MSR India Limited Files 42nd Annual Report for FY25: Nil Revenue, Continued Losses, and Regulatory Lapses

4 min read Updated on 10 May 2026, 11:35 PM

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Ashish TScanX News Team

AI Summary

MSR India Limited's 42nd Annual Report for FY25 reveals nil turnover and a net loss of Rs 53.39 lakhs, compared to a net loss of Rs 492.28 lakhs (before exceptional items) in FY24. Total assets fell sharply to Rs 44.34 lakhs from Rs 2,491.32 lakhs, primarily due to the reversal of deferred tax assets of Rs 2,446.98 lakhs. The company reported multiple regulatory non-compliances including non-payment of annual listing fees for FY25, absence of a functional website, and delayed statutory filings. The 42nd AGM is scheduled for 16th June, 2026, via Video Conferencing.

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MSR India Limited has filed its 42nd Annual Report for the financial year 2024-25, disclosing nil revenue from operations and a continued loss position. The company, which commenced commercial operations on 27.05.2002 and is listed on BSE Limited, reported a net loss of Rs 53.39 lakhs for FY25 against a net loss of Rs 492.28 lakhs (before exceptional items) in FY24. The 42nd Annual General Meeting is scheduled for Tuesday, 16th June, 2026, at 09.00 A.M. via Video Conferencing / Other Audio Visual Means.

Financial Performance Overview

The company reported nil turnover for FY25, compared to Rs 0.38 lakhs in FY24 and Rs 453.99 lakhs in FY22-23. The following table summarises the key financial performance indicators across three financial years:

Particulars:	2024-25 (Rs. in lakhs)	2023-24 (Rs. in lakhs)	2022-23 (Rs. in lakhs)
Turnover	--	0.38	453.99
Net Profit / (Loss) after Tax	(53.39)	(492.28)	2050.75

The detailed profit and loss statement for FY25 and FY24 is presented below:

Particulars:	2024-25 (Rs. in lakhs)	2023-24 (Rs. in lakhs)
Turnover / Income (Gross)	-	0.38
Other Income	-	0.37
Profit / (Loss) before Depreciation, Finance Costs, Exceptional Items and Tax	(53.39)	(437.02)
Less: Depreciation / Amortisation / Impairment	-	26.48
Profit / (Loss) before Finance Costs, Exceptional Items and Tax	-	(463.50)
Less: Finance Costs	-	28.78
Profit / (Loss) before Exceptional Items and Tax	(53.39)	(492.28)
Add / (Less): Exceptional Items	-	585.76
Profit / (Loss) before Tax	(53.39)	93.48
Less: Tax Expense (Current & Deferred)	-	-
Profit / (Loss) for the year	(53.39)	93.48
Balance carried forward	(53.39)	93.48

Balance Sheet Highlights

As at March 31, 2025, the company's total assets stood at Rs 44.34 lakhs, a significant decline from Rs 2,491.32 lakhs as at March 31, 2024. This reduction was largely attributable to the reversal of deferred tax assets, which stood at nil in FY25 compared to Rs 2,446.98 lakhs in FY24. Equity share capital remained unchanged at Rs 3,144.00 lakhs, while other equity deteriorated to (Rs 4,193.21 lakhs) from (Rs 1,692.85 lakhs), resulting in total equity of (Rs 1,049.21 lakhs) as at March 31, 2025. Non-current borrowings remained at Rs 773.25 lakhs in both years.

The company's working capital position remained under stress, with total current assets of Rs 43.59 lakhs against total current liabilities of Rs 320.30 lakhs as at March 31, 2025, resulting in a net working capital deficit of (Rs 276.71 lakhs).

Key Financial Ratios

The following key financial ratios were reported for FY25 and FY24:

Particulars:	2024-25	2023-24
Debtors Turnover Ratio	-	0.03
Stock Turnover Ratio	-	1.03
Interest Coverage Ratio	-	-16.12
Current Ratio	0.14	0.16
Net Debt / Equity	(1.00)	0.69
Net Profit Margin	-	-1287.00
Return on Net Worth	2.38	-0.34

Basic and diluted earnings per share (EPS) for FY25 stood at (Rs 3.98), compared to Rs 0.15 in FY24, based on a weighted average number of shares of 628.80 lakhs.

Regulatory Non-Compliances

The annual report disclosed several instances of non-compliance under SEBI regulations during FY25, as summarised below:

Regulation:	Details of Non-Compliance
Regulation 14	Annual listing fees for FY 2024-25 not paid within the due date
Regulation 30 read with Schedule III	Delay of 4 hrs 30 mins in submitting proceedings of the 41st Annual General Meeting
Regulation 30 read with Schedule III	Non-disclosure of show cause notice dated 30.10.2024 (received 01.11.2024) from the Office of the Commissioner of Central Tax, Central Excise and Service Tax
Regulation 46	Company does not have a functional website
Regulation 76, SEBI (Depositories and Participants) Regulations, 2018	Reconciliation of Share Capital Audit Report for the quarter ended 31.03.2025 not submitted

Additionally, the statutory auditor noted that the company had not filed financial statements in Form AOC-4 XBRL for the financial year ended 31.03.2023 (Section 137(1)) and had not filed the annual return in Form MGT-7 within the stipulated period (Section 92(4)).

Shareholding Pattern and Director Remuneration

As at the reporting date, the promoter and promoter group held 4,25,00,733 equity shares, representing 67.59% of the total share capital of 6,28,80,000 shares. Public shareholding stood at 32.41%, comprising bodies corporate (3.48%), Indian public and others (23.65%), NRIs (0.06%), and Foreign Portfolio Investors (Corporate) (5.22%). Of the total shares, 65.21% were held in demat form with CDSL and 34.79% with NSDL.

During FY25, Mr. Durgaadideva Varaprasad Challa received a salary of Rs 18,00,000 and Mr. Vinod Kumar Maganti received a salary of Rs 8,40,000. No sitting fees, stock options, or performance-based incentives were paid to any director. No dividend was declared or paid for FY25. Audit fees paid to the statutory auditor amounted to Rs 3,00,000 for FY25.

Historical Stock Returns for MSR India

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	-7.36%	-7.55%	+93.59%	+23.43%	-59.30%

Given MSR India's negative total equity of Rs 1,049.21 lakhs and zero revenue for FY25, what restructuring or revival strategies could management realistically pursue to avoid potential insolvency proceedings under the IBC?

With multiple SEBI regulatory non-compliances piling up alongside the show cause notice from the Commissioner of Central Tax, how might escalating regulatory penalties further strain the company's already depleted cash position?

Could the dramatic reversal of Rs 2,446.98 lakhs in deferred tax assets signal that auditors or management have abandoned any near-term expectation of profitability, and what does this imply for the company's going concern status?