0000002025-10-012026-03-310000002026-03-310000002025-03-310000002025-04-012026-03-310000002025-10-012026-03-31in-capmkt:OtherExpenses1Member0000002025-04-012026-03-31in-capmkt:OtherExpenses1Member0000002026-03-31OtherLongTermLiabilitiesDomain10000002026-03-31OtherCurrentLiabilitiesDomain10000002026-03-31OtherNoncurrentAssetsDomain10000002026-03-31OtherCurrentAssetsDomain10000002025-10-012026-03-31AuditorDomain10000002025-10-012026-03-31in-capmkt:AuditedMember0000002026-03-31in-capmkt:AuditedMember0000002025-10-012026-03-31in-capmkt:AdjustedMember0000002026-03-31in-capmkt:AdjustedMember0000002025-10-012026-03-31AuditQualification10000002025-10-012026-03-31AuditQualification20000002025-10-012026-03-31AuditQualification30000002025-10-012026-03-31AuditQualification4iso4217:INRiso4217:INRxbrli:shares000000MOXSHNOTLISTEDINE0N6D01014Moxsh Overseas Educon LimitedSMEEquity2025-04-012026-03-312026-05-302026-05-16INRLakhsHalf YearlyYearlySingle segmentcoaching and counselling2026-05-3018:00:002026-05-3019:00:00trueCash Flow IndirectStatement on impact of audit qualification2025-10-012026-03-31AuditedConsolidated10498700015370001065240001981000001260300036270008134000205880004693300059591000059591000059591000012618000126180004697300000046973000004697300093408000106.26.22025-04-012026-03-31AuditedConsolidated1290700001865000130935000369400000307320007762000141600004594400010229200028643000028643000028643000056120005612000230310000002303100000230310009340800010554830002.552.55Other Expenses20588000Other Expenses459440009340800055483000320000015209100000681000435800017690006808000357130003400031093000311270008175000833000758480002347470002918700063702000928890000221600001680000116729000009562700074650000441900010507000118018000234747000As per the management, the revenues recognized are correct for the services to be rendered to XGEPL since the customer has provided the order & agreement along with confirmation that XGEPL will make the payments in the financial year 2026- 27. The statement of services towards various students has been provided towards <BR> confirmation of the services being rendered in this financial year 2025-26.Other long-term liabilities4358000Other current liabilities8175000Other non-current assets1680000Other current assets1050700061840001416000000000000203440000-12524000-1106400028087000-1511000-95900020290002237300051016000075800000-428000498300000049830000000000000653010000000000758000054940000-5904900000-590490003340800000018293000000-61840008931000008931000-2880000-288000722000434000AuditedQualified opinionS S S R & ASSOCIATES LLPtrue2027-10-311309350008739700010229200010229200023031000-139020002.55-1.54234747000197134000234747000197134000152091000115159000We draw attention to the revenue from service charges under Revenue from operations, from Xera Global Education Pvt. Ltd., (XGEPL) a related party, amounting to Rs. 332.07 lakhs during the year, pertaining to the Holding Company. The management has explained that it pertains to revenue charges towards students enrolled for various courses through XGEPL. <br></br> <br></br> However, based on our verification of the agreements/ contracts, workings pertaining to such revenue, student-wise listing & test-check of panel data of the courses along with relevant documents, we believe that the courses for Ausbildung program across various streams (Hotel management, Warehousing & Logistics, Medical & Dental etc.) are going to be delivered in Financial Year 2026-2027 and we believe only the pre-interview and registration stages have been done in few cases. <br></br> <br></br> As such, the revenue for service charges from XGEPL for Ausbildung program, shall not be recognized during FY 2025-26, since it does not accrue in FY 2025-26, as the performance obligations are not fully met, the significant risks and rewards have not been transferred and the collection of the amount is also pending till the date of signing of this report. <br></br> <br></br> The said revenue from XGEPL was towards students introduced by them to the company. The arrangement between XGEPL and the Company is to pay fixed fees by XGEPL to the Company. Further, we have not received the approval from Board of Directors with respect to said related party transaction and the basis/justification for arms-length transaction for such related party transactions. <br></br> <br></br> We draw attention to the qualification to the audit opinion on the financial results of the subsidiary, issued by the respective component auditors vide their audit report dated May 20, 2025, regarding to above: <br></br> <br></br> They drew attention to the revenue from service charges under Revenue from operations, from Xera Global Education Pvt. Ltd., (XGEPL) a related party, amounting to Rs. 102.95 lakhs during the year, pertaining to the subsidiary. The management had explained to them, that it pertains to revenue charges towards students enrolled for various courses through XGEPL. <br></br> <br></br> However, based on their verification of the agreements/ contracts, workings pertaining to such revenue, student-wise listing & test-check of panel data of the courses along with relevant documents, they believed that the courses for Ausbildung across various streams (Hotel management, Warehousing & Logistics, Medical & Dental etc.) were going to be delivered in Financial Year 2026-2027 and they believed only the pre-interview and registration stages had been done in few cases. <br></br> <br></br> As such, the revenue for service charges from XGEPL for Ausbildung program, shall not be recognized during FY 2025-26, since it did not accrue in FY 2025- 26, as the performance obligations were not fully met, the significant risks and rewards had not been transferred and the collection of the amount is also pending till the date of signing of this report. <br></br> <br></br> The said revenue from XGEPL was towards students introduced by them to the subsidiary. The arrangement between XGEPL and the subsidiary was to pay fixed fees by XGEPL to the subsidiary. Further, they had not received the approval from Board of Directors with respect to said related party transaction and the basis/justification for arms-length transaction for such related party transactions. <br></br> <br></br> Accordingly, the consolidated revenue from operations and the consolidated profit after tax for the year ended March 31, 2026 appears to be overstated by INR 435.38 lakhs and the due from related party as at March 31, 2026 appears to be overstated by INR 504.58 lakhs, in the consolidated financial results as at and for the year ended March 31, 2026. Therefore, we were unable to comment on the amount of consolidated revenue recognized in the books of accounts during the year. Consequently, we were unable to determine whether any adjustments were necessary. Qualified opinionWhether appeared first timeAs per the management, the revenues recognized are correct for the services to be rendered to XGEPL since the customer has provided the order & agreement along with confirmation that XGEPL will make the payments in the financial year 2026- 27. The statement of services towards various students has been provided towards <br></br> confirmation of the services being rendered in this financial year 2025-26.Not quantifiableThe Management is unable to comment on the consequential impact of the <br></br> above matter on the financial statement. Our view remains unchanged considering the matters referred as above.The Company has capitalised expenditure aggregating to Rs. 286.47 lakhs pertaining to the Furniture and Fittings and related labour costs at multiple locations. <br></br> <br></br> Management has provided invoice copies for the capital expenditure carried out during past years. However, the company has not provided the basis for capitalization, such as architects certificate (certifying the quantum of work involved, location-wise cost break-up etc), as Property, Plant and Equipment under the applicable accounting standards. <br></br> <br></br> Consequently, we are unable to comment on the nature and the quantum of work Capitalised and whether any consequential adjustments were required to consolidated Property, Plant and Equipment, consolidated depreciation expense, consolidated profit for the year, and related disclosures.Qualified opinionWhether appeared first timeAs per the management, the revenues recognized are correct for the services to be rendered to XGEPL since the customer has provided the order & agreement along with confirmation that XGEPL will make the payments in the financial year 2026- 27. The statement of services towards various students has been provided towards <br></br> confirmation of the services being rendered in this financial year 2025-26.Not quantifiableThe Management is unable to comment on the consequential impact of the <br></br> above matter on the financial statement. Our view remains unchanged considering the matters referred as above.We draw attention to the software development income under consolidated revenue from operations amounting to Rs. 97 lakhs, which has been presented as unbilled revenue in the consolidated financial results at the selling price value. The invoice was reported in GST return in the month of April, 2026. <br></br> However, we believe the above represents the software was ready for delivery and as such, the same should be presented under inventories and accordingly valued at cost or net releasable value, whichever is lower. <br></br> <br></br> In the absence of such information and adjustments, we are unable to comment on the carrying value of the aforesaid software inventory in the books of accounts during F.Y. 2025-26 and the related adjustments, if any. Qualified opinionWhether appeared first timeAs per the management, the revenues recognized are correct for the services to be rendered to XGEPL since the customer has provided the order & agreement along with confirmation that XGEPL will make the payments in the financial year 2026- 27. The statement of services towards various students has been provided towards <br></br> confirmation of the services being rendered in this financial year 2025-26.Not quantifiableThe Management is unable to comment on the consequential impact of the <br></br> above matter on the financial statement. Our view remains unchanged considering the matters referred as above.We draw attention to the recoverability of consolidated trade receivables overdue for a period of more than 2 years aggregating to Rs. 168.48 lakhs as at March 31, 2026. As per management representation, recovery of said dues is under process and they expect to recover the same in due course. <br></br> <br></br> However, since the said receivables are outstanding for more than 2 years, hence, in this regard, we are unable to ascertain the recoverability of said dues and quantify whether there will be any bad or doubtful debt out of the old receivables of Rs. 168.48 Lakhs. <br></br> <br></br> Further the management of the company has also neither assessed the amount of doubtful or bad debts out of the total trade receivable nor provided for such doubtful/ bad debts, if any. <br></br> <br></br> In our opinion, provision for such doubtful or bad debts or any adjustments/impairments as required should have been made in the <br></br> consolidated financial results of the Company towards the total outstanding <br></br> receivables and hence we cannot draw any conclusion on recovery of such <br></br> receivables as on the balance sheet date. <br></br> Qualified opinionWhether appeared first timeAs per the management, the revenues recognized are correct for the services to be rendered to XGEPL since the customer has provided the order & agreement along with confirmation that XGEPL will make the payments in the financial year 2026- 27. The statement of services towards various students has been provided towards <br></br> confirmation of the services being rendered in this financial year 2025-26.Not quantifiableThe Management is unable to comment on the consequential impact of the <br></br> above matter on the financial statement. Our view remains unchanged considering the matters referred as above.Dhananjay ShahSandhya Prashant KulkarniMohit VanawatS S S R & Associates LLPMumbai2026-05-30