Dharan Infra-EPC Limited Reports Q2 FY26 Unaudited Financials Amidst CIRP
Dharan Infra-EPC Limited reported un-audited standalone and consolidated financial results for Q2 FY26, ending September 30, 2025. The company is under CIRP. Key events include a pending Section 12A application for withdrawal of a CIRP petition, with a hearing on March 20, 2026. The company faces compliance issues including deviations in FCCB fund utilization and statutory dues.
The company is undergoing CIRP, has a qualified audit opinion, and faces numerous compliance and financial challenges, significantly impacting its operations and future prospects.
The company is under CIRP, faces significant compliance issues including FEMA violations and delays in statutory payments, and the auditors have issued a qualified opinion. There is a material uncertainty regarding its ability to continue as a going concern.
Dharan Infra-EPC Limited has submitted its un-audited standalone and consolidated financial results for the second quarter and half year ended September 30, 2025. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP), with Mrs. Palak Desai serving as the Resolution Professional. The delay in submission was attributed to the delayed receipt of financial information from subsidiaries.
The company's financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) and have undergone a limited review by SHARP AARTH & CO LLP. The auditors have expressed a qualified opinion on the financial results.
A significant point highlighted is the company's involvement in a Corporate Insolvency Resolution Process (CIRP) initiated by Tata Capital Housing Finance Private Limited for an alleged default of ₹28.04 crore. While the company paid ₹10 crore for a full and final settlement, an application under Section 12A of the Insolvency and Bankruptcy Code seeking withdrawal of the petition is pending, with a hearing scheduled for March 20, 2026.
Furthermore, the company faces several compliance issues, including delays in repayment of borrowings, irregular payment of statutory dues, non-filing of GST returns, and deviations in the end-use of funds raised through Foreign Currency Convertible Bonds (FCCBs). The company's ability to continue as a going concern is subject to material uncertainty.
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DHARAN INFRA-EPC LIMITED filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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