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ARSHIYA - Arshiya

📊 NSE: ARSHIYA 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 18:30

📢 Recent Corporate Announcements

Arshiya Ltd Schedules 43rd & 44th AGMs for March 27, 2026; Releases FY24 & FY25 Annual Reports

🔵 WATCH ⭐ 4/10

ROUTINE 📅 10 Mar 2026, 01:24 PM

Arshiya Limited, currently under the Corporate Insolvency Resolution Process (CIRP), has scheduled its 43rd and 44th Annual General Meetings for March 27, 2026. The company has released the Annual Reports for both FY 2023-24 and FY 2024-25, providing them via web links to shareholders whose email addresses are not registered. The e-voting period for these meetings is set for March 24 to March 26, 2026, with a cut-off date of March 20, 2026. This move ensures compliance with SEBI regulations regarding shareholder communication during the insolvency process.

43rd and 44th AGMs to be held on March 27, 2026, via Video Conferencing.
Annual Reports for two consecutive financial years (2023-24 and 2024-25) released simultaneously.
E-voting window opens on March 24, 2026, at 9:00 AM and closes on March 26, 2026, at 5:00 PM.
Cut-off date for e-voting eligibility is fixed as Friday, March 20, 2026.
Company remains under Corporate Insolvency Resolution Process (CIRP) managed by Resolution Professional Pankaj Mahajan.

💡 Investors should carefully review the newly released Annual Reports for FY24 and FY25 to assess the company's financial position and the progress of the insolvency resolution. Extreme caution is advised as the company is under CIRP, which typically involves significant risk to equity shareholders.

Arshiya Ltd Appoints Internal Auditor for FY 2023-24 to FY 2025-26 During Insolvency Process

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 25 Feb 2026, 04:39 PM

Arshiya Limited, which is currently under the Corporate Insolvency Resolution Process (CIRP), has appointed M/s. Anupam Parashar & Co. as its Internal Auditor. The appointment spans three financial years: 2023-24, 2024-25, and 2025-26, to ensure statutory compliance and internal financial controls. As the Board of Directors is suspended, the Resolution Professional, Mr. Pankaj Mahajan, exercised the powers to make this appointment. The auditor is tasked with submitting individual reports for each respective year to the Committee of Creditors.

Appointment of M/s. Anupam Parashar & Co. as Internal Auditor for three consecutive years (FY24, FY25, and FY26).
The appointment was approved by Resolution Professional Pankaj Mahajan under the Insolvency and Bankruptcy Code, 2016.
The firm will conduct audits and submit individual reports for each financial year to maintain financial controls during CIRP.
The appointment will be placed before the Committee of Creditors (CoC) for information and ratification.

💡 As the company is currently under the Corporate Insolvency Resolution Process, investors should exercise extreme caution and focus on the progress of the resolution plan rather than routine compliance updates.

Arshiya Ltd Appoints Internal Auditor for FY 2023-24 to FY 2025-26 During CIRP

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 25 Feb 2026, 04:38 PM

Arshiya Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has appointed M/s. Anupam Parashar & Co. as its Internal Auditor. The appointment spans three financial years: 2023-24, 2024-25, and 2025-26, to ensure statutory compliance and internal financial controls. This decision was made by the Resolution Professional, Pankaj Mahajan, as the company's Board of Directors remains suspended. The move aims to regularize financial reporting and oversight during the ongoing insolvency proceedings.

M/s. Anupam Parashar & Co. appointed as Internal Auditor for FY 2023-24.
Firm re-appointed for subsequent financial years 2024-25 and 2025-26.
Appointment approved by Resolution Professional under Sections 17 and 23 of the IBC.
Auditor to submit individual Internal Audit Reports for each of the three financial years.
Action taken to maintain adequate internal financial controls while the company is in CIRP.

💡 Investors should view this as a routine administrative step to maintain compliance during insolvency; the primary focus remains on the outcome of the CIRP process. No immediate action is required based solely on this auditor appointment.

Arshiya Ltd Submits Delayed Q1 FY26 SEBI Compliance Certificate Amid Ongoing CIRP

🔵 WATCH ⭐ 3/10

REGULATORY 📅 18 Feb 2026, 06:52 PM

Arshiya Limited, currently undergoing the Corporate Insolvency Resolution Process (CIRP) since April 2024, has submitted its Regulation 74(5) certificate for the quarter ended June 30, 2025. The company's Registrar and Share Transfer Agent, Bigshare Services, confirmed that no dematerialization requests were received during the period from April 1, 2025, to June 30, 2025. The filing was significantly delayed due to administrative constraints arising from the insolvency proceedings. The Resolution Professional is now working to regularize all pending statutory filings as systems have stabilized.

Arshiya Limited has been under Corporate Insolvency Resolution Process (CIRP) since April 23, 2024.
The SEBI Regulation 74(5) certificate for the quarter ended June 30, 2025, was filed with a delay on February 18, 2026.
Registrar Bigshare Services confirmed zero dematerialization requests were received during the Q1 FY26 period.
The Resolution Professional, Pankaj Mahajan, is overseeing the regularization of statutory filings.

💡 Investors should exercise extreme caution as the company remains in insolvency proceedings, which typically involve high risk to equity holders. The regularization of filings is a procedural step and does not indicate a change in the company's distressed financial status.

Arshiya Ltd Submits Delayed Q1 FY26 SEBI Regulation 74(5) Compliance Certificate

🔵 WATCH ⭐ 3/10

REGULATORY 📅 18 Feb 2026, 06:50 PM

Arshiya Limited has filed its SEBI Regulation 74(5) certificate for the quarter ended June 30, 2025, nearly eight months after the period ended. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP), which was initiated on April 23, 2024, by a financial creditor. The Registrar, Bigshare Services, reported that zero dematerialization requests were received during the April-June 2025 period. The Resolution Professional noted that administrative constraints caused the delay but claims systems are now stabilized for future filings.

Delayed submission of Regulation 74(5) certificate for the quarter ended June 30, 2025, filed in February 2026.
Company has been under Corporate Insolvency Resolution Process (CIRP) since April 23, 2024.
Registrar Bigshare Services confirmed that 0 dematerialization requests were received during the quarter.
Management attributes the filing delay to administrative and procedural constraints under the ongoing CIRP.

💡 Investors should remain extremely cautious as the company is in insolvency proceedings, which carries a high risk of equity wipeout. Routine compliance filings like this do not reflect a change in the underlying financial distress or the CIRP outcome.

Arshiya Ltd Submits Delayed Q2 FY25 Reg 74(5) Compliance Certificate Amid CIRP

🔵 WATCH ⭐ 3/10

REGULATORY 📅 18 Feb 2026, 06:44 PM

Arshiya Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP) since April 23, 2024, has filed its Regulation 74(5) compliance certificate for the quarter ended September 30, 2024. The submission was significantly delayed until February 2026 due to administrative constraints arising from the insolvency proceedings. The Registrar, Bigshare Services, confirmed that no dematerialization requests were received for equity shares during the period from July 1, 2024, to September 30, 2024. The company is now attempting to regularize its statutory filings as the CIRP process stabilizes.

CIRP initiated on April 23, 2024, under Section 7 of the Insolvency and Bankruptcy Code.
Zero dematerialization requests received for the quarter ended September 30, 2024.
Delayed compliance certificate submitted on February 18, 2026, for the 2024 period.
Company is working to regularize all pending statutory filings with the Stock Exchanges.

💡 Exercise extreme caution as the company is in insolvency; monitor the CIRP progress for any resolution plan updates. The regularization of filings is a procedural step and does not indicate a financial turnaround.

Arshiya Ltd Submits Delayed Q2 FY25 Compliance Certificate Amid Ongoing Insolvency Process

🔵 WATCH ⭐ 3/10

REGULATORY 📅 18 Feb 2026, 06:38 PM

Arshiya Limited has filed its Regulation 74(5) compliance certificate for the quarter ended September 30, 2024, after a significant delay. The company has been under the Corporate Insolvency Resolution Process (CIRP) since April 23, 2024, following an application by a financial creditor under the IBC. Bigshare Services, the Registrar, confirmed that no dematerialization requests were processed during the July-September 2024 period. The management noted that administrative constraints during the CIRP caused the delay and they are now working to regularize all statutory filings.

Company is under Corporate Insolvency Resolution Process (CIRP) since April 23, 2024.
Zero dematerialization requests were received for equity shares during Q2 FY25 (July-Sept 2024).
The filing for the period ending September 2024 was submitted in February 2026 due to CIRP delays.
The insolvency process was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016.

💡 Investors should exercise extreme caution as the company is in insolvency proceedings, which poses a high risk of total capital loss. Monitor the Resolution Professional's updates regarding the CIRP outcome rather than routine compliance filings.

NCLT Approves JSW Infrastructure's Resolution Plan for Arshiya's Rail Subsidiary

🔵 WATCH ⭐ 8/10

LEGAL 📅 12 Feb 2026, 03:47 PM

The NCLT Mumbai Bench has approved the resolution plan submitted by JSW Infrastructure Limited for NCR Rail Infrastructure Limited, a wholly-owned subsidiary of Arshiya Limited. The subsidiary, which was under the Corporate Insolvency Resolution Process (CIRP), reported a revenue of ₹1009.56 Lakhs and a significantly negative net worth of ₹2,14,273.05 Lakhs. This development marks a critical step in the restructuring of Arshiya Limited's assets, although the parent company itself remains under CIRP. The implementation of the plan by JSW Infrastructure is currently in progress.

NCLT Mumbai Bench-II approved the Resolution Plan for NCR Rail Infrastructure Limited under Section 31 of IBC.
JSW Infrastructure Limited has been named the successful resolution applicant for the wholly-owned subsidiary.
The subsidiary reported a revenue of ₹1009.56 Lakhs and a negative net worth of ₹2,14,273.05 Lakhs in the last financial year.
Arshiya Limited, the parent company, continues to remain under the Corporate Insolvency Resolution Process (CIRP).

💡 Investors should exercise extreme caution as the parent company is still under insolvency; while the subsidiary resolution is a progress marker, it does not guarantee recovery for Arshiya Limited shareholders.

Arshiya Ltd Delays Q3 FY26 Results Due to CIRP and 70% Employee Attrition

🔴 NEGATIVE ⭐ 8/10

REGULATORY 📅 12 Feb 2026, 03:33 PM

Arshiya Limited has reported a delay in submitting its standalone and consolidated financial results for the quarter ended December 31, 2025. The company is currently undergoing a Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated April 23, 2024. Management cited severe operational disruptions, including the resignation of 50 out of 71 employees (approximately 70%) without notice periods. Additionally, the insolvency of its subsidiary, Arshiya Northern FTWZ Limited, has further complicated the consolidation of financial data.

Company is under Corporate Insolvency Resolution Process (CIRP) since April 23, 2024.
Massive attrition reported with 50 out of 71 employees resigning between July 30 and August 2, 2024.
Logistical challenges cited following the relocation of the registered office in April 2024.
Consolidation delayed due to the ongoing insolvency process of subsidiary Arshiya Northern FTWZ Limited.
Powers of the Board remain suspended and are exercised by the Resolution Professional, Pankaj Mahajan.

💡 Investors should remain extremely cautious as the company is in insolvency and failing to meet regulatory reporting timelines. The lack of financial transparency and high employee turnover indicate significant operational distress.

Arshiya Ltd 13th COC Meeting: Resolution Plan Deadline Extended to March 15, 2026

🔵 WATCH ⭐ 8/10

LEGAL 📅 10 Feb 2026, 06:33 PM

Arshiya Limited, currently undergoing the Corporate Insolvency Resolution Process (CIRP), held its 13th Committee of Creditors (COC) meeting on February 10, 2026. The COC has decided to extend the deadline for the submission of resolution plans to March 15, 2026, providing additional time for potential bidders. The meeting also addressed the approval of CIRP costs and discussions regarding the removal of charges on the Khurja Land in compliance with an NCLAT order. This process is critical for determining the company's future viability and debt restructuring outcomes.

13th Committee of Creditors (COC) meeting concluded on February 10, 2026.
Deadline for submission of resolution plans extended to March 15, 2026.
Discussion initiated to remove charges over Khurja Land following an NCLAT order.
Approval of CIRP costs and general updates on the insolvency process provided by the Resolution Professional.

💡 Investors should exercise extreme caution as the company is in insolvency; the outcome of the resolution plans due by March 15 will determine if there is any residual value for shareholders.

Arshiya Limited to Hold 13th Committee of Creditors Meeting on February 10, 2026

🔴 NEGATIVE ⭐ 8/10

LEGAL 📅 10 Feb 2026, 12:16 PM

Arshiya Limited, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), has scheduled its 13th Committee of Creditors (COC) meeting for February 10, 2026. This meeting is a critical step in the insolvency proceedings as the COC deliberates on the company's future and potential resolution plans. The company's affairs are currently managed by Resolution Professional Pankaj Mahajan. Investors should be aware that insolvency proceedings typically involve high risks for equity shareholders.

13th meeting of the Committee of Creditors (COC) scheduled for February 10, 2026.
Company is currently under the Corporate Insolvency Resolution Process (CIRP).
Pankaj Mahajan is serving as the Resolution Professional (RP) overseeing the process.
The meeting is conducted in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should remain extremely cautious as equity value in companies under CIRP is often significantly impaired or wiped out. Monitor for any updates regarding the approval of a resolution plan or liquidation orders from the NCLT.

Arshiya Ltd Admits Over ₹6,627 Crore in Claims Under Insolvency Process

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 04 Feb 2026, 05:47 PM

Arshiya Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has disclosed an updated list of creditors. The Resolution Professional has admitted secured financial claims of approximately ₹2,566 crore and unsecured financial claims totaling about ₹4,061 crore. Edelweiss Asset Reconstruction Company emerges as the dominant creditor with a combined voting share of nearly 79%. The massive debt burden and ongoing insolvency proceedings indicate a high risk of equity wipe-out or significant dilution for existing shareholders.

Total admitted secured financial claims amount to ₹2,566.06 crore.
Total admitted unsecured financial claims stand at ₹4,061.64 crore.
Edelweiss Asset Reconstruction Company holds a dominant 78.99% combined voting share in the CoC.
Operational claims from employees and government dues totaling approximately ₹11.92 crore have been admitted.
The company has been under the Corporate Insolvency Resolution Process since April 23, 2024.

💡 Investors should be extremely cautious as insolvency proceedings typically prioritize creditors over equity shareholders, often leading to delisting or total loss of equity value. Avoid fresh exposure until a clear resolution plan is approved by the NCLT.

Arshiya Ltd Reports Non-Compliance with SEBI Insider Trading Regulations for Q3 FY26

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 28 Jan 2026, 07:37 PM

Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP), has failed to maintain a mandatory Structured Digital Database (SDD) as per SEBI Insider Trading regulations. A compliance certificate issued by a Practicing Company Secretary confirms that the company has no system to track Unpublished Price Sensitive Information (UPSI). During the quarter ended December 31, 2025, the company failed to record 5 specific events that were required to be captured. This regulatory breach highlights significant internal control failures during the ongoing insolvency proceedings.

Company failed to maintain a Structured Digital Database (SDD) for the quarter and nine months ended December 31, 2025
Total of 5 events involving Unpublished Price Sensitive Information (UPSI) were not recorded as required
No control mechanism or audit trail exists to monitor who accesses sensitive company information
The company has been under Corporate Insolvency Resolution Process (CIRP) since April 23, 2024
Practicing Company Secretary issued a formal Non-Compliance Certificate citing breach of SEBI (PIT) Regulations

💡 Investors should exercise extreme caution as the company is in insolvency and facing serious regulatory lapses regarding insider trading controls. The lack of compliance adds significant risk to any potential recovery for equity shareholders.

Arshiya Limited Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jan 2026, 07:21 PM

Arshiya Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ended December 31, 2025. The certificate, issued by Bigshare Services Private Limited, confirms that all securities received for dematerialization were processed, mutilated, and cancelled within the 15-day timeframe. The company remains under the Corporate Insolvency Resolution Process (CIRP), with operations managed by a Resolution Professional. This filing is a standard regulatory requirement to ensure the accuracy of shareholding records.

Confirmed compliance with SEBI Regulation 74(5) for the quarter and nine months ended December 31, 2025.
Registrar Bigshare Services confirmed that security certificates were processed and substituted in the register of members within 15 days.
The company is currently under Corporate Insolvency Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code.
All dematerialized securities have been listed on the stock exchanges where earlier securities were listed.

💡 This is a routine regulatory filing with no direct impact on the stock's valuation. Investors should monitor the Corporate Insolvency Resolution Process (CIRP) proceedings for any material impact on the company's future.

Arshiya Ltd Concludes 12th CoC Meeting; Discusses CIRP Extension and Plan Submission

🔴 NEGATIVE ⭐ 8/10

LEGAL 📅 09 Jan 2026, 08:58 PM

Arshiya Limited, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), held its 12th Committee of Creditors (CoC) meeting on January 9, 2026. The Resolution Professional provided updates on creditor claims and discussed the necessity of extending the CIRP period and the deadline for resolution plan submissions. The meeting also reviewed the company's operations and the Statutory Auditor's Report for the 2024-25 financial year. The ongoing insolvency proceedings highlight significant financial instability and risk for existing equity holders.

12th meeting of the Committee of Creditors (CoC) was successfully convened on January 9, 2026.
Discussions included the extension of the CIRP period and the final date for submitting resolution plans.
The Resolution Professional appraised the CoC on the current status of creditor claims and company operations.
The CoC reviewed the Statutory Auditors Report and Financial Statements for the 2024-25 fiscal year.

💡 Existing investors should remain extremely cautious as equity value is typically significantly diluted or eliminated during insolvency resolutions. Monitor future disclosures regarding the approval of any resolution plans and the identity of potential bidders.

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💰 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.