Vikas WSP Limited announced its unaudited financial results for the quarter ended December 31, 2025, following the board meeting held on February 13, 2026. The company reported a net loss of ₹872.48 lakhs for Q3FY26, compared to a net loss of ₹870.77 lakhs in the corresponding quarter of the previous year.

Q3FY26 Financial Performance

The company's financial performance for the third quarter reflects its ongoing operational challenges under the Corporate Insolvency Resolution Process (CIRP). Total income from operations stood at ₹6.22 lakhs, derived entirely from other income, as the company reported no revenue from operations during the quarter.

Nine-Month Performance Overview

For the nine months ended December 31, 2025, the company recorded a total income of ₹17.36 lakhs against total expenses of ₹2,643.28 lakhs, resulting in a net loss of ₹2,625.92 lakhs. This compares to a net loss of ₹2,620.33 lakhs for the corresponding nine-month period in the previous year.

Corporate Insolvency Resolution Process Status

Vikas WSP Limited continues to operate under CIRP, which commenced on February 2, 2022, following an order from the National Company Law Tribunal (NCLT), Chandigarh Bench. Mr. Darshan Singh Anand serves as the Resolution Professional, having been confirmed by the Committee of Creditors on March 17, 2022.

Auditor's Qualified Opinion

A.K. Chadda & Co., the company's auditors, issued a qualified review report highlighting several concerns. The auditors noted that the company has not assessed impairment of tangible assets as required by Indian Accounting Standards, and comprehensive review of assets and liabilities remains pending due to incomplete handover of records by previous management.

Key Operational Challenges

The company faces significant operational constraints, including incomplete access to historical records due to a ransomware attack that affected data before April 1, 2021. The Resolution Professional has filed an application under Section 19(2) of the Insolvency and Bankruptcy Code to enforce rights to information from the erstwhile management.

The company's earnings per share stood at ₹(0.43) for Q3FY26, with a paid-up equity share capital of ₹2,044.40 lakhs. The financial results were prepared under the going concern basis, pending approval of the resolution plan by NCLT.

Vikas WSP Limited has provided an update on its ongoing National Company Law Tribunal (NCLT) proceedings, informing BSE that the hearing for resolution plan approval has been rescheduled to March 16, 2026. The company, which has been under Corporate Insolvency Resolution Process (CIRP) since February 2, 2022, disclosed these developments under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements.

NCLT Proceedings Update

The company's latest disclosure reveals the status of multiple applications before the NCLT Chandigarh Bench. During the January 21, 2026 hearing, the tribunal extensively heard matters related to applications seeking cooperation from the company's ex-management, while the resolution plan approval could not be addressed.

Corporate Insolvency Resolution Process

Vikas WSP Limited has been operating under CIRP since February 2, 2022, following an order from the NCLT Chandigarh Bench. The company's affairs, business operations, and assets are currently managed by Resolution Professional Darshan Singh Anand, who holds IP Registration No. IBBI/IPA-002/IPN00326/2017-2018/10931.

The Resolution Professional was initially appointed by the NCLT and later continued by the Committee of Creditors (CoC) during their meeting held on March 17, 2022. Under the CIRP framework, the powers of the board of directors have been vested in the Resolution Professional.

Regulatory Compliance

The disclosure was made in continuation of the company's previous communication dated December 15, 2025, ensuring compliance with regulatory requirements. The company has confirmed that this information will also be uploaded on its official website at www.vikaswspltd.in .

The company operates from its registered office at B-86/87, Udyog Vihar, RIICO, Industrial Area, Sriganganagar, Rajasthan, and maintains ISO 9001 and ISO 14001 certifications along with HACCP registration. The next hearing on March 16, 2026, will be crucial for determining the progress of the resolution plan approval process.