Vikas WSP Limited reported a widened net loss of ₹669.75 crore for the financial year ended March 31, 2026, compared to a net loss of ₹266.10 crore in the previous year, as the company continues to face significant operational challenges under the Corporate Insolvency Resolution Process (CIRP). The company recorded zero revenue from operations for the year, while other income declined to ₹25.75 lakh from ₹26.94 lakh in FY25. For the quarter ended March 31, 2026, the net loss stood at ₹40.71 crore.

The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, at a meeting held on May 28, 2026. The results were reviewed by the Audit Committee before approval. The statutory auditors, A.K. Chadda & Co., issued a qualified opinion on the financial results, citing material uncertainties and non-compliance with Indian Accounting Standards (Ind AS).

The auditors highlighted that the company has not assessed the impairment of tangible assets as required by Ind AS 36 or considered the impact of events after the reporting period under Ind AS 10. Additionally, a comprehensive review of assets and liabilities, including trade receivables and statutory dues, could not be conducted due to the non-availability of records and documentary evidence. Consequently, the auditors stated they are unable to comment on the required adjustments to the carrying amounts of assets and liabilities.

The financial statements have been prepared on a going concern basis, despite the company incurring continuous losses and current liabilities exceeding current assets. The Committee of Creditors approved a resolution plan submitted by M/s Arcbolt Space and Foods Private Limited in August 2022, which is pending approval by the National Company Law Tribunal (NCLT). The auditors noted they could not obtain sufficient evidence regarding the use of the going concern basis due to the pending CIRP.

Financial Performance

The company reported a total comprehensive loss of ₹663.63 crore for FY26, compared to ₹264.94 crore in the previous year. Earnings per share (EPS) for the year worsened to a loss of ₹3.25 from a loss of ₹1.30 in FY25. The total expenses for the year increased significantly to ₹1,077.79 crore, driven largely by other expenses which rose to ₹1,065.82 crore from ₹93.36 lakh in the prior year.

Key Audit Qualifications

The auditors identified several material issues, including the non-production of the Fixed Asset Register, which prevents verification of property, plant, and equipment values. Share application money amounting to ₹850 lakh remains outstanding without refund or allotment, violating Section 42 of the Companies Act, 2013. Furthermore, the transmission of 16,977,332 shares held by a deceased shareholder has not been processed.

The Board also appointed M/s. Gambhir Khurana & Associate as the internal auditor for FY2026-27 and Neeraj Soni & Company as the secretarial auditor for the financial year ended March 31, 2025. The company scheduled its 37th Annual General Meeting for June 24, 2026, and the 38th AGM for July 28, 2026, via video conferencing.

Vikas WSP Limited has announced that its suspended Board of Directors will meet on Thursday, May 28, 2026. The meeting has been convened in accordance with Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The primary agenda for the board meeting is to consider and approve the audited financial results of the company for the quarter and financial year ended as on March 31, 2026. The board will also review the report submitted by the statutory auditors on these financial results.

Agenda Items

The meeting will focus on the following key points:

• Consideration and approval of the Audited Financial Results for the quarter and financial year ended March 31, 2026.
• Review of the statutory auditors' report on the financial results.
• Discussion on ongoing business propositions.
• Consideration of any other business with the permission of the chair.

Corporate Status

It is noted that Vikas WSP Limited is currently under the corporate insolvency resolution process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. The affairs, business, and assets of the company are being managed by the Interim Resolution Professional, Mr. Darshan Singh Anand. Consequently, the powers of the board of directors are vested in the Interim Resolution Professional.

The intimation regarding the board meeting was signed by Saroj Kumar Senapati, Company Secretary & Compliance Officer, on behalf of Vikas WSP Limited under CIRP.