Talwalkars Better Value Fitness Limited reported a net loss of ₹269.85 lakh for the quarter ended December 31, 2025, as the company continues to operate under new management following its acquisition. The financial results, which were reviewed by the Audit Committee and approved by the Board of Directors on May 30, 2026, show zero revenue from operations for the quarter and the nine-month period ended December 31, 2025. The company's ability to continue as a going concern is subject to material uncertainties regarding pending SEBI approvals and the lifting of trading suspensions on BSE and NSE.

Financial Performance

The company recorded a total expense of ₹269.85 lakh for Q3FY26, driven entirely by depreciation and amortization expenses of ₹269.85 lakh. For the nine months ended December 31, 2025, the net loss stood at ₹809.55 lakh, with total expenses reaching ₹809.55 lakh. In comparison, the net loss for the year ended March 31, 2025, was ₹2,092.86 lakh. The paid-up equity share capital remained constant at ₹3,100.49 lakh with a face value of ₹10 per share.

NCLT Relief and Accounting Changes

Subsequent to the quarter end, the Hon'ble NCLT, Mumbai Bench, pronounced a Relief Order on February 26, 2026. The order legally confirms the reconstitution of the Board and the permanent extinguishment of all pre-transfer dues and liabilities. It also grants the company absolute immunity under Section 32A of the Insolvency and Bankruptcy Code, 2016, for pre-transfer non-compliances. Consequently, the existing equity share capital stands cancelled without payout, and the company is entitled to issue 1,00,00,000 new equity shares.

Pursuant to the NCLT order, the company adopted Fresh Start Accounting effective the Transfer Date, November 7, 2024. Under this method, pre-transfer liabilities have been written back to Capital Reserve, and transferred assets are recorded at management-determined values. The comparative financial information for previous periods has been compiled on a best-effort basis from available fragmented records, as the company was under active liquidation proceedings during those periods and formal Ind AS compliant financial statements were not prepared.

Going Concern and Regulatory Status

The financial results have been prepared on a going concern basis, supported by the legal protections provided by the IBC and the reconstitution of the Board with professional management. However, the company's ability to continue as a going concern depends on the successful completion of pending SEBI approvals, the lifting of the BSE/NSE trading suspension, and the regularization of various regulatory compliances. As of the date of these results, trading in equity shares remains suspended on both exchanges.

Talwalkars Better Value Fitness Limited reported a net loss of ₹269.85 lakh for the quarter ended September 30, 2025, as the company operates under new management following its acquisition. The financial results, approved by the Board of Directors on May 30, 2026, reflect the impact of the Corporate Insolvency Resolution Process (CIRP) and the subsequent adoption of Fresh Start Accounting. The company’s ability to continue as a going concern is subject to material uncertainties, including the lifting of trading suspensions on BSE and NSE and the completion of pending SEBI approvals.

The standalone financial results for Q2FY26 show total expenses of ₹269.85 lakh, driven primarily by depreciation and amortisation expenses of ₹269.85 lakh. Revenue from operations remained at nil for the quarter and the half-year ended September 30, 2025. Consequently, the loss before tax for the quarter stood at ₹269.85 lakh, widening from a loss of ₹505.20 lakh in the corresponding period of the previous year. For the half-year ended September 30, 2025, the net loss was ₹539.70 lakh.

Key Financial Highlights

The following table outlines the financial performance of Talwalkars Better Value Fitness Limited for the quarter and half-year ended September 30, 2025:

NCLT Relief Order and Accounting Changes

The financial statements incorporate the effects of a subsequent event: the NCLT Relief Order dated February 26, 2026. This order legally confirmed the reconstitution of the Board, the permanent extinguishment of all pre-transfer dues and liabilities, and the cancellation of existing equity share capital without payout. Pursuant to this order, the company adopted Fresh Start Accounting effective from the Transfer Date of November 7, 2024. Under this method, pre-transfer liabilities were written back to Capital Reserve, and transferred assets were recorded at management-determined values.

Going Concern and Comparative Figures

The independent auditor’s review report highlighted a material uncertainty regarding the company’s status as a going concern, contingent upon the successful regularisation of regulatory compliances and the resumption of share trading. Additionally, the auditor noted that comparative financial information for previous periods was compiled on a best-effort basis from fragmented records, as the company was under active liquidation proceedings during that time. These figures have not been subjected to the auditor’s review.

Balance Sheet and Cash Flows

As of September 30, 2025, the company’s total assets stood at ₹26,647.89 lakh, comprising non-current assets of ₹22,658.98 lakh and current assets of ₹3,988.90 lakh. Equity and liabilities totaled ₹26,647.89 lakh, with equity at ₹1,704.90 lakh following the cancellation of previous share capital. The unaudited cash flow statement for the six months ended September 30, 2025, reported cash and cash equivalents of ₹3,056.42 lakh, with no net cash generated from operating, investing, or financing activities during the period.