VXL Instruments Limited has released its unaudited financial results for the third quarter of fiscal year 2026, covering the period ended December 31, 2025. The announcement comes as the company continues to operate under the Corporate Insolvency Resolution Process (CIRP), which commenced following an order from the Hon'ble National Company Law Tribunal (NCLT) Mumbai Bench on November 26, 2024.

Resolution Professional Committee Meeting

The quarterly results were formally approved during a Resolution Professional Committee meeting held on February 14, 2026, from 3:00 PM to 4:15 PM. This meeting was conducted in lieu of the suspended Board of Directors, with Resolution Professional Jayanti Lal Jain overseeing the proceedings. The meeting focused on taking the unaudited standalone financial results on record pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Corporate Insolvency Resolution Process Status

VXL Instruments Limited entered CIRP under the provisions of the Insolvency and Bankruptcy Code, 2016. The company's Board of Directors powers have been suspended and are currently being exercised by the appointed Resolution Professional. Jayanti Lal Jain serves as the Resolution Professional, with registration number IBBI/IPA-001/IP-P-01792/2019-2020/12845 and AFA validity until June 30, 2027.

Auditor's Disclaimer and Key Concerns

YCRJ & Associates, the company's statutory auditors, have issued a disclaimer of conclusion regarding the Q3 FY26 financial results. The auditors highlighted several significant concerns that prevented them from expressing a conclusion on the financial statements:

Financial Position Challenges

The auditors identified multiple areas of concern in their review:

• Bank Account Verification: Unable to obtain account statements or direct balance confirmations for one bank account under "Cash and Cash Equivalents" with a carrying value of Rs. 95,733 as of December 31, 2025
• GST Input Credit: Other Current Assets include Goods and Service Tax Input Credit worth Rs. 0.87 crore related to the company's erstwhile trading division, which has ceased operations and remains outstanding for over two years
• Going Concern Issues: The company has incurred losses in both current and previous years, faces challenges meeting obligations and servicing current liabilities including employee and statutory dues

Regulatory Compliance

Despite operating under CIRP, VXL Instruments continues to fulfill its regulatory obligations under SEBI listing requirements. The company submitted its unaudited financial results along with the Limited Review Report by statutory auditors to BSE Limited, where it trades under scrip code 517399. The results were prepared in accordance with Indian Accounting Standard 34 (Ind AS 34) for Interim Financial Reporting.

The financial results have been prepared on a going concern basis, anticipating a successful outcome of the resolution proposal currently under consideration through the CIRP process. However, the auditors have expressed material uncertainty regarding the company's ability to continue as a going concern given its current financial and operational challenges.

VXL Instruments Limited has announced that its Resolution Professional will hold a meeting on February 13, 2026, to approve the company's unaudited financial results for the third quarter of fiscal year 2026. The meeting comes as the company continues to operate under the Corporate Insolvency Resolution Process (CIRP), with the Resolution Professional taking on responsibilities typically handled by the Board of Directors.

Corporate Insolvency Resolution Process Status

The company entered CIRP following an order from the Hon'ble National Company Law Tribunal, Mumbai Bench, passed on November 26, 2024. The order was received by the Interim Resolution Professional on December 3, 2024, marking the official commencement of the insolvency proceedings.

Resolution Professional Appointment

Jayanti Lal Jain was initially appointed as the Interim Resolution Professional under the admission order. Following the first meeting of the Committee of Creditors held on December 30, 2024, Jain was formally appointed as the Resolution Professional based on the voting conducted on that date.

Regulatory Compliance During CIRP

Under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, several provisions become inapplicable during the insolvency resolution process. The Resolution Professional now fulfills the roles and responsibilities typically assigned to:

• Board of Directors (Regulation 17)
• Audit Committee (Regulation 18)
• Nomination and Remuneration Committee (Regulation 19)
• Stakeholders Relationship Committee (Regulation 20)
• Risk Management Committee (Regulation 21)

Upcoming Financial Results Meeting

The Resolution Professional will consider and approve the unaudited financial results on a standalone basis for the quarter ended December 31, 2025. The meeting is scheduled for Friday, February 13, 2026, and will include a Limited Review Report accompanying the financial results.

The announcement was made in compliance with Regulation 29(1)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring stakeholders are informed about the scheduled meeting for financial results approval.