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Arshiya Limited (ARSHIYA)

₹0.88 +1.15% last close, 16 Oct

📊 NSE: ARSHIYA 🏢 Logistics Solution Provider 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q3 FY26)

In its latest reported quarter, Q3 FY26, Arshiya's revenue was ₹4.5 Cr (+0.0% year on year, +0.0% on the previous quarter), and net profit ₹-0.1 Cr (a smaller loss than a year earlier); the operating margin was 29.8%.

Q3 FY26 (₹ Cr)	Value	YoY vs Q3 FY25	QoQ
Revenue	₹4.5	+0.0%	+0.0%
Operating profit	₹1.3	-52.3%	from loss
Net profit	₹-0.1	loss narrowed	loss narrowed
EPS (₹)	0.00	loss narrowed	loss narrowed
Operating margin	29.8%	—	—

Full quarterly financials → Results calendar →

ARSHIYA exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 6 sessions in about the last 20.

₹0.88NSE close · +1.15%

Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Arshiya Submits Regulation 74(5) Certificate; Confirms Zero Demat Requests in Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 13 Oct 2026, 09:47 PM

Arshiya Limited, currently undergoing the Corporate Insolvency Resolution Process (CIRP), has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. Registrar and Share Transfer Agent Bigshare Services confirmed that no dematerialization requests were received between July 1, 2026, and September 30, 2026. The submission was signed and authorized by Resolution Professional Pankaj Mahajan.

Bigshare Services reported 0 demat requests received during the period 01-07-2026 to 30-09-2026
Compliance submission made for the quarter and half-year ended September 30, 2026
Filing submitted under the authority of Resolution Professional Pankaj Mahajan (valid up to 31-12-2026)

💡 Track the ongoing Corporate Insolvency Resolution Process (CIRP) disclosures and resolution plan updates rather than routine depository certificates.

Arshiya Closes Trading Window from October 1, 2026 for Q2 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Sep 2026, 07:26 PM

Arshiya Limited has announced the closure of its trading window starting October 1, 2026, ahead of the financial results for the quarter and half year ending September 30, 2026. The restriction applies to promoters, directors, key managerial personnel, and designated persons until 48 hours post-result declaration. The company remains under the Corporate Insolvency Resolution Process (CIRP), managed by Resolution Professional Pankaj Mahajan. The specific date for approving results will be declared subsequently.

Trading window closes effective Thursday, October 1, 2026
Closure will last until 48 hours after financial results for the quarter and half year ending September 30, 2026 are declared
PAN-ISIN freeze framework applied via NSDL per SEBI circular dated May 15, 2025
Company continues under Corporate Insolvency Resolution Process (CIRP)

💡 Track announcements regarding the upcoming meeting date for approval of Q2 FY27 financial results and updates on the ongoing CIRP resolution process.

Arshiya Delays Q1 FY27 Results Amid Ongoing CIRP and Severe Operational Hurdles

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 14 Aug 2026, 06:10 PM

Arshiya Limited informed exchanges of its inability to submit un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. The company remains under the Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT order dated April 23, 2024, with board powers suspended and vested in the Resolution Professional. Finalization has been delayed by data collection bottlenecks following past mass resignations of 50 out of 71 employees, as well as concurrent CIRP at subsidiary Arshiya Northern FTWZ Limited.

Failed to submit standalone and consolidated financial results for the quarter ended June 30, 2026
Operating under CIRP under IBC pursuant to NCLT Mumbai order dated April 23, 2024
Data compilation disrupted by previous sudden resignation of 50 out of 71 employees without notice
Consolidation delayed due to parallel CIRP proceedings at subsidiary Arshiya Northern FTWZ Limited

💡 Track the progress of the NCLT insolvency resolution proceedings and watch for the eventual submission of delayed financial statements.

Arshiya Ltd Clarifies Non-Submission of Consolidated Results Due to Ongoing CIRP

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 28 Jul 2026, 02:23 PM

Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP), has responded to NSE queries regarding the delay in filing Q1 FY25 results and the total absence of consolidated financials. The company cited severe operational constraints, including a 70% staff attrition rate (50 out of 71 employees), which hampered coordination between the Resolution Professional and the finance team. Furthermore, consolidated results could not be prepared as several subsidiaries are also undergoing CIRP and have not finalized their own accounts. The company's financial position remains critical with a negative net worth of ₹1,441 Cr and TTM losses exceeding ₹2,600 Cr.

Company is under CIRP with Mr. Pankaj Mahajan appointed as the Resolution Professional (RP).
Consolidated results were not submitted because subsidiaries are also in CIRP and have not finalized data.
Significant administrative disruption reported due to 70% staff attrition (50 out of 71 employees leaving).
TTM Net Loss stands at ₹2,698 Cr, which is over 100x the current Market Cap of ₹26 Cr.
Net Worth is deeply negative at ₹-1,441 Cr as of the latest available context.

💡 Investors should monitor the NCLT proceedings and the Resolution Professional's ability to find a buyer or restructuring plan, as the company is currently unable to fulfill basic regulatory reporting requirements.

Arshiya Ltd Clarifies Delay in Financial Filings and Non-Submission of Consolidated Results

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 28 Jul 2026, 02:22 PM

Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP), has responded to NSE queries regarding delayed financial filings and the non-submission of consolidated results. The company cited procedural hurdles under CIRP and coordination delays between the Resolution Professional (RP) and auditors for the standalone filing delays. Crucially, consolidated results were not provided because several subsidiaries are also undergoing insolvency proceedings and have not finalized their accounts. This occurs against a backdrop of severe financial distress, with a TTM loss of ₹2,698 Cr and a negative net worth of ₹1,441 Cr.

Company is under CIRP with Mr. Pankaj Mahajan appointed as the Resolution Professional (RP)
Consolidated Financial Results were not submitted as subsidiaries are also under CIRP and have not finalized accounts
Significant administrative strain noted with 70% employee attrition (50 out of 71 staff) impacting compliance
TTM Net Loss of ₹2,698 Cr is over 100x the current Market Cap of ₹26 Cr
Company failed to meet the 30-minute/3-hour disclosure window for board meeting outcomes

💡 Investors should monitor the NCLT proceedings and the Resolution Professional's progress in finding a bidder; however, the deeply negative net worth of ₹1,441 Cr indicates a high risk of total equity impairment.

70% Staff Attrition Cited by Arshiya Ltd for Delay in Financial Filings and Non-Consolidation

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 28 Jul 2026, 02:21 PM

Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP), clarified to the NSE that it could not submit consolidated financial results for the quarter ended December 31, 2024. The company attributed the delay to severe operational challenges, including a 70% staff attrition rate where 50 out of 71 employees resigned. Furthermore, several subsidiaries are also undergoing insolvency proceedings, making account consolidation impossible at this stage. With a negative net worth of ₹1,441 Cr and TTM losses exceeding ₹2,600 Cr, the company's financial position remains extremely precarious.

70% of staff (50 out of 71 employees) resigned between July and August 2024, severely impacting accounting and compliance functions.
Consolidated financial results were not submitted because subsidiaries are also undergoing CIRP and have not finalized their accounts.
TTM Net Loss stands at ₹2,698 Cr, which is over 100x the current market capitalization of ₹26 Cr.
The company's net worth is deeply negative at ₹-1,441 Cr, indicating total equity erosion.
Standalone results were delayed due to coordination challenges between the Resolution Professional, auditors, and the remaining finance team.

💡 Investors should monitor the NCLT proceedings and the Resolution Professional's progress in finding a bidder, as the current equity value is significantly impaired by massive debt and negative net worth.

70% Staff Attrition and CIRP Cited by Arshiya Ltd for Missing Consolidated FY25 Results

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 28 Jul 2026, 02:20 PM

Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP), has clarified to the NSE that it could not submit consolidated financial results for the quarter ended March 31, 2025. The company stated that several subsidiaries are also undergoing insolvency, preventing the finalization of their accounts for consolidation. Furthermore, a massive 70% attrition rate among staff has severely hampered administrative and compliance functions. With a negative net worth of ‑Rs 1,441 Cr and TTM losses of ‑Rs 2,698 Cr, the company's financial position remains extremely precarious.

70% staff attrition (50 out of 71 employees) between July and August 2024 has disrupted financial finalization.
TTM Net Loss stands at ‑Rs 2,698 Cr, which is over 100x the company's current Market Cap of Rs 26 Cr.
Net Worth is deeply negative at ‑Rs 1,441 Cr, indicating severe insolvency.
Consolidated results were not submitted as subsidiaries are also undergoing CIRP and have not finalized their accounts.
The company is currently managed by Resolution Professional Pankaj Mahajan under NCLT supervision.

💡 Investors should closely monitor the NCLT proceedings and the status of any resolution plans, as the current equity value is at extreme risk of being wiped out given the negative net worth.

Arshiya Ltd Clarifies Non-Submission of Consolidated Results Due to Ongoing CIRP

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 28 Jul 2026, 02:19 PM

Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP), responded to NSE queries regarding delayed standalone results and the non-submission of consolidated results for the quarter ended June 30, 2025. The company attributed the delays to procedural hurdles within the CIRP and a massive 70% staff attrition rate (50 out of 71 employees). Consolidated results could not be prepared because several subsidiaries are also undergoing insolvency proceedings and have not finalized their own accounts. The company's financial position remains critical with a negative net worth of ‡1,441 Cr and TTM losses of ‡2,698 Cr.

Company is under CIRP with Mr. Pankaj Mahajan appointed as the Resolution Professional (RP)
70% staff attrition (50 out of 71 employees) cited as a primary cause for administrative and compliance delays
Consolidated results were not submitted as subsidiaries are also under CIRP and have not finalized their accounts
TTM Net Loss stands at ‡2,698 Cr, which is over 100x the current market capitalization of ‡26 Cr
Net worth is deeply negative at ‡-1,441 Cr as of the latest available data

💡 Investors should monitor the NCLT proceedings and the progress of the Resolution Professional in finding a bidder. Given the negative net worth and insolvency status, equity holders face a high risk of total capital loss or extreme dilution.

Arshiya Ltd Clarifies Non-Submission of Consolidated Results Due to Subsidiary Insolvency

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 28 Jul 2026, 02:18 PM

Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP), has responded to NSE queries regarding delayed standalone results and the total absence of consolidated financials for the quarter ended September 2025. The company cited procedural delays and coordination issues with the Resolution Professional (RP) for the standalone filing delay. Crucially, consolidated results were not submitted because several subsidiaries are also undergoing CIRP and have not finalized their accounts. With a negative net worth of ₹1,441 Cr and TTM losses of ₹2,698 Cr, the company's financial reporting remains severely hampered by its insolvency status and a 70% reduction in staff.

Company failed to submit consolidated financial results for the period ended 30-Sep-2025 due to subsidiary insolvency.
Standalone results were delayed beyond the prescribed 30-minute/3-hour window post-approval by the Resolution Professional.
Significant administrative resource constraints cited, including the resignation of 50 out of 71 employees (70% attrition).
Subsidiaries are also undergoing CIRP, preventing the finalization and verification of consolidated accounts.
Company is currently managed by Resolution Professional Mr. Pankaj Mahajan under NCLT orders.

💡 Investors should monitor the NCLT proceedings for any potential resolution plans, while noting that the lack of consolidated data prevents a full assessment of group-level liabilities.

Arshiya Responds to NSE on Delayed Dec 2025 Results and Missing Consolidated Accounts

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 28 Jul 2026, 02:17 PM

Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP), has responded to NSE regarding the delay in filing its Dec 2025 quarter results and the non-submission of consolidated accounts. The company cited severe operational challenges, including a 70% staff attrition rate (50 out of 71 employees) and the fact that its subsidiaries are also undergoing insolvency proceedings. Financially, the company is in extreme distress with a negative net worth of ‡1,441 Cr and TTM losses exceeding ‡2,600 Cr, making the insolvency outcome the primary driver of any remaining value.

70% staff attrition reported with 50 out of 71 employees resigning between July and August 2024, impacting accounting functions.
Consolidated financial results were not submitted because subsidiaries are also undergoing CIRP and have not finalized their accounts.
Company is currently managed by Resolution Professional (RP) Mr. Pankaj Mahajan under NCLT supervision.
Net worth is significantly eroded at ‡-1,441 Cr against a small market cap of ‡26 Cr.
TTM PAT stands at a massive loss of ‡2,698 Cr, largely due to a ‡2,417 Cr loss in Mar 2024.

💡 Investors should monitor NCLT proceedings for any updates on the Resolution Plan. Given the negative net worth and ongoing insolvency, the risk of total equity wipe-out remains high.

Arshiya Ltd Reports Zero Demat Requests for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jul 2026, 03:35 PM

Arshiya Limited, which is currently under the Corporate Insolvency Resolution Process (CIRP), has filed its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that no dematerialization requests were received during the period from April 1, 2026, to June 30, 2026. This is a standard procedural filing required for listed entities to confirm the status of share conversions. Investors should remain focused on the ongoing insolvency proceedings rather than this administrative update.

Zero (0) dematerialization requests were received for equity shares during the quarter.
The reporting period spans from April 1, 2026, to June 30, 2026.
The compliance certificate was issued by Bigshare Services Private Limited on July 14, 2026.
The company remains under Corporate Insolvency Resolution Process (CIRP) as of the filing date.

💡 Investors should monitor the progress of the Corporate Insolvency Resolution Process (CIRP) and any announcements regarding the resolution plan or liquidation status.

Arshiya Ltd Reports 0% Compliance with SEBI Insider Trading Database Regulations

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 15 Jul 2026, 05:36 PM

Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP), has failed to maintain a Structured Digital Database (SDD) for the quarter ended June 30, 2026. The compliance certificate confirms that 8 required events and 1 instance of Unpublished Price Sensitive Information (UPSI) were not recorded as no system exists. This regulatory lapse occurs against a backdrop of severe financial distress, including a negative net worth of ₹1,441 Cr and TTM losses of ₹2,698 Cr. The secretarial auditor noted that implementation was previously suggested but remains ignored by the management/RP team.

8 mandatory events during the June 2026 quarter were not recorded in any digital database
1 UPSI dissemination from the previous quarter remains uncaptured due to system absence
Company is currently under CIRP initiated on April 23, 2024, with a Resolution Professional in charge
Audit trail and non-tamperable records for the required 8-year period do not exist
Recent context shows 70% staff attrition (50 out of 71 employees), severely impacting compliance functions

💡 Investors should monitor the Corporate Insolvency Resolution Process (CIRP) and potential SEBI penalties for non-compliance. The lack of internal controls is a significant risk factor for a company already in deep financial distress.

Arshiya Limited Closes Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jun 2026, 01:30 PM

Arshiya Limited, which is currently under the Corporate Insolvency Resolution Process (CIRP), has announced the closure of its trading window starting July 1, 2026. This is a standard regulatory requirement under SEBI Insider Trading regulations ahead of the declaration of financial results for the quarter ending June 30, 2026. The company's financial position remains extremely stressed, with a TTM net loss of ₹2,698 Cr and a negative net worth of ₹1,441 Cr. The trading window will remain closed until 48 hours after the results are approved by the Resolution Professional.

Trading window closure effective from Wednesday, July 1, 2026, for all designated persons.
Closure will last until 48 hours after the declaration of Unaudited Standalone and Consolidated Financial Results for Q1 FY27.
Company is currently managed by Resolution Professional Pankaj Mahajan under CIRP.
Financial context shows a massive TTM net loss of ₹2,698 Cr against TTM revenue of ₹151 Cr.
Net worth is deeply negative at -₹1,441 Cr as per the latest available financial data.

💡 Monitor the upcoming announcement for the Q1 FY27 result date and any updates regarding the Corporate Insolvency Resolution Process (CIRP) which is the primary driver of the company's future.

Arshiya Ltd Independent Director Ved Prakash Resigns Amid Ongoing Insolvency Process

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 23 Jun 2026, 06:02 PM

Arshiya Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has announced the resignation of Mr. Ved Prakash as a Non-Executive Independent Director. Although the resignation was originally tendered in September 2024, it was formally recorded by the Resolution Professional on February 18, 2026. The director cited his relocation to Dubai and inability to devote sufficient time to the company as the reason for his exit. As the company is under CIRP, the powers of the Board remain suspended and are vested in the Resolution Professional.

Mr. Ved Prakash (DIN: 02988628) resigned as Non-Executive Independent Director effective February 18, 2026.
The resignation was originally submitted on September 4, 2024, but delayed in processing due to CIRP statutory requirements.
Arshiya Limited is currently managed by Resolution Professional Pankaj Mahajan (IBBI Registration No: IBBI/IPA-001/IP-P00836/2017-2018/11420).
The outgoing director holds no other directorships or committee memberships in listed entities.

💡 Investors should note that board changes have limited impact as the company's powers are currently vested in the Resolution Professional. The primary focus should remain on the progress and outcome of the Corporate Insolvency Resolution Process.

Arshiya Limited Independent Director Ved Prakash Resigns Effective February 18, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 23 Jun 2026, 05:55 PM

Mr. Ved Prakash has resigned from his position as a Non-Executive Independent Director of Arshiya Limited, effective February 18, 2026. The resignation is primarily due to his relocation to Dubai, which limits his ability to devote sufficient time to the company's affairs. Arshiya Limited is currently undergoing the Corporate Insolvency Resolution Process (CIRP), and its board powers are suspended and vested in a Resolution Professional. Although the resignation was originally tendered in September 2024, it was formally recorded in February 2026 due to CIRP procedural requirements.

Mr. Ved Prakash (DIN: 02988628) ceased to be a Non-Executive Independent Director on February 18, 2026.
The director cited his residency in Dubai and inability to devote sufficient time as the reason for stepping down.
Arshiya Limited remains under the Corporate Insolvency Resolution Process (CIRP) managed by Resolution Professional Pankaj Mahajan.
The resignation was originally submitted on September 4, 2024, but was only formally processed in 2026 due to statutory CIRP frameworks.

💡 Investors should monitor the developments regarding the Corporate Insolvency Resolution Process (CIRP) as the primary driver of value, as board-level changes are secondary while powers are suspended.

View All ARSHIYA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated Gross Sales fell 13% YoY to INR 269.39 Cr in FY17, primarily due to a commodity production slowdown affecting rail operations. Standalone sales grew 17.37% YoY to INR 76.02 Cr.

Geographic Revenue Split

Operations are split between Western India (Panvel) and Northern India (Khurja). Panvel operations generated INR 109.35 Cr in income for FY17, contributing significantly to the group's core logistics revenue.

Profitability Margins

Consolidated EBIDTA margin was 15.84% in FY17, down from 18.13% YoY. Standalone EBIDTA margin improved significantly to 62.21% from 41.50% YoY due to cost realignment.

EBITDA Margin

Consolidated EBIDTA was INR 42.66 Cr (15.84% margin), a 24% YoY decline. Standalone EBIDTA rose 75.93% YoY to INR 47.29 Cr.

Capital Expenditure

The company is transiting to an asset-light model, signing a term sheet to monetize 6 warehouses (832,000 sq. ft.) for an upfront payment of INR 434 Cr ($94.3 million).

Credit Rating & Borrowing

The company is currently under Corporate Insolvency Resolution Process (CIRP). Restructured debt with EARC stands at INR 1,338 Cr, with an additional INR 1,262 Cr to be converted into equity/OCRPS.

⚙️ Operational Drivers

Raw Materials

Not disclosed in available documents (Logistics services focus on fuel, power, and labor rather than raw materials).

Capacity Expansion

Current rail capacity includes 18 rakes and ~3,000 containers. Planned expansion includes developing 4 million sq. ft. of surplus land within the existing notified FTWZ area.

Raw Material Costs

Cost of operations for Panvel was INR 16.83 Cr in FY17, representing 15.4% of Panvel income. Consolidated finance costs were INR 291.45 Cr, down 15% YoY.

Manufacturing Efficiency

Rail and ICD operations performed lower than envisaged in FY17 due to commodity slowdowns, leading to a 24% drop in consolidated EBIDTA.

Logistics & Distribution

Consolidated revenue reduced by INR 41 Cr in FY17 majorly due to commodity production slowdown affecting rail freight volumes.

📈 Strategic Growth

Expected Growth Rate

17.37%

Growth Strategy

Transitioning to an asset-light model by monetizing 832,000 sq. ft. of warehouse space for INR 434 Cr to reduce debt. The strategy includes partnering with global funds for growth capital and entering long-term lease contracts with marquee global clientele.

Products & Services

Free Trade Warehousing Zone (FTWZ) services, Rail Freight Infrastructure, Inland Container Depot (ICD) services, Transport & Handling, and Domestic Warehousing.

Brand Portfolio

Arshiya

New Products/Services

Value Optimization Services (VOS) and enhanced capacity at existing zones to participate in trade growth.

Market Expansion

Expansion of the North India FTWZ, ICD, and Rail Terminal near Delhi to tap into the Northern India logistics market.

Market Share & Ranking

Pioneer in FTWZ development in India; largest private container train operator with a Pan-Indian presence.

Strategic Alliances

Restructuring agreement with Edelweiss Asset Reconstruction Limited (EARC) to reduce debt by 50% and convert INR 1,262 Cr into equity.

🌍 External Factors

Industry Trends

GST implementation and the development of Dedicated Freight Corridors (DFC) are expected to drive growth in non-bulk traffic and domestic logistics.

Competitive Landscape

Competes with other private container train operators and warehouse developers, but maintains a lead in integrated FTWZ-Rail-ICD models.

Competitive Moat

Pioneer advantage as the only developer operating two FTWZs in India with integrated rail sidings (9.10km siding at Panvel). Moat is sustainable due to high entry barriers in infrastructure and regulatory FTWZ notifications.

Macro Economic Sensitivity

Highly sensitive to commodity production cycles and EXIM trade volumes; FY17 revenue fell 13% due to macro slowdowns.

Consumer Behavior

Emergence of e-commerce and large global retailers is driving demand for sophisticated, duty-deferred warehousing solutions.

Geopolitical Risks

Trade barriers and global trade slowdowns directly impact FTWZ and rail freight demand.

⚖️ Regulatory & Governance

Industry Regulations

Operations governed by FTWZ notifications and the Insolvency and Bankruptcy Code (IBC) 2016 during the current CIRP.

Taxation Policy Impact

Exemption of Service Tax & VAT (15%) on handling and storage inside FTWZ; 0.1% stamp duty exemption on imported containers.

Legal Contingencies

The company is undergoing Corporate Insolvency Resolution Process (CIRP) per NCLT Mumbai order dated April 23, 2024 (Case No. CP (IB)/3143(MB)2019).

⚠️ Risk Analysis

Key Uncertainties

Ongoing CIRP process and the suspension of the Board of Directors; 70% staff attrition disrupting business continuity and financial reporting.

Geographic Concentration Risk

Heavy concentration in Panvel (Western India) and Khurja (Northern India).

Third Party Dependencies

High dependency on the Resolution Professional (Pankaj Mahajan) and the Committee of Creditors (COC) for operational approvals.

Technology Obsolescence Risk

Logistics infrastructure requires continuous upgrades to maintain the 'six-level container storage' efficiency.

Credit & Counterparty Risk

Challenges in data collection from multiple subsidiaries (e.g., ANFL) also undergoing CIRP, impacting consolidated financial accuracy.

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