MT Educare Limited announced its unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025, while continuing operations under the Corporate Insolvency Resolution Process (CIRP). The company remains under the management of Resolution Professional Mr. Arihant Nenawati following the NCLT order dated December 16, 2022.

Financial Performance Overview

The company's financial performance for Q3 FY26 reflected the challenging operational environment under CIRP proceedings:

Auditor's Disclaimer and Key Concerns

The statutory auditors MGB & Co LLP issued a disclaimer of conclusion on both standalone and consolidated results, citing several material concerns. The auditors highlighted significant uncertainties regarding the company's ability to continue as a going concern, given the ongoing CIRP proceedings and accumulated losses.

Key issues identified include:

• Unreconciled creditor claims totaling Rs. 22,919.13 lakhs received during CIRP, with Rs. 9,498.87 lakhs admitted
• Outstanding loans and receivables of Rs. 7,268.63 lakhs (standalone) and Rs. 11,010.01 lakhs (consolidated) that are overdue or rescheduled
• Unrecognized interest income of Rs. 573.09 lakhs and Rs. 1,662.88 lakhs for quarter and nine months respectively
• Deferred tax assets of Rs. 6,174.47 lakhs whose recoverability remains uncertain

Corporate Insolvency Resolution Process Status

The CIRP proceedings continue under Resolution Professional Mr. Arihant Nenawati, who replaced the previous professional in January 2024. The Committee of Creditors (COC) was constituted on August 21, 2023, and has been actively involved in the resolution process.

During the CIRP period, claims from 683 creditors amounting to Rs. 22,919.13 lakhs were received, of which 659 claims totaling Rs. 9,498.87 lakhs were admitted. The Resolution Professional has filed an application with the Hon'ble NCLT Mumbai seeking final approval for the resolution of the Corporate Debtor.

Operational Challenges and Asset Issues

The company faces significant operational challenges, including defaults on principal and interest payments to banks and financial institutions, resulting in NPA classification. The auditors noted that comprehensive asset reviews and physical verification of property, plant and equipment have not been conducted.

Additionally, the company has not recognized interest expenses of Rs. 87.55 lakhs and Rs. 261.71 lakhs for the quarter and nine months respectively, totaling Rs. 1,808.82 lakhs up to December 31, 2025.

Subsidiary Operations

The consolidated results include seven subsidiaries: Lakshya Forrum for Competitions Private Limited, MT Education Services Private Limited, Chitale's Personalised Learning Private Limited, Sri Gayatri Educational Services Private Limited, Robomate Edutech Private Limited, Letspaper Technologies Private Limited, and Labh Ventures India Private Limited.

The consolidated financial results showed similar trends with a net loss of Rs. 193.01 lakhs for Q3 FY26 compared to Rs. 531.84 lakhs in the corresponding previous quarter.

MT Educare Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended December 31, 2025, to both BSE and NSE on January 16, 2026. The filing demonstrates the company's adherence to SEBI's Prohibition of Insider Trading Regulations, 2015, despite operating under Corporate Insolvency Resolution Process (CIRP).

Compliance Certificate Details

The compliance certificate was issued by Shravan A. Gupta & Associates, a practicing company secretary firm appointed by MT Educare Limited. The certificate covers the company's compliance with Regulation 3(5) and 3(6) of SEBI's insider trading regulations for the quarter ended December 31, 2025.

Database Management and Security

The certificate confirms that MT Educare maintains a comprehensive digital database system with robust security measures. Key compliance areas include:

• Data Integrity: The database is non-tamperable with proper time stamping
• Access Management: Controlled access with PAN-based identification for all users
• Information Tracking: Complete capture of UPSI nature, date, and time
• Audit Compliance: Maintained audit trail for all database activities

During the quarter ended December 31, 2025, the company was required to capture 1 event and successfully recorded this event in the database.

Corporate Status Under CIRP

MT Educare Limited continues to operate under Corporate Insolvency Resolution Process, which commenced on December 16, 2022, following an order from the National Company Law Tribunal, Mumbai. The company's current Resolution Professional is Arihant Nenawati, who was appointed on January 22, 2024, replacing the previous Interim Resolution Professional.

Regulatory Compliance

The submission fulfills MT Educare's regulatory obligations under SEBI's insider trading regulations. The certificate indicates that while there was some delay in recording certain events, all required compliance parameters were met during the quarter. The company maintains internal database management with appropriate security measures to prevent tampering and ensure data integrity.

The compliance certificate serves as a quarterly disclosure requirement, demonstrating the company's commitment to maintaining transparency and regulatory adherence even while undergoing the insolvency resolution process.