency Resolution Process (CIRP) with NCLT. These events cast significant doubt on the company's ability to continue as a going concern.
  • Subsidiary Loan & Investment: ₹5.98 Crore receivable from subsidiary Cerebra LPO India Limited (outstanding >3 years) with no provision for expected credit loss. Investment in subsidiary's equity shares (book value ₹0.035 Crore) also not provided for.
  • Trade Receivables: Trade receivables of ₹142.63 Crore, with ₹142.46 Crore outstanding for more than one year, are subject to confirmation. Provision exists but auditor unable to verify carrying value.
  • Overseas Dues: Outstanding dues of ₹100.28 Crore from an overseas party related to the sale of erstwhile subsidiary Cerebra Middle East FZCO. Amounts are overdue for >2 years. An ad-hoc provision of ₹21.32 Crore exists. Balances also not restated per Ind AS 21 (Foreign Exchange).
  • Capital & Other Advances: Advances of ₹20.30 Crore to various parties outstanding for >1 year, with an ad-hoc provision of ₹0.46 Crore. Amounts are subject to confirmation.
  • Bank Statements: The company did not provide bank statements for 2 accounts (Canara Bank and Bank of India), preventing verification of balances and transactions.

Corporate Insolvency Resolution Process (CIRP)

The company filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, with the Hon'ble NCLT, Bengaluru Bench, on 15th June 2026 for initiation of CIRP. The application was pending as of 30th September 2026.

Financial Impact

Financial impact of the material uncertainties described by the auditor is not quantified in the disclosure but is potentially severe, affecting the carrying value of significant assets (receivables, advances, investments) and the fundamental going concern assumption.