Key Financial Results

Standalone Financial Results (₹ in Lakhs)

Quarter ended March 31, 2026:

  • Total Income: ₹6,176
  • Revenue from operations: ₹2,981
  • Other income: ₹3,195
  • Total Expenses: ₹5,117
  • Profit before tax: ₹971
  • Net Profit: ₹971
  • EPS (Basic & Diluted): ₹0.74

Year ended March 31, 2026:

  • Total Income: ₹25,777
  • Revenue from operations: ₹18,792
  • Other income: ₹6,985
  • Total Expenses: ₹25,495
  • Profit before tax: ₹19
  • Net Profit: ₹19
  • EPS (Basic & Diluted): ₹0.01
  • Other Equity: ₹(3,31,766)

Consolidated Financial Results (₹ in Lakhs)

Year ended March 31, 2026:

  • Net Profit: ₹133
  • EPS (Basic & Diluted): ₹0.10
  • Other Equity: ₹(3,32,100)

Audit Reports

Standalone Financials: Unmodified audit opinion by M. Bhaskara Rao & Co., Chartered Accountants (Firm Registration No. 000459S), with emphasis on material uncertainty relating to going concern.

Consolidated Financials: Qualified audit opinion due to exclusion of financial results of overseas subsidiary "Maytas Infra Saudi Arabia Company" (Note 10).

Material Uncertainty - Going Concern

Attention is drawn to Note 5 regarding:

  • Accumulated losses of ₹3,60,018 lakhs as at March 31, 2026
  • Erosion of net worth (₹(3,31,766) lakhs standalone)
  • Current liabilities exceed current assets by ₹3,84,308 lakhs
  • Significant reduction in operating revenue
  • Default in payment of various loans
  • Classification under "Red" category by IL&FS Reconstituted Board
  • Dependency on resolution process approved by NCLAT

The company's ability to continue as a going concern is solely dependent on the finalization and approval of the resolution process.

Emphasis of Matter

Auditors highlighted:

1. Note 4: Ongoing investigations by SFIO, ED and other regulators against IL&FS and subsidiaries

2. Note 6: Non-recognition of interest expense of ₹46,044 lakhs for FY26 (cumulative ₹3,08,033 lakhs as at March 31, 2026) pursuant to NCLAT order dated October 15, 2018

3. Note 8: Non-receipt of confirmation of balances from some customers and vendors

Adjustments arising from these matters are not determinable at this juncture.

Significant Accounting Treatments

  • Interest expense not recognized on borrowings pursuant to NCLAT order specifying October 15, 2018 as cut-off date
  • Provision made for additional liability towards retirement benefits under new Labour Codes (₹263 lakhs exceptional item)
  • Investment in subsidiary Maytas Infra Saudi Arabia fully provided for

Resolution Process Update

  • Expression of interest invited for equity stake acquisition
  • Bid received and approved by Committee of Creditors
  • Awaiting approval from Justice D.K. Jain (Retd.) and NCLT

Board Meeting Details

  • Date: May 27, 2026
  • Time: 4:30 PM to 7:00 PM
  • Approved by Audit Committee and Board of Directors