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 from operations of ₹450.00 lakh for the quarter and ₹1,350.00 lakh for the nine-month period. The results were published in the Financial Express and Navakal on June 03, 2026, in compliance with Regulation 47 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

For the nine months ended December 31, 2025, the company reported a net loss of ₹120.81 lakh on a total income from operations of ₹1,350.00 lakh. In the corresponding period of the previous year, the company had reported a net loss of ₹9,672.79 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.

Promoters of Arshiya Limited have confirmed that they have not created any encumbrance on the company's equity shares during the financial year 2025-2026. This declaration was submitted by Ajay S Mittal on behalf of all promoters and persons acting in concert, pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The disclosure, dated April 7, 2026, states that no new encumbrances have been created directly or indirectly, other than those already disclosed during the financial years 2024-2025 and 2025-2026. Arshiya Limited is currently under the Corporate Insolvency Resolution Process (CIRP).

Key Disclosure Details

The letter was addressed to Pankaj Mahajan, the Resolution Professional for Arshiya Limited. Ajay S Mittal signed the declaration as a Promoter, noting his status as a member of the suspended Board of Directors.