Arshiya Limited has published its unaudited standalone financial results for the quarter and nine months ended December 31, 2024. The company continues to operate under the Corporate Insolvency Resolution Process (CIRP), with the powers of the Board vested with Resolution Professional Mr. Pankaj Mahajan. The advertisement for these results was published on May 21, 2026, in The Financial Express and Navakal.

Financial Performance

For the third quarter of the fiscal year 2025, the company reported a total income of ₹864.29 lakh, compared to ₹466.31 lakh in the corresponding quarter of the previous year. Revenue from operations stood at ₹450.00 lakh, while other income contributed ₹414.29 lakh. Total expenses for the quarter were significantly lower at ₹340.08 lakh, down from ₹4,374.50 lakh in the same period last year.

However, the bottom line was severely impacted by exceptional items amounting to ₹10,197.00 lakh. These items included a differential amount of claims submitted by lenders and an adjustment against interest payable to EARC. Consequently, the company reported a net loss of ₹9,672.79 lakh for the quarter.

Key Financial Figures (₹ in Lakhs)

Nine-Month Performance

For the nine months ended December 31, 2024, Arshiya Limited reported a total income of ₹1,952.06 lakh. The company incurred a net loss of ₹1,09,357.88 lakh during this period, heavily influenced by exceptional items totaling ₹1,06,820.66 lakh. These exceptional items related to the differential amount of claims submitted by lenders following the commencement of CIRP.

Auditor’s Disclaimer

M/s ARTHA & Associates, Chartered Accountants, issued a limited review report with a disclaimer of opinion. The auditors cited several significant matters, including the non-recognition of liability for financial guarantees, non-assessment of impairment of assets and inventories, and uncertainty regarding the recoverability of inter-company balances. The firm stated that due to the significance of these matters and the uncertainty surrounding the CIRP outcome, they were unable to obtain sufficient evidence to form a conclusion on the financial results.

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.