Skil Infrastructure Limited reported a standalone net loss of ₹3,05,242.31 lakhs for the fiscal year ended March 31, 2025, marking a sharp deterioration from a net profit of ₹888.39 lakhs in the previous year. The results, which include a consolidated net loss attributable to owners of ₹2,59,684.19 lakhs, were approved by the Resolution Professional (RP) Committee meeting held on July 29, 2026, in lieu of the suspended Board of Directors. The significant loss is primarily attributed to exceptional items and the ongoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, initiated following an order by the National Company Law Tribunal (NCLT), Mumbai Bench, on February 1, 2024.

The audited financial statements were reviewed by statutory auditors GPS & Associates, who issued a qualified opinion for the sixth consecutive time. The qualification stems from multiple material uncertainties, including the inability to verify admitted claims by the Resolution Professional, inadequate disclosure of going concern risks, and unconfirmed bank balances. Additionally, the auditors noted discrepancies in balances with subsidiary Skil Advanced Systems Private Limited (SKAD) and the absence of an actuarial valuation for gratuity obligations. The NCLAT had previously stayed the constitution of the Committee of Creditors (CoC), but this stay was vacated on October 15, 2025, allowing the CoC to be constituted and approve Mr. Purusottam Behera as the Resolution Professional.

Financial Performance Overview

The company recorded negligible revenue from operations, with total revenue standing at ₹12.52 lakhs for the year, compared to ₹2,611.48 lakhs in FY24. This decline reflects the near-total cessation of operational activities during the insolvency process. Total expenses amounted to ₹79.43 lakhs, including employee benefits of ₹53.72 lakhs and provisions for CIRP costs of ₹17.82 lakhs.

The exceptional loss of ₹3,05,175.40 lakhs includes the reversal of accrued interest of ₹259.10 lakhs booked during February and March 2024, which became non-payable upon the initiation of CIRP. Furthermore, the company recognized an impairment provision of ₹3,05,434.50 lakhs in the cash flow statement, reflecting the write-down of assets.

Balance Sheet and Audit Qualifications

As of March 31, 2025, total assets stood at ₹14,362.07 lakhs, down significantly from ₹3,20,178.13 lakhs in the prior year. This reduction was driven by a substantial decrease in investments, which fell from ₹3,18,783.63 lakhs to ₹612.23 lakhs. The company’s net worth turned negative, with other equity showing a deficit of ₹2,62,438.32 lakhs against equity share capital of ₹21,657.12 lakhs. Current liabilities included borrowings of ₹1,66,756.87 lakhs and other financial liabilities of ₹65,782.02 lakhs.

The audit report highlighted several critical issues. First, the amounts of claims admitted by the RP were not fully aligned with contingent liabilities disclosed by the company, preventing auditors from verifying completeness and accuracy. Second, the financial statements did not adequately disclose the material uncertainty associated with the company’s ability to continue as a going concern. Third, bank balances could not be confirmed due to dormant accounts and lack of alternative audit procedures. Finally, there was a difference of ₹16.49 lakhs in outstanding balances between the company and SKAD, with certain expenses paid by the subsidiary lacking documentary evidence of CoC approval.

What the Numbers Show

The divergence between the minimal operational revenue and the massive exceptional loss underscores that the company’s financial position is now entirely dependent on the outcome of the resolution process rather than business operations. The negative net worth and the qualified audit opinion signal high risk for stakeholders, as the true extent of liabilities remains unascertainable until the CIRP concludes. The reliance on management estimates for gratuity and the inability to verify creditor claims further complicate the assessment of the company’s recoverable value.

SKIL Infrastructure Limited failed to submit the disclosure of encumbered shares under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations for the financial year ended March 31, 2026. The company stated that the ongoing Corporate Insolvency Resolution Process (CIRP) and the absence of cash flow prevented it from coordinating with promoters and intermediaries required for the compliance.

The company has been under CIRP since February 1, 2024, following an order by the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench. The Committee of Creditors (CoC) was constituted after the Hon’ble National Company Law Appellate Tribunal (NCLAT) vacated a stay on October 15, 2025. In the first CoC meeting held on November 3, 2025, Purusottam Behera was appointed as the Resolution Professional.

Regulation 31(4) mandates that the promoter of a target company declare annually that they have not created any encumbrance other than those previously disclosed. Due to the lack of available funds, the company could not facilitate the necessary coordination with the listed entities to fulfill this regulatory requirement.

The following promoters and intermediaries were identified as the parties with whom coordination could not be established:

Consequently, the company is not in a position to submit the required disclosure. The Resolution Professional requested the authorities to note these circumstances and the consequent non-submission of the filing.