Key Quantitative Figures

Standalone Financials (Rs. in Lakhs):

  • Revenue from Operations: Q2: 39.18, H1: 78.75
  • Interest Income: Q2: 39.18, H1: 78.76
  • Total Income: Q2: 39.18, H1: 78.75
  • Finance Costs: 0.00 (Note: Interest not provided on loans as per Note 2)
  • Employee Benefits Expenses: Q2: 0.81, H1: 1.62
  • Other Expenses: Q2: 5.45, H1: 10.99
  • Profit before Tax: Q2: 32.92, H1: 66.15
  • Tax Expense: Q2: 8.88, H1: 17.75
  • Net Profit after tax: Q2: 24.04, H1: 48.39
  • EPS (Basic & Diluted): Q2: 0.06, H1: 0.13
  • Paid-up equity share capital: 377.50
  • Other Equity: (6,204.54) as at 30-Sep-2026

Consolidated Financials (Rs. in Lakhs):

  • Revenue from Operations: Q2: 10.27, H1: 18.02
  • Interest Income: Q2: 5.74, H1: 11.83
  • Broking, Fees, Commission: Q2: 3.34, H1: 5.01
  • Other Income: Q2: 65.00, H1: 129.49
  • Total Income: Q2: 75.28, H1: 147.52
  • Profit before Tax: Q2: 25.53, H1: 52.33
  • Net Profit after tax: Q2: 5.78, H1: 14.22
  • EPS (Basic & Diluted): Q2: 0.02, H1: 0.04

Dates of Action

  • Board Meeting: 12th November 2026 (4:00 PM to 6:00 PM)
  • Period Ended: 30th September 2026
  • Review Report Date: 12th November 2026

Parties Involved

  • Subsidiaries: IndiaNivesh Shares & Securities Private Limited, IndiaNivesh Commodities Private Limited, IndiaNivesh Securities Limited
  • Auditors: Ajay Shobha and Co. (Firm Registration No.317031E)
  • Stock Exchange: BSE Limited
  • Regulator: SEBI

Auditor Qualifications

Basis of Qualified Opinion (Standalone and Consolidated):

1. Loan 1: Outstanding principal of ₹65.60 crores. Interest at 7.00% was provided up to 31st March 2026 but not provided for H1 ended 30th September 2026. Had interest been provided:

  • Finance cost, loss and liabilities would have been higher by ₹1.17 crores (Q2) and ₹2.30 crores (H1)
  • Reserves and surplus would have been lower by ₹1.17 crores (Q2) and ₹2.30 crores (H1)

2. Loan 2: Outstanding principal of ₹76.00 crores. Interest at 7% was provided up to 31st March 2026 but interest of ₹2.67 crores for H1 not provided. Had interest been provided:

  • Finance cost, loss and liabilities would have been higher by ₹1.35 crores (Q2) and ₹2.67 crores (H1)
  • Reserves and surplus would have been lower by ₹1.35 crores (Q2) and ₹2.67 crores (H1)

3. Additional Consolidated Qualification: IndiaNivesh Shares and Securities Private Limited (INSSPL) has not performed impairment testing of goodwill amounting to ₹20.36 crores as required by Ind AS 36.

Impact of Qualifications

Standalone Adjusted Figures (if interest provided):

  • Total Expenditure: ₹509.57 lakhs (vs reported ₹12.61 lakhs)
  • Net Loss: ₹(430.82) lakhs (vs reported profit of ₹66.14 lakhs)
  • EPS: ₹(1.19) (vs reported ₹0.13)
  • Total Liabilities: ₹14,683.00 lakhs (vs reported ₹14,186.96 lakhs)
  • Net Worth: ₹(6,324.08) lakhs (vs reported ₹(5,827.12) lakhs)

Consolidated Adjusted Figures (if interest provided):

  • Total Expenditure: ₹592.22 lakhs (vs reported ₹95.26 lakhs)
  • Net Loss before Tax: ₹(444.71) lakhs (vs reported profit of ₹52.25 lakhs)
  • EPS: ₹(1.28) (vs reported ₹0.04)
  • Total Liabilities: ₹14,870.69 lakhs (vs reported ₹14,373.73 lakhs)
  • Net Worth: ₹(5,430.10) lakhs (vs reported ₹(4,933.13) lakhs)

Management's Views on Qualifications

Interest and terms of repayment are under negotiation and will be settled before the end of the financial year.

Financial Impact Assessment

Financial impact of non-provision of interest is quantified by auditors but not recognized in financial statements. Management believes negotiations will resolve the matter before year-end.