Ajel Limited's board approved the shift of its registered office from Jogeshwari (West) to Malad (West), Mumbai, effective October 1, 2026. The relocation is necessitated by the redevelopment of the company's current premises.

The decision was taken at a board meeting held on September 24, 2026, which commenced at 11:00 am and concluded at 11:30 am. The new address falls within the local limits of the same city and remains under the jurisdiction of the same Registrar of Companies (ROC).

Relocation details

The registered office will move from the Link Plaza Commercial Complex in Jogeshwari to the IJMIMA Complex in Malad. The specific address change is outlined below:

Compliance and authorisation

The board authorised the Company Secretary or any Key Managerial Personnel (KMP) to sign and file necessary e-forms, including e-Form INC-22, with the ROC. The company also confirmed compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015, regarding the disclosure of this material event to BSE Limited.

Board meeting outcome

The meeting was chaired by Managing Director Srinivasa Reddy Arikatla. The approval covers both the physical shift of the registered office and the administrative filings required to update corporate records with regulatory authorities.

Ajel Limited’s statutory auditors issued a disclaimer of opinion on the financial statements for FY26, citing significant doubts about the company’s going concern status and inability to verify key balances.

The IT services firm reported a consolidated net loss of ₹43.98 lakh for the year ended March 31, 2026, a sharp improvement from the ₹165.95 lakh loss in FY25. However, the standalone entity recorded a net loss of ₹82.79 lakh, compared to ₹136.52 lakh in the previous year.

Auditor Concerns

The audit report by GMK & Co LLP highlighted several material weaknesses that prevented the formation of an opinion:

• A ₹5 crore loan from Bank of Maharashtra was declared a Non-Performing Asset (NPA) on October 8, 2024, due to non-repayment of principal and interest.
• The auditors could not verify trade payables, receivables, or listed equity investments worth ₹91.22 lakh.
• An unsecured loan of ₹85.96 lakh advanced to other parties remains unrecovered, with no clarity on recoverability.

Financial Performance

Despite the operational losses, the group’s revenue remained relatively stable. Consolidated revenue from operations stood at ₹1,366.57 lakh, marginally up from ₹1,364.38 lakh in FY25. Standalone revenue rose slightly to ₹396.83 lakh from ₹388.51 lakh.

Other income contributed significantly to the bottom line, rising to ₹32.86 lakh from ₹22.69 lakh in the prior year. This increase helped offset operating expenses, which totaled ₹1,443.72 lakh on a consolidated basis, down from ₹1,536.41 lakh.

Balance Sheet Signals

The company’s liquidity position appears constrained. Cash and cash equivalents at the standalone level dropped to ₹1.44 lakh from ₹2.00 lakh. Total borrowings increased, with non-current borrowings rising to ₹456.61 lakh from ₹411.54 lakh, largely driven by loans from directors.

The auditor also noted that undisputed statutory dues, including income tax and provident fund payments dating back to 2009-10, remain outstanding, totaling approximately ₹1.84 crore.

What the Numbers Show

The divergence between standalone and consolidated results is notable. While the standalone entity incurred a larger net loss (₹82.79 lakh) than the consolidated group (₹43.98 lakh), the consolidated statement includes a significant Other Comprehensive Income (OCI) gain of ₹113.93 lakh from fair value changes on investments. This non-operational gain turned the total comprehensive income positive at ₹69.95 lakh, masking the underlying operational deficit visible in the profit and loss account.