PBA Infrastructure Ltd. reported a net loss of ₹820.17 crore for the financial year ended March 31, 2026, compared to a net profit of ₹22.22 crore in the previous year. The company's board approved the audited financial results for the quarter and year ended March 31, 2026, at a meeting held on May 30, 2026. Revenue from operations for the year stood at ₹2,335.34 lakh, a significant decline from ₹3,644.75 lakh in FY25. The statutory auditor, M/s N.K. Mittal & Associates, issued an audit report with an unmodified opinion on the financial results.

The board also re-appointed JC & Associates as the Secretarial Auditor and M/s Abhishek Bansal & Co as the Internal Auditor for the financial year 2026-2027. Additionally, the company confirmed that disclosure under Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding the statement of deviation or variation of proceeds, was not applicable for the quarter ended March 31, 2026, as no funds were raised through public issues or other specified means.

Auditor's Observations

The auditor's report highlighted material uncertainties that may cast significant doubt on the company's ability to continue as a going concern. The company has made defaults in repayment of obligations towards lenders, with an amount of ₹315.15 crore overdue as per the SARFAESI notice issued by consortium bankers. Four participating banks confirmed total outstanding book liability dues aggregating to ₹214.59 crore. The company has received notices of physical possession of various secured assets and has filed a counter case, receiving a stay on proceedings from the Debt Recovery Tribunal (DRT) court.

Furthermore, the company is classified as a Non-Performing Asset by banks and financial institutions and has not been providing interest since January 2018. The auditor also noted that the total work in progress (WIP) includes ₹24.63 crore, of which ₹11.55 crore is uncertified WIP and ₹13.07 crore represents claims raised on clients. These claims are subject to uncertainty regarding recoverability. The fixed asset register is still under compilation, and there are arbitration proceedings and legal cases against the company that may result in compensation, interest, or penalties.

Financial Performance

The company reported a total loss of ₹571.16 lakh for the quarter ended March 31, 2026. Total income for the quarter was ₹601.06 lakh, while total expenses stood at ₹5,975.93 lakh, driven largely by changes in inventories of finished goods and work-in-progress. Earnings per share (EPS) for the year ended March 31, 2026, was negative at ₹60.75, compared to a positive EPS of ₹1.65 in the previous year.

PBA Infrastructure Ltd has officially communicated to BSE that it has not undertaken any public issue, rights issue, preferential issue, or qualified institutional placement since 2005, making the submission of deviation statement unnecessary for the quarter ended March 31, 2026.

Regulatory Compliance Communication

The company's communication, dated April 7, 2026, was made pursuant to compliance with Regulation 32(1), 32(2), and 32(3) of SEBI (LODR) Regulations 2015. These regulations typically require companies to submit statements regarding deviation or variation in the utilization of proceeds from various types of issues.

Official Statement Details

The official communication was signed by Narain P. Belani, Joint Managing Director (DIN: 02395693), who confirmed that since the company has not gone for any public issue, rights issue, preferential issue, or qualified institutional placement since 2005, the submission of deviation or variation statement for the quarter ended March 31, 2026, does not arise.

Regulatory Context

Regulation 32 of SEBI (LODR) Regulations 2015 mandates companies to provide statements regarding the utilization of proceeds from various types of issues. However, companies that have not raised funds through these mechanisms are required to inform stock exchanges about the non-applicability of such submissions.

The communication demonstrates PBA Infrastructure Ltd's commitment to maintaining transparency and regulatory compliance, even when specific reporting requirements do not apply to their current situation due to the absence of recent fund-raising activities through public markets.