Arshiya Limited Approves Standalone Financial Results for Nine Months Ended December 31, 2025, Amid CIRP
Arshiya Limited, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), has completed the review and approval of its Unaudited Standalone Financial Results for the quarter and nine months ended on December 31, 2025. The Resolution Professional (RP), Mr. Pankaj Mahajan, approved the financials following a review process conducted on May 29, 2026.The company noted that consolidated financial results could not be prepared, as certain subsidiary companies are also undergoing CIRP and have been unable to finalize their financial statements.
The following financial results, presented in Lakhs of Rupees (Rs.), were placed before the Resolution Professional for review and consideration:
| Particulars | Quarter Ended 31.12.2025 (Unaudited) | Quarter Ended 30.09.2025 (Unaudited) | Quarter Ended 31.12.2024 (Unaudited) | Nine Months Ended 31.12.2025 (Unaudited) | Nine Months Ended 31.12.2024 (Unaudited) | Year Ended 31.03.2025 (Audited) |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue from operations | 450.00 | 450.00 | 450.00 | 1,350.00 | 1,029.89 | 1,494.85 |
| Other Income | 12.80 | 20.82 | 414.29 | 40.37 | 922.17 | 837.68 |
| Total Income | 462.80 | 470.82 | 864.29 | 1,390.37 | 1,952.06 | 2,332.53 |
| Expenses | ||||||
| Employee benefits expense | 14.33 | 67.95 | 92.57 | 131.84 | 473.34 | 567.41 |
| Finance costs (net) | 1.05 | 0.01 | 4.47 | 1.06 | 1,821.72 | 1,855.50 |
| Depreciation and amortization expense | 152.73 | 152.85 | 166.55 | 456.76 | 510.58 | 676.15 |
| Legal & Professional | 111.03 | 194.42 | 76.49 | 341.23 | 591.22 | 112.19 |
| Other Expenses & Impairments of receviables | 190.10 | 206.75 | - | 580.30 | 1,061.30 | 1,715.53 |
| Total Expenses | 469.24 | 621.98 | 340.08 | 1,511.19 | 4,489.28 | 4,957.90 |
| Profit/(Loss) before exceptional items and Tax | (6.44) | (151.15) | 524.21 | (120.81) | (2,537.22) | (2,625.37) |
| Exceptional Items (Net) | - | - | (10,197.00) | - | (1,06,820.66) | (1,06,820.66) |
| Profit/(Loss) before tax | (6.44) | (151.15) | (9,672.79) | (120.81) | (1,09,357.88) | (1,09,446.03) |
| Tax expense | - | - | - | - | - | - |
| Net profit/(Loss) after Tax | (6.44) | (151.15) | (9,672.79) | (120.81) | (1,09,357.88) | (1,09,446.03) |
***
Key Financial and Operational Updates
The company's management confirmed that, due to the ongoing CIRP and the status of its subsidiaries, the financial statements are presented on a going concern basis.Impairment and Asset Status:
The auditors noted significant constraints regarding asset valuation.
- Property, Plant & Equipment (PP&E) with a gross block aggregating to Rs 56,666.30 lakhs and inventory of Rs 16,505.97 lakhs as of December 31, 2025, require impairment assessment.
- The inability to obtain a final valuation report pending the Resolution Plan approval restricts the company's ability to impair assets, impacting the accounting of both PP&E and investments.
Corporate Guarantees and Loans:
The company's financial positions regarding guarantees and loans are also subject to ongoing CIRP proceedings:
- The company previously issued a corporate guarantee for subsidiary Arshiya Northern FTWZ Limited (ANFL) to lenders. An NCLT order directed that this claim be reclassified as a secured financial debt.
- The company also holds non-current investments and extended loans to ANFL and a corporate guarantee for a subsidiary, NCR Rail Infrastructure Limited. The valuation of these investments and loans is currently undeterminable, pending the outcome of the respective CIRP proceedings.
Operational Challenges Impacting Reporting:
The audit team highlighted several factors limiting the certainty of the financial records:
- Staffing Shortages: The company reported significant resource shortages, noting that between July 30 and August 2, 2024, 50 out of 71 employees resigned, severely disrupting operations and leading to delays in account finalization.
- Service Termination: The company received termination notices for sub-lease agreements from Ascendas Panvel FTWZ Limited (APFL) and Anomalous Infra Private Limited (APIL) citing 'Event of Default.'
- Audit Review Scope: Due to the ongoing CIRP, the inability to obtain sufficient independent review evidence regarding receivables, payables, and contractual agreements was noted.
The RP, Mr. Pankaj Mahajan, signed the financials on May 29, 2026, with the process of review and consideration having concluded by 9:15 P.M. on the same day. The company continues to manage its affairs as a going concern under the supervision of the Committee of Creditors.
ARSHIYA Stock Price Movement
On Friday, Arshiya Limited shares edged higher, settling at ₹1.18 and recording a gain of 0.85%. The stock traded on a total volume of 46,430 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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