SecUR Credentials Limited, India's first background screening company listed on NSE Emerge, has reported its unaudited standalone financial results for the quarter and half year ended September 30, 2024, disclosing a sharp decline in revenue and a widening net loss compared to the corresponding period of the previous year. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 04, 2026, and have been subjected to a limited review by statutory auditors JPMD & Associates, Chartered Accountants.

Quarterly Financial Performance

The company's revenue from operations declined steeply to ₹79.07 Lakhs in the quarter ended September 30, 2024 (Q2FY25), compared to ₹700.70 Lakhs in the quarter ended September 30, 2023 (Q2FY24). Other income stood at ₹18.59 Lakhs in Q2FY25 versus ₹40.67 Lakhs in Q2FY24, bringing total income to ₹97.66 Lakhs against ₹741.37 Lakhs in the year-ago quarter. Total expenses for Q2FY25 were ₹230.65 Lakhs, resulting in a net loss of ₹132.99 Lakhs, compared to a net profit of ₹324.76 Lakhs in Q2FY24. The following table presents the key financial metrics across comparable periods:

Half Year and Full Year Comparison

For the half year ended September 30, 2024, revenue from operations stood at ₹83.59 Lakhs compared to ₹1,701.29 Lakhs in the half year ended September 30, 2023. Total income for H1FY25 was ₹102.76 Lakhs against ₹1,755.39 Lakhs in H1FY24. The net loss for H1FY25 widened to ₹515.60 Lakhs, compared to a net profit of ₹425.84 Lakhs in H1FY24. For the full year ended March 31, 2024, the company had reported total income of ₹3,386.55 Lakhs and a net loss of ₹245.50 Lakhs.

Balance Sheet Position

As on September 30, 2024, the company's total assets stood at ₹6,821.62 Lakhs, down from ₹7,898.66 Lakhs as on March 31, 2024. Total equity declined to ₹3,708.92 Lakhs from ₹4,265.30 Lakhs, reflecting the accumulated losses during the period. Cash and cash equivalents fell sharply to ₹1.79 Lakhs from ₹80.49 Lakhs. The paid-up equity share capital remained unchanged at ₹4,106.28 Lakhs (face value of ₹10 each) across all reported periods.

Auditor Observations and Compliance Concerns

The limited review report issued by JPMD & Associates highlighted several significant observations and qualifications. The auditors noted multiple instances of non-compliance and unverified balances, which are summarised below:

• Director Loan: The company has granted a loan of ₹152.12 Lakhs to a Director, which is stated to be in contravention of Section 185 of the Companies Act, 2013.
• Gratuity Provision: Provision for gratuity has not been recognised in the financial statements, and no actuarial valuation has been obtained, which is not in compliance with Ind AS 19 – Employee Benefits.
• Expected Credit Loss (ECL): ECL provision has not been made as required under Ind AS 109.
• Deferred Tax Assets: In the absence of reasonable certainty regarding future taxable profits, the company has not recognised Deferred Tax Assets on carried forward losses, in accordance with Ind AS 12.
• Inventory: Inventory disclosed was not found to exist during physical verification, indicating a possible overstatement in prior periods; the impact has not been quantified.
• GST Records: GST returns, reconciliation statements, and supporting records were not made available for verification.
• PF and ESIC Records: Provident Fund and ESIC challans, returns, and reconciliation statements were not produced for verification.
• Company Website: The company's website was not active as on the date of the limited review, preventing verification of statutory disclosure compliance.
• Statutory Dues: Statutory dues outstanding as per opening balances remain unpaid as on September 30, 2024.
• Current Maturities of Borrowings: Current maturities of long-term borrowings have not been disclosed due to non-availability of repayment schedules.
• Trade Receivables and Payables: These are subject to confirmation and have been considered as certified by management, with no independent balance confirmations received.

The auditors stated that their opinion is not modified in respect of the matters highlighted under the Emphasis of Matters section, having relied upon assumptions and explanations provided by management.

SecUR Credentials Limited has announced the appointment of CS Sakshi Jitendra Bhandari as Company Secretary and Compliance Officer, effective from 28th April, 2026. The appointment was approved by the Board of Directors at its meeting held on 28th April, 2026, pursuant to the provisions of Regulation 30 read with Schedule III and Regulation 6(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment Details

The company has formally communicated this appointment to both BSE Limited and National Stock Exchange of India Limited through an official intimation. SecUR Credentials is listed on NSE Emerge and trades under the symbol SECURCRED with scrip code 543625.

Profile of Appointee

CS Sakshi Jitendra Bhandari is an Associate Member of the Institute of Company Secretaries of India holding membership number ACS-80262. She possesses requisite knowledge and experience in corporate laws, SEBI compliances, and secretarial matters, making her well-suited for the role of Company Secretary and Compliance Officer.

Corporate Communication

The official intimation was digitally signed by Ashish Ramesh Mahendrakar, Director & CFO of SecUR Credentials Limited, bearing DIN 03584695. The communication was dated 29th April, 2026, and sent from the company's Mumbai office.

SecUR Credentials Limited is headquartered at Mastermind 4, Royal Palms Estate, Office No 428, Aarey Milk Colony, Goregaon East, Mumbai, Maharashtra, with CIN L74110MH2001PLC133050. The company describes itself as India's first background screening company listed on NSE Emerge.