Vikas WSP reports net loss of ₹66.97 crore in FY26

Vikas WSP Limited has reported a net loss of ₹66.97 crore for the financial year ended March 31, 2026, widening from the net loss of ₹26.61 crore recorded in the previous year. The company's total income from operations for the year stood at ₹25.75 lakh, a decrease from ₹26.34 lakh in FY25. For the quarter ended March 31, 2026, the company posted a net loss of ₹40.71 crore on a total income from operations of ₹8.39 lakh.

The company is currently under the Corporate Insolvency Resolution Process (CIRP) pursuant to the Insolvency and Bankruptcy Code, 2016, with affairs managed by Resolution Professional Mr. Darshan Singh Anand. The audited financial results for the quarter and year ended March 31, 2026, were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 28, 2026. The Independent Auditor's Report of the Statutory Auditors is being filed with the Stock Exchange.

Vikas WSP Limited has scheduled its 37th Annual General Meeting (AGM) for Wednesday, June 24, 2026, at 11:30 AM IST through video conferencing. The meeting will be conducted in compliance with the Ministry of Corporate Affairs and Securities and Exchange Board of India regulations. Pursuant to Section 91 of the Act and Regulation 42 of the SEBI Listing Regulations, 2015, the Register of Members and Share Transfer Books of the company will remain closed from June 18, 2026, to June 24, 2026 (both days inclusive).

Financial Results Summary

The following table outlines the standalone audited financial results for the quarter and year ended March 31, 2026:

Particulars	Quarter Ended March 31, 2026 (Audited)	Year Ended March 31, 2026 (Audited)
Total Income from operations	₹8.39 lakh	₹25.75 lakh
Net Profit/ Loss for the period after tax	(₹40.71 crore)	(₹66.97 crore)
Equity Share Capital (Face value of ₹1/- each)	₹2,044.04 crore	₹2,044.04 crore
Earning per share (Basic)	(₹1.96)	(₹3.25)

Shareholder Communication

Shareholders who have not registered their email addresses are requested to update their details to receive the Notice of the AGM and Integrated Annual Report electronically. Members holding shares in electronic form must update their information with their Depository Participant. Those holding shares in physical form must submit the prescribed Form ISR-1 and other relevant forms to the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.06%	+2.06%	+2.06%	-18.18%	-33.56%	-85.25%

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.

Particulars	Year ended Mar 31, 2026 (Audited)	Year ended Mar 31, 2025 (Audited)
Total Income from Operations	25.75	26.94
Revenue from operations	-	-
Other income	25.75	26.94
Total Expenses	10,777.89	3,576.32
Employee benefits expense	69.69	66.96
Other expenses	10,658.24	93.36
Net Profit/(Loss) for the period	(6,697.57)	(2,661.07)
Earnings Per Share (Basic)	(3.25)	(1.30)

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.