MPF Systems reported zero revenue from operations for the quarter ended September 30, 2026 (Q2FY27). The company posted a net loss of ₹2.64 lakh, driven entirely by operating expenses as no other income was recorded during the period.

The Board of Directors approved the unaudited financial results on October 15, 2026. For the half-year ended September 30, 2026 (H1FY27), total revenue stood at ₹4.50 lakh, derived solely from other income in the first quarter. The half-year net loss was ₹9.29 lakh.

Financial Performance Overview

The company’s top line remained dormant with nil revenue from operations for both the current quarter and the preceding comparable period. Expenses were limited to employee benefits and general administrative costs.

Balance Sheet Position

As of September 30, 2026, the company held cash and cash equivalents of ₹1.34 lakh, down from ₹2.22 lakh at the end of FY26. Trade receivables remained unchanged at ₹445.49 lakh. Non-current assets increased slightly to ₹204.50 lakh, primarily due to loans.

Total equity stood at ₹338.79 lakh, reflecting a reduction from ₹348.08 lakh at the start of the fiscal year, consistent with the accumulated losses during the period.

What the Numbers Show

A critical divergence exists between the balance sheet and the income statement. While the company reported zero revenue from operations for Q2FY27, trade receivables remain static at ₹445.49 lakh, identical to the figure at March 31, 2026. This suggests that the receivables generated in FY26 have not been collected or written off during the first half of FY27, despite the absence of new sales activity. The continued carrying of this asset without corresponding cash inflows highlights a potential collection risk or a delay in settlement of prior-year dues.

MPF Systems accepted the resignation of S K Bhavsar & Co. as statutory auditors and appointed Sarang Shivajirao Chavan and Associates to fill the casual vacancy effective September 5, 2026.

The Board of Directors approved the changes during a meeting held on September 5, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The outgoing auditors cited capacity constraints and reallocation of professional commitments as reasons for stepping down.

Auditor Transition Details

S K Bhavsar & Co., which was appointed for the financial year 2025-26 on September 19, 2025, submitted its resignation letter dated September 5, 2026. The firm stated that mutual decisions regarding bandwidth made it difficult to devote requisite time to the audit duties.

The resignation letter explicitly clarified that there are no adverse remarks regarding fraud, non-compliance, or irregularity requiring reporting under Section 143(12) of the Companies Act, 2013. The firm had previously submitted the Limited Review Report for the quarter ended June 2026 on July 29, 2026.

New Appointment

The Board appointed M/s. Sarang Shivajirao Chavan and Associates, Chartered Accountants, based in Ahmedabad, Gujarat. The peer-reviewed proprietorship firm will hold office until the date of the next Annual General Meeting of the company.

The appointment is subject to approval by members in the ensuing General Meeting within three months from the date of the board recommendation. The new auditors have experience across accounting, audit, taxation, and advisory services.