Quadrant Televentures Limited (QTL) has scheduled its 79th Annual General Meeting (AGM) for September 29, 2026, to be held via video conference. The company remains under the Corporate Insolvency Resolution Process (CIRP) since September 2, 2025.

The meeting will transact ordinary business, including the adoption of audited financial statements for FY26. A special resolution seeks shareholder ratification of ₹90,000 remuneration for M/s SDM & Associates as Cost Auditors for FY27.

Corporate Governance and CIRP Status

The powers of the Board of Directors are suspended under the Insolvency and Bankruptcy Code (IBC). Mr. Rajesh Jhunjhunwala serves as the current Resolution Professional (RP), appointed by the NCLT on January 12, 2026, following the resignation of the previous RP.

All directors were disqualified under Section 164(2)(b) of the Companies Act, 2013, effective April 1, 2025, due to default on Non-Convertible Debentures (NCDs). Consequently, no directors are retiring by rotation or seeking reappointment.

Resolution Plan Progress

The RP identified eight eligible Prospective Resolution Applicants (PRAs). Four PRAs have submitted IBC-compliant resolution plans. These plans are currently under e-voting by the Committee of Creditors (CoC).

Financial Performance FY26

QTL reported a net loss of ₹2,330.18 lakh for the year ended March 31, 2026, a significant improvement from the ₹27,629.68 lakh loss in FY25. Revenue from operations declined 11.3% to ₹20,953.45 lakh, driven by lower internet and interconnect usage charges.

Total expenses fell 39% year-on-year, primarily due to a sharp reduction in finance costs, which dropped from ₹15,404.96 lakh in FY25 to ₹3,845.56 lakh in FY26.

What the Numbers Show

The narrowing net loss was significantly influenced by exceptional items. FY25 included an exceptional charge of ₹13,526.13 lakh related to erstwhile infrastructure service costs. In contrast, FY26 recorded an exceptional gain of ₹287.54 lakh due to past service cost adjustments under new labour codes. Excluding these non-recurring items, the operational loss before tax narrowed from ₹14,103.55 lakh to ₹2,042.64 lakh, reflecting improved cost containment in network operations and employee benefits.

Shareholder Information

The register of members will remain closed from September 22, 2026, to September 29, 2026. Remote e-voting will be open from September 26, 2026, at 9:00 am to September 28, 2026, at 5:00 pm. No dividend has been recommended for FY26 due to accumulated losses.

Quadrant Televentures Limited reported a net profit of ₹324.80 lakh for the quarter ended June 30, 2026 (Q1FY27), reversing a net loss of ₹1,382.37 lakh recorded in the corresponding period of FY26. The turnaround in profitability occurred despite a 7.4% year-on-year decline in revenue from operations to ₹5,040.01 lakh, driven primarily by a significant reduction in finance costs and disciplined control over network operating expenditures. The results were reviewed by statutory auditors SGN & Co., Chartered Accountants, and taken on record by the Resolution Professional on August 11, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The financial statement reflects the ongoing Corporate Insolvency Resolution Process (CIRP) initiated by the National Company Law Tribunal (NCLT) on September 2, 2025. Mr. Rajesh Jhunjhunwala, appointed as the Resolution Professional (RP) by the NCLT on January 12, 2026, oversees the management of the company’s affairs. The RP has taken on record the results in good faith, relying on representations from key management personnel, while disclaiming responsibility for the accuracy of historical data. The suspended Board of Directors signed the results solely to comply with statutory disclosure requirements under the Companies Act, 2013.

Financial Performance Overview

Revenue from operations stood at ₹5,040.01 lakh in Q1FY27, down from ₹5,440.62 lakh in Q1FY26. Other income increased marginally to ₹55.95 lakh from ₹37.21 lakh in the prior year. Total expenses decreased significantly to ₹4,771.16 lakh from ₹6,860.20 lakh in the same period last year, contributing to the pre-tax profit of ₹324.80 lakh.

Employee benefits expense rose slightly to ₹1,183.60 lakh from ₹1,210.86 lakh, while network operating expenditure fell to ₹1,623.57 lakh from ₹1,752.10 lakh. Sales and marketing expenses also declined to ₹1,178.55 lakh from ₹1,281.31 lakh. Depreciation and amortization remained stable at ₹371.79 lakh.

Material Uncertainties and Auditor Observations

SGN & Co. issued an unmodified review conclusion but highlighted several critical matters affecting the financial statements. The auditors noted that the company has incurred continuous losses, resulting in the complete erosion of its net worth, with accumulated losses reaching ₹2,93,414.19 lakh as of June 30, 2026. Current liabilities exceed current assets, and the company has defaulted on borrowings. These factors cast significant doubt on the company’s ability to continue as a going concern.

A key accounting adjustment involved finance costs. Due to the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), the company did not provide ₹2,192.61 lakh as finance cost for the quarter. Had this amount been recognized, the net profit would have been lower by ₹2,192.61 lakh. Additionally, the final determination of obligations to operational and financial creditors remains unascertainable as claims are under verification by the RP. The auditors stated they could not obtain sufficient evidence regarding the appropriateness of the going concern basis given these ongoing uncertainties.

CIRP Progress and Resolution Plans

The Committee of Creditors (CoC) has ratified the appointment of Mr. Rajesh Jhunjhunwala as RP. The RP republished Form G inviting Expressions of Interest (EOI) multiple times in late 2025 and early 2026. Eight entities were shortlisted as eligible Prospective Resolution Applicants (PRAs). Four PRAs have submitted IBC-compliant resolution plans, which are currently under e-voting by the CoC. The outcome of these plans will determine the future operational structure and debt settlement strategy for Quadrant Televentures.

What the Numbers Show

The shift from loss to profit in Q1FY27 is largely attributable to non-operational factors rather than core business growth. While revenue declined by 7.4%, the bottom line improved because finance costs were excluded from the profit and loss account due to the CIRP moratorium. This accounting treatment masks the true economic cost of debt, which would have resulted in a substantial loss if fully recognized. Investors should note that the reported profit does not reflect cash generation capability or debt servicing obligations, which remain suspended pending the approval of a resolution plan.