SecUR Credentials Limited (NSE: SECURCRED) has authorized the filing of an appeal before the Securities Appellate Tribunal (SAT) against the National Stock Exchange of India Limited's Delisting Committee order dated October 9, 2026. This decision marks a formal legal challenge to the exchange's delisting directive.

The Board of Directors took this decision during a meeting held on Monday, October 19, 2026, at the company's registered office in Mumbai. The meeting commenced at 12:15 pm and concluded at 12:30 pm. The move is made pursuant to Regulation 30 and Regulation 33 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Authorization for legal proceedings

The Board has specifically authorized Ashish Ramesh Mahendrakar, Managing Director of SecUR Credentials, to execute all necessary legal actions. His mandate includes verifying, signing, and filing all required documents with the Tribunal. He is also empowered to appoint, instruct, and authorize solicitors, advocates, lawyers, pleaders, or other legal advisors to represent the company.

The authorization extends to revoking such appointments and making fresh ones as deemed necessary. The Managing Director may perform all acts, deeds, matters, and things required to pursue this appeal effectively.

Procedural details

The communication was formally submitted to both BSE Limited and the National Stock Exchange of India Limited. The notice was signed by Yogesh Kumar, Director (DIN: 10266903), on October 19, 2026.

SecUR Credentials Limited reduced its net loss to ₹249.15 lakh in FY26 from ₹804.13 lakh in FY25. The Mumbai-based company reported revenue from operations of ₹56.95 lakh for the year ended March 31, 2026.

The Board of Directors approved the audited financial results alongside unaudited quarterly results for Q1FY26 through Q1FY27 on October 14, 2026. Concurrently, the board appointed Soni Radheymohan Agarwal as Chief Financial Officer and Key Managerial Personnel with effect from the same date.

Financial performance overview

The company’s total income for FY26 stood at ₹56.95 lakh, compared to ₹81.26 lakh in FY25. The reduction in loss was primarily driven by lower employee benefits expense and other expenses, which fell significantly year-on-year. Depreciation remained stable at ₹235.11 lakh, while finance costs decreased to ₹42.78 lakh from ₹155.97 lakh in the previous year.

Quarterly trends

For the quarter ended June 30, 2026 (Q1FY27), SecUR Credentials reported revenue of ₹13.65 lakh and a net loss of ₹61.76 lakh. This compares to a revenue of ₹13.20 lakh and a loss of ₹64.12 lakh in the corresponding quarter of the previous fiscal year (Q1FY26). The consistent quarterly losses indicate ongoing operational challenges despite the annual improvement in bottom-line metrics.

What the numbers show

A significant divergence exists between the reported inventory and auditor observations. The balance sheet shows inventories of ₹1,363.56 lakh unchanged from March 31, 2025. However, the limited review report explicitly notes that "Inventory disclosed does not found to exist during physical verification," indicating a potential overstatement of assets that has not been quantified or adjusted in the books. This discrepancy suggests that the reported asset base may be overstated relative to actual holdings.

Governance and compliance updates

The appointment of Mr. Agarwal follows recommendations from the Audit Committee and Nomination and Remuneration Committee. He is not related to any directors of the company. The filing also highlights several compliance gaps noted by the statutory auditors, including non-recognition of deferred tax assets due to uncertainty about future taxable profits, unpaid statutory dues, and non-compliance with Ind AS 19 regarding gratuity provisions.