Sharika Enterprises has secured a work order worth Rs 24.90 crore from East India Udyog Ltd for the supply and installation of power infrastructure under the Ganga Corridor RDSS scheme. The contract involves the deployment of RTUs, FRTUs, FPIs, and SCADA-OMS-DMS infrastructure, with a completion target set for September 2027. This order is intended to bolster the power distribution capabilities in the region.

The work order was issued by East India Udyog Ltd on behalf of Uttarakhand Power Corporation. The project encompasses the supply, installation, and FMS (Field Maintenance Services) of critical smart grid components. The contract is valued at Rs 24,90,00,000 and has been classified as a domestic transaction.

Contract Details

The agreement stipulates that the execution of the contract must be completed by September 2027. The disclosure confirms that the contract does not fall within related party transactions, and the promoter group has no interest in the entity awarding the contract.

The intimation was submitted to BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that all necessary disclosures, including those required under SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, have been attached to the filing.

Sharika Enterprises Limited has reported a net loss of ₹770.51 lakh for the financial year ended March 31, 2026, reversing the net profit of ₹97.19 lakh recorded in the previous fiscal year. Revenue from operations stood at ₹7,515.99 lakh, down from ₹7,950.16 lakh in FY25. The Board of Directors approved the results at a meeting held on May 20, 2026.

Standalone Financial Performance

The company’s total expenses for the year increased to ₹8,625.69 lakh from ₹7,891.04 lakh in the prior year. Finance costs rose to ₹274.72 lakh compared to ₹170.72 lakh in FY25. The basic and diluted earnings per share (EPS) for the year were reported at a loss of ₹1.78 per share, compared to an EPS of ₹0.22 in the previous year.

Qualified Audit Opinion

The statutory auditors issued a qualified opinion on the financial results. The qualification centers on the company’s failure to assess the net realizable value of slow/non-moving inventories amounting to ₹145.69 lakhs. Additionally, the auditors noted that trade receivables aggregating to ₹5,417.79 lakhs include old outstanding balances, and no provision for Expected Credit Losses (ECL) has been computed under Ind AS 109. Advances to suppliers totaling ₹244.62 lakhs also remain unreconciled with no provision for recoverability.

Consolidated Results

On a consolidated basis, the company reported a net loss of ₹890.15 lakh for FY26, widening from the loss of ₹36.18 lakh in the previous year. Total income decreased to ₹7,644.41 lakh from ₹8,212.59 lakh in FY25. The auditors similarly issued a qualified opinion for the consolidated results, citing the same issues regarding inventory, trade receivables, and advances at the holding company level.

Management Commentary

The management attributed the loss to an unprecedented increase in raw material costs, particularly copper, which severely impacted margins. The company also refused certain orders due to price volatility, which affected turnover. Regarding the audit qualifications, management stated that the slow-moving inventory consists of tailor-made products expected to be sold at commercially viable margins and that trade receivables are primarily from state utilities and are considered recoverable.