Vasa Retail and Overseas Ltd (VASA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Vasa Retail's revenue was ₹0.0 Cr, and net profit ₹-0.1 Cr (a smaller loss than a year earlier).
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹0.0 | — | — |
| Operating profit | ₹-0.1 | loss narrowed | loss widened |
| Net profit | ₹-0.1 | loss narrowed | loss widened |
| EPS (₹) | -0.08 | loss narrowed | loss widened |
📢 Recent Corporate Announcements
Vasa Retail and Overseas Ltd released the scrutinizer report for its 9th Annual General Meeting held on September 30, 2026. Both ordinary resolutions—adopting the FY26 audited financial statements and re-appointing Mrs. Kajal Hardik Vasa as Whole-time Director—were approved with 99.89% votes in favor. A total of 3,724,510 votes were polled across 283 registered shareholders, with promoter voting driving 100% of their 3,696,510 shares. The company remains severely distressed with zero TTM revenue and a negative net worth of Rs -18 Cr.
- Resolution adopting FY26 audited accounts approved with 99.89% votes (3,720,510 votes in favor vs 4,000 against)
- Re-appointment of Mrs. Kajal Hardik Vasa as Whole-time Director approved with 99.89% majority
- Overall voter turnout was 62.15% of the total 5,992,550 outstanding equity shares
- Only 7 shareholders attended the AGM (3 promoters and 4 public shareholders) out of 283 total shareholders
Vasa Retail and Overseas Ltd has issued notice for its 9th Annual General Meeting (AGM) scheduled on September 30, 2026. The meeting will address ordinary business, including the adoption of FY26 audited financial statements and the re-appointment of whole-time director Mrs. Kajal Hardik Vasa, who retires by rotation. The remote e-voting period is set from September 27 to September 29, 2026, with a cut-off date of September 23, 2026. This is a routine annual compliance filing with no extraordinary business proposed.
- 9th Annual General Meeting to be held on Wednesday, September 30, 2026, at 11:00 a.m. IST
- Cut-off date for remote e-voting established as Wednesday, September 23, 2026
- Remote e-voting window runs from September 27, 2026 (9:00 am) to September 29, 2026 (5:00 pm)
- Resolution proposed for re-appointment of Mrs. Kajal Hardik Vasa as Whole-Time Director retiring by rotation
Vasa Retail and Overseas Ltd has announced that its 9th Annual General Meeting (AGM) will be held on Wednesday, September 30, 2026, at 11:00 AM IST in Mumbai. The company has fixed Wednesday, September 23, 2026, as the cut-off date for determining shareholder eligibility for remote e-voting and voting at the AGM. The company currently faces severe financial distress with zero revenue and negative net worth of Rs -18 Cr against debt of Rs 23 Cr.
- 9th Annual General Meeting scheduled for Wednesday, September 30, 2026 at 11:00 AM IST
- E-voting cut-off date fixed as Wednesday, September 23, 2026
- Meeting venue designated as IMC Building, 4th Floor, Churchgate, Mumbai - 400020
Vasa Retail and Overseas Ltd has responded to an NSE query regarding a mismatch in Earnings Per Share (EPS) reported in its XBRL filing versus its PDF financial statements for the year ended March 31, 2026. The company attributed the discrepancy to an inadvertent typographical error and confirmed that the underlying audited financial figures remain unchanged. This administrative clarification comes as the company reports zero revenue and a negative net worth of ₹18 Cr, following the cessation of its primary business operations.
- Clarification issued for the financial year ended March 31, 2026, regarding EPS reporting discrepancies
- Company confirms the mismatch was clerical and does not affect audited financial results
- Reported revenue for the quarter ended March 2026 remains at ₹0.0 Cr
- Company is currently managing a debt of ₹23 Cr against a market capitalization of only ₹3 Cr
- Net worth stands at negative ₹1,788.56 Lakhs (approx. ₹18 Cr) as per latest context
Financial Performance
Revenue Growth by Segment
Revenue for the half-year ended September 30, 2025, was INR 0.00 Lakhs, representing a 100% decline in operational activity. The stationery and paper pulp segments are currently non-functional due to the expiry of the Oxford license and business discontinuance.
Geographic Revenue Split
Not disclosed in available documents, though historical operations included exports and imports which have currently ceased to 0% of total turnover.
Profitability Margins
Net Profit Margin is not applicable due to zero revenue. The company reported a Net Loss of INR 3.40 Lakhs for H1 FY26, compared to a loss of INR 3.22 Lakhs in H1 FY25, a 5.59% increase in loss despite zero operations.
EBITDA Margin
EBITDA is negative due to zero revenue and ongoing fixed costs of INR 3.40 Lakhs. Core profitability has vanished following the permanent discontinuance of the Oxford business line.
Capital Expenditure
Historical CapEx is minimal; for the period ended September 30, 2025, no new capital expenditure was reported as the company is in a state of operational halt.
Credit Rating & Borrowing
The company has defaulted on the repayment of borrowings and statutory dues. Total borrowings stand at INR 2,256.64 Lakhs (INR 1,075.93 Lakhs long-term and INR 1,180.71 Lakhs short-term).
Operational Drivers
Raw Materials
Stationery items and paper pulp (raw material for paper) represent 100% of the historical product cost base.
Import Sources
Not disclosed for the current period; however, the company historically engaged in imports which have dropped to INR 0 for FY2025.
Key Suppliers
Oxford Limited was a primary licensor and partner; however, the license agreement expired due to Oxford's permanent discontinuance of business.
Capacity Expansion
Current capacity is 0% utilized as operations have ceased. No expansion plans are documented given the 'Going Concern' uncertainty.
Raw Material Costs
Raw material costs were INR 0 for H1 FY26 due to zero procurement. Procurement strategies are currently stalled by a lack of working capital.
Manufacturing Efficiency
Capacity utilization is 0% as the company is primarily a trading and retail entity that has stopped active trading.
Logistics & Distribution
Distribution costs have fallen to 0% of revenue as no sales were recorded in the half-year ended September 30, 2025.
Strategic Growth
Expected Growth Rate
0%
Growth Strategy
The company currently has no viable growth strategy as it is facing material uncertainty regarding its ability to continue as a going concern. Future growth is contingent on securing new licenses or business lines to replace the defunct Oxford stationery business.
Products & Services
Stationery products (formerly under Oxford brand) and paper pulp.
Brand Portfolio
Oxford (License expired).
New Products/Services
No new product launches are planned; the company is focused on survival and addressing audit qualifications.
Market Expansion
No expansion plans; the company is currently in a state of operational contraction.
Market Share & Ranking
Negligible/0% following the cessation of operations.
Strategic Alliances
The primary alliance with Oxford Limited has terminated due to the partner's business closure.
External Factors
Industry Trends
The stationery industry is shifting toward digital alternatives, and the company's failure to adapt or maintain its brand license has led to a total loss of market positioning.
Competitive Landscape
The company has lost its position to competitors in the stationery and paper trading market due to its inability to maintain operations.
Competitive Moat
The company currently possesses no moat. Its primary competitive advantage was the Oxford brand license, which has been lost.
Macro Economic Sensitivity
Highly sensitive to pandemic-related disruptions; COVID-19 led to the permanent closure of their primary licensor, Oxford Limited.
Consumer Behavior
Shift away from traditional stationery during the pandemic contributed to the decline of the company's primary business partner.
Geopolitical Risks
Minimal direct impact currently as operations are domestic and stalled, though historical export/import potential is affected by global supply chain stability.
Regulatory & Governance
Industry Regulations
Subject to the Companies Act 2013 and SEBI LODR regulations. The company is currently non-compliant with several statutory and regulatory payment obligations.
Environmental Compliance
Not applicable as the company is primarily a trading and retail entity.
Taxation Policy Impact
The company reported zero tax expense for H1 FY26 due to losses.
Legal Contingencies
The company has defaulted on the repayment of borrowings and statutory dues. While specific case values are not listed, the total liability of INR 2,371.54 Lakhs (Current Liabilities) exceeds total assets of INR 582.98 Lakhs.
Risk Analysis
Key Uncertainties
Material uncertainty exists regarding the 'Going Concern' status. Current liabilities exceed current assets by INR 1,788.56 Lakhs, and the company has no active revenue stream.
Geographic Concentration Risk
100% concentrated in India for current (minimal) administrative operations.
Third Party Dependencies
Formerly 100% dependent on Oxford Limited; the failure of this third party led to the company's current operational collapse.
Technology Obsolescence Risk
High risk as the company lacks a digital presence or modern product line to replace its traditional stationery business.
Credit & Counterparty Risk
Receivables have been significantly reduced or written off; the company itself is now a high credit risk to its lenders.
