SecUR Credentials Limited (SECURCRED)
📈 Share price & events
Latest quarterly results (Q3 FY25)
In its latest reported quarter, Q3 FY25, SecUR Credentials' revenue was ₹-0.9 Cr, and net profit ₹-2.2 Cr (against a profit a year earlier); the operating margin was 123.0%.
| Q3 FY25 (₹ Cr) | Value | YoY vs Q3 FY24 | QoQ |
|---|---|---|---|
| Revenue | ₹-0.9 | to loss | to loss |
| Operating profit | ₹-1.1 | to loss | loss widened |
| Net profit | ₹-2.2 | to loss | loss widened |
| EPS (₹) | -0.53 | to loss | loss widened |
| Operating margin | 123.0% | — | — |
📢 Recent Corporate Announcements
SecUR Credentials released multiple delayed financial statements alongside Q1 results for the quarter ended June 30, 2026, reporting revenue from operations of Rs 13.65 lakh and a net loss of Rs 61.76 lakh. The business has shrunk dramatically compared to historical annual revenues, generating just Rs 56.95 lakh in revenue for the entire year ended March 31, 2026. Statutory auditors raised severe red flags, citing that physical inventory was non-existent, GST returns and PF/ESIC records were missing, and unpaid statutory dues persisted. The board also appointed Mr. Soni Radheymohan Agarwal as Chief Financial Officer for a 5-year term effective October 14, 2026.
- Q1 June 2026 revenue from operations stood at Rs 13.65 lakh with a net loss of Rs 61.76 lakh (loss of Rs 249.15 lakh for FY26).
- Auditor noted that disclosed inventory was not found to exist during physical verification, indicating possible past overstatements.
- Auditors were unable to verify GST compliance, PF/ESIC records, or unpaid opening statutory dues due to lack of records.
- Appointed Mr. Soni Radheymohan Agarwal as CFO and Key Managerial Personnel for 5 years effective October 14, 2026.
SecUR Credentials Limited announced that M/s JPMD & Associates, Chartered Accountants, has resigned as Statutory Auditor effective October 9, 2026, citing pre-occupancy of work. To fill the casual vacancy, the Board has approved the appointment of M/s Nahar V and Company, Chartered Accountants, effective the same day until the conclusion of the upcoming Annual General Meeting in 2026, subject to shareholder approval. The company currently holds a market cap of approximately Rs 6 crore and has faced prior regulatory scrutiny via a SEBI Confirmatory Order.
- M/s JPMD & Associates resigned as Statutory Auditor effective October 9, 2026, citing pre-occupancy of work
- M/s Nahar V and Company appointed as Statutory Auditor to fill casual vacancy w.e.f. October 9, 2026
- Appointment is valid until the conclusion of the upcoming AGM to be held in 2026, subject to shareholder approval
- Board meeting commenced at 6:00 p.m. and concluded at 06:15 p.m. on October 9, 2026
SecUR Credentials Limited announced that its 24th Annual General Meeting (AGM) will be held virtually on October 23, 2026, at 12:30 PM IST. The company's Register of Members and Share Transfer Books will remain closed from October 16 to October 23, 2026. Remote e-voting is scheduled from October 20 (9:00 AM) to October 22, 2026 (5:00 PM), with October 16, 2026, fixed as the cut-off date. The AGM will present the Audited Financial Statements and Annual Report for FY25-26.
- 24th AGM scheduled for Friday, 23rd October 2026 at 12:30 P.M. IST via VC/OAVM
- Book closure period set from Friday, 16th October 2026 to Friday, 23rd October 2026
- Cut-off date for e-voting entitlement is Saturday, 16th October 2026
- Remote e-voting window open from 20th October 2026 (9:00 AM) to 22nd October 2026 (5:00 PM)
SecUR Credentials Limited announced the outcome of its Board Meeting held on September 30, 2026. The Board approved the Notice for convening the company's 24th Annual General Meeting (AGM) via video conferencing/other audio visual means. Additionally, the Board approved the Directors' Report for the financial year 2024-25 and appointed Mr. Ankit Singhal (CoP: 21720) as the scrutinizer for the e-voting process. No financial results or operational updates were included in this outcome.
- Board approved the Notice of the 24th Annual General Meeting to be held via VC/OAVM
- Approval granted for the Directors' Report for the Financial Year 2024-25
- Appointment of Mr. Ankit Singhal (CoP: 21720) as Scrutinizer for remote e-voting and AGM voting
- Meeting commenced at 5:00 PM and concluded at 5:20 PM on September 30, 2026
SecUR Credentials Limited has received an approval order from the Registrar of Companies (ROC), Mumbai, granting a 1-month extension to hold its Annual General Meeting (AGM) for FY26. The AGM, which was originally due by September 30, 2026, can now be conducted up to October 31, 2026, under Section 96 of the Companies Act, 2013. The company had filed an application on September 4, 2026, citing specific circumstances for the delay. The exact date of the AGM will be announced in due course.
- ROC Mumbai approved a 1-month extension under Section 96(1) of the Companies Act, 2013
- AGM deadline extended from September 30, 2026, to October 31, 2026
- Application was submitted by the company on September 4, 2026 (SRN AC5842489)
- ROC order issued on September 7, 2026, advising company to remain compliant in the future
SecUR Credentials Limited announced the outcome of its Board Meeting held on September 04, 2026. The board approved holding its 24th Annual General Meeting via video conferencing, with dispatch of notices pending. Crucially, the company has applied to the Registrar of Companies (ROC), Mumbai, seeking an extension of time to conduct its 25th AGM for FY 2025-26 due to the non-finalization and non-readiness of its financial statements. The approval status from the ROC will be communicated once received.
- Board meeting concluded on September 04, 2026, approving key corporate meeting matters
- Application submitted to ROC Mumbai seeking extension of time for holding the 25th AGM
- Delay attributed to non-finalization and non-readiness of financial statements for FY 2025-26
- Board approved convening the 24th AGM via Video Conferencing/Other Audio Visual Means (VC/OAVM)
SecUR Credentials Limited has announced the resignation of its Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), Mr. Soni Radheymohan Agarwal, effective from the close of business hours on September 01, 2026. He cited pre-occupation in other professional engagements and personal reasons, confirming there are no disagreements with the board or management. The micro-cap company (market cap of ₹6 Cr, TTM revenue of ₹58 Cr) has not yet named a replacement CFO in this disclosure.
- CFO and KMP Mr. Soni Radheymohan Agarwal resigned effective close of business hours on September 01, 2026
- Reason cited for resignation is pre-occupation in other professional engagements
- Outgoing CFO confirmed no disagreements with the board, management, or stakeholders
- The transition occurs against a financial base of ₹6 Cr market cap and ₹58 Cr TTM revenue
SecUR Credentials Limited reported a catastrophic financial performance for FY25, with a net loss of ₹8.04 Cr, exceeding its current market capitalization of ₹6 Cr. Annual turnover plummeted to just ₹0.81 Cr, a ~98% collapse compared to the TTM revenue of ₹58 Cr. Statutory auditors issued a qualified opinion citing 11 major concerns, including undocumented receivables of ₹1.16 Cr from a director and ₹5.60 Cr in stagnant property advances. The company is also under SEBI investigation for alleged fictitious transactions involving Varanium Cloud Ltd.
- Net Loss of ₹8.04 Cr for FY25, a massive swing from the TTM PAT of ₹8 Cr reported in previous periods.
- Annual turnover collapsed to ₹0.81 Cr, representing only ~1.4% of the previously reported TTM revenue of ₹58 Cr.
- Auditors flagged ₹5.60 Cr in advances for property acquisition held for 'past many years' with no progress or acquisition.
- Unverified debit balance of ₹116.12 Lakhs (₹1.16 Cr) in a director's ledger account without supporting documentation.
- SEBI interim order issued regarding alleged fictitious transactions involving the company and Varanium Cloud Ltd.
SecUR Credentials reported a net loss of ₹2.16 crore for the quarter ended December 31, 2024, on negative operational revenue of ₹87.49 lakhs. The statutory auditor issued a heavily qualified report, highlighting a ₹1.27 crore loan to a Director in violation of Section 185 of the Companies Act and the physical non-existence of reported inventory. Additionally, the company failed to provide GST, PF, and ESIC records for verification, and did not recognize gratuity liabilities or Expected Credit Loss (ECL) provisions. These findings suggest severe internal control failures and potential financial misstatements.
- Net Loss of ₹215.97 Lacs for Q3 FY25, a sharp decline from a profit of ₹3.41 Lacs in the year-ago period.
- Revenue from operations turned negative at ₹(87.49) Lacs, indicating significant accounting reversals or business cessation.
- Auditor identified a loan of ₹127.34 Lacs granted to a Director, violating Section 185 of the Companies Act, 2013.
- Physical verification by auditors confirmed that reported inventory does not exist, indicating prior-period overstatements.
- Company website was inactive, preventing verification of mandatory statutory disclosures and policies.
SecUR Credentials Limited submitted revised results for the quarter ended September 30, 2024, reporting a net loss of ₹1.33 Cr on revenue of just ₹0.75 Cr. The revision was necessitated by the initial omission of the Cash Flow Statement and Limited Review Report. The auditor's report contains severe qualifications, including a ₹1.52 Cr loan to a director in violation of the Companies Act and the discovery that recorded inventory does not physically exist. Furthermore, the company failed to provide GST, PF, and ESIC records for verification, and its website remains inactive.
- Net loss of ₹132.99 Lakhs for the quarter ended September 30, 2024, compared to a loss of ₹382.61 Lakhs in the previous quarter.
- Auditor flagged a loan of ₹152.12 Lakhs granted to a Director in contravention of Section 185 of the Companies Act, 2013.
- Physical verification revealed that inventory disclosed in the books does not exist, indicating a prior-period overstatement.
- Statutory dues including PF, ESIC, and GST records were not produced for audit, with outstanding dues remaining unpaid.
- Company failed to recognize provisions for Gratuity (Ind AS 19) and Expected Credit Loss (Ind AS 109).
SecUR Credentials Limited has announced a transition in its secretarial leadership effective August 1, 2026. Ms. Stuti Pareek has resigned from the position of Company Secretary and Compliance Officer due to personal reasons. The Board has concurrently appointed Ms. Neetika Gupta, an Associate Member of ICSI with over 8 years of experience, to the role. This change is significant for the micro-cap company (Market Cap ₹6 Cr) as it navigates ongoing regulatory challenges mentioned in its financial context.
- Resignation of Ms. Stuti Pareek effective from the close of business hours on August 1, 2026.
- Appointment of Ms. Neetika Gupta as Company Secretary and Compliance Officer effective August 1, 2026.
- New appointee Ms. Neetika Gupta brings 8+ years of experience in legal and corporate governance functions.
- The company maintains a workforce of 160 employees serving 208 clients as per latest operational data.
SecUR Credentials (market cap ₹6 Cr) has announced a major leadership restructuring following a board meeting on July 17, 2026. Ashish Ramesh Mahendrakar has been elevated to Managing Director, and Soni Agarwal has been appointed as the new CFO. The board saw the simultaneous resignation of three directors and the previous CFO, replaced by four new director appointments (including three independent directors). This overhaul occurs amidst a SEBI Confirmatory Order against the company and its promoter, which is expected to impact future revenues.
- Appointment of Ms. Soni Agarwal as Chief Financial Officer effective July 17, 2026
- Elevation of Mr. Ashish Ramesh Mahendrakar to Managing Director, bringing 18 years of experience
- Resignation of 3 directors (2 Independent, 1 Executive) and the former CFO on July 17, 2026
- Appointment of 3 new Independent Directors (Shivi Jindal, Gitika Garg, Apra Sharma) for 5-year terms
- Reconstitution of Audit, Nomination & Remuneration, and Stakeholders’ Relationship Committees
SecUR Credentials has announced a significant restructuring of its board and top management effective July 17, 2026. Ashish Ramesh Mahendrakar has been elevated from Executive Director to Managing Director, while Soni Agarwal has been appointed as the new CFO. This overhaul includes the resignation of three directors (two independent and one executive) and the appointment of four new directors, including three independent women directors for five-year terms. This transition occurs as the company manages a TTM revenue of ₹58 Cr and navigates regulatory challenges mentioned in its financial context.
- Appointment of Soni Agarwal as Chief Financial Officer and Key Managerial Personnel effective July 17, 2026
- Elevation of Ashish Ramesh Mahendrakar to Managing Director, subject to member approval
- Resignation of three board members: Amit Kumar Bharti, Shireen Mohd Haneef Khan, and Bhimsen Vishwanath Pawar
- Appointment of three new Independent Directors (Shivi Jindal, Gitika Garg, and Apra Sharma) for 5-year terms
- Reconstitution of Audit, Nomination & Remuneration, and Stakeholders' Relationship Committees
SecUR Credentials Limited reported a net loss of ₹712.78 Lakhs for FY 2023-24, accompanied by a series of severe audit qualifications including disclaimers and an adverse opinion. The auditor highlighted ₹205.09 Lakhs in undocumented director receivables and ₹599.70 Lakhs in long-pending property advances. Most critically, the company is under a SEBI interim order regarding alleged fictitious transactions involving Varanium Cloud Ltd, leading to a sales reversal of ₹235.76 Lakhs. Management largely attributed the lack of documentation and reconciliation to a shortage of staff.
- Reported a net loss of ₹712.78 Lakhs and a negative EPS of ₹1.74 for the financial year ended March 31, 2024.
- Auditor issued a Disclaimer of Opinion regarding ₹205.09 Lakhs receivable from a director due to a total lack of supporting documentation.
- SEBI has issued an interim order alleging fictitious transactions involving the company and Varanium Cloud Ltd.
- An advance of ₹599.70 Lakhs for property acquisition has been outstanding for several years without any progress or acquisition.
- Auditor issued an Adverse Opinion on the company's failure to provide Expected Credit Loss (ECL) provisions on advances, violating Ind AS 109.
SecUR Credentials reported a severe decline in performance for the quarter ended September 30, 2024, with revenue crashing to ₹79.07 Lacs from ₹700.70 Lacs YoY. The company swung to a net loss of ₹132.99 Lacs from a profit of ₹324.76 Lacs in the same period last year. Critically, the statutory auditor's report contains numerous qualifications, including an illegal loan of ₹152.12 Lacs to a director and the discovery that reported inventory does not physically exist. Furthermore, the company failed to provide GST, PF, and ESIC records for verification, raising serious governance concerns.
- Revenue from operations plummeted 88.7% YoY to ₹79.07 Lacs in Q2 FY25.
- Net loss for the quarter stood at ₹132.99 Lacs compared to a profit of ₹324.76 Lacs in Q2 FY24.
- Auditors flagged a ₹152.12 Lakhs loan to a Director in contravention of Section 185 of the Companies Act, 2013.
- Physical verification revealed that disclosed inventory does not exist, suggesting significant overstatement in prior periods.
- Company website is inactive and statutory records for GST, PF, and ESIC were not produced for audit.
Company profilewritten 14 Dec 2025
Financial Performance
Revenue Growth by Segment
Total revenue grew 10.1% YoY from INR 10.97 Cr in Q3 FY22 to INR 12.08 Cr in Q3 FY23. Historical growth was significantly higher, with operating income rising 270.7% from INR 10.16 Cr in FY17 to INR 37.67 Cr in FY18.
Geographic Revenue Split
The company is domiciled and incorporated in India with its registered office in Mumbai; 100% of operations appear to be India-centric based on the service lines for domestic BFSI and IT/ITES sectors.
Profitability Margins
Net profit margin improved significantly from 2.46% in Q3 FY22 to 30.46% in Q3 FY23. Historical PAT margin was 13.70% in FY18 compared to 17.78% in FY17.
EBITDA Margin
EBITDA margin stood at 54.05% in Q3 FY23, a massive expansion from 10.48% in Q3 FY22. Core profitability is driven by high-margin verification services for the BFSI sector.
Credit Rating & Borrowing
The company maintained a 'Stable' outlook historically, though risks of a revision to 'Negative' were noted if working capital deteriorated. Total Debt/Tangible Net Worth was low at 0.13 times in FY18.
Operational Drivers
Raw Materials
As a service-based background verification (BGV) firm, the primary 'raw material' is human capital (160 employees) and data access fees, representing the bulk of service delivery costs.
Import Sources
Not applicable as the company provides verification services within India.
Capacity Expansion
Current capacity is defined by a workforce of 160 employees serving 208 clients. Expansion is focused on new service lines like Loan Verification and IT Solutions.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but employee costs are the primary operational driver for the 160-member team.
Strategic Growth
Growth Strategy
Growth is targeted through diversification into Loan Verification and IT Solutions, alongside deepening relationships with the BFSI sector, recently winning a contract with one of India's 3 largest private sector banks.
Products & Services
Employee Background Verification (BGV), Supplier Due Diligence, Loan Verification, and IT Solutions.
Brand Portfolio
SecUR
New Products/Services
Loan Verification and IT Solutions are the primary new service launches intended to diversify revenue beyond standard employee BGV.
Market Expansion
Targeting expansion within the RCM (Retail, Consumer, Manufacturing), BFSI, IT/ITES, and Infrastructure sectors in India.
External Factors
Industry Trends
Increasing regulatory and compliance requirements for employee and supplier vetting are driving industry growth, though the sector is becoming more competitive and technology-driven.
Competitive Landscape
Operates in a fragmented market with competition from both boutique verification firms and large global compliance entities.
Competitive Moat
Moat is based on established relationships with 208 clients and integration into the HR/compliance workflows of large banks; however, this is threatened by regulatory actions.
Macro Economic Sensitivity
Highly sensitive to corporate hiring trends in India, particularly in the IT and BFSI sectors which drive demand for BGV services.
Consumer Behavior
Shift toward digital-first and AI-driven verification processes to reduce turnaround time for corporate clients.
Geopolitical Risks
Low, as operations are primarily domestic within India.
Regulatory & Governance
Industry Regulations
Subject to the Companies Act 2013 and SEBI (Prohibition of Insider Trading) Regulations 2015.
Taxation Policy Impact
The company operates under Indian tax jurisdictions; significant judgments are involved in estimating advance tax and determining provisions.
Legal Contingencies
The company faces a major regulatory hurdle with a SEBI Confirmatory Order issued in 2024-25 against the company and Rahul Belwalkar, which is expected to adversely impact financial performance.
Risk Analysis
Key Uncertainties
The primary uncertainty is the quantifiable impact of the SEBI order on the company's ability to retain and win new contracts in the highly regulated BFSI sector.
Geographic Concentration Risk
High concentration in India, specifically serving major hubs for IT and Banking.
Third Party Dependencies
High dependency on the accuracy and availability of public and private data records for verification services.
Technology Obsolescence Risk
Risk that traditional manual verification methods are replaced by automated blockchain or AI-based identity solutions.
Credit & Counterparty Risk
High credit risk indicated by 252 GCA days, suggesting potential difficulties in collecting payments from clients.
