This is in continuation to our communication dated April 7, 2026, wherein the Company had duly submitted the Un-Audited Financial Results of the Company for the second quarter of the financial ....
RESULTS
▼ Concern Flagged
HIGH RISK
📅 Filed on BSE: 08 Apr 2026, 05:18 PM IST · BSE ID: e7488734-b564-4f15-8cb6-dae3329c544c
View Original BSE Filing (PDF)
💡
In Simple Terms
The company reported a loss of INR 435.69 million in Q2 while under insolvency proceedings; revenue fell 7.4% in the first half of the year.
🤖 AI Summary
- Q2 FY26 consolidated revenue INR 2,961.03 million; net loss INR 435.69 million after tax
- H1 FY26 consolidated revenue INR 5,667.78 million, down 7.4% YoY from INR 6,108.28 million
- Accumulated losses INR 29,388.36 million (Group); negative net worth INR 12,445.09 million
- Company under CIRP since 22 February 2023; Supreme Court stayed 31 July NCLAT judgement on 13 October 2025
- Material going concern uncertainty; statutory auditors disclaimed opinion on FY26 results
🔢 Key Numbers — exact figures from BSE filing, not rounded
Q2 FY26 Consolidated Revenue
INR 2,961.03 million
H1 FY26 Consolidated Revenue
INR 5,667.78 million
-7.4%
Q2 FY26 Consolidated Net Loss After Tax
INR 435.69 million
H1 FY26 Consolidated Net Loss After Tax
INR 877.03 million
Consolidated Accumulated Losses
INR 29,388.36 million
Consolidated Negative Net Worth
INR 12,445.09 million
Consolidated Working Capital Deficit
INR 16,861.18 million
Financial Creditors Claims Admitted
INR 11,292.66 million of INR 12,060.33 million filed
Operational Creditors Claims Admitted
INR 7,066.86 million admitted + INR 3,391.56 million contingent of INR 19,834.60 million
Paid Up Equity Share Capital
INR 872.05 million
🏢 How This Affects the Company
Cable and broadband distribution revenue declined 7.4% YoY to INR 5,667.78 million in H1 FY26. Single-segment operations show no customer concentration relief; operational footprint contracted.
Consolidated negative net worth of INR 12,445.09 million; accumulated losses INR 29,388.36 million. Current liabilities exceed current assets by INR 16,861.18 million. Going concern status dependent on resolution plan implementation.
CIRP management active since February 2023. Resolution Professional controls company. Financial creditors submitted claims INR 12,060.33 million (INR 11,292.66 million admitted); operational creditors INR 19,834.60 million (INR 7,066.86 million admitted).
Supreme Court stay (13 October 2025) on NCLAT judgement creates payment uncertainty for operational creditors. Moratorium under IBC Section 14 restricts transactions. Material uncertainty on going concern status explicitly flagged by management and auditors.
👥 What This Means For Shareholders
✅
Action Required
Monitor CIRP resolution plan filing status and NCLAT/Supreme Court judgements; review creditor admission updates quarterly.
👤
Who Is Affected
All equity shareholders; negative net worth INR 12,445.09 million indicates residual claim value uncertain. H1 loss per share (basic and diluted) INR 1.01 standalone, INR 1.01 consolidated.
🔍
Management Signal
Resolution Professional-led operations signal creditor-driven restructuring priority over shareholder returns; going concern dependency on resolution plan approval indicates distressed capital structure.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
CIRP resolution plan approval and creditor vote timeline — check NCLT website for next hearing date
Supreme Court final judgement on 31 July NCLAT order — monitors operational creditor payment priority
Q3 FY26 results (January 2026) — track if revenue stabilization begins or further decline
HIGH RISK
Company under CIRP with material going concern uncertainty. Statutory auditors disclaimed opinion. Supreme Court stay prevents creditor payments. Negative net worth INR 12,445.09 million and accumulated losses INR 29,388.36 million.
💡 Investor Takeaway
Consolidated H1 revenue INR 5,667.78 million fell 7.4% YoY. Company shows accumulated losses INR 29,388.36 million and negative net worth INR 12,445.09 million. Operating under CIRP since February 2023 with Supreme Court-stayed payment orders. Auditors disclaimed opinion; going concern explicitly flagged as uncertain.
⚖️ Strengths & Concerns
⚠️ Concerns
- H1 revenue declined 7.4% YoY to INR 5,667.78 million; Q2 standalone revenue only INR 961.87 million
- Accumulated losses INR 29,388.36 million with negative net worth INR 12,445.09 million; working capital deficit INR 16,861.18 million
📅 Company Track Record
Company in CIRP since 22 February 2023 (NCLT Admission Order). NCLAT upheld CIRP on 10 August 2023 after director appeal. 1 October 2024 NCLT order settled cut-off date and moratorium treatment during stay period (7-10 March 2023). 31 July 2025 NCLAT dismissed lender appeals and directed refund of appropriated amounts; Supreme Court stayed this order 13 October 2025. Resolution Professional Rohit Mehra confirmed by committee of creditors. H1 FY25 revenue was INR 6,108.28 million.
Based on publicly available historical data. For context only.