Key Financial Figures

Profit & Loss Statement (₹ in Lakhs)

  • Revenue From Operations (FY26): ₹18,358.82 (FY25: ₹934.38)
  • Total Expenses (FY26): ₹16,576.05 (FY25: ₹1,196.26)
  • Net Profit/(Loss) After Tax (FY26): ₹1,029.75 (FY25: ₹(219.95) loss)
  • Earnings Per Share (Basic & Diluted): ₹6.93 (FY25: ₹(1.42) loss)
  • Employee Benefit Expense (FY26): ₹1,436.85
  • Finance Costs (FY26): ₹1,125.15
  • Depreciation (FY26): ₹286.60
  • Other Expenses (FY26): ₹13,727.45 (includes agent commission expense of ₹10,432.21 lakhs and loan write-off of ₹1,303.21 lakhs)

Balance Sheet (as at March 31, 2026, ₹ in Lakhs)

  • Total Assets: ₹12,497.15 (March 31, 2025: ₹4,036.41)
  • Financial Assets: ₹11,089.89 (includes Cash & Cash Equivalents: ₹2,581.27, Bank Balances other than cash: ₹1,840.92, Receivables: ₹119.11, Loans: ₹6,548.59)
  • Non-Financial Assets: ₹1,407.25
  • Total Liabilities: ₹8,169.62
  • Financial Liabilities: ₹7,496.53 (includes Trade Payables: ₹3,161.13, Other Payables: ₹4,192.37, Borrowings: ₹143.03)
  • Non-Financial Liabilities: ₹673.09
  • Net Worth: ₹4,327.53 (Equity Share Capital: ₹1,487.00, Other Equity: ₹2,840.53)

Cash Flow Statement (FY26, ₹ in Lakhs)

  • Cash from Operating Activities: ₹2,182.95
  • Cash from Investing Activities: ₹1,945.11
  • Cash from Financing Activities: ₹(1,708.16)
  • Net Cash Flow: ₹2,419.90
  • Cash & Cash Equivalents at end: ₹2,581.26 (does not include ₹1,840.92 lakhs in lien bank account)

Audit Qualifications

Auditors (Sunil Vankawala & Associates) issued qualified opinion with four key qualifications:

1. Suspicious Merchant Transactions: Company detected suspicious transactions by merchant Prime Technologies aggregating ₹10,500.00 lakhs, subsequently reduced to ₹7,528.18 lakhs following voluntary settlement of smaller individual claims. Company's bank account with ICICI Bank under lien to extent of ₹7,528.18 lakhs by investigating authorities. Matter sub-judice before Bombay High Court (interim stay granted March 12, 2026). No provision recognized in financial statements.

2. Balance Confirmations: Balances relating to trade receivables, trade payables, loans and advances, borrowings, current liabilities and other current assets are subject to confirmation, reconciliation and consequential adjustments. Impact unascertainable.

3. Revenue Recognition: Company recognized income based on internal software system reports. Reconciliation with bank transactions across various banks in progress. Impact unascertainable.

4. Agent Commission Expense: Company recognized agent commission expense of ₹10,432.21 lakhs (included under Other Expenses) without adequate supporting documentation, merchant-wise mapping, or complete details identifying respective merchants. Impact unascertainable.

Emphasis of Matter

Auditors drew attention to Note 7 where Company wrote off loans aggregating ₹1,303.21 lakhs during year ended March 31, 2026 (included under Other Expenses), pursuant to Board approval at meeting held on January 22, 2026.

Contingent Liability

Company disclosed contingent liability of ₹10,500.00 lakhs under Ind AS 37 for the suspicious transactions matter.

Management Response

For each qualification, management stated:

  • Impact on financial statements is unascertainable
  • Matters are under investigation, reconciliation, or judicial proceedings
  • No present obligation requiring recognition of provision exists
  • Management is confident proceedings will conclude in Company's favor (based on legal opinion dated May 27, 2026)

Additional Information

  • Company CIN: L65990MH1984PLC033818
  • Auditor Firm: Sunil Vankawala & Associates, FRN: 110616
  • First Information Report lodged with police authorities on January 14, 2026 regarding fraudulent transactions