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Ecotech LimitedMain BoardEquity2025-04-012026-03-312026-07-012026-06-27INRLakhsQuarterlyFourth quarterMulti segment2026-07-0118:15:002026-07-0121:20:00trueCash Flow IndirectStatement on impact of audit qualificationtruetrueNoNofalsetrue2026-07-01www.vikasecotech.comfalsetrue2026-01-012026-03-31AuditedStandalone82045200011437000831889000278501000480551000651200011776000149220001058300057668000860513000-286240000-28624000-19161000-385000-19546000-1896000-109740000000-10974000196000-1077800013883560001-0.01-0.0100-0.01-0.012025-04-012026-03-31AuditedStandalone261634800061939000267828700010699550001324281000117160004495800042847000421110001305370002666405000118820000118820005972000-15690004403000-62080001271000000012710002350001506000138835600010000000Other Expenses57668000Other Expenses13053700021471000027421000001042050000379305000444180001465773000158290004119000172785200031985800001088650000911000277480002139200014709600002609661000135613000306513200047929840001388356000251714800039055040003905504000884100088410002688000950000124790003803600004988900033284900038273800034532000797630000779000073000695080008750010008874800004792984000Other non-current financial assets44418000ROU Assets2777000Other non-current assets1342000Other current financial assets1470960000Other current assets135613000Lease liabilities non current950000Other current financial liabilities34532000Lease liabilities2096000Other current liabilities5694000Infra & Energy393074000Chemical, Polymers & Special Additives427378000Infra & Energy1169560000Chemical, Polymers & Special Additives144678900082045200026163490008204520002616349000Infra & Energy4817000Chemical, Polymers & Special Additives50071000Infra & Energy16682000Chemical, Polymers & Special Additives19371400054888000210396000149220004284700068590000155667000-2862400011882000Infra & Energy0Chemical, Polymers & Special Additives0000Infra & Energy0Chemical, Polymers & Special Additives0000031908000-15220700002300890000-91556600000-1115210000-1662640000-421110000-3680000-3011000000534430000-53000-49390000021580000-1175450000-11635680000-42498000349000-5302000238000-111518100000000000459040003498100077000000000000000000001169460000005344300004939000956251000000000001980030000004249800000155505000-34250000-34250003208300028658000-196000-235000196000235000VIKAS ECOTECH LIMITED******Rajeev Kumar******DirectorRemunerationFavourable 57800000VIKAS ECOTECH LIMITED******Balwant Kumar Bhushan******Chief Executive OfficerRemunerationFavourable 40900000VIKAS ECOTECH LIMITED******Mahavir Brajmohan Agarwal******Chief Financial OfficerRemunerationFavourable 268000000VIKAS ECOTECH LIMITED******Dinesh Bhardwaj******DirectorRemunerationFavourable 86500000VIKAS ECOTECH LIMITED******Prashant Sajwani******Company SecretaryRemunerationFavourable 71300000VIKAS ECOTECH LIMITED******Vikas Organics Pvt. Ltd.******Enterprise having significant InfluencePurchase of goods or servicesFavourable 2702300000VIKAS ECOTECH LIMITED******Vikas Organics Pvt. Ltd.******Enterprise having significant InfluenceSale of goods or servicesFavourable 80200000VIKAS ECOTECH LIMITED******Vikas Lifecare Ltd.******Enterprise having significant InfluenceSale of goods or servicesFavourable 9965000000VIKAS ECOTECH LIMITED******Vikas Lifecare Ltd.******Enterprise having significant InfluenceSale of fixed assetsFavourable 322200000VIKAS ECOTECH LIMITED******VRINDAA ADVANCED MATERIALS LIMITED******Enterprise having significant InfluencePurchase of goods or servicesFavourable 1662600000VIKAS ECOTECH LIMITED******VRINDAA ADVANCED MATERIALS LIMITED******Enterprise having significant InfluenceInterest paidFavourable 642600000VIKAS ECOTECH LIMITED******Advik Capital Limited******Enterprise having significant InfluenceInterest paidFavourable 869600000VIKAS ECOTECH LIMITED******Vikas Organics Pvt. Ltd.******Enterprise having significant InfluenceInterest paidFavourable 596900000VIKAS ECOTECH LIMITED******Advik Capital Limited******Enterprise having significant InfluenceLoanFavourable 2334680002374190003951000VIKAS ECOTECH LIMITED******VRINDAA ADVANCED MATERIALS LIMITED******Enterprise having significant InfluenceLoanFavourable 1903190000190319000VIKAS ECOTECH LIMITED******Vikas Organics Pvt. Ltd.******Enterprise having significant InfluenceLoanFavourable 5159900089051000140650000649045000AuditedQualified opinionKSMC & Associatetrue2027-05-3126782870002678287000266640500026664050001272000127200000479298400047929840004792984000479298400039055040003905504000During the year, there were certain delays in the deposit of statutory dues by the Company. While some substantial statutory dues remained outstanding, the Company continued its business and investment activities, including investments in shares and granting of inter-corporate deposits during the year. We were not provided sufficient appropriate audit evidence with respect to business rationale of such investments and deposits and hence in view of this, we are unable to determine the impact, if any, of these matters on the accompanying standalone financial results.Qualified opinionWhether appeared first timeNAThe qualification arises from the audit report on the standalone financial results of Vikas Ecotech Limited ("the Company") in respect of (a) certain delays in the deposit of statutory dues, read with the Company's continued investment activities during the year, including investments in shares and the grant of inter-corporate deposits; (b) material related party transactions for which the requisite approvals were stated to be in the process of being obtained as on that date: (c) Loan outstanding of Rs 18.50 crores (d) Memorandum of Understanding (MoU) with M/s BG Technocrats Private Limited in relation to the Company’s investment of Rs.132.50 crore and (e) Memorandum of Understanding with Silverline Furnishing and Furnitures Private Limited for the development of a real estate project. <br /> <br /> The management has assessed each of the aforesaid matters as it pertains to the Company and its subsidiaries and is of the view that the same do not warrant any adjustment to the standalone financial results for the quarter and year ended March 31, 2026. The delays in the deposit of statutory dues were on account of timing reasons, and the payment of outstanding amounts is in process. The investments and inter-corporate deposits were made in the ordinary course of the Company's business and investment activities, for bona fide commercial considerations and with the requisite internal approvals; the investments in shares are supported by valuation reports issued by an independent registered valuer in accordance with applicable standards. Based on its present assessment, the management considers the carrying values of such investments and the amounts recoverable in the ordinary course, and does not presently foresee any diminution or shortfall requiring recognition in the financial results. <br /> <br /> The related party transactions were entered into in the ordinary course of business and on an arm's length basis, and the Company is in the process of obtaining the requisite shareholder approval in respect of the material related party transactions in accordance with Regulation 23 of the SEBI LODR Regulations and Section 188 of the Companies Act, 2013, read with the applicable provisions thereof. <br /> The Loans were granted in the ordinary course of the Company's business and investment activities, for bona fide commercial considerations and with the requisite internal approvals; Based on its present assessment, the management considers the amounts recoverable in the ordinary course, and does not presently foresee any diminution or shortfall requiring recognition in the financial results. <br /> In earlier years, the Company entered into a Memorandum of Understanding ("MoU") with BG Technocrats Private Limited for a proposed investment aggregating to Rs.132.50 crore. Owing to commercial considerations and the inability to complete the proposed transaction within the stipulated timeline, both parties mutually agreed not to proceed with the proposed investment. Accordingly, the Company initiated recovery of the funds advanced under the MoU. During the financial year ended March 31, 2026, the Company recovered Rs.47.00 crore. Subsequent to the year end and prior to approval of the financial results, the Company has recovered a further Rs.42.97 crore, resulting in total recoveries of Rs.89.97 crore against the original amount of Rs.132.50 crore. The outstanding balance as on the date of approval of the financial results stands reduced to Rs.42.53 crore. The substantial recoveries already received after the balance sheet date demonstrate the counterparty's commitment and financial ability to honour its obligations. The proposed audit qualification primarily arises because certain documentary evidence, including the formal cancellation agreement, balance confirmation and certain supporting documents, was not available with the auditors before finalisation of the financial results. Management is in the process of obtaining and providing these documents. Based on the significant recoveries already received, the continuing contractual relationship with the counterparty, ongoing discussions for settlement of the balance amount and management's assessment of the recoverability of the outstanding receivable, management believes that the outstanding receivable of Rs.42.53 crore is fully recoverable and no impairment is considered necessary as at March 31, 2026. <br /> The Company entered into a Memorandum of Understanding dated January 30, 2026 with Silverline Furnishing and Furnitures Private Limited for participation in the development of a real estate project as part of the Company's long-term business diversification strategy. As at March 31, 2026, the Company had advanced Rs.55.50 crore against its proposed total commitment of Rs.100.00 crore. The project is presently in the pre-development stage and commencement is subject to receipt of statutory approvals, regulatory clearances and fulfilment of contractual milestones, which is a normal feature of projects of this nature. Management has undertaken appropriate commercial evaluation before entering into the transaction and continues to monitor the progress of the project. <br /> The auditors have sought additional documentation relating to the commercial rationale, project progress, utilisation of funds and certain regulatory approvals. Management is in the process of compiling the requisite documents and obtaining additional confirmations from the counterparty. <br /> Based on the information presently available, management believes that the project continues to remain commercially viable, the advance represents a recoverable contractual asset linked to the proposed project, there are no indicators of impairment as at March 31, 2026 and no adjustment to the carrying value of the advance is considered necessary. <br /> <br /> Accordingly, in the management's view, the impact of the aforesaid qualification is presently not ascertainable / quantifiable and, based on the information available as on date, the same is not expected to have any material adverse impact on the standalone financial results of the Company for the quarter and year ended March 31, 2026. <br /> NAIn the absence of sufficient appropriate evidence regarding the business rationale, regulatory compliance and potential consequential implications, including any impact arising from regulatory proceedings, the auditor is unable to determine the impact, including whether any adjustments may be necessary to the accompanying standalone financial results for the quarter and year ended March 31, 2026.During the year ending 31st March 2026, the Company has entered into related party transactions, inter alia, in the nature of inter-corporate deposits, acquisition of investments and other transactions with its promoter group entities, subsidiaries including step down subsidiaries and/or associates and other parties which are considered material related party transactions in accordance with the provisions of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”). Such transactions are also subject to compliance with the applicable provisions of Section 188 of the Companies Act, 2013 and other applicable provisions, if any. <br /> As per the applicable provisions of the Companies Act, 2013 and Regulation 23 of the SEBI LODR Regulations, prior approval of the shareholders, wherever applicable, is required for such transactions. <br /> As represented to us, the Company is in the process of obtaining the requisite approvals for the aforesaid transactions, which had not been obtained up to the date of approval of these standalone financial results. <br /> Accordingly, we are unable to determine the impact, if any, of the above matter, including the consequential implications arising from non-compliance with the applicable regulatory requirements, if any, on the accompanying standalone financial results. <br /> Qualified opinionWhether appeared first timeNAThe qualification arises from the audit report on the standalone financial results of Vikas Ecotech Limited ("the Company") in respect of (a) certain delays in the deposit of statutory dues, read with the Company's continued investment activities during the year, including investments in shares and the grant of inter-corporate deposits; (b) material related party transactions for which the requisite approvals were stated to be in the process of being obtained as on that date: (c) Loan outstanding of Rs 18.50 crores (d) Memorandum of Understanding (MoU) with M/s BG Technocrats Private Limited in relation to the Company’s investment of Rs.132.50 crore and (e) Memorandum of Understanding with Silverline Furnishing and Furnitures Private Limited for the development of a real estate project. <br /> <br /> The management has assessed each of the aforesaid matters as it pertains to the Company and its subsidiaries and is of the view that the same do not warrant any adjustment to the standalone financial results for the quarter and year ended March 31, 2026. The delays in the deposit of statutory dues were on account of timing reasons, and the payment of outstanding amounts is in process. The investments and inter-corporate deposits were made in the ordinary course of the Company's business and investment activities, for bona fide commercial considerations and with the requisite internal approvals; the investments in shares are supported by valuation reports issued by an independent registered valuer in accordance with applicable standards. Based on its present assessment, the management considers the carrying values of such investments and the amounts recoverable in the ordinary course, and does not presently foresee any diminution or shortfall requiring recognition in the financial results. <br /> <br /> The related party transactions were entered into in the ordinary course of business and on an arm's length basis, and the Company is in the process of obtaining the requisite shareholder approval in respect of the material related party transactions in accordance with Regulation 23 of the SEBI LODR Regulations and Section 188 of the Companies Act, 2013, read with the applicable provisions thereof. <br /> The Loans were granted in the ordinary course of the Company's business and investment activities, for bona fide commercial considerations and with the requisite internal approvals; Based on its present assessment, the management considers the amounts recoverable in the ordinary course, and does not presently foresee any diminution or shortfall requiring recognition in the financial results. <br /> In earlier years, the Company entered into a Memorandum of Understanding ("MoU") with BG Technocrats Private Limited for a proposed investment aggregating to Rs.132.50 crore. Owing to commercial considerations and the inability to complete the proposed transaction within the stipulated timeline, both parties mutually agreed not to proceed with the proposed investment. Accordingly, the Company initiated recovery of the funds advanced under the MoU. During the financial year ended March 31, 2026, the Company recovered Rs.47.00 crore. Subsequent to the year end and prior to approval of the financial results, the Company has recovered a further Rs.42.97 crore, resulting in total recoveries of Rs.89.97 crore against the original amount of Rs.132.50 crore. The outstanding balance as on the date of approval of the financial results stands reduced to Rs.42.53 crore. The substantial recoveries already received after the balance sheet date demonstrate the counterparty's commitment and financial ability to honour its obligations. The proposed audit qualification primarily arises because certain documentary evidence, including the formal cancellation agreement, balance confirmation and certain supporting documents, was not available with the auditors before finalisation of the financial results. Management is in the process of obtaining and providing these documents. Based on the significant recoveries already received, the continuing contractual relationship with the counterparty, ongoing discussions for settlement of the balance amount and management's assessment of the recoverability of the outstanding receivable, management believes that the outstanding receivable of Rs.42.53 crore is fully recoverable and no impairment is considered necessary as at March 31, 2026. <br /> The Company entered into a Memorandum of Understanding dated January 30, 2026 with Silverline Furnishing and Furnitures Private Limited for participation in the development of a real estate project as part of the Company's long-term business diversification strategy. As at March 31, 2026, the Company had advanced Rs.55.50 crore against its proposed total commitment of Rs.100.00 crore. The project is presently in the pre-development stage and commencement is subject to receipt of statutory approvals, regulatory clearances and fulfilment of contractual milestones, which is a normal feature of projects of this nature. Management has undertaken appropriate commercial evaluation before entering into the transaction and continues to monitor the progress of the project. <br /> The auditors have sought additional documentation relating to the commercial rationale, project progress, utilisation of funds and certain regulatory approvals. Management is in the process of compiling the requisite documents and obtaining additional confirmations from the counterparty. <br /> Based on the information presently available, management believes that the project continues to remain commercially viable, the advance represents a recoverable contractual asset linked to the proposed project, there are no indicators of impairment as at March 31, 2026 and no adjustment to the carrying value of the advance is considered necessary. <br /> <br /> Accordingly, in the management's view, the impact of the aforesaid qualification is presently not ascertainable / quantifiable and, based on the information available as on date, the same is not expected to have any material adverse impact on the standalone financial results of the Company for the quarter and year ended March 31, 2026. <br /> NAIn the absence of sufficient appropriate evidence regarding the business rationale, regulatory compliance and potential consequential implications, including any impact arising from regulatory proceedings, the auditor is unable to determine the impact, including whether any adjustments may be necessary to the accompanying standalone financial results for the quarter and year ended March 31, 2026.As at 31 March 2026, the Company has disclosed a loan outstanding of Rs.18.50 crore in its books of account. However, we were unable to obtain sufficient appropriate audit evidence regarding the recoverability of the said loan, including external balance confirmation from the borrower, the latest audited financial statements of the borrower, and management's assessment of the recoverability of the loan along with the basis for recognition of any impairment loss, if required, under the applicable Indian Accounting Standards. <br /> Accordingly, we were unable to determine whether any adjustment to the carrying amount of the loan and corresponding impairment provision, if any, was necessary. Consequently, the possible effects of this matter on the standalone financial results could not be determined. <br /> Qualified opinionWhether appeared first timeNAThe qualification arises from the audit report on the standalone financial results of Vikas Ecotech Limited ("the Company") in respect of (a) certain delays in the deposit of statutory dues, read with the Company's continued investment activities during the year, including investments in shares and the grant of inter-corporate deposits; (b) material related party transactions for which the requisite approvals were stated to be in the process of being obtained as on that date: (c) Loan outstanding of Rs 18.50 crores (d) Memorandum of Understanding (MoU) with M/s BG Technocrats Private Limited in relation to the Company’s investment of Rs.132.50 crore and (e) Memorandum of Understanding with Silverline Furnishing and Furnitures Private Limited for the development of a real estate project. <br /> <br /> The management has assessed each of the aforesaid matters as it pertains to the Company and its subsidiaries and is of the view that the same do not warrant any adjustment to the standalone financial results for the quarter and year ended March 31, 2026. The delays in the deposit of statutory dues were on account of timing reasons, and the payment of outstanding amounts is in process. The investments and inter-corporate deposits were made in the ordinary course of the Company's business and investment activities, for bona fide commercial considerations and with the requisite internal approvals; the investments in shares are supported by valuation reports issued by an independent registered valuer in accordance with applicable standards. Based on its present assessment, the management considers the carrying values of such investments and the amounts recoverable in the ordinary course, and does not presently foresee any diminution or shortfall requiring recognition in the financial results. <br /> <br /> The related party transactions were entered into in the ordinary course of business and on an arm's length basis, and the Company is in the process of obtaining the requisite shareholder approval in respect of the material related party transactions in accordance with Regulation 23 of the SEBI LODR Regulations and Section 188 of the Companies Act, 2013, read with the applicable provisions thereof. <br /> The Loans were granted in the ordinary course of the Company's business and investment activities, for bona fide commercial considerations and with the requisite internal approvals; Based on its present assessment, the management considers the amounts recoverable in the ordinary course, and does not presently foresee any diminution or shortfall requiring recognition in the financial results. <br /> In earlier years, the Company entered into a Memorandum of Understanding ("MoU") with BG Technocrats Private Limited for a proposed investment aggregating to Rs.132.50 crore. Owing to commercial considerations and the inability to complete the proposed transaction within the stipulated timeline, both parties mutually agreed not to proceed with the proposed investment. Accordingly, the Company initiated recovery of the funds advanced under the MoU. During the financial year ended March 31, 2026, the Company recovered Rs.47.00 crore. Subsequent to the year end and prior to approval of the financial results, the Company has recovered a further Rs.42.97 crore, resulting in total recoveries of Rs.89.97 crore against the original amount of Rs.132.50 crore. The outstanding balance as on the date of approval of the financial results stands reduced to Rs.42.53 crore. The substantial recoveries already received after the balance sheet date demonstrate the counterparty's commitment and financial ability to honour its obligations. The proposed audit qualification primarily arises because certain documentary evidence, including the formal cancellation agreement, balance confirmation and certain supporting documents, was not available with the auditors before finalisation of the financial results. Management is in the process of obtaining and providing these documents. Based on the significant recoveries already received, the continuing contractual relationship with the counterparty, ongoing discussions for settlement of the balance amount and management's assessment of the recoverability of the outstanding receivable, management believes that the outstanding receivable of Rs.42.53 crore is fully recoverable and no impairment is considered necessary as at March 31, 2026. <br /> The Company entered into a Memorandum of Understanding dated January 30, 2026 with Silverline Furnishing and Furnitures Private Limited for participation in the development of a real estate project as part of the Company's long-term business diversification strategy. As at March 31, 2026, the Company had advanced Rs.55.50 crore against its proposed total commitment of Rs.100.00 crore. The project is presently in the pre-development stage and commencement is subject to receipt of statutory approvals, regulatory clearances and fulfilment of contractual milestones, which is a normal feature of projects of this nature. Management has undertaken appropriate commercial evaluation before entering into the transaction and continues to monitor the progress of the project. <br /> The auditors have sought additional documentation relating to the commercial rationale, project progress, utilisation of funds and certain regulatory approvals. Management is in the process of compiling the requisite documents and obtaining additional confirmations from the counterparty. <br /> Based on the information presently available, management believes that the project continues to remain commercially viable, the advance represents a recoverable contractual asset linked to the proposed project, there are no indicators of impairment as at March 31, 2026 and no adjustment to the carrying value of the advance is considered necessary. <br /> <br /> Accordingly, in the management's view, the impact of the aforesaid qualification is presently not ascertainable / quantifiable and, based on the information available as on date, the same is not expected to have any material adverse impact on the standalone financial results of the Company for the quarter and year ended March 31, 2026. <br /> NAIn the absence of sufficient appropriate evidence regarding the business rationale, regulatory compliance and potential consequential implications, including any impact arising from regulatory proceedings, the auditor is unable to determine the impact, including whether any adjustments may be necessary to the accompanying standalone financial results for the quarter and year ended March 31, 2026.In the earlier years, the Company entered into a Memorandum of Understanding (MoU) with M/s BG Technocrats Private Limited in relation to the Company’s investment of Rs.132.50 crore. During the current year, the said MoU was mutually cancelled as the proposed fund infusion could not be completed within the agreed timeline. Consequently, the Company received back Rs.47.00 crore during the year against the aforesaid investment and recognized a receivable of Rs.85.50 crore as at the balance Sheet date. <br /> However, we were unable to obtain sufficient appropriate audit evidence regarding the cancellation of the investment and recoverability of the receivable, including a duly executed cancellation/termination agreement, adequate correspondence evidencing the cancellation of the transaction, independent balance confirmation from the counterparty confirming the settlement terms and outstanding balance, and the latest audited financial statements of the counterparty. <br /> Subsequent to the Balance Sheet date and before the date of signing of these standalone financial results, the Company has received a further amount of Rs.42.97 crore, leaving a balance receivable of Rs.42.53 crore. However, in the absence of the aforesaid audit evidence, we are unable to determine whether any adjustment to the carrying amount of the receivable was necessary and the consequential impact, if any, on the accompanying standalone financial results. <br /> Qualified opinionWhether appeared first timeNAThe qualification arises from the audit report on the standalone financial results of Vikas Ecotech Limited ("the Company") in respect of (a) certain delays in the deposit of statutory dues, read with the Company's continued investment activities during the year, including investments in shares and the grant of inter-corporate deposits; (b) material related party transactions for which the requisite approvals were stated to be in the process of being obtained as on that date: (c) Loan outstanding of Rs 18.50 crores (d) Memorandum of Understanding (MoU) with M/s BG Technocrats Private Limited in relation to the Company’s investment of Rs.132.50 crore and (e) Memorandum of Understanding with Silverline Furnishing and Furnitures Private Limited for the development of a real estate project. <br /> <br /> The management has assessed each of the aforesaid matters as it pertains to the Company and its subsidiaries and is of the view that the same do not warrant any adjustment to the standalone financial results for the quarter and year ended March 31, 2026. The delays in the deposit of statutory dues were on account of timing reasons, and the payment of outstanding amounts is in process. The investments and inter-corporate deposits were made in the ordinary course of the Company's business and investment activities, for bona fide commercial considerations and with the requisite internal approvals; the investments in shares are supported by valuation reports issued by an independent registered valuer in accordance with applicable standards. Based on its present assessment, the management considers the carrying values of such investments and the amounts recoverable in the ordinary course, and does not presently foresee any diminution or shortfall requiring recognition in the financial results. <br /> <br /> The related party transactions were entered into in the ordinary course of business and on an arm's length basis, and the Company is in the process of obtaining the requisite shareholder approval in respect of the material related party transactions in accordance with Regulation 23 of the SEBI LODR Regulations and Section 188 of the Companies Act, 2013, read with the applicable provisions thereof. <br /> The Loans were granted in the ordinary course of the Company's business and investment activities, for bona fide commercial considerations and with the requisite internal approvals; Based on its present assessment, the management considers the amounts recoverable in the ordinary course, and does not presently foresee any diminution or shortfall requiring recognition in the financial results. <br /> In earlier years, the Company entered into a Memorandum of Understanding ("MoU") with BG Technocrats Private Limited for a proposed investment aggregating to Rs.132.50 crore. Owing to commercial considerations and the inability to complete the proposed transaction within the stipulated timeline, both parties mutually agreed not to proceed with the proposed investment. Accordingly, the Company initiated recovery of the funds advanced under the MoU. During the financial year ended March 31, 2026, the Company recovered Rs.47.00 crore. Subsequent to the year end and prior to approval of the financial results, the Company has recovered a further Rs.42.97 crore, resulting in total recoveries of Rs.89.97 crore against the original amount of Rs.132.50 crore. The outstanding balance as on the date of approval of the financial results stands reduced to Rs.42.53 crore. The substantial recoveries already received after the balance sheet date demonstrate the counterparty's commitment and financial ability to honour its obligations. The proposed audit qualification primarily arises because certain documentary evidence, including the formal cancellation agreement, balance confirmation and certain supporting documents, was not available with the auditors before finalisation of the financial results. Management is in the process of obtaining and providing these documents. Based on the significant recoveries already received, the continuing contractual relationship with the counterparty, ongoing discussions for settlement of the balance amount and management's assessment of the recoverability of the outstanding receivable, management believes that the outstanding receivable of Rs.42.53 crore is fully recoverable and no impairment is considered necessary as at March 31, 2026. <br /> The Company entered into a Memorandum of Understanding dated January 30, 2026 with Silverline Furnishing and Furnitures Private Limited for participation in the development of a real estate project as part of the Company's long-term business diversification strategy. As at March 31, 2026, the Company had advanced Rs.55.50 crore against its proposed total commitment of Rs.100.00 crore. The project is presently in the pre-development stage and commencement is subject to receipt of statutory approvals, regulatory clearances and fulfilment of contractual milestones, which is a normal feature of projects of this nature. Management has undertaken appropriate commercial evaluation before entering into the transaction and continues to monitor the progress of the project. <br /> The auditors have sought additional documentation relating to the commercial rationale, project progress, utilisation of funds and certain regulatory approvals. Management is in the process of compiling the requisite documents and obtaining additional confirmations from the counterparty. <br /> Based on the information presently available, management believes that the project continues to remain commercially viable, the advance represents a recoverable contractual asset linked to the proposed project, there are no indicators of impairment as at March 31, 2026 and no adjustment to the carrying value of the advance is considered necessary. <br /> <br /> Accordingly, in the management's view, the impact of the aforesaid qualification is presently not ascertainable / quantifiable and, based on the information available as on date, the same is not expected to have any material adverse impact on the standalone financial results of the Company for the quarter and year ended March 31, 2026. <br /> NAIn the absence of sufficient appropriate evidence regarding the business rationale, regulatory compliance and potential consequential implications, including any impact arising from regulatory proceedings, the auditor is unable to determine the impact, including whether any adjustments may be necessary to the accompanying standalone financial results for the quarter and year ended March 31, 2026.The Company has entered into a Memorandum of Understanding dated January 30, 2026 with Silverline Furnishing and Furnitures Private Limited for the development of a real estate project and has committed to contribute Rs.100.00 crore towards the project. As at March 31, 2026, the Company has advanced Rs.55.50 crore to the developer. The commencement of the project is subject to obtaining the requisite statutory approvals and fulfilment of other contractual conditions. <br /> While the management has represented that the proposed investment is intended to diversify the Company's business and create long-term value, we were unable to obtain sufficient appropriate audit evidence regarding the commercial rationale supporting such investment, the status of the proposed project, the statutory and regulatory approvals required for its commencement, the utilisation of the funds advanced, and compliance with the significant terms of the Memorandum of Understanding. <br /> Accordingly, we were unable to determine whether any adjustments, including impairment or additional disclosures, were necessary in respect of the aforesaid advance and the consequential impact, if any, on these financial results. <br /> Qualified opinionWhether appeared first timeNAThe qualification arises from the audit report on the standalone financial results of Vikas Ecotech Limited ("the Company") in respect of (a) certain delays in the deposit of statutory dues, read with the Company's continued investment activities during the year, including investments in shares and the grant of inter-corporate deposits; (b) material related party transactions for which the requisite approvals were stated to be in the process of being obtained as on that date: (c) Loan outstanding of Rs 18.50 crores (d) Memorandum of Understanding (MoU) with M/s BG Technocrats Private Limited in relation to the Company’s investment of Rs.132.50 crore and (e) Memorandum of Understanding with Silverline Furnishing and Furnitures Private Limited for the development of a real estate project. <br /> <br /> The management has assessed each of the aforesaid matters as it pertains to the Company and its subsidiaries and is of the view that the same do not warrant any adjustment to the standalone financial results for the quarter and year ended March 31, 2026. The delays in the deposit of statutory dues were on account of timing reasons, and the payment of outstanding amounts is in process. The investments and inter-corporate deposits were made in the ordinary course of the Company's business and investment activities, for bona fide commercial considerations and with the requisite internal approvals; the investments in shares are supported by valuation reports issued by an independent registered valuer in accordance with applicable standards. Based on its present assessment, the management considers the carrying values of such investments and the amounts recoverable in the ordinary course, and does not presently foresee any diminution or shortfall requiring recognition in the financial results. <br /> <br /> The related party transactions were entered into in the ordinary course of business and on an arm's length basis, and the Company is in the process of obtaining the requisite shareholder approval in respect of the material related party transactions in accordance with Regulation 23 of the SEBI LODR Regulations and Section 188 of the Companies Act, 2013, read with the applicable provisions thereof. <br /> The Loans were granted in the ordinary course of the Company's business and investment activities, for bona fide commercial considerations and with the requisite internal approvals; Based on its present assessment, the management considers the amounts recoverable in the ordinary course, and does not presently foresee any diminution or shortfall requiring recognition in the financial results. <br /> In earlier years, the Company entered into a Memorandum of Understanding ("MoU") with BG Technocrats Private Limited for a proposed investment aggregating to Rs.132.50 crore. Owing to commercial considerations and the inability to complete the proposed transaction within the stipulated timeline, both parties mutually agreed not to proceed with the proposed investment. Accordingly, the Company initiated recovery of the funds advanced under the MoU. During the financial year ended March 31, 2026, the Company recovered Rs.47.00 crore. Subsequent to the year end and prior to approval of the financial results, the Company has recovered a further Rs.42.97 crore, resulting in total recoveries of Rs.89.97 crore against the original amount of Rs.132.50 crore. The outstanding balance as on the date of approval of the financial results stands reduced to Rs.42.53 crore. The substantial recoveries already received after the balance sheet date demonstrate the counterparty's commitment and financial ability to honour its obligations. The proposed audit qualification primarily arises because certain documentary evidence, including the formal cancellation agreement, balance confirmation and certain supporting documents, was not available with the auditors before finalisation of the financial results. Management is in the process of obtaining and providing these documents. Based on the significant recoveries already received, the continuing contractual relationship with the counterparty, ongoing discussions for settlement of the balance amount and management's assessment of the recoverability of the outstanding receivable, management believes that the outstanding receivable of Rs.42.53 crore is fully recoverable and no impairment is considered necessary as at March 31, 2026. <br /> The Company entered into a Memorandum of Understanding dated January 30, 2026 with Silverline Furnishing and Furnitures Private Limited for participation in the development of a real estate project as part of the Company's long-term business diversification strategy. As at March 31, 2026, the Company had advanced Rs.55.50 crore against its proposed total commitment of Rs.100.00 crore. The project is presently in the pre-development stage and commencement is subject to receipt of statutory approvals, regulatory clearances and fulfilment of contractual milestones, which is a normal feature of projects of this nature. Management has undertaken appropriate commercial evaluation before entering into the transaction and continues to monitor the progress of the project. <br /> The auditors have sought additional documentation relating to the commercial rationale, project progress, utilisation of funds and certain regulatory approvals. Management is in the process of compiling the requisite documents and obtaining additional confirmations from the counterparty. <br /> Based on the information presently available, management believes that the project continues to remain commercially viable, the advance represents a recoverable contractual asset linked to the proposed project, there are no indicators of impairment as at March 31, 2026 and no adjustment to the carrying value of the advance is considered necessary. <br /> <br /> Accordingly, in the management's view, the impact of the aforesaid qualification is presently not ascertainable / quantifiable and, based on the information available as on date, the same is not expected to have any material adverse impact on the standalone financial results of the Company for the quarter and year ended March 31, 2026. <br /> NAIn the absence of sufficient appropriate evidence regarding the business rationale, regulatory compliance and potential consequential implications, including any impact arising from regulatory proceedings, the auditor is unable to determine the impact, including whether any adjustments may be necessary to the accompanying standalone financial results for the quarter and year ended March 31, 2026.BALWANT KUMAR BHUSHANMAHAVIR AGARWALRAVI KUMAR GUPTAMUKESH AGGARWALDELHI2026-07-0100000