Key Quantitative Figures

Financial Results for Year Ended March 31, 2026:

  • Revenue from Operations: ₹553.41 crore
  • Total Expenditure: ₹672.16 crore
  • Net Loss: ₹113.58 crore
  • Earnings Per Share (Basic & Diluted): -₹7.09
  • Paid-up Equity Share Capital: ₹160.27 crore (Face value ₹10/-)
  • Accumulated Losses: ₹1,738.31 crore
  • Total Assets: ₹297.18 crore
  • Total Liabilities: ₹454.98 crore
  • Net Worth: -₹157.80 crore (complete erosion)

Quarterly Comparison (₹ crore):

  • Q4 FY26 Revenue: ₹147.28 crore (Q4 FY25: ₹134.63 crore)
  • Q4 FY26 Net Loss: ₹34.91 crore (Q4 FY25: ₹28.51 crore loss)

Cash Flow Statements (Year Ended March 31, 2026):

  • Net cash used in operating activities: ₹69.43 crore
  • Net cash from investing activities: ₹66.37 crore
  • Net cash from financing activities: ₹-51.53 crore
  • Cash and cash equivalents at year-end: ₹15.52 crore

Dates of Action

  • CIRP initiation date: July 28, 2023 (order pronounced August 1, 2023)
  • Results approval date: September 16, 2026
  • Meeting time: 4:00 PM to 6:30 PM

Parties Involved

  • Resolution Professional: Mr. Deepak Maini (IBBI/IPA-001/IP-P00676/2017-2018/11149)
  • Financial Creditor: Canara Bank
  • Statutory Auditors: Kumar Pramod & Associates
  • Company Secretary: Tanya Dua

Audit Qualifications and Issues

The statutory auditors issued a qualified opinion with multiple issues:

1. Going Concern Uncertainty: Accumulated losses of ₹1,738.31 crore completely eroded net worth

2. Employee Benefits: Non-identification and measurement of gratuity and leave encashment per Ind AS 19

3. Fixed Assets: No comprehensive fixed asset register maintained, no physical verification reports

4. Lease Arrangements: Non-disclosure of lease information as required under Ind AS

5. Deferred Tax Asset: Recognition of ₹853.00 lakhs DTA despite uncertainty of future taxable profits

6. Confirmations Missing: No external confirmations for loans, bank accounts, investments, trade receivables, trade payables

7. Inventory Issues: No quantitative details or confirmations available

8. Litigation Details: Incomplete information on pending litigations with IT, TDS, GST Departments

9. Documentation Issues: Lack of supporting evidence for purchases, sales transactions, employee expenses

Capital Structure Impact

No change in share capital reported during the period. Paid-up equity share capital remains at ₹160.27 crore.

Cash Flow Implications

Net decrease in cash and cash equivalents of ₹54.59 crore during the year.

Management Commentary

The company is operating under CIRP with suspended board powers. The Resolution Professional states that:

  • Assets have been valued by IBBI-registered valuers for CIRP purposes
  • Claims from stakeholders have been verified and admitted as per CIRP process
  • No resolution plan has been approved by Committee of Creditors
  • An application for liquidation is pending before NCLT

Additional Information

  • The company has not paid/provided managerial remuneration to directors for FY26
  • No dividend declared or paid during the year
  • The audit trail feature in accounting software was not operated throughout the year
  • Previous year figures have been regrouped/reclassified where necessary