Key Decisions and Approvals
The Board considered and approved two main items:
1. Un-Audited Financial Results: The Board approved the Un-Audited Financial Results along with the Limited Review Report for the quarter ended 30th June, 2026, pursuant to Regulation 33 of SEBI LODR Regulations, 2015.
2. Statement of Deviation or Variation: The Board discussed compliance with Regulation 32 of SEBI LODR Regulations, 2015, and concluded it was not applicable to the company as it had not issued equity shares by way of Preferential Issue. An undertaking of Non-Applicability for the quarter ended 30th June, 2026, was submitted.
Financial Results Details (Quarter Ended 30th June, 2026)
The unaudited financial results show significant financial deterioration:
- Total Income: ₹0.00 (Zero revenue from operations; the previous quarter had Other Income of ₹158.10 lakhs, but current quarter shows no income)
- Total Expenses: ₹110.31 lakhs
- Employee benefits expense: ₹106.17 lakhs
- Depreciation and amortization expense: ₹3.64 lakhs
- Other expenses: ₹0.50 lakhs
- Net Loss before tax: ₹(110.31) lakhs
- Net Loss after tax: ₹(110.31) lakhs
- Total Comprehensive Income: ₹(110.31) lakhs
- Paid-up equity share capital: ₹5,500.00 lakhs (Face value ₹1 per share)
- Earnings per share (Basic & Diluted): ₹(0.02)
Comparative Performance
- Previous Quarter (Q4 FY26, Audited): Net Loss of ₹(5,561.06) lakhs, EPS of ₹(1.01)
- Corresponding Quarter (Q1 FY26, Unaudited): Net Loss of ₹(5.34) lakhs, EPS of ₹(0.00)
- Year-to-Date (FY26, Audited): Net Loss of ₹(5,573.39) lakhs, EPS of ₹(1.01)
Limited Review Report by Auditors
VRSK & Associates, Chartered Accountants, issued a limited review report on the unaudited standalone financial results. Their report includes an Emphasis of Matter stating that the financial results "have not been prepared in accordance with applicable accounting standards i.e. IND AS prescribed under Section 133 of the Companies Act, 2013." However, they note that nothing has come to their attention causing them to believe the results do not disclose information required by Regulation 33 of SEBI LODR and relevant SEBI circulars.
Signatories and Dates
- The outcome letter was signed by Nand Kishor Ray (Additional Director, DIN: 11626638) on 13th August, 2026, in Gujarat.
- The financial results were signed by Dheeraj Kumar (Authorized Signatory, DIN: 11666616) on 13th August, 2026, in New Delhi.
- The limited review report was signed by the partner of VRSK & Associates on 13th August, 2026, in New Delhi.
Notes to Financial Results
1. The unaudited financial results were reviewed by the Audit Committee and approved by the Board on 13.08.2026.
2. Figures for previous periods have been regrouped where necessary to conform to the current period's classification.