Arshiya Limited reported a net loss of ₹151.15 lakh for the quarter ended September 30, 2025, as the company continues to navigate the Corporate Insolvency Resolution Process (CIRP). Total income for the quarter rose to ₹470.82 lakh, compared to ₹461.38 lakh in the corresponding period of the previous year. The Resolution Professional, Mr. Pankaj Mahajan, approved the unaudited standalone financial results on May 29, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company could not prepare the Consolidated Financial Results for the quarter and half year ended September 30, 2025, as certain subsidiary companies are also undergoing CIRP and have not finalized their financial statements. Consequently, the Resolution Professional was unable to consolidate their accounts due to constraints and limitations arising from the insolvency proceedings.

Financial Performance

For the half year ended September 30, 2025, arshiya reported a net loss of ₹114.37 lakh. Revenue from operations for the half year stood at ₹900 lakh, up from ₹579.89 lakh in the same period last year. Total expenses for the half year increased to ₹1,041.95 lakh from ₹4,149.20 lakh in the previous year, which included exceptional items of ₹96,623.66 lakh in the prior period.

Auditor's Disclaimer

M/s ARTHA & Associates, Chartered Accountants, issued a Limited Review Report with a disclaimer of conclusion. The auditors stated they were unable to obtain sufficient appropriate review evidence to verify the completeness, accuracy, and validity of the underlying records and balances. Key issues cited include the non-recognition of liabilities for financial guarantees aggregating to ₹1,03,850.00 lakhs, non-assessment of impairment for Property, Plant and Equipment and investments, and revenue recognition of ₹900 lakhs without meeting Ind AS 115 criteria.

The auditors also highlighted significant operational disruption, including the resignation of 50 out of 71 employees between July 30 and August 2, 2024, which caused a breakdown in operational continuity and delays in finalizing accounts. Additionally, the company received termination notices for sub-lease agreements from Ascendas Panvel FTWZ Limited and Anomalous Infra Private Limited in July 2024 due to events of default.

Arshiya Limited has failed to submit its audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026, citing the ongoing Corporate Insolvency Resolution Process (CIRP) and operational disruptions. The company is under CIRP pursuant to an order by the National Company Law Tribunal (NCLT), Mumbai, dated April 23, 2024, which suspended the powers of the Board of Directors. Pankaj Mahajan has been appointed as the Resolution Professional to manage the company's functions during this period.

The delay in filing is also linked to logistical challenges following the relocation of the registered office to Arshiya FTWZ in Panvel on April 29, 2024. This move involved shifting all records and corporate staff. Operations were further disrupted between July 30 and August 2, 2024, when 50 out of 71 employees resigned without serving notice periods or completing handovers. This attrition materially impacted the timely finalization of financial accounts.

Data Collection and Subsidiary Delays

The non-submission of financial statements is primarily due to the extensive data collection process required by the Resolution Professional. Mahajan is gathering necessary financial information and documentation to ensure compliance with regulatory requirements. The company stated that financial statements will be submitted immediately once the data consolidation is complete.

Additionally, Arshiya Limited is the holding company of Arshiya Northern FTWZ Limited (ANFL), which is also undergoing CIRP. The Resolution Professionals are facing challenges in collecting and consolidating financial data from ANFL and other multiple subsidiaries. This lack of requisite financial data from subsidiaries has further contributed to the delay in preparing the consolidated financial statements.

Regulatory Reference

The disclosure was made pursuant to Securities and Exchange Board of India (SEBI) Regulation 33 read with the SEBI Master Circular SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The company confirmed it is making every effort to submit the audited results at the earliest.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE968D01022/909033b32af84d70.pdf