Ind-Agiv Commerce reported a standalone net loss of ₹10.76 lakh for the quarter ended June 30, 2026, widening from the ₹6.80 lakh loss in the preceding quarter. The board approved the unaudited financial results on September 9, 2026.

The company’s independent auditors issued a qualified opinion on the consolidated and standalone financial statements. The qualification stems from the use of multiple ERP accounting software systems lacking audit trail features, forcing reliance on manual and Excel-based records.

Financial Performance

Revenue from operations was nil for the current quarter, continuing the trend from the previous quarter where no revenue was recorded. In contrast, the corresponding quarter of the previous year (Q1FY26) saw revenue of ₹163.62 lakh on a consolidated basis.

Total expenditure for the standalone entity rose to ₹10.76 lakh in Q1FY27, up from ₹6.80 lakh in the prior quarter. Key expense components included:

• Employee benefits: ₹3.85 lakh
• Finance costs: ₹3.13 lakh
• Other expenses: ₹3.52 lakh
• Depreciation & amortization: ₹0.25 lakh

The consolidated net loss stood at ₹11.49 lakh for the quarter, compared to a consolidated loss of ₹10.62 lakh in the same period last year.

Auditor Concerns

The independent auditors, H.G. Sarvaiya & Co., highlighted significant compliance and operational risks in their report dated September 3, 2026.

Unpaid Statutory Dues

The company has provided for but not paid statutory dues totaling ₹17,88,606 lakh. This includes:

• Provident Fund (PF): ₹34,795 lakh
• ESIC: ₹17,549 lakh
• TDS: ₹17,36,262 lakh

Overdue Loans and Legal Proceedings

Substantial loan obligations remain overdue. Pre-sales working capital loans from Redfort Capital Finance Co. Pvt Ltd, totaling approximately ₹7.78 crore (principal plus interest), are declared as Non-Performing Assets (NPA). These matters are currently under court law and pending arbitration under the direction of the Delhi High Court.

Additional working capital loans from lenders including Bajaj Fin Serve, Clix Capital, Neo Growth Credit Pvt Ltd, and Insta Capital are undergoing restructuring processes. The total outstanding overdue amount across these lenders exceeds ₹8 crore when combined with the Redfort liabilities.

What the Numbers Show

The absence of revenue generation alongside rising finance costs and employee benefits indicates a period of operational dormancy or severe contraction. The reliance on manual accounting systems, as noted by the auditor, raises concerns about data integrity and internal controls during this critical restructuring phase.

Ind-Agiv Commerce has sent letters to shareholders without registered email addresses, providing a weblink to its Annual Report for FY26. This disclosure comes ahead of the company’s 40th Annual General Meeting scheduled for September 30, 2026.

The Board of Directors approved the AGM date during a meeting held on September 7, 2026. The new intimation, dated September 9, 2026, ensures compliance with SEBI Listing Regulations by reaching physical shareholders who have not opted for electronic communication.

Key Dates and Logistics

The board fixed several critical dates for the financial year ended March 31, 2026. These timelines govern the dispatch of reports and shareholder voting rights.

Scrutinizer Appointment

The Board appointed CS Alifya Sapatwala as the scrutinizer for the meeting. She is a partner at M/s. Mehta & Mehta, Practicing Company Secretaries.

Shareholder Instructions

The company reminded physical shareholders to update their KYC details pursuant to SEBI Master Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated May 7, 2024. Security holders holding securities in physical mode must record PAN, address, mobile number, bank account details, specimen signature, and nomination choice.

Payments including dividends will be made only through electronic mode for folios lacking updated details from April 1, 2024. Shareholders are encouraged to register email IDs to avail online services and support green initiatives.

The AGM will commence at 11:30 am at the company’s registered office in Mumbai. Shareholders can attend through Video Conferencing or Other Audio Visual Means. The Board meeting concluded at 1:00 pm following the approval of these logistical arrangements.