Arshiya Limited has reported its audited standalone financial results for the financial year ended March 31, 2025, recording a net loss of Rs 1,09,446.03 lakh. This represents a reduction in loss compared to the previous year's net loss of Rs 1,17,495.10 lakh. The results were considered, approved, and taken on record by the Resolution Professional, Mr. Pankaj Mahajan, on April 28, 2026. Additionally, the company published a newspaper advertisement for these results in The Financial Express and Navakal on May 21, 2026, in compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) pursuant to an order by the Hon'ble National Company Law Tribunal, Mumbai Bench, dated April 23, 2024. Consequently, the powers of the Board of Directors stand suspended and are vested with the Resolution Professional. Due to the ongoing CIRP, the company was unable to prepare the Consolidated Financial Results as certain subsidiaries are also undergoing CIRP and have not finalized their results.

Financial Performance

For the year ended March 31, 2025, the company reported a total income of Rs 2,332.53 lakh, up from Rs 1,860.20 lakh in the previous year. Revenue from operations increased to Rs 1,494.85 lakh from Rs 1,376.65 lakh. Total expenses for the year stood at Rs 4,957.90 lakh, significantly lower than the Rs 37,035.89 lakh reported in the prior year, which included exceptional items of Rs 82,319.41 lakh. For the quarter ended March 31, 2025, the company reported a net loss of Rs 88.15 lakh.

Auditor's Report and Going Concern

The statutory auditors, M/s ARTHA & Associates, issued a disclaimer of opinion on the standalone financial results. The disclaimer was attributed to several factors, including the non-availability of approval by the Board of Directors due to CIRP, uncertainty regarding the recoverability of inter-company balances, and revenue recognition without meeting Ind AS 115 criteria. The auditors also noted the non-recognition of liability for financial guarantees and the non-performance of impairment testing for Property, Plant & Equipment and investments.

The financial statements have been prepared on a going concern basis, which is dependent upon the successful completion of the CIRP. As of March 31, 2025, the company's current liabilities exceeded its current assets by Rs 2,51,396.26 lakh. The company has defaulted on repayments to lenders, and lenders have initiated recovery proceedings. The ability of the company to continue as a going concern is contingent upon the approval and implementation of a resolution plan.

Arshiya Limited, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), has disclosed detailed creditor claims as certified by Resolution Professional Pankaj Mahajan. The disclosure, dated May 12, 2026, complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 13(2)(c) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The CIRP commenced on April 23, 2024, and the creditor list reflects the position as on February 5, 2026.

Summary of Claims

The Resolution Professional received a total of 69 claims from Financial Creditors and Operational Creditors. Following verification, 61 claims were admitted. The table below presents the consolidated summary of all claims:

Financial Creditors

Claims from financial creditors constitute the majority of the admitted amount. Secured financial creditors filed seven claims totaling ₹35,434,155,787.54, of which ₹35,431,865,381.54 were admitted. The key secured creditors and their admitted claims are detailed below:

Unsecured financial creditors filed seven claims amounting to ₹30,863,902,742.41, with ₹30,845,226,182.01 admitted across six creditors. Key unsecured creditors included Edelweiss Asset Reconstruction Company Limited (₹24,498,293,635.85 admitted), Bank of India (₹3,302,623,564.69 admitted), and Union Bank of India (₹1,732,343,769.16 admitted). Two related-party creditors — Arshiya Northern FTWZ Limited and NCR Rail Infrastructure Limited — filed claims via inter-company deposits; the latter's claim of ₹16,488,751.56 was not admitted.

Operational and Other Creditors

Operational creditors span employees, government authorities, and other entities. Employee claims totaled ₹18,987,609.25 across 20 submissions, with ₹7,996,647.00 admitted for 16 claimants. Notably, the claim of Vijay Shamkant Bagate was received after the regulated timeline and was included in the creditor list following approval by the Committee of Creditors (CoC) through e-voting at the 11th CoC meeting held on October 27, 2025.

Government dues amounted to ₹464,448,349.00 across four claims, with ₹111,219,021.00 admitted and ₹112,347,069.00 treated as contingent. The claim of Group Gram Panchayat (₹109,761,023.00) was treated as contingent with a notional admittance of ₹1.00, as the matter is pending before the Honorable High Court. The claim of the Commissioner, CGST & CEX, Raigad Commissionerate (₹240,882,260.00) was not admitted as it pertained to "M/s. Arshiya Logistics Services Limited" and was deemed not admissible in Arshiya Limited's CIRP. The claim of Nalini Vivekanand Sawale, Department of Goods and Service Tax, was treated as contingent with a notional admittance of ₹1.00 due to a pending appeal before the Deputy Commissioner – SGST.

Other operational creditors filed 30 claims totaling ₹318,938,049.06, with ₹80,888,349.39 admitted across 28 creditors. Contingent claims in this category amounted to ₹212,542,974.00, primarily comprising disputed claims from Beekalene Fabrics Private Limited (₹173,265,867.00) and Isha Laxmi Narayan (Design Team) (₹39,277,107.00), both under adjudication. BG Strategic Advisors LLC, the sole other creditor, had its full claim of ₹43,245,732.00 for retainer fees and expenses admitted.

Status and Compliance

The Resolution Professional has noted that the status of all claims is subject to further revision upon receipt and verification of additional documents or information. The disclosure was made in compliance with applicable SEBI and IBBI regulations, and the creditor list has been certified by Resolution Professional Pankaj Mahajan (IBBI Registration No: IBBI/IPA-001/IP-P00836/2017-2018/11420).