Arshiya Limited Approves FY25 Standalone Results Under Corporate Insolvency Resolution Process

Arshiya Limited Approves FY25 Standalone Results Under Corporate Insolvency Resolution Process​

Arshiya Limited, which is currently undergoing Corporate Insolvency Resolution Process (CIRP), has finalized and taken on record its Audited Standalone Financial Results for the quarter and financial year ended March 31, 2025. The process was conducted by the Resolution Professional (RP), Mr. Pankaj Mahajan, and concluded on April 28, 2026.

As the company's Board of Directors’ powers are suspended and vested with the RP, Mr. Pankaj Mahajan discharged the functions related to the financial reporting. The RP confirmed that while the Audited Standalone Financial Results were completed, the Consolidated Financial Results for the quarter and financial year ended March 31, 2025, could not be prepared due to constraints and limitations related to the CIRP involving several subsidiary companies.

Standalone Financial Performance (As of March 31, 2025)​

The audited standalone results show the company's financial standing and performance over the reporting period. The figures are presented in Rupees (Rs.) in Lakhs.

Balance Sheet Snapshot:
The total assets of Arshiya Limited stood at 1,44,369.94 during the year ended March 31, 2025. The company’s total liabilities matched this amount, against equity totaling (1,44,030.12).


Profit and Loss Summary:
The financial performance reflected a cumulative loss for the year ended March 31, 2025.


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Audit and Operational Observations​

The associated audit report highlighted several critical areas regarding compliance and financial reporting.

Key Accounting Observations:
The audit report noted potential non-compliance with Indian Accounting Standards (Ind AS) concerning several areas, including:

• Revenue Recognition (Ind AS 115): Concerns were raised over revenue and trade receivables of 31497.19 lakhs recognized from Ascendas Panvel FTWZ Limited pertaining to F.Y. 2024-25, noting the lack of executed contracts or customer acceptance.
• Impairment and Recoverability: Issues were noted regarding the non-recognition of write-offs related to subsidiary loans and investments, specifically mentioning a non-current investment and loans to Arshiya Northern FTWZ Limited (ANFTWZ) aggregating to Rs 57,538.95 lakhs. The auditor stated that a provision for impairment should have been made.
• Guarantees (Ind AS 109): It was observed that the company failed to carry out a fair valuation of corporate guarantees given to subsidiary companies, with principal debt obligations aggregating to Rs. 1,22,350.00 lakhs.

Going Concern and Management Status:
The company's operations are managed on a going concern basis, as per the requirement of the Insolvency and Bankruptcy Code, 2016. The audit reports also pointed out significant operational challenges, including:

• A financial position showing current liabilities exceeding current assets by Rs. 2,51,396.26 lakhs as of March 31, 2025.
• The management having not conducted necessary impairment tests for Property, Plant & Equipment, investments in subsidiaries, and inventory, as required by Ind AS 36 and Ind AS 2.

The audit report emphasized that the ability of the company to continue as a going concern is dependent upon the successful completion of the ongoing CIRP process.

ARSHIYA Stock Price Movement​

On Tuesday, Arshiya Limited shares edged higher, settling at ₹1.2, a notable 0.84% gain for the session. Despite the positive close, the stock remained near its 52-week low of ₹1.14 and saw a modest turnover of 281,342 shares.