SRM Energy Limited has issued a comprehensive corrigendum to its Letter of Offer dated February 04, 2026, addressing observations from SEBI and providing enhanced disclosures regarding the ongoing open offer by Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi.

Corrigendum Submission and Regulatory Compliance

Sobhagya Capital Options Private Limited, the Manager to the Offer, submitted the corrigendum dated February 12, 2026, to BSE Limited. The document addresses SEBI's observations and incorporates additional risk factor disclosures as required by regulatory guidelines.

Subsidiary Divestment Disclosure

The corrigendum provides detailed disclosure regarding the divestment of SRM Energy Tamilnadu Private Limited, a wholly owned subsidiary, to the Selling Promoter. The subsidiary had accumulated loan liabilities of approximately Rs 43.27 crore and had approached the National Company Law Tribunal under the Insolvency and Bankruptcy Code for Corporate Insolvency Resolution Process.

Offer Price Methodology and Valuation

The corrigendum clarifies the valuation methodology employed by Mr. Manoj Kumar Jain, FCA, an independent Chartered Accountant and Registered Valuer. Multiple approaches were considered in accordance with SEBI regulations:

Target Company Financial Position

The document reveals the deteriorating financial condition of SRM Energy Limited, with negative net worth continuing to worsen across reporting periods.

Contingent Liabilities Resolution

The corrigendum addresses various contingent liabilities, including income tax demands and TDS issues. Most historical tax demands have been resolved, with payments completed during the current financial year.

Shareholder Complaints and Resolution

The document addresses complaints received from Krishkan Investment Private Limited through SEBI SCORES platform regarding the SPA price basis and offer price justification. The company provided comprehensive responses addressing all queries raised by the complainant.

The corrigendum confirms that no other complaints have been received regarding the open offer, and all regulatory compliance requirements have been met. The Letter of Offer and corrigendum are available on multiple platforms including SEBI, BSE, and the manager's websites for shareholder access.

SRM Energy Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, revealing continued operational challenges and mounting financial pressures. The company, which has no active business operations, reported a net loss of ₹9.80 lakhs for Q3 FY26, showing a marginal improvement from the ₹11.55 lakhs loss recorded in the corresponding quarter of the previous year.

Financial Performance Overview

The company's financial performance reflects its non-operational status, with zero revenue from operations across all reported periods. The quarterly results demonstrate the company's ongoing struggle with operational expenses despite having no business activities.

Nine-Month Performance Analysis

The nine-month period ended December 31, 2025, presented a more concerning picture with substantially higher losses compared to the previous year. The company reported a net loss of ₹161.53 lakhs for the nine months, representing a significant deterioration from the ₹28.88 lakhs loss in the corresponding period of FY25.

Expense Structure and Cost Management

The company's expense structure for Q3 FY26 consisted primarily of employee benefits expense amounting to ₹7.12 lakhs and other expenses of ₹2.68 lakhs. Employee benefits expense showed a slight increase from ₹6.54 lakhs in Q3 FY25 to ₹7.12 lakhs in Q3 FY26. The nine-month period revealed a substantial spike in other expenses, rising from ₹9.23 lakhs in FY25 to ₹144.32 lakhs in FY26.

Going Concern and Financial Position

The company faces significant financial challenges that raise material uncertainty about its ability to continue as a going concern. Key concerns include:

• Accumulated losses have fully eroded the company's net worth
• Current liabilities exceed current assets as of December 31, 2025
• Employee salary dues of ₹24.43 lakhs remain unpaid
• No active business operations generating revenue

The auditors have issued a qualified opinion highlighting these material uncertainties regarding the company's continuity as a going concern and its ability to meet financial and operational obligations.

Corporate Developments

SRM Energy Limited is currently undergoing an acquisition process through an open offer initiated by acquirers as per SEBI regulations. The company's ability to meet statutory and administrative obligations depends on financial support from the parent company or prospective acquirer. During the previous quarter, the company liquidated its investment in erstwhile subsidiary SRM Energy Tamilnadu Private Limited for ₹1.00 lakh, transferring the shares to parent company Spice Energy Private Limited.

Capital Structure

The company maintains a paid-up equity share capital of ₹906.00 lakhs with a face value of ₹10 per share, which has remained unchanged across all reported periods. The earnings per share for Q3 FY26 stood at ₹(0.11) on both basic and diluted basis, showing improvement from ₹(0.13) in the corresponding quarter of the previous year.