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SecUR Credentials Limited (SECURCRED)

📊 NSE: SECURCRED 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 12:58

📢 Recent Corporate Announcements

SecUR Credentials Seeks ROC Extension for 25th AGM Due to Delay in FY26 Financials

🔴 NEGATIVE ⭐ 5/10

REGULATORY 📅 04 Sep 2026, 06:51 PM

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)

💡 Track the ROC's formal response to the AGM extension request and monitor when the company finalizes and publishes its audited financial statements for FY 2025-26.

SecUR Credentials CFO Soni Radheymohan Agarwal Resigns Effective September 1, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 03 Sep 2026, 05:51 PM

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

💡 Track the upcoming board announcement for the appointment of a new Chief Financial Officer to manage financial controls and compliance.

SecUR Credentials Reports ₹8.04 Cr Net Loss for FY25; Auditors Issue 11-Point Qualified Opinion

🔴 NEGATIVE ⭐ 10/10

EARNINGS 📅 05 Aug 2026, 09:06 PM

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.

💡 Investors should exercise extreme caution as the audit qualifications suggest severe internal control failures and the annual loss exceeds the company's total market value. Monitor the SEBI investigation outcome and any management clarification regarding the near-total collapse of business revenue.

₹2.16 Cr Net Loss: SecUR Credentials Auditor flags missing inventory and illegal Director loan

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 04 Aug 2026, 07:17 PM

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.

💡 Investors should exercise extreme caution due to the auditor's inability to verify statutory dues, inventory, and the identification of illegal related-party loans. Monitor for any regulatory action from SEBI or the Ministry of Corporate Affairs regarding these disclosures.

SecUR Credentials Reports ₹1.33 Cr Q2 Loss; Auditor Flags Missing Inventory and Illegal Loan

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 04 Aug 2026, 07:14 PM

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).

💡 Investors should exercise extreme caution as the auditor's report suggests a breakdown in internal controls and potential financial misrepresentation. Monitor for any further SEBI actions or forensic audit requirements following the confirmatory order and these audit qualifications.

SecUR Credentials Appoints Neetika Gupta as CS & Compliance Officer Effective August 1, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 01 Aug 2026, 05:23 PM

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.

💡 Investors should monitor the company's regulatory filings for any updates regarding the SEBI Confirmatory Order, as the new Compliance Officer will be responsible for navigating these legal complexities.

SecUR Credentials Appoints Neetika Gupta as CS & Compliance Officer Following Resignation

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 01 Aug 2026, 05:21 PM

SecUR Credentials Limited has announced a change in its Key Managerial Personnel (KMP). Ms. Stuti Pareek resigned from the position of Company Secretary and Compliance Officer effective August 1, 2026, citing personal reasons. The Board immediately appointed Ms. Neetika Gupta, an Associate Member of ICSI with over 8 years of experience in legal and corporate governance, to the role. This transition is significant given the company's micro-cap status (Rs 6 Cr) and the ongoing regulatory scrutiny mentioned in its financial context.

Ms. Stuti Pareek resigned effective from the closure of business hours on August 1, 2026.
Ms. Neetika Gupta appointed as the new Company Secretary and Compliance Officer effective August 1, 2026.
The new appointee, Ms. Neetika Gupta, brings 8+ years of experience across sectors like infrastructure and aviation.
The Board meeting to approve these changes was conducted in 15 minutes (5:00 PM to 5:15 PM).
Company operates with a small market cap of Rs 6 Cr against a TTM revenue of Rs 58 Cr.

💡 Investors should monitor the company's ability to maintain compliance standards, especially in light of the previously disclosed SEBI Confirmatory Order which poses a risk to its BFSI client relationships.

SecUR Credentials Overhauls Leadership: New MD, CFO, and 4 Board Appointments Announced

🔵 WATCH ⭐ 8/10

MANAGEMENT 📅 24 Jul 2026, 04:26 PM

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

💡 Investors should monitor the new management's ability to retain the company's 208 clients, especially in the BFSI sector, following the SEBI order and this significant leadership turnover.

SecUR Credentials Overhauls Leadership: New MD, CFO, and 4 Director Appointments

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 17 Jul 2026, 07:59 PM

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

💡 Investors should monitor the stability of this new leadership team and watch for any impact on client retention, particularly within the BFSI sector which is critical to their ₹58 Cr TTM revenue base.

SecUR Credentials Reports Severe Audit Qualifications and SEBI Investigation for FY24

🔴 NEGATIVE ⭐ 10/10

REGULATORY 📅 27 May 2026, 05:46 PM

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.

💡 Investors should exercise extreme caution as the multiple audit disclaimers and the SEBI investigation into fictitious transactions indicate severe corporate governance and internal control failures. The lack of documentation for major expenditures and the adverse opinion on accounting policies make the financial statements highly unreliable.

SecUR Credentials Reports Q2 Loss of ₹1.33 Cr; Auditor Flags Significant Financial Irregularities

🔴 NEGATIVE ⭐ 10/10

EARNINGS 📅 16 May 2026, 05:28 PM

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.

💡 Investors should exercise extreme caution or consider exiting positions due to severe auditor qualifications, potential fraud indicators, and statutory non-compliance. The lack of financial transparency and illegal director loans represent a high-risk environment for capital.

SecUR Credentials Reports Q2 FY25 Loss of ₹1.33 Cr; Auditors Raise Severe Governance Red Flags

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 16 May 2026, 05:17 PM

SecUR Credentials reported a massive 88.7% YoY decline in revenue to ₹79.07 lakhs for the quarter ended September 2024. The company swung to a net loss of ₹132.99 lakhs from a profit of ₹324.76 lakhs in the previous year. The auditor's report is highly critical, highlighting missing inventory, non-provision of statutory records (GST, PF, ESIC), and a ₹152.12 lakh loan to a director in violation of the Companies Act. Furthermore, the reporting is extremely delayed, with the board meeting held only in May 2026.

Revenue from operations plummeted to ₹79.07 lakhs in Q2 FY25 from ₹700.70 lakhs in Q2 FY24.
Reported a net loss of ₹132.99 lakhs for the quarter compared to a profit of ₹324.76 lakhs YoY.
Auditors flagged a ₹152.12 lakh loan to a Director, violating Section 185 of the Companies Act, 2013.
Physical verification revealed that disclosed inventory does not exist, suggesting prior-period overstatements.
Company failed to provide GST, PF, and ESIC records or maintain an active website for statutory disclosures.

💡 Investors should exercise extreme caution or avoid this stock due to severe governance lapses, audit qualifications, and a near-total collapse in business operations. The lack of transparency and delayed financial reporting are major red flags for capital safety.

SecUR Credentials Reports 99% Revenue Drop and ₹3.82 Cr Loss; Auditors Flag Major Governance Issues

🔴 NEGATIVE ⭐ 10/10

EARNINGS 📅 16 May 2026, 04:27 PM

SecUR Credentials Limited reported a catastrophic decline in revenue for the quarter ended June 30, 2024, falling to just ₹4.52 Lacs from ₹1,000.59 Lacs in the previous year. The company swung to a net loss of ₹382.61 Lacs compared to a profit of ₹101.08 Lacs in the same quarter last year. Auditors have raised severe red flags, including an illegal loan of ₹116.11 Lakhs to a director, non-existent physical inventory, and missing statutory records for GST and PF. The results were also significantly delayed, being released in April 2026 for the June 2024 period.

Revenue from operations collapsed by over 99% year-on-year to ₹4.52 Lacs.
Net loss of ₹382.61 Lacs reported against a profit of ₹101.08 Lacs in the year-ago period.
Auditors flagged a ₹116.11 Lakhs loan to a Director in contravention of Section 185 of the Companies Act.
Physical verification revealed that disclosed inventory does not exist, suggesting prior-period overstatements.
Severe compliance failures noted, including an inactive company website and missing GST, PF, and ESIC records.

💡 Investors should exercise extreme caution as the company exhibits signs of severe financial distress and multiple governance failures. The auditor's inability to verify basic statutory records and the illegal loan to a director are critical warning signs.

SecUR Credentials Appoints Sakshi Jitendra Bhandari as Company Secretary

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Apr 2026, 07:23 PM

SecUR Credentials Limited has appointed CS Sakshi Jitendra Bhandari as the Company Secretary and Compliance Officer, effective April 28, 2026. The appointment was approved by the Board of Directors in their meeting held on the same day. Ms. Bhandari is an Associate Member of the Institute of Company Secretaries of India with membership number ACS-80262. This move ensures the company's adherence to SEBI (LODR) Regulations 2015 regarding mandatory compliance roles.

Appointment of CS Sakshi Jitendra Bhandari effective from April 28, 2026
Ms. Bhandari holds ICSI Membership No. ACS-80262
Board approval granted during the meeting on April 28, 2026
Compliance with SEBI (LODR) Regulations 30 and 6(1) fulfilled

💡 No action is required as this is a routine administrative appointment to fulfill regulatory requirements. Investors should focus on upcoming financial results for performance assessment.

SecUR Credentials Submits Q4 FY26 Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Apr 2026, 06:18 PM

SecUR Credentials Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ended March 31, 2026. The company's Registrar and Share Transfer Agent, Skyline Financial Services Private Limited, confirmed that no physical share certificates were received for dematerialization during this quarter. This is a standard regulatory filing required to maintain the integrity of the company's shareholding records. The announcement has no impact on the company's financial performance or business operations.

Compliance certificate filed for the quarter ended March 31, 2026.
Registrar Skyline Financial Services confirmed zero physical shares were received for dematerialization.
The filing is in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
The document was officially signed and submitted to BSE and NSE on April 15, 2026.

💡 No action is required from investors as this is a routine administrative disclosure. Investors should continue to monitor the company's upcoming quarterly financial results for material performance indicators.

View All SECURCRED Announcements on Live Market Tracking →

💰 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.