Avenique Limited (formerly KDJ Holidayscapes & Resorts Limited) approved its standalone and consolidated financial results for the quarter ended September 30, 2026, accompanied by a qualified review report from its statutory auditors. The company, which recently emerged from the Corporate Insolvency Resolution Process (CIRP), reported a standalone net profit of ₹11.98 lakh for the quarter.

The Board of Directors met on October 15, 2026, to approve the unaudited results for the quarter and half year ended September 30, 2026. The statutory auditors, M/s J M Patel & Bros., issued a qualified conclusion on both standalone and consolidated statements. This qualification stems from an inability to verify certain current liabilities, non-current investments, and deferred tax assets due to a lack of supporting documentary evidence.

Financial Performance Highlights

For the quarter ended September 30, 2026, Avenique Limited reported revenue from operations of ₹133.20 lakh, compared to nil in the corresponding period of the previous year. Total expenses stood at ₹121.22 lakh on a standalone basis. The company recorded a profit before tax of ₹11.98 lakh, resulting in basic earnings per share (EPS) of ₹2.40.

On a consolidated basis, total income was also ₹133.20 lakh, but total expenses rose to ₹128.19 lakh due to depreciation charges from subsidiaries. Consequently, consolidated net profit was ₹5.01 lakh, with EPS at ₹1.00.

Auditor Qualifications and Governance Issues

The independent auditor’s limited review report highlighted three primary areas of concern regarding the standalone financials:

1. Unverified Current Liabilities: Amounts payable to Financial Creditors (₹7.51 lakh) and the Resolution Professional (₹37.99 lakh) lacked adequate supporting documentation or third-party confirmations.
2. Unverified Investments: Non-current investments aggregating to ₹8.92 crore could not be verified for existence, ownership, valuation, or recoverability.
3. Unsubstantiated Deferred Tax Assets: Deferred tax assets of ₹52.09 lakh lacked detailed workings and evidence of future taxable profits required for their recognition.

The auditors noted that these qualifications are repetitive in nature. Management attributed the lack of records to the transition period following the CIRP, stating reliance on data provided by the Resolution Professional.

What the Numbers Show

A significant divergence exists between the standalone and consolidated profitability despite identical top-line revenues. While standalone net profit was ₹11.98 lakh, consolidated net profit dropped to ₹5.01 lakh. This ₹6.97 lakh difference is entirely attributable to depreciation expenses recorded by the subsidiaries (KDJ Hospitality Private Limited and KDJ Hospital Limited), which are absent in the standalone entity's P&L as it holds no fixed assets itself. This highlights that the operational profit generated at the parent level is partially offset by asset-heavy costs in the subsidiary structure.

Corporate Developments and Listing Status

The company officially changed its name from KDJ Holidayscapes & Resorts Limited to Avenique Limited via a fresh Certificate of Incorporation dated July 10, 2026. Shareholders previously approved diversification into agriculture, agro-processing, and clean energy sectors.

Despite receiving listing approval from BSE Limited on January 20, 2026, trading approval remains pending. The company’s shares are currently held in a temporary ISIN following the implementation of the NCLT-approved resolution plan, which involved capital reduction and fresh equity allotment to the new promoter group.

Avenique Limited returned to profitability in the first quarter of FY27, reporting a standalone net profit of ₹8.19 lakh for the period ended June 30, 2026. This marks a turnaround from the net loss of ₹9.19 lakh recorded in the corresponding quarter of the previous year. Revenue from operations remained steady at ₹73 lakh, unchanged from the ₹73 lakh reported in the same quarter last year.

The company’s board approved the standalone and consolidated unaudited financial results for the quarter ended June 30, 2026, following a review by the Audit Committee. M/s. J M Patel & Bros., Chartered Accountants, performed a limited review of the results. The statutory auditors expressed a modified report, specifically a disclaimer of opinion, on the limited review.

Financial Performance

The total income for the quarter stood at ₹73 lakh, matching the previous year's figure. Total expenses for the quarter were ₹64.81 lakh, a decrease from ₹71.78 lakh in the same period of the prior year. This reduction in expenses contributed to the profit before tax of ₹8.19 lakh, compared to a loss before tax of ₹16.59 lakh in the previous year.

On a consolidated basis, the company reported a net profit of ₹1.22 lakh for Q1FY27, improving from a net loss of ₹16.59 lakh in the year-ago period. Consolidated revenue from operations was flat at ₹73 lakh. Earnings per share (EPS) for the quarter stood at ₹1.64 on a standalone basis, compared to a loss per share of ₹1.84 in the previous year.

Auditor Appointments and Compliance

The board appointed M/s. J M Patel & Bros., Chartered Accountants, as Tax Auditors for a period from FY 2025-26 to FY 2029-30. Additionally, M/s. Hemal P. Doshi & Associates, Chartered Accountants, were appointed as Internal Auditors for a term from FY 2026-27 to FY 2030-31.

The board also noted a certificate from the Practicing Company Secretary (PCS) regarding compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The company acknowledged a communication from the stock exchange dated July 1, 2026, concerning non-compliance with regulations related to the maintenance of a Structured Digital Database (SDD). The company stated that this non-compliance occurred during the Corporate Insolvency Resolution Process (CIRP) when the Resolution Professional controlled the company's affairs. New management took over on April 18, 2025, and SDD software was installed on June 23, 2025, to address the issue.