Financial Performance

Oswal Greentech reported a net loss of ₹624.19 crore for FY26, a significant reversal from the net profit of ₹85.32 crore in FY25. This was primarily due to an exceptional provision of ₹1,012.22 crore (₹742.22 crore for inter-corporate deposits and ₹270 crore for real estate advances) made for doubtful recoveries. Revenue from operations increased to ₹368.07 crore from ₹352.53 crore, while other income rose to ₹686.86 crore from ₹574.75 crore.

Exceptional Items and Provisions

The company made full provision of ₹1,012.22 crore for non-recoverable amounts:

  • ₹742.22 crore for inter-corporate deposit with Uppal Chadha Hi-Tech Developers Private Limited (including interest receivable)
  • ₹270 crore for real estate advance to SAS Servizio Private Limited

Total assets declined to ₹2,422.18 crore from ₹2,557.32 crore, while reserves & surplus decreased to ₹2,127.80 crore from ₹2,243.19 crore.

Fraud Disclosure

Company reported fraud involving unauthorized activities on its 13.45 acres land at Rishra Village, West Bengal. A former employee executed an unauthorized conveyance agreement with RSV Construction Private Limited, leading to trespassing. Criminal complaint filed at Serampore Police Station, West Bengal.

Auditor Qualifications and Changes

Statutory auditors Mehta Chokshi & Shah LLP resigned on August 11, 2026, and were replaced by BGMG & Associates. Auditors issued a qualified opinion citing:

  • Uncertainty over recoverability of ₹1,226.77 crore in ICDs and real estate advances
  • Dispute over interest on ICDs with one borrower (₹424.91 crore interest not charged)
  • Arbitration award of ₹97.17 crore received against claim of ₹472.12 crore (shortfall ₹374.95 crore)

Management Changes

Significant management turnover during FY26 with multiple resignations:

  • MD & CEO Anil Kumar Bhalla (May 31, 2025)
  • CFO Vipin Kumar Vij (November 12, 2025) and Moxit Modi (June 2, 2026)
  • Company Secretaries Sonal Gupta (December 11, 2025) and Purva Jhanwar (May 6, 2026)
  • Multiple independent directors resigned in August 2025 and June 2026

AGM and Corporate Governance

The 44th Annual General Meeting is scheduled for September 29, 2026, to transact:

  • Adoption of audited standalone financial statements for FY26
  • Re-appointment of Mr. Shael Oswal as director
  • Appointment of BGMG & Associates as Statutory Auditors
  • Appointment of Anuj Gupta & Associates as Secretarial Auditors

Liquidity and Risk Management

Company maintains strong liquidity position with ₹195.18 crore in liquid assets (cash & cash equivalents + short-term mutual funds) against current liabilities of ₹9.26 crore. Working capital stands at ₹939.44 crore. No borrowings from banks or financial institutions, only equity capital of ₹256.81 crore.

Contingent Liabilities and Provisions

Total provision of ₹23.43 crore for disputed liabilities:

  • Electricity Duty: ₹20.28 crore
  • Sales Tax-Orissa: ₹1.99 crore
  • UP Trade Tax: ₹0.03 crore
  • Civil cases: ₹1.14 crore

Additional contingent liabilities include ₹111.42 crore interest demand from Department of Fertilizers and various tax demands under dispute.