Arshiya Limited reported a net loss of ₹6.44 lakh for the quarter ended December 31, 2025, as the company continues to operate under the Corporate Insolvency Resolution Process (CIRP). The unaudited standalone financial results, approved by Resolution Professional Mr. Pankaj Mahajan on May 29, 2026, reflect the operational and financial constraints imposed by the ongoing insolvency proceedings. The company recorded a total income of ₹462.80 lakh for the quarter, while total expenses stood at ₹469.24 lakh.

For the nine months ended December 31, 2025, the company reported a net loss of ₹120.81 lakh on a total income of ₹1,390.37 lakh. In the corresponding period of the previous year, the company had reported a net loss of ₹1,09,446.03 lakh. The significant reduction in loss is attributed to the absence of exceptional items, which amounted to ₹1,06,820.66 lakh in the prior year period.

Financial Performance

The financial statements were prepared on a going concern basis pursuant to Section 20 of the Insolvency and Bankruptcy Code, 2016. Revenue from operations remained flat at ₹450.00 lakh for the quarter and ₹1,350.00 lakh for the nine-month period. Other income declined to ₹12.80 lakh in Q3FY26 from ₹414.29 lakh in the same quarter of the previous year.

Auditor's Disclaimer

M/s ARTHA & Associates, the Statutory Auditor, issued a Limited Review Report with a disclaimer of conclusion. The auditor cited the inability to obtain sufficient appropriate review evidence due to the suspension of the Board of Directors, significant manpower constraints, and limitations in the availability of records. Key areas of concern included the non-recognition of liabilities for corporate guarantees aggregating to ₹1,03,850.00 lakhs, the non-assessment of impairment for Property, Plant and Equipment, and revenue recognition of ₹1,350 lakhs without meeting Ind AS 115 criteria.

The auditor also highlighted the company's failure to recognize accrued interest on financial liabilities post-commencement of CIRP and the inability to verify accounting for share-based payments. Additionally, the recoverability of investments and loans to subsidiary Arshiya Northern FTWZ Limited, aggregating to ₹57,538.95 lakhs, remains uncertain pending the resolution plan.

Operational and Legal Updates

The company faced severe operational disruption during the reporting period, with 50 out of 71 employees resigning between July 30 and August 2, 2024. This mass departure, followed by the resignation of key accounting personnel, resulted in significant delays in finalizing accounts and regulatory compliance.

Subsidiary companies Arshiya Northern FTWZ Limited and NCR Rail Infrastructure Limited are also undergoing CIRP, preventing the consolidation of their accounts. Consequently, the Resolution Professional was unable to prepare the Consolidated Financial Results for the quarter and nine months ended December 31, 2025. The powers of the Board remain suspended and vested with the Resolution Professional.

Arshiya Limited has announced the appointment of M/s. Anupam Parashar & Co., Chartered Accountants, as its Internal Auditor for three consecutive financial years. The appointment was made by the company's Resolution Professional as part of ongoing compliance requirements during the Corporate Insolvency Resolution Process.

Appointment Details

The Resolution Professional of the Company, Mr. Pankaj Mahajan, appointed M/s. Anupam Parashar & Co., Chartered Accountants (FRN: 023779C), as the Internal Auditor on February 25, 2026. The appointment covers three distinct periods:

Auditor Profile and Services

M/s. Anupam Parashar & Co. is a comprehensive chartered accountancy firm providing diverse professional services. The firm's office is located at 6/11, Sector 6, Vaishali, Ghaziabad, Uttar Pradesh, 201010.

Service Portfolio:

• Audit services
• Taxation (Direct & Indirect)
• GST compliance
• Accounting & Bookkeeping
• Company Law matters
• Valuation services
• Financial Projections
• Risk Advisory
• Fund Management

The firm serves listed companies, large corporates, foreign entities, and individuals across diverse industries, with a focus on compliance, risk mitigation, and client-centric solutions.

Regulatory Compliance and Authority

The appointment and remuneration were approved by the Resolution Professional in exercise of the powers of the Board of Directors, which presently stand suspended under Sections 17 and 23 of the Insolvency and Bankruptcy Code, 2016. This measure ensures statutory compliance and maintenance of adequate internal financial controls during the Corporate Insolvency Resolution Process period.

The firm will conduct internal audits for each of the specified financial years and submit Individual Internal Audit Reports for the respective years. The appointment details will be placed before the Committee of Creditors in the forthcoming meeting for information and ratification as required.

Corporate Insolvency Resolution Process Status

Arshiya Limited is currently operating under Corporate Insolvency Resolution Process, with Mr. Pankaj Mahajan serving as the Resolution Professional. His IBBI Registration Number is IBBI/IPA-001/IP-P00836/2017-2018/11420, with AFA Details: AA1/11420/02/311226/108808 valid until December 31, 2026.

The company disclosed this information pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stock exchanges and stakeholders during the resolution process.