Link: https://links.sgx.com/1.0.0/corporate-announcements/JOH2W0H43NZKP47I/024989a8ea3579fd36f91d6df7615bf2dd1673c913183b276d14ae9724e3cd97

Summary:

• For quarter ended 30 Sep 2025, net loss was ₹193.47 crore; for 1H FY2026, net loss was ₹425.89 crore (wider than last year; EPS: -₹0.33).

• Revenue from operations for Q2: ₹356.99 crore, 1H: ₹691.02 crore.

• Gross margin declined, with major expenses from infrastructure maintenance, finance costs, provisions, and asset write-downs.

• Exceptional losses stemmed from impairment and site dismantling (over 186 sites lost in 1H), recognized losses of over ₹2.43 crore in 1H FY2026.

• Net worth fully eroded (negative equity: ₹6387 crore), bank and other loans total ₹3,326 crore, with key lenders having called back loans.

• Major ongoing issues: nonpayment from discontinued telecom customers, asset loss from dismantling/theft, legal and insolvency challenges with lenders and disgruntled landlords.

• Ongoing One-Time Settlements (OTS) and debt restructuring with lenders, some settlements completed (No Dues Certificate received from one lender), legal claims withdrawal process active.

• Significant doubt about Going Concern status cited by auditors; continuance depends on future cash flows and successful restructuring.

• Cash and cash equivalents closed at ₹693 crore.

• No dividend. Board maintains intent to continue business and protect assets; continues to pursue insurance claims, recoveries, and defense in insolvency cases.