| Scrip Code | 533163 |
|---|---|
| NSE Symbol | ARSSINFRA |
| MSEI Symbol | NOTLISTED |
| ISIN | INE267I01010 |
| Name of company | ARSS INFRASTRUCTURE PROJECTS LIMITED |
| Type of company | Main Board |
| Class of security | Equity |
| Date of start of financial year | 01-04-2025 |
| Date of end of financial year | 31-03-2026 |
| Date of board meeting when results were approved | 30-05-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 20-05-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Fourth quarter |
| Nature of report standalone or consolidated | Consolidated |
| Whether results are audited or unaudited for the quarter ended | Audited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Audited |
| Segment Reporting | Single segment |
| Description of single segment | Infarstructure |
| Start date and time of board meeting | 30-05-2026 12:00:00 |
| End date and time of board meeting | 30-05-2026 19:30:00 |
| Whether cash flow statement is applicable on company | Yes |
| Type of cash flow statement | Cash Flow Indirect |
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Audited | Audited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| 1 | Income | ||
| Revenue from operations | 7,744.99 | 14,579.28 | |
| Other income | 252.78 | 746.80 | |
| Total income | 7,997.77 | 15,326.08 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 3,338.92 | 6,393.34 |
| (b) | Purchases of stock-in-trade | 0.00 | 0.00 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 513.41 | (836.39) |
| (d) | Employee benefit expense | 597.57 | 1,449.77 |
| (e) | Finance costs | 1,132.25 | 1,164.19 |
| (f) | Depreciation, depletion and amortisation expense | 35.11 | 111.79 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 2,399.38 | 18,896.92 |
| Total other expenses | 2,399.38 | 18,896.92 | |
| Total expenses | 8,016.64 | 27,179.62 | |
| 3 | Total profit before exceptional items and tax | (18.87) | (11,853.54) |
| 4 | Exceptional items | (21,094.44) | (3,43,413.06) |
| 5 | Total profit before tax | (21,113.31) | (3,55,266.60) |
| 6 | Tax expense | ||
| 7 | Current tax | 0.00 | 0.00 |
| 8 | Deferred tax | 56.09 | 237.74 |
| 9 | Total tax expenses | 56.09 | 237.74 |
| 10 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0.00 | 0.00 |
| 11 | Net Profit Loss for the period from continuing operations | (21,169.40) | (3,55,504.34) |
| 12 | Profit (loss) from discontinued operations before tax | 0.00 | 0.00 |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 14 | Net profit (loss) from discontinued operation after tax | 0.00 | 0.00 |
| 15 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 116.52 | 146.87 |
| 16 | Total profit (loss) for period | (21,052.88) | (3,55,357.47) |
| 17 | Other comprehensive income net of taxes | 0.00 | 0.00 |
| 18 | Total Comprehensive Income for the period | (21,052.88) | (3,55,357.47) |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | |||
| Total profit or loss, attributable to non-controlling interests | |||
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | |||
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | (21,052.88) | (3,55,357.47) | |
| 21 | Details of equity share capital | ||
| Paid-up equity share capital | 9,011.85 | 9,011.85 | |
| Face value of equity share capital | 10 | 10 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | 86,525.30 | |
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | -23.36 | -394.32 | |
| Diluted earnings (loss) per share from continuing operations | -23.36 | -394.32 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings (loss) per share from discontinued operations | 0 | 0 | |
| Diluted earnings (loss) per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings (loss) per share from continuing and discontinued operations | -23.36 | -394.32 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -23.36 | -394.32 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | Selected Explanatory Notes to the Consolidated Statement of Audited Financial Results for the Quarter and Year Ended March 31, 2026 1 The above Audited Financial Results of the Company for the Quarter and Year ended March 31, 2026 have been reviewed by Audit Committe and approved by the Board of Directors of the Company at its meetings held on May 30, 2026. The Statutory Auditor of the company has audited the said result. These results are being published in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 2 The above financial results of the Company have been prepared in accordance with Indian Accounting Standards (lnd AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended thereof. 3 Pursuant to the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 initiated on 30th November 2021, the National Company Law Tribunal (NCLT) on 29 August 2025 (NCLT Order date) approved, the Resolution Plan (the Plan) submitted by Ocean Capital Market Limited (Successful Resolution Applicant or SRA or OCML). As per the terms of Section 31 of the Code, the Approved Resolution Plan shall be binding on the Company, its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan. Pursuant to the Approved Resolution Plan, during the period between the NCLT Approval Date / Effective Date (i.e., 29 August, 2025) and the Closing Date (as defined in the Approved Resolution Plan) (Interim Period), a monitoring committee shall be constituted (Monitoring Committee), shall comprise two representatives of the Financial Creditors, two representatives of the Resolution Applicants and the Erstwhile Resolution Professional. Thus, for the period between the NCLT Approval Date (as defined in the Approved Resolution Plan) and the Closing Date [i.e., 29 September 2025 the date of payment of consideration towards Assignment of Debt with Securities Interest to Secured Financial Creditors], the Monitoring Committee has accordingly been formed to maintain the Company as a going concern and to supervise the implementation of the Approved Resolution Plan. The following steps have been completed during the financial year ending as on 31 March, 2026 in relation to the implementation of the Approved Resolution Plan (Plan) and shall be deemed to be in compliance with the applicable accounting standard pursuant to order passed by the Honble NCLT: a. The directors of the Company prior to approval of the Resolution Plan have stand replaced by the new Board of Directors from their office. The Board of Directors of the Company has been reconstituted on 29th September, 2025. b. Extinguishment of 1,06,19,468 equity shares of INR 10 each held by erstwhile promoters of the Company and the amount has been transferred to Capital Reserve Account. c. As per the terms of approved Resolution Plan, the entire admittee claim of the Financial Creditors amounting to INR 4,940.14 crores has been assigned to SRA (i.e., OCML). The financial creditors were settled through a payment of INR 207.69 crore by the SRA. Pursuant to the settlement, the financial creditors assigned its outstanding debt to the Resolution Applicant in full satisfaction of the said liability. Further, as provided in the approved Resolution Plan, the Assenting Financial Creditors shall have right to receive 50 percent of the value received on receipt of proceeds from arbitration within 3 years from the Effective Date. In relation to the same, SRA has paid INR 10 crores to financial creditor, which shall be adjusted from the share of financial creditors in arbitration receipts. d. Unsustainable debt of INR 4,675.45 crores (being the difference between the admitted claim of INR 4,893.14 crores, excluding ICICI Banks claim, and the cash payment of INR 217.69 crores) has been settled by way of issue of 7.5 crore equity shares [15,00,000 equity shares have been issued to Assenting Financial Creditors and balance 7,35,00,000 equity shares have been issued to the AIF assigned by SRA . e. Settlement of operational creditors (other than employees and workmen), for a sum of INR 0.47 crores by the Company. f. Extinguishment of all contingent liabilities, commitments and other claims and obligations including all taxes and other government dues standing as on the effective date. g. The SRA has infused INR 3 crores for aquiring 30 Lakh equity shares of INR 10 each of the Company and the same has alloted to SRA on 29.09.2025 . 4 EXCEPTIONAL ITEMS (Rs. in Lakhs) Particulars Period ended 31 March, 2026 Period ended 31 March, 2025 (a) Extinguishment of Operational Creditors (including the Central Government, State Government or local authority) as per the terms of Approved Resolution Plan (refer note (i) below) (5,039.46) (b) Interest expense payable to Financial Creditors as per claim submitted to erstwhile Resolution Professional (refer note (ii) below) 2,23,724.03 (c) Liability relating to Financial Creditors not recorded earlier in the books (refer note (iii) below) 1,04,286.74 Total(A) 3,22,971.31 (d) Provision for Arbitration claim written off (refer note (iv) below) 91,273.71 (e) Arbitration claim raised during the year(refer note (v) below) (70,831.96) Total(B) 20,441.75 Net Loss(A+B) 3,43,413.06 i. With respect to other operational creditors outstanding as on the insolvency commencement date, the Company has recognized a gain of INR 50.39 crores on account of extinguishment of such liabilities as an exceptional item in these financial statements. ii. In respect of financial creditors, the Company has recorded interest expense of INR 2237.24 crores for the period prior to the insolvency commencement date as per the terms of the approved Resolution Plan. iii. The Company has recorded liability of INR 1042.87 crores in the books of accounts which was not earlier recorded in the books of accounts of the company but admitted by the erstwhile Resolution Professional. iv. The managaement has revalued the arbitration claim resulting written off of INR 912.74 crores during the year. v. The managaement has booked fresh arbitration claim of INR 708.32 Crores during the year. 5 Based on the principles set out under IndAS 108 Operating Segments , the company operates in Construction Contract which is the only reportable segment. Accordingly , the company is operating in single segment. 6 As at 31st March 2026, the ARSS Group consolidation comprises of the following: Sl. No. Name of the Entity Relationship 1 ARSS Infrastructure Projects Limited Holding Company 2 ARSS Damoh Hirapur Tolls Private Limited Subsidiary Company 3 ARSS Developers Limited Associate Company 4 ATLANTAARSS JV Joint Venture 5 ARSSSCPL JV Joint Venture 6 ARSS LGPPL JV Joint Venture 7 ARSS BDPL JV Joint Venture 8 ARSS THAKUR JV Joint Venture 9 ARSS SNKI JV Joint Venture 10 ARSS ROYAL JV Joint Venture 11 SCPL ARSS JV Joint Venture 12 ARSS BMS JV Joint Venture 13 ARSS Technocom Priyashi Aashi JV Joint Venture 14 ARSS SIPS JV Joint Venture 15 ARSS KKMPL JV Joint Venture 16 ARSS NTLLP JV Joint Venture 7 The financials of ARSS BMS JV, ARSS Technocom Priyashi Aashi JV, ARSS SIPS JV, ARSS KKMPL JV ARSS NTLLP JV is prepared by the JV partner, the profit/loss for the current period is considered in the statement as certified by the management. 8 The Company has continued to follow the same accounting policies in preparation of audited financial results for the quarter and year ended March 31, 2026 as followed in the previous financial year ended March 31,2025. Further the Company has given effect as per the approved resolution plan mentioned above. 9 The Government of India notified the four Labour Codes – the Code on wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, Occupational Safety, Health and Working Conditions Code, 2020(collectively referred to as the New Labour Codes). The Ministry of Labour Employment published draft Central rules and FAQs to enable assessment of the financial impact due to changes in regulations. The management continues to monitor developments if any, in Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such development as needed. The management has given effect of Rs. 49.45 Lakhs in gratuity for the year 2025 26 in respect of the above new labour code. 10 The Financial Statements, as a result of the implementation of the approved Resolution Plan, the financial statements for the year ended 31st March 2026 reflect a substantially restructured balance sheet, and recognition and measurement of assets and liabilities on the basis of the approved Resolution Plan and applicable Ind AS. The figures for the comparative period (year ended 31st March 2025) were prepared during the CIRP, when the powers of the Board of Directors were vested with the Resolution Professional. Accordingly, the current years financial statements are not strictly comparable with the previous year. 11 The company is proposing various amendments identified during the implementations of approved resolution plan for which the company has time period of 1 year from the effective date. 12 The Claim of Rs. 6694.70 Lakhs raised by ARSS Damo Hirapur Tolls Pvt Ltd (Subsidary) is pending with MPRDC. |
|---|
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| Particulars | Year ended (dd-mm-yyyy) | |
|---|---|---|
| Date of start of reporting period | 01-04-2025 | |
| Date of end of reporting period | 31-03-2026 | |
| Whether results are audited or unaudited | Audited | |
| Nature of report standalone or consolidated | Consolidated | |
| Assets | ||
| 1 | Non-current assets | |
| Property, plant and equipment | 3,520.17 | |
| Capital work-in-progress | ||
| Investment property | 832.09 | |
| Goodwill | 0.00 | |
| Other intangible assets | 0.00 | |
| Intangible assets under development | 0.00 | |
| Biological assets other than bearer plants | 0.00 | |
| Investments accounted for using equity method | 0.00 | |
| Non-current financial assets | ||
| Non-current investments | 0.00 | |
| Trade receivables, non-current | ||
| Loans, non-current | 0.00 | |
| Other non-current financial assets | ||
| 1 | OTHER NON CURRENT FINANCIAL ASSETS | 96,466.39 |
| Total of other non-current financial assets | 96,466.39 | |
| Total non-current financial assets | 96,466.39 | |
| Deferred tax assets (net) | 265.38 | |
| Other non-current assets | ||
| 1 | OTHER NON CURRENT RIGHT TO USED OF ASSETS | 25.04 |
| Total of other non-current assets | 25.04 | |
| Total non-current assets | 1,01,109.07 | |
| 2 | Current assets | |
| Inventories | 6,360.88 | |
| Current financial asset | ||
| Current investments | 0.00 | |
| Trade receivables, current | 5,977.32 | |
| Cash and cash equivalents | 1,620.39 | |
| Bank balance other than cash and cash equivalents | 1,740.91 | |
| Loans, current | 0.00 | |
| Other current financial assets | ||
| Total of other current financial assets | 7,718.17 | |
| Total current financial assets | 17,056.79 | |
| Current tax assets (net) | 1,369.24 | |
| Other current assets | ||
| 1 | Other current assets | 1,487.47 |
| Total of other current assets | 1,487.47 | |
| Total current assets | 26,274.38 | |
| 3 | Non-current assets classified as held for sale | |
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | |
| Total assets | 1,27,383.45 | |
| Equity and liabilities | ||
| 1 | Equity | |
| Equity attributable to owners of parent | ||
| Equity share capital | 9,011.85 | |
| Other equity | 86,525.30 | |
| Total equity attributable to owners of parent | 95,537.15 | |
| Non controlling interest | 4.00 | |
| Total equity | 95,541.15 | |
| 2 | Liabilities | |
| Non-current liabilities | ||
| Non-current financial liabilities | ||
| Borrowings, non-current | 25,812.22 | |
| Trade payables, non-current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | ||
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | ||
| Total Trade payable | ||
| Other non-current financial liabilities | ||
| Total of other non-current financial liabilities | ||
| Total non-current financial liabilities | 25,812.22 | |
| Provisions, non-current | 0.00 | |
| Deferred tax liabilities (net) | ||
| Deferred government grants, Non-current | ||
| Other non-current liabilities | ||
| Total of other non-current liabilities | ||
| Total non-current liabilities | 25,812.22 | |
| Current liabilities | ||
| Current financial liabilities | ||
| Borrowings, current | 565.74 | |
| Trade payables, current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 0.00 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 2,041.97 | |
| Total Trade payable | 2,041.97 | |
| Other current financial liabilities | ||
| 1 | Other current financial liabilities | 2,416.72 |
| Total of other current financial liabilities | 2,416.72 | |
| Total current financial liabilities | 5,024.43 | |
| Other current liabilities | 1,005.65 | |
| 1 | Other current liabilities | 1,005.65 |
| Total of other current liabilities | 1,005.65 | |
| Provisions, current | 0.00 | |
| Current tax liabilities (Net) | ||
| Deferred government grants, Current | ||
| Total current liabilities | 6,030.08 | |
| 3 | Liabilities directly associated with assets in disposal group classified as held for sale | |
| 4 | Regulatory deferral account credit balances and related deferred tax liability | |
| Total liabilities | 31,842.30 | |
| Total equity and liabilites | 1,27,383.45 | |
| Disclosure of notes on assets and liabilities | ||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|---|
| Date of start of reporting period | 01-01-2026 | 01-04-2025 | |||||
| Date of end of reporting period | 31-03-2026 | 31-03-2026 | |||||
| Whether results are audited or unaudited | Audited | Audited | |||||
| Nature of report standalone or consolidated | Consolidated | Consolidated | |||||
| 1 | Segment Revenue (Income) | ||||||
| (net sale/income from each segment should be disclosed) | |||||||
| Total Segment Revenue | |||||||
| Less: Inter segment revenue | |||||||
| Revenue from operations | |||||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| Total Profit before tax | |||||||
| i. Finance cost | |||||||
| ii. Other Unallocable Expenditure net off Unallocable income | |||||||
| Profit before tax | |||||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| Total Segment Asset | |||||||
| Un-allocable Assets | null | null | |||||
| Net Segment Asset | null | null | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| Total Segment Liabilities | |||||||
| Un-allocable Liabilities | null | null | |||||
| Net Segment Liabilities | null | null | |||||
| Disclosure of notes on segments | |||||||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Audited | Audited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| Total Amount of items that will not be reclassified to profit and loss | |||
| 2 | Income tax relating to items that will not be reclassified to profit or loss | ||
| 3 | Amount of items that will be reclassified to profit and loss | ||
| Total Amount of items that will be reclassified to profit and loss | |||
| 4 | Income tax relating to items that will be reclassified to profit or loss | ||
| 5 | Total Other comprehensive income | ||
| Particulars | Year ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|
| A | Date of start of reporting period | 01-04-2025 | ||||
| B | Date of end of reporting period | 31-03-2026 | ||||
| C | Whether results are audited or unaudited | Audited | ||||
| D | Nature of report standalone or consolidated | Consolidated | ||||
| Statement of cash flows | ||||||
| Cash flows from used in operating activities | ||||||
| Profit before tax | (3,55,266.60) | |||||
| Adjustments for reconcile profit (loss) | ||||||
| Adjustments for finance costs | 0.00 | |||||
| Adjustments for decrease (increase) in inventories | 278.50 | |||||
| Adjustments for decrease (increase) in trade receivables, current | (5,063.74) | |||||
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |||||
| Adjustments for decrease (increase) in other current assets | 2,949.44 | |||||
| Adjustments for decrease (increase) in other non-current assets | 0.00 | |||||
| Adjustments for other financial assets, non-current | 32,669.45 | |||||
| Adjustments for other financial assets, current | (355.04) | |||||
| Adjustments for other bank balances | (83.11) | |||||
| Adjustments for increase (decrease) in trade payables, current | (1,786.97) | |||||
| Adjustments for increase (decrease) in trade payables, non-current | 0.00 | |||||
| Adjustments for increase (decrease) in other current liabilities | (3,934.09) | |||||
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |||||
| Adjustments for depreciation and amortisation expense | 111.79 | |||||
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |||||
| Adjustments for provisions, current | (146.41) | |||||
| Adjustments for provisions, non-current | 0.00 | |||||
| Adjustments for other financial liabilities, current | (978.94) | |||||
| Adjustments for other financial liabilities, non-current | 0.00 | |||||
| Adjustments for unrealised foreign exchange losses gains | 0.00 | |||||
| Adjustments for dividend income | 0.00 | |||||
| Adjustments for interest income | 73.27 | |||||
| Adjustments for share-based payments | 0.00 | |||||
| Adjustments for fair value losses (gains) | (378.96) | |||||
| Adjustments for undistributed profits of associates | 0.00 | |||||
| Other adjustments for which cash effects are investing or financing cash flow | 0.00 | |||||
| Other adjustments to reconcile profit (loss) | 4.01 | |||||
| Other adjustments for non-cash items | 3,28,010.77 | |||||
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Total adjustments for reconcile profit (loss) | 3,51,223.43 | |||||
| Net cash flows from (used in) operations | (4,043.17) | |||||
| Dividends received | 0.00 | |||||
| Interest paid | (1,164.19) | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) operating activities | (2,878.98) | |||||
| Cash flows from used in investing activities | ||||||
| Cash flows from losing control of subsidiaries or other businesses | 0.00 | |||||
| Cash flows used in obtaining control of subsidiaries or other businesses | 0.00 | |||||
| Other cash receipts from sales of equity or debt instruments of other entities | 0.00 | |||||
| Other cash payments to acquire equity or debt instruments of other entities | 0.00 | |||||
| Other cash receipts from sales of interests in joint ventures | 0.00 | |||||
| Other cash payments to acquire interests in joint ventures | 0.00 | |||||
| Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Cash payment for investment in partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Proceeds from sales of property, plant and equipment | 0.00 | |||||
| Purchase of property, plant and equipment | 114.18 | |||||
| Proceeds from sales of investment property | 396.81 | |||||
| Purchase of investment property | 0.00 | |||||
| Proceeds from sales of intangible assets | 0.00 | |||||
| Purchase of intangible assets | 0.00 | |||||
| Proceeds from sales of intangible assets under development | 0.00 | |||||
| Purchase of intangible assets under development | 0.00 | |||||
| Proceeds from sales of goodwill | 0.00 | |||||
| Purchase of goodwill | 0.00 | |||||
| Proceeds from biological assets other than bearer plants | 0.00 | |||||
| Purchase of biological assets other than bearer plants | 0.00 | |||||
| Proceeds from government grants | 0.00 | |||||
| Proceeds from sales of other long-term assets | 0.00 | |||||
| Purchase of other long-term assets | 0.00 | |||||
| Cash advances and loans made to other parties | 0.00 | |||||
| Cash receipts from repayment of advances and loans made to other parties | 0.00 | |||||
| Cash payments for future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Cash receipts from future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Dividends received | 0.00 | |||||
| Interest received | 73.27 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) investing activities | 355.90 | |||||
| Cash flows from used in financing activities | ||||||
| Proceeds from changes in ownership interests in subsidiaries | 0.00 | |||||
| Payments from changes in ownership interests in subsidiaries | 0.00 | |||||
| Proceeds from issuing shares | 300.00 | |||||
| Proceeds from issuing other equity instruments | 0.00 | |||||
| Payments to acquire or redeem entity's shares | 0.00 | |||||
| Payments of other equity instruments | 0.00 | |||||
| Proceeds from exercise of stock options | 0.00 | |||||
| Proceeds from issuing debentures notes bonds etc | 0.00 | |||||
| Proceeds from borrowings | 26,309.82 | |||||
| Repayments of borrowings | 23,254.53 | |||||
| Payments of lease liabilities | 0.00 | |||||
| Dividends paid | 0.00 | |||||
| Interest paid | 1,164.19 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) financing activities | 2,191.10 | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (331.98) | |||||
| Effect of exchange rate changes on cash and cash equivalents | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 0.00 | |||||
| Net increase (decrease) in cash and cash equivalents | (331.98) | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 1,952.37 | |||||
| Cash and cash equivalents cash flow statement at end of period | 1,620.39 | |||||
| Whether results are audited or unaudited | Audited |
|---|---|
| Declaration of unmodified opinion or statement on impact of audit qualification | Statement on impact of audit qualification |
| Auditor's opinion | Qualified opinion |
| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results |
| Sr No. | Audit firm's name | Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI | Certificate valid upto | ||
| 1 | ADV AND CO LLP | Yes | 31-12-2028 | ||
|---|---|---|---|---|---|
| Sr. | Particulars | Audited Figures (as reported before adjusting for qualifications) | Adjusted Figures (audited figures after adjusting for qualifications) |
|---|---|---|---|
| 1 | Turnover / Total income | 15,326.08 | 15,326.08 |
| 2 | Total Expenditure | 27,179.62 | 26,056.86 |
| 3 | Net Profit/(Loss) | (3,55,357.47) | (4,25,067.35) |
| 4 | Earnings Per Share | -394.32 | -471.67 |
| 5 | Total Assets | 1,27,383.45 | 56,551.49 |
| 6 | Total Liabilities | 31,842.30 | 31,842.30 |
| 7 | Net Worth | 95,537.15 | 25,827.95 |
| Sr. | Details of Audit Qualification | Type of Audit Qualification | Frequency of qualification | For Audit Qualification(s) where the impact is quantified by the auditor | For Audit Qualification(s) where the impact is not quantified by the auditor | ||
|---|---|---|---|---|---|---|---|
| Management's Views | (i) Management's estimation on the impact of audit qualification | (ii) If management is unable to estimate the impact, reasons for the same | Auditors' Comments on (i) or (ii) above | ||||
| 1 | Textual Information(1) | Qualified opinion | Repetitive | Textual Information(2) | Textual Information(3) | Textual Information(4) | Textual Information(5) |
| 2 | Textual Information(6) | Qualified opinion | Whether appeared first time | Textual Information(7) | Textual Information(8) | Textual Information(9) | Textual Information(10) |
| 3 | Textual Information(11) | Qualified opinion | Whether appeared first time | Textual Information(12) | Textual Information(13) | Textual Information(14) | Textual Information(15) |
| Textual Information(1) | Non-compliance with IND AS 115 Revenue from Contracts with Customers, in the absence of relevant contract-wise records and underlying project documentation, contract-wise surplus/deficit on construction contracts has neither been ascertained nor recognised in compliance with Ind AS 115 Revenue from Contracts with Customers. |
|---|---|
| Textual Information(2) | Nil |
| Textual Information(3) | Nil |
| Textual Information(4) | The new management of the company has started the implementation of the resolution plan taking necessary steps to comply with IND AS-115, for the said purpose the Board of Directors appoint necessary manpower. In absence of the certain material information as the contract were related to the period of erstwhile management, the compliance of IND AS-115 could not be done. During the work execution period there is escalation claim, revision of contact value, extension of completion period, etc due to which unpredictable variation in reliable estimation of revenue and cost. Also the allocation of combine Operating overhead, Head office overhead and Financial Cost is not possible due to combine use or high swapping of resources, size of the Contracts. Hence financial implication of the qualification is not quantifiable. |
| Textual Information(5) | As per our qualifications. |
| Textual Information(6) | During the year, the Company has recognised certain arbitration claims as income in the Statement of Profit and Loss and as Claims Receivable under Other Financial Assets in the Balance Sheet. These claims are subject to arbitration proceedings whose outcome is uncertain and the receivability of the same is not established. In our opinion, such recognition is not in accordance with applicable Indian Accounting Standards for the following reasons: a. Under Ind AS 115, variable consideration including amounts subject to arbitration can be included in transaction price only when it is highly probable that a significant reversal of cumulative revenue recognised will not occur. The recognition of arbitration claims whose outcome is uncertain does not meet this threshold. b. Under Ind AS 109, recognition of a financial asset requires an unconditional contractual right to receive cash. Most of the arbitration claims that are yet to be adjudicated and where the counterparty's liability is neither admitted nor determined by a competent authority do not qualify for recognition as financial assets. c. Under Ind AS 37, such claims constitute contingent assets which are not to be recognised in financial statements until the inflow of economic benefits is virtually certain. Recognition of contingent assets is expressly prohibited under Ind AS 37 as it may result in recognition of income that may never be realised. Consequently, in our opinion, the recognition of these arbitration claims to the tune of Rs. 70,831.96 Lakhs has resulted in overstatement of exceptional items in Profit and Loss, other financial assets and net worth of the Company as at 31st March 2026. Had these claims been appropriately disclosed as contingent assets in accordance with Ind AS 37 instead of being recognised, the exceptional items, other financial assets and net worth of the Company would each have been lower to that extent. |
| Textual Information(7) | The new management has reviewed the Company's books of accounts for the period preceding the resolution plan's approval, alongside the ongoing arbitration proceedings. In alignment with the matching concept, revenue recognition for contract work performed earlier is crucial, as the corresponding expenses were already accounted for in prior periods, ensuring a true and fair view of the Company's financial performance. Furthermore, the Company has received favorable order in a significant portion of these arbitration proceedings. These orders unequivocally affirms the Company's right to receive the awarded claim amounts. Based on comprehensive advice from legal consultants, who have evaluated the strength of this order and the financial capacity of the counterparty, management is virtually certain that the full amount of these claims will be recovered. Our legal advisors have provided a high probability assessment of successful collection, significantly surpassing the 'probable' threshold, thereby justifying immediate recognition in accordance with the principles of accrual accounting rather than contingent disclosure |
| Textual Information(8) | NIL |
| Textual Information(9) | NIL |
| Textual Information(10) | NIL |
| Textual Information(11) | 1. The Company has classified a loan received from Ocean Capital Market Limited (Successful Resolution Applicant), a related party as at reporting date, as a "Secured Borrowing" in the Balance Sheet as at 31st March 2026 and has accrued interest thereon at 9% per annum. We report the following concerns: a. No security creation documents have been executed as at the balance sheet date and no charge has been registered with the Registrar of Companies. b. The approved Resolution Plan sanctioned by the Hon'ble NCLT does not contemplate payment of interest on this loan. Accrual of interest at 9% per annum, although supported by loan sanction letter, creates a financial obligation beyond the scope of the approved Resolution Plan. c. The requisite approvals for this related party transaction, including prior Audit Committee approval under Section 177 of the Companies Act, 2013 and Regulation 23 of SEBI (LODR) Regulations, 2015, and Board / shareholder approval under Section 188 of the Companies Act, 2013, have not been demonstrated to us. The above matters have resulted in incorrect classification of borrowings and incorrect recognition of interest expense to the tune of Rs.1,122.76 Lakhs. |
| Textual Information(12) | The amount received by the Monitoring Committee was pursuant to the Resolution Plan, as approved by the Hon'ble NCLT vide its order dated 29 August 2025, and was duly recorded in the books of accounts. Pursuant to the Resolution Plan, the entire security interest shall vest with the Successful Resolution Applicant (SRA), Ocean Capital Market Limited. However, the implementation of the Resolution Plan is under process. The matter was discussed in the Audit Committee Meeting as well as the Board Meeting. Consequently, the charge will be filed at the earliest. With regard to the levy of interest, it is noted that while the NCLT order does not explicitly mention interest, the same is clearly stipulated in the sanction letter received from Ocean Capital Market Limited. The absence of a specific reference to interest in the NCLT order does not constitute a violation, nor does it imply that interest is not chargeable. Silence on the matter in the NCLT order cannot be construed as a waiver of interest, considering the terms of the sanction letter and the applicable provisions of the Companies Act, 2013. Accordingly, management has charged interest in accordance with the sanction letter issued by Ocean Capital Market Limited. At the time of the related party transaction, i.e., the receipt of the loan pursuant to the Resolution Plan, there was neither a Board of Directors nor an Audit Committee in place, as the Company was under the control of the Resolution Professional, who was acting as the Chairman of the Monitoring Committee along with two members representative of the financial creditors. Subsequently, before the finalisation of the financial statements for FY 2025-26, the Audit Committee and the Board of Directors duly considered and approved the aforesaid transaction. |
| Textual Information(13) | NIL |
| Textual Information(14) | NIL |
| Textual Information(15) | NIL |
| Name of CEO / Managing director | GOPAL KRISHNA DASH |
|---|---|
| Name of CFO | SOUMENDRA KESHARI PATTANAIK |
| Name of audit committee chairman | PAYAL AGARWAL |
| Name of statutory auditor | VIPUL GUPTA |
| Name of other signatory, if any, with designation | |
| Place | BHUBANESWAR |
| Date | 30-05-2026 |